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Exploring and Quantifying Unsystematic Risk in US Hotel REITs

Exploring and Quantifying Unsystematic Risk in US Hotel REITs

Primary Author: Hongwei Zhao

Faculty Sponsor: Ming-Hsiang Chen

 

Primary College/Unit: Carson College of Business

Category: Business, Communication, and Politial Sciences

Campus: Pullman

 

Abstract:

 

Principal topic:

Although Real Estate Investment Trusts (REITs) were originally conceptualized as mechanisms for individual investors to participate in institutional real estate, the ownership of REIT stocks has recently become dominated by institutional investors. Meanwhile, the hybrid nature of REITs is problematic for investors, particularly less diversified, individual investors who cannot mitigate unsystematic risk. This study included three sections intended to deconstruct unsystematic risk and enable investors to make more informed decisions in their investment portfolios.

Method:

Section one investigated unsystematic risk by selecting all publicly-traded company daily returns from January 2001 to December 2018 and running Fama-French model. Section two conducted a parallel analysis of unsystematic risk and institutional ownership. Section three investigated herding behavior in the Hotel REIT sector by parallel regression.

Results/implications:

Hotel REIT stocks have experienced wide variations in unsystematic risk between 14% and 92.5%. The trend toward institutional ownership of stocks is shown to have a significant negative impact on the levels of unsystematic risk. The implications remain to be identified as to whether higher levels of institutional ownership improve management efficiency and account for more monitoring power, in which price reflects more information and contains less individual specific risk. The unsystematic risk from REIT market returns is significantly lower than the one from the entire market returns, supporting that herding behavior in the Hotel REIT sector might “systematize” a portion of the unsystematic risk. Tracking investor sentiment may be one of factors explaining unsystematic risk for Hotel REITs.

 

Comparison of Microwave and Conventional Thermal Pasteurization of Frozen Green Beans

Comparison of Microwave and Conventional Thermal Pasteurization of Frozen Green Beans

Primary Author: ZHI QU

Faculty Sponsor: Juming Tang

 

Primary College/Unit: Agricultural, Human and Natural Resource Sciences

Category: Agricultural and Natural Resource Sciences

Campus: Pullman

 

Abstract:

 

PRINCIPAL TOPIC

Pasteurization is the process to eliminate pathogens and extend shelf life of food products. Consumer’s desire for high quality food and convenience has been a major driver for advancements of processing technologies. Microwave pasteurization can provide more rapid heating and better heating uniformity compared to conventional thermal pasteurization, thus holds potential to produce better quality vegetable products, such as fresh appearance and texture. The objective of this research was to study the influence of microwave and conventional thermal pasteurization on quality of green beans during storage at various cold chain temperatures.

METHOD

Thawed frozen green beans were vacuum sealed in 8 oz polymer trays, pasteurized in a pilot-scale 915 MHz Microwave Assisted Pasteurization System (MAPS) and conventional water bath (WB). The processed samples were stored at 10 and 2 °C. Color and chlorophyll content of green beans were quantified to elucidate the quality of the food.

RESULTS/IMPLICATIONS

For green beans, chlorophyll and green color suffered greater degradation when pasteurized using WB. During storage, under both temperatures, microwave pasteurized samples showed better color retention and higher chlorophyll content. And, microwave pasteurized green beans can be preserved for a longer time at 2°C (100 days) than WB heated one (80 days) with no package swelling observed. This implicates that microwave pasteurization might be a potential alternative to produce safe, high-quality vegetable products and preserve the quality during storage.

 

Effects of Garlic Extract Released from Calcium Phosphate Scaffolds for Bone Tissue Engineering Applications

Effects of Garlic Extract Released from Calcium Phosphate Scaffolds for Bone Tissue Engineering Applications

Primary Author: Ashley Vu

Faculty Sponsor: Susmita Bose

 

Primary College/Unit: Voiland College of Engineering and Architecture

Category: Medical and Life Sciences

Campus: Pullman

 

Abstract:

 

PRINCIPAL TOPIC

Bone is a constantly remodeling tissue comprised of osteoblast cells which form bone and osteoclast cells which remove old bone through resorption. Garlic is historically known for the prevention and treatment of diseases however knowledge is limited regarding bone health. Animal studies have shown garlic minimizes bone loss through increasing estrogen levels and reducing osteoclast bone resorption. Excessive bone loss can cause porous, brittle bones, commonly known as osteoporosis, which lead to high fracture risks. Utilizing natural alternatives to synthetic medicines can reduce physiological rejection while maintaining relief to ailments and diseases.

 

METHOD

One of the most well-known sulfur compounds extracted from garlic is allicin. The objective is to understand the effects of allicin release on the bone remodeling process. The hypothesis is allicin will show no cytotoxic effects to osteoblast cells and reduce osteoclast resorption. Allicin was extracted from pure garlic powder and loaded onto calcium phosphate scaffolds, mimicking bone tissue composition. Cellular and scaffold surface morphology were imaged post cell culture as well histological staining of an in vivo rat distal femur model.

 

RESULTS/IMPLICATIONS

Results show allicin has no cytotoxic effects on osteoblast morphology and a reduction of osteoclast resorption pit formation. Allicin also shows significantly enhanced collagen formation in vivo, indicating another avenue for improved bone healing. With these results, further knowledge is gained on the ability for garlic to improve bone health in bone tissue engineering applications.

 

Cooling Rates of Spatter Deposits

Cooling Rates of Spatter Deposits

Primary Author: Claire Puleio

Faculty Sponsor: Catherine Cooper

 

Primary College/Unit: Agricultural, Human and Natural Resource Sciences

Category: Agricultural and Natural Resource Sciences

Campus: Pullman

 

Abstract:

 

Principal Topic

Magmatic spatter deposits form during volcanic eruptions wherein molten lava is projected from the volcano. The molten lava is erupted in fragments (clasts) and is deposited in the area immediately surrounding the eruptive vent of the volcano. These clasts can pile upon each other and form cone-like structures. Magmatic spatter occurs when erupted lava is hot enough to deform and adhere to other erupted clasts (agglutinate). The deformation and agglutination of spatter clasts have important implications regarding how spatter can transition from a stable deposit to a lava flow. When spatter re-melts and flows it can cause sudden collapse of the cone-like structures and quickly damage infrastructure or cause bodily harm to those in the path of the flow.

 

Method

A two-dimensional thermal diffusion model has been created in this study to predict how long it takes for spatter clasts to cool sufficiently enough that they no longer pose the risk of re-melting and forming a lava flow. This model predicts how spatter clasts cool over time when subjected to conduction, convection, and radiation and is applied to scenarios in which multiple spatter clasts of the same temperature are placed on top of one another.

 

Results/Implications

The model described in this research provides an indication for when the spatter deposit will cool sufficiently enough to stabilize. This research increases the understanding of magmatic spatter as well as the likelihood for associated volcanic hazards such as sudden collapse of spatter deposits and the rapid formation of lava flows.

 

A better screening tool to help combat a common pest of wheat

A better screening tool to help combat a common pest of wheat

Primary Author: Samuel Prather

Faculty Sponsor: Michael Pumphrey

 

Primary College/Unit: Agricultural, Human and Natural Resource Sciences

Category: Agricultural and Natural Resource Sciences

Campus: Pullman

 

Abstract:

 

Principle topic:

Hessian Fly [Mayetiola destructor (Say)] is a major pest of wheat in Washington as well as the entire USA. In its larval stage, Hessian fly feeds off the stems of wheat plants causing severe yield loss. While there are pesticides and management practices to combat Hessian fly, because of Hessian fly’s unique life cycle most are not effective. The best way to combat Hessian fly is through use of genetically resistant wheat varieties with one of the 35 known Hessian fly resistance genes. The impediment for breeders developing Hessian fly resistance varieties is a fast-cost-effective way to screen for the resistance, as the current method takes a long time and is very expensive.

Method:

Using a genetics technique known as linkage mapping my project’s goal was to find the genetic location of one of the 35 known genes that has been shown to work in Washington. And then create genetic markers which are an assay to test for that gene.

Results:

After leaning the location of our Hessian fly resistance gene of interest I created 3 genetic markers and validated them on a large panel of varieties. The results show these markers to be highly (>98%) accurate at detecting the presence of the gene. The old method of testing for this gene used by our lab cost ~$150 per test and took about 2 months. This new method using the genetic marker assay takes less than a week and cost ~$1 per test.