bluuebunny/crossref_metadata_2025 huggingface dataset:
Formulation and Evaluation of Transdermal patch of Methimazole
Authors: Tadhi Nani , Chopra Himansu , Kumar Sharma Gyanendra
Published: October 2021

Transdermal patch is a drug delivery device in which the drugs are incorporated and is design in such a way that it releases the drug in sustained and at predetermined rate to deliver the drug through the skin to the systemic circulation painlessly. The aim of this research study was to formulate a controlled and sustained release transdermal matrix type patch of Methimazole. The matrix patch was prepared by solvent casting method using a various polymer in different concentration, HPMC (hydrophilic), Eudragit RL100 and Ethyl cellulose (hydrophobic) polymer. Total 9 prototype formulation were prepared and it was subjected for various evaluation test; weight uniformity, Folding endurance, thickness, Drug content, percent moisture content, percent Moisture uptake and In-vitro drug release study using Franz diffusion cell. The in-vitro CDR% data was fit into kinetics model to see the release kinetics from the patches. The Formulation F5 was choosen as a best formulation according to in-vitro drug release study. The in-vitro release was found 81.12 % in 12 hours, it followed zero order kinetics. The nature of polymer and concentration ratio of polymers plays a crucial role for obtaining a good transdermal patch design; therefore optimisation is very important step to formulate a desired TDDS. Therefore the result of the study encourages a further study and is hopeful that the present study would contribute to the recent pharmaceutical research for formulation development.
Chemical Composition, Antioxidant and Inhibitory Effect of Cupressus sempervirens Essential Oils and Methanolic Extract on Beta-lactamase producing Isolates
Authors: Qaralleh Haitham , Khleifat Khaled M , Khlaifat Ali M , Al-limoun Muhamad , Al-Tawarah Nafe M , Alhroob Amir Menwer , Alsaudi Ahmad B
Published: October 2021

The Jordanian endemic medicinal plant, Cupressus sempervirens was obtained from Dhana Natural Reserve, Al-Tafilah, Jordan to investigate its antibacterial and antioxidant activities. The procuring of essential oil was made by processing of dry leaves of C. sempervirens using steam-distillation method giving 0.26% (w/w) yield. The analysis of obtained EO for its chemical constituents, was achieved by GC-MS. The equivalent of 94.02% of the entire EO has been extracted and consists of twenty-two compounds. The characterization of EO was made by their presence of three groups of chemical compounds namely Sesquiterpene hydrocarbons (71.0%), Oxygenated sesquiterpenes (11.5%) and Monoterpenes hydrocarbons (10.6%). The major constituent was germacrene-D (14.2%) along with the d-cadinene (11.0%), ß-pinene (10.0%) and isocedrol (9.8%). This conferring a chemotaxonomic value as well as a higher degree of polymorphism in the occurrence of these compounds in C. sempervirens as compared with the same species in different location worldwide. The efficiency of methanol extract and essential oil as antibacterial was evaluated against nine bacteria, using disc diffusion and MIC methods. Results showed that the methanol extract at 2000µg/disc of C. sempervirens caused the growth inhibition of Bacillus subtilis, Micrococcus luteus, Staphylococcus epidermidis and Staphylococcus aureus and producing inhibition zone ranges between 12-15mm. The MIC values recorded by essential oils of C. sempervirens were as follow: S. epidermidis and S. aureus (370µg/mL), Escherichia coli and Enterobacter aerogenes (1000µg/mL), Pseudomonas aeruginosa (2000µg/mL) and M. luteus, Klebsiella pneumonia and Salmonella typhi (3000µg/mL). In the present study, C. sempervirens extract exerted antioxidant efficiency with an IC50 value of 27.31µg/mL.
Formulation and Evaluation of Oral Dispersion Tablet of Atorvastatin
Authors: PG Mahesh
Published: October 2021

AIM: Atorvastatin is used along with a proper diet to help lower bad cholesterol and fats and raise good cholesterol in the blood. Objective: Difficulty in swallowing (dysphasia) is a common problem of all age groups, especially the elderly and pediatrics, because of physiological changes associated with these groups.
Synthesis and Antimicrobial activity of Piperazine analogues containing [1, 3, 4] Thiadiazole ring
Authors: Kumar Kottakki Naveen , Amperayani Karteek Rao , Parimi Uma Devi
Published: October 2021

A new series of piperazine-1, 3, 4-thiadiazole has been synthesized, purified and characterized with the help of their analytical and spectral data. Structures of the synthesized compounds were confirmed by IR, 1H NMR and mass spectroscopy. The potential antimicrobial effects of the synthesized compounds were investigated using Vibrio cholera and Bacillus subtilis. The newly synthesized compounds exhibited capable activities against Vibrio cholera and Bacillus subtilis and it showed minimum inhibitory concentration. In this study, few compounds showed appreciable antibacterial activity. The compound PT6 shows highly significant antibacterial and good inhibition as compared to the standard drug.
A Comparative Study of Antioxidant Activity between Ethanolic and Aqueous Extract of Cardiospermum halicacabum
Authors: M.V. Kumudhavalli , V. Nandhinipriya
Published: October 2021

Cardiospermum halicacabum is conventionally used in the treatment of stiffness of limbs, chronic bronchitis, and snakebites. The whole plant of Cardiospermum halicacabum has been extracted using ethanol and aqueous solvent and estimation of their antioxidant activity done for predicted current research work. Both ethanol and aqueous extracts illustrate important antioxidant activity in the DPPH method, nitric oxide method, and hydroxyl radical-induced In-vitro assay method. The DPPH radical inhibition (%) was 53.13, 57.13, and 79.12 for EECH, AECH, and Standard ascorbic acid respectively. The Cardiospermum halicacabum extracts (EECH and AECH) showed significant free radical scavenging action against nitric oxide (NO) induced release of free radicals at the concentrations 250μg/ml, showing 29.22% and 63.32% of nitric oxide inhibition, respectively. The EECH and AECH extracts (25-400μg/ml) significantly scavenged the hydroxyl radical generated by the EDTA/HO system, when compared to that of ascorbic acid. The plant Cardiospermum halicacabum has been used to treat different ailments. The present study clearly showed that both the extracts viz. EECH and AECH of the plant possess significant antioxidant activity. Moreover, ethanolic extract was proved as more potent candidature as compared to aqueous extract. The molecular level mechanism is the future interest of the researchers to prove the traditional use of the plant.
Formulation and Evaluation of Orodispersible Tablets Containing Taste Masked Mirabegron Resinate
Authors: Malode Sarika S. , Wagh Milind P.
Published: October 2021

The objective of present work was to develop taste masked orodispersible tablets of mirabegron. Mirabegron is beta 3 adrenoceptor agonist used to treat overactive bladder. Overactive bladder (OAB) is defined as a symptom syndrome showing feeling of urgency to urinate, typically accompanied by frequent daytime and nocturnal urination, in the absence of proven infection or other obvious pathology. Over active bladders are generally common in geriatrics. Moreover, this drug has a very strong bitter taste. Frequent dosing requires frequent water intake, which further aggregates the condition of over active bladder and bitter taste of drug affects patient compliance. Hence a need arises to mask the bitter taste for development of an ODT which does not require consuming water with every dosage. In this work, the bitter taste of mirabegron was masked by forming a complex with an ion exchange resin tulsion 344. The drug resin complexation process was optimized for resin activation, drug: resin ratio, soaking time and stirring time. In –vitro release studies revealed complete drug elution from the complex within 10 minutes in pH 1.2 buffer. The taste-masked complex was then formulated into palatable orodispersible tablets using a direct compression approach by use of superdisintegrants to achieve a rapid disintegration. The tablets were evaluated for weight variation, hardness, friability, drug content, wetting time, In- vivo disintegration time and in-vitro dissolution time.
Synthesis Characterization and Antibacterial Activity of Terazosin Hydrochloride Drug and Market Formulation
Authors: Kumar Anshul , Kumar Rajnish , Mazumdar Avijit
Published: October 2021

Terazosin hydrochloride is an anti-hypertensive drug which is used to treat the diseases of hypertension. The literature survey shows the proposed synthesis of Terazosin hydrochloride derived from the starting material of 2-chloro-6, 7-dimethoxy–quinazoline-4-amine in the presence of 2-methoxy ethanol with n- benzyl piperazine to form the product. The Terazosin derivatives were prepared with the help of literature survey were 1, 4-bis-(furan-2-yl-carbonl) piperazine, 1, 4-bis-(tertrahydrofuran-2-yl) carbonyl piperazine, and 1-(4-amino-6, 7-dimethoxy- quinazoline-2-yl)- 4-formyl- piperazine were prepared by maintaining environmental condition. The characterization done for prepared derivative was done through 1H-NMR, MASS and IR Spectroscopy. The antibacterial activity of prepared derivatives was performed on the various bacteria like E. coli, Pseudomonas aeruginosa, Shigella sonneii, Klebsiella pneumonia, Staphylococcus aureus, Shigella flexneri, Vibrio cholera, Bacillus subtilis, Pseudomonas fluorescens, Pseudomonas aeruginosa, Staphylococcus aureus. The desired derivatives shown maximum zone of inhibition using concentration prepared 100µg and 200µg using standard drug. The derivatives that shows maximum inhibition 6, 7-dimethoxy-2-piperazine-1-yl-quinazoline -4-amine and minimum was shown by 1, 4-bis-(furan-2-yl-carbonl) piperazine, 1,4-bis-(tertrahydrofuran- 2-yl) carbonyl piperazine. The result should that prepared Terazosin derivatives shows potent actively when compared with standard ciprofloxacin.
Physicochemical characterization of Novel Particulate Delivery Systems for Antitumor/metastatic Therapeutics
Authors: Samuel Girgis , Nazim Uddin , Srag El-Din Ahmed S. G.
Published: October 2021

The main objective of this project was to overcome the drawbacks of the emulsification techniques during rising a delivery system for a novel and potent anticancer drug, CK-10, projected for enlightening the therapeutic index of the drug. Emulsion/Solvent evaporation and innovative microfluidic techniques were used to frame the nanoparticles. Loading efficiency and in-vitro release were characterized by a modified Lowry assay. Size and zeta potential were analyzed by dynamic light scattering, laser obscuration time, and tuneable pore resistive sensing. Compatibility and shelf life were tested by differential scanning calorimeter and Fourier transform infra-red. The extent of the nanoparticles degradation was measured by color indicator and potentiometric titrations. The result showed that PLGA/B Cyclodextrin nanoparticles had a higher peptide loading efficiency by 53.92% for the novel microfluidic technique as well as higher in-vitro release and better degradation. PLGA/B Cyclodextrin and PLGA/HPMA nanoparticles had a closely related size and zeta potential. It was concluded that the novel microfluidic technique could augment the physicochemical properties of the CK-10 nanoparticles to improve its pharmacokinetics and pharmacodynamics.
Prevalence of Diabetes Mellitus among Adult Slum Dwellers:
A Cross Sectional Study
Authors: Guhe Akshata , Nagarkar Shiril R , Pawar Varsha D , Sheikh Muzahid , Chivane Anjalee
Published: October 2021

Background: Prevalence of diabetes mellitus and impaired fasting glucose are reported to be highly variable among rural and urban population in India. Objective: To estimate the prevalence of diabetes mellitus among adult slum people. Methods: A cross sectional analytical study was carried in the field practice of tertiary health care center on adult slum dwellers on sample of 2919 by door to door survey provided they fulfill the inclusion criteria. 18 years and above both the gender was included in the study. Surveyed population is divided into three groups on the basis of Random Capillary Blood Glucose Level. (Group I -79-160mg/dl, Group II- 161-200mg/dl, Group III- >200mg/dl). Result: The prevalence of Diabetes mellitus is 9.28%. Out of 271, the maximum numbers of confirmed diabetic cases were falling in the age group of 51-60 years. The minimum number observed in the 3rd decades. A total 149 (28.27%) were male and 122 (27.3%) were female are diabetics. and non-diabetics. Conclusion: Individual with confirmed diagnosis is at the risk of musculoskeletal symptoms.
Insilco Design and Potential Cytotoxic agents EGFR Inhibitors of 4(3H) Quinazolinone Derivatives
Authors: K Kavitha , N Srinivasan , S Mohan , R Suresh
Published: October 2021

Epidermal growth factor receptor (EGFR) acting very important part in cell growth regulation, one of the most significant consideration studied targets of tyrosine kinases (TK) inhibitors. A number of TKs take component in the role cell proliferation, differentiation and metastasis, survival and tolerant activation by mechanisms for instance point mutation might show the way to huge proportion of clinical cancers. EGFR is in excess articulated within many tumors, as well as ovarian, breast and bladder, head, brain, prostate, lung tumors. based in the field of literature study found that the invention of quinazolin 4(3H) one derivatives of structural modifications which produce their potential of cytotoxic properties. By inhibit the EGFR-TKs enzyme. In this, we introduced newly synthesized quinazolinones compounds to systematically investigate binding affinity and drug likeliness property against EGFR-TKs. the interaction of newly synthesized molecules QOC1-QOC6 against 1M17 Protein five derivatives of quinazolinone an induced fit docking analysis indicated are involved in binding affinity. The present study aimed at studies showed with the systematic analysis, the newly synthesized potential quinazolinone are recommended so as to these molecules would provide the same as enhanced show the way lead moiety for cytotoxic activity.
A Novel UPLC Method for Simultaneous Estimation of Ertugliflozin and Sitagliptin in Bulk and Tablet Dosage Form
Authors: R Deepthi , Sankar D Gowri
Published: October 2021

Aim: The proposed study aimed to develop a novel ultra-performance liquid chromatography (UPLC) method for the estimation of Ertugliflozin and Sitagliptin in Bulk and Tablet dosage form and validate the method in accordance with the International Conference on Harmonization guidelines. Methods: The optimized conditions for the developed UPLC method are Acquity UPLC HIBRA C18 (100mm × 2.1mm, 1.8µ) column maintained at 30°C with a mobile phase consisting of Buffer (0.01N sodium hydrogen phosphate) pH adjusted to 4.0 with dil. orthophosphoric acid: Acetonitrile in the ratio of 60:40%v/v on isocratic mode at a flow rate of 0.3mL/min. Results and conclusion: The sample was detected at 220nm. The retention time for Ertugliflozin and Sitagliptin was deemed at 1.873min and 1.260min. The developed method was validated for accuracy, precision, specificity, ruggedness, robustness, and solution stability. The method obeyed Beer’s law in the concentration range of 3.75µg/mL to 22.5µg/mL for Ertugliflozin and 25µg/mL to 150µg/mL for Sitagliptin with a correlation coefficient of 0.999 for Ertugliflozin and Sitagliptin respectively. Forced degradation studies were conducted by exposing the drug solution to numerous stress conditions such as acidic, basic, peroxide, neutral, photolytic, and thermal conditions. The net degradation was considered within the limits, indicating that the drug is stable in stressed conditions. The developed method for the estimation of Ertugliflozin and Sitagliptin can be utilized for the routine analysis of Pharmaceutical dosage form.
Testing of Coarse SMA Using Tapparan River Stone, Tana Toraja Regency
Authors: Loli Emil , Alpius  , Kamba Charles
Published: October 2021

This experiment is to intended of Tapparan river stone in a Stone Matrix Asphalt (SMA). The method in this experiment is to test character of every agregate and filler. then make a composition of Stone Matrix Asphalt (SMA) mixture Marshall testing to get the characteristics and the Marshall Immersion test for  the remaining Marshall Stability value. The results of research, shows the character of the pavement material in the form of Tapparan River rock, Tana Toraja Regency, meet some specific for coating material. with conventional Marshall Test, the characteristics with asphalt content of 6.00%, 6.25%, 6.50%, 6.75%, and 7.00% meet the General Specifications. From the Marshall Immersion test, it was obtained that the remaining Marshall Stability was 95.10% with asphalt 7.00% fulfilling the requirements, namely> 90% accordance with the General Specifications.
The Durability of the AC-BC Mixture Using Stone of Baba Mount, Tana Toraja Regency
Authors: Pasilaputri Cindy , Alpius  , Radjawane Louise Elizabeth
Published: October 2021

Several factors that can affect road damage are excessive traffic load, temperature (weather), water, and pavement construction that does not meet the technical requirements. The durability of an asphalt mixture is the resistance of the mixture to the effects of water, water vapor, and temperature. A mixture with a high durability value provides a good mix quality and long-term use. The purpose of this study was to determine the durability of the AC-BC mixture using Mount Baba stone. The general specifications of Bina Marga in 2018 are the reference in this study. By using the standard Marshall test method, the results obtained through the Marshall AC-BC mixture immersion test with a duration of immersion time of 0.5 hours, 12 hours, 24 hours, 36 hours, 48 hours, 60 hours with a durability value of 95.49% - 86.99%. The increase in immersion time causes a decrease in the durability of the mixture.
Processing of Electronic journalism on Tourism Topics in The Kingdom of Saudi Arabia
Authors: Yahya Ali Al-Wadani Asaad
Published: October 2021

The aim of the study is to recognize Saudi Arabia's online newspaper's

handling process of tourism topics formally and contently using analytical study, and the nature of process that used by newspapers sample Study in presenting tourist topics. The study falls within the framework of descriptive studies regenerated from analytical survey method, and used tool to analyze the content in both quantitative and qualitative ways. The researcher analyzed the content of tourist materials published in two newspapers Sabq and Ealmkan, during period from November 11, (2019) to May 11 (2020). Journalistic forms, news, report, talk, investigation and article were study analysis units in this study. The study concluded that: The general results of the study showed Ealmkan  newspaper came first in the quantity of Tourism subjects published during the study period by (54)٪Followed by Sabq newspaper (46)٪This is due to the tourism specialization of the Ealmkan newspaper unlike Sabq newspaper that handled general Journal topics. The results showed that (75)٪of the newspapers topics that dealt with tourism topics In the Saudi online newspapers of the samples study was news materials based on the use of news scoops and art. This indicate that tourism topics have taken the lead in other journalistic topics in the two online newspaper that been studied. The results also showed the acquisition of a positive trend in press processing tourist topics the largest percentage (63) of the total materials that Published about tourism, while neutral trend came second with (33)٪ of the total material Published, negative-trend came last with (4)٪ The results reveal that general tourism topics articles came

first with (35)٪ of the total articles with Tourist topics published in the two newspapers, while the religious tourist topics came last give (0)٪ in both journals samples study. The results in terms of geographical area Covered in tourist topics in the sample papers of the study was by a large percentage (51) (General area and non-specific), While did not include areas (al-Baha, Jazan, Hail) in both newspapers during Analysis process.
The role of communication marketing media campaign programs for Sudanese childs issues
Authors: Mahmoud fadol mukhtar Dr. Amal
Published: October 2021

This research tackles the role of communication in social marketing of child issues in the Sudan, a case study on the ministry of Social Development in Khartoum state.

The purpose of this research is to recognize the communication role done by General Administration of  Information and Social Awareness of  the ministry of  Social Development in marketing the programs of social campaigns of the Sudanese child represented in social patronage, sponsorship and supporting and protection, include the specific social, economic and political aspects, as health, education, providing security and settlement.

The research tried to answer a number of questions, one of them is a basic question.

What is the number and size of information campaigns implemented at the period from August 2019 to August 2020?

The researcher used the descriptive methodology besides the methodology of status study. And the researcher depends on questionnaire, the (systemized) interview form, (not systemized) interview form, and the simple observation .

Findings:

The research concluded to a number of findings, the most important of them are:

1.There is a malfunction in the efficiency of communication with the General Administration of Information and Social Awareness of the ministry.  The cause of this is lack of enough trained information cadre, and lack of enough money be specified to the campaign.

2.The subjects and Programs come within the campaign do not cover all sectors of children but concentrate on the children of hard circumstances.

3.The number of information campaigns implemented at the period from 2019 to 2020 are two: a campaign  on orphanages (Halima Al-Saadaya) and a campaign to patronize the children of streets (who lost the family caring).
International Real Estate Review
Authors:   University of Memphis, Evans Richard D. , Mueller Glenn R. ,   University of Denver
Published: October 2021

Metro market real estate cycles for office, industrial, retail, apartment, and hotel properties may be specified as first order Markov chains, which allow analysts to use a well-developed application, ¡§staying time¡¨. Anticipations for time spent at each cycle point are consistent with the perception of analysts that these cycle changes speed up, slow down, and pause over time. We find that these five different property types in U.S. markets appear to have different first order Markov chain specifications, with different staying time characteristics. Each of the five property types have their longest mean staying time at the troughs of recessions. Moreover, industrial and office markets have much longer mean staying times in very poor trough conditions. Most of the shortest mean staying times are in hyper supply and recession phases, with the range across property types being narrow in these cycle points. Analysts and investors should be able to use this research to better estimate future occupancy and rent estimates in their discounted cash flow (DCF) models.
International Real Estate Review
Authors:   Beijing Forestry University, Zhang Yang , Zhang Hong ,   Tsinghua University, Seiler Michael ,   The College of William &  Mary
Published: October 2021

This study examines the effects of time pressure on residential real estate broker behavior. Consistent with our intuition, we find that when under a binding time constraint, brokers do transact the property more quickly, but do not work as hard and ultimately recommend less optimal homes. Interestingly, brokers earn the same commission when operating in either a low or high time pressure environment. When the characteristics of the broker are considered, we find that experienced brokers are significantly more effective at matching buyers and sellers under time constrained conditions.
International Real Estate Review
Authors:   University of Malaya, Wong Yuen-Meng
Published: October 2021

Real estate investment trusts (REITs) are a niche alternative investment class. Since their introduction in Asia at the turn of the millennium, the REIT market in the region has experienced phenomenal growth. In particular, the Malaysia REIT (M-REIT ) market capitalisation has seen a spectacular growth of close to 20 folds from its inception in 2005 until the end of 2013. This paper chronicles the development of the M-REIT market which is rather unique as it provides a common platform for the existence of both conventional and Islamic REITs. Empirical tests are also conducted to uncover the returns characteristics of the M-REIT market. M-REIT returns are significantly correlated with domestic stock markets but only weakly correlated with changes in interest rate, with long-term proxies having a stronger impact than short-term proxies. The results from a correlation analysis are further confirmed by regression testing which shows that M-REIT returns are most significantly driven by domestic stock market returns while only mildly by changes in interest rates and not significantly driven by returns in regional REIT markets. These findings possibly imply that M-REITs (i) subscribe more to the characteristics of equity than those of bonds, (ii) are not 'pure' yield-play instruments, (iii) are often regarded as long-term investment, and (iv) may not be fully integrated with global and regional REIT markets.
International Real Estate Review
Authors:   Johns Hopkins University, Chan Su , Wang Ko ,   Johns Hopkins University, Yang Jing ,   California State University
Published: October 2021

In this study, we use a simple 2-period game theoretic model to determine a mutually acceptable interest rate for a construction loan. This mutually acceptable interest rate is the rate that makes a developer indifferent between using 100% equity financing and a construction loan. It is also the highest interest rate that a developer is willing to pay and a bank is willing to lend. The three risk factors identified in the model are the loss, leverage and first-phase loan ratios. Our analytical and numerical analyses indicate that the derived mutually acceptable interest rate has desirable properties as the rate increases with an increase in the three identified risk factors.
International Real Estate Review
Authors:   National Chiayi University, Chang Kuang-Liang , Chen Nan-Kuang ,   National Taiwan University, Leung Charles ,   City University of Hong Kong
Published: October 2021

This paper revisits the relationships among macroeconomic variables and asset returns. Based on recent developments in econometrics, we categorize competing models of asset returns into different "Equivalence Predictive Power Classes" (EPPCs). During the pre-crisis period (1975-2005), some models emphasize that imperfect capital markets outperform an AR(1) for the forecast of housing returns. After 2006, a model that includes both an external finance premium (EFP) and the TED spread "learns and adjusts" faster than competing models. Models that encompass GDP experience a significant decay in predictive power. We also demonstrate that a simulation-based approach is complementary to the EPPC methodology.
International Real Estate Review
Authors:   California State University, Fullerton, Pan Huiran , Wang Chun ,   City University of New York
Published: October 2021

This paper examines the long-run equilibrium between real house prices and macroeconomic fundamentals in U.S. housing markets, as well as the short-run adjustment of real house prices back to the equilibrium. Pooled mean-group and mean-group estimation techniques developed by Pesaran and Smith (1995) and Pesaran et al. (1999) are applied to a panel of the 51 U.S. states over the period of 1976Q3 to 2012Q4. Our results suggest a common long-run relationship over the sample period between real house prices and their economic fundamental determinants in the 51 U.S. states. However, the speed of adjustment of real house prices varies vastly across states, with a half-life estimate of 22 quarters on average, and the deviations of real house prices from the equilibrium range from ¡V30% to 46% across states over time.
International Real Estate Review
Authors:   The University of Wisconsin-Milwaukee, Bahmani-Oskooee Mohsen , Ghodsi Seyed ,   The University of Wisconsin-Milwaukee
Published: October 2021

Increases in stock prices are said to affect house prices due to the wealth effect. Researchers have used aggregate indexes of both house and stock prices from different countries and produced mixed and poor results in support of the wealth effect. Like them, we find long-run support for the wealth effect in six out of 18 OECD countries when we use a linear model. However, when we separate the increases in stock prices from declines and estimate a nonlinear model, a long-run wealth effect is observed in 13 out of 18 OECD countries. Not only are the long-run effects asymmetric in all 13 countries, but so are the short-run effects in all of the countries.
International Real Estate Review
Authors:   National Chengchi  University, Chiang Ying-Hui , Ku Yuan ,   Hong Qing Conveyancing Office, Liu Feng ,   US Bureau of Consumer Financial Protection, Chang Chin-Oh ,   National Chengchi  University
Published: October 2021

Due to housing stock heterogeneity, most academic discussions on price dispersion in the housing market have traditionally focused on the search behavior of consumers and neglected the housing and neighborhood characteristics that are related to price dispersion. This study applies a rich empirical data set from Taipei to explore the neighborhood characteristics that are associated with a higher degree of dispersion in housing price and associated likelihood of such. We track the housing transactions at the residential community level, and group the communities based on the coefficient of variation of the transaction prices in each community after controlling for community and housing characteristics. We apply a multinomial logistic regression to examine which neighborhood characteristics are more likely to be associated with higher price dispersion. We find that communities with higher price levels and built by government agencies are less likely to have high price dispersion, while those that are older, priced lower or have a minimum floor area of 50 pings are more likely to have higher price dispersion.
International Real Estate Review
Authors:   National University of Singapore, Diao Mi , Fan Yi ,   National University of Singapore, Sing Tien ,   National University of Singapore
Published: October 2021

The government of Singapore imposed two rounds of demand restrictions in 2010 and 2013, respectively, which prohibited private housing owners from concurrently owning both a private housing unit and a public housing flat. These restrictions curb speculative and investment activities, but do not deter public housing owners from upgrading to private housing. Using private housing transaction data between 2005 and 2015, we find that the demand shocks in 2010 and 2013 caused a significant reduction of 2.4% and 1.8% in the transaction prices of investors relative to those of the owners, respectively, ceteris paribus. Larger price declines are observed in investment sales in the submarkets, such as the core central region, and resale, moderate-to-high end, and large unit markets. The results show that when the housing market is volatile, risk averse investors are found, and owners move up the ¡§quality¡¨ curve by upgrading their home.
International Real Estate Review
Authors:   IFE Group, Jiang Shan , Miller Chen L. ,   IFE Group
Published: October 2021

Reverse mortgages generally have open maturity dates. The variability of the exact termination time of a mortgage is one of the most important risks faced by the lenders and mortgage insurers. This paper analyzes the termination experience of reverse mortgages in the United States (US). We find that reverse mortgages can be terminated by three distinct events: refinancing, mortality and mobility. Using the Federal Housing Administration (FHA) insured Home Equity Conversion Mortgage (HECM) loan data, we estimate the probability of the termination through individual events. The results show that refinance termination and other termination events are driven by different factors. Refinances are mainly driven by macroeconomic conditions, such as the appreciation of the house value and decline in interest rate, and usually done in the beginning years of the loan origination. Mortality terminations follow closely the US mortality tables, which are governed by age and gender. Mobility termination shares a similar pattern with mortality termination, especially in the later years of the loan life. Meanwhile, the initial cash drawdown pattern has significant but different impacts on each type of termination. By separating refinance termination from the two other types of terminations, we show that refinance termination slows down when the interest rate starts to rise. Without separating refinance termination, HECM investors could over-project the number of future HECM terminations in a rising interest rate scenario and result in loss of funds.
International Real Estate Review
Authors:   Dalian University of Technology, An Hui , Zou Qianmiao ,   Dalian University of Technology, Zhang Ying ,   Fairfield University
Published: October 2021

In recent years, China has uniquely implemented various policies to control housing prices, particularly its property- purchasing limitation policy. This research proposes a vector autoregression (VAR) model with likelihood-ratio (LR) tests to examine the effects of such a policy on housing prices at the national, provincial and city levels in China, with the use of monthly data from 2002 to 2013. The results show that at the national level, the effect of the policy is very significant, and the impact on housing prices is far greater than monetary and credit policies. However, the policy is not applicable at the provincial level. The policy has a significant role at the city level in first-tier cities, but no significant effect in second- tier cities. Overall, property-purchasing limitations inhibit the growth of housing prices to some extent, and the effects show strong regional characteristics, especially at the city level. Policymakers should therefore take into account regional characteristics in the formulation and implementation of a property-purchasing limitation policy.
International Real Estate Review
Authors:   The University of Wisconsin-Milwaukee, Bahmani-Oskooee Mohsen , Ghodsi Seyed ,   Model Risk Oversight at Charles Schwab & Co. Inc.
Published: October 2021

Currency depreciation is said to affect domestic output in either direction, depending on the relative strength of its impact on next exports and the cost of imported inputs. Since increased net exports and eventual economic growth affect the demand for housing and increased cost of imported materials that are used in housing construction affects the supply of housing, we assume that currency depreciation could have an impact on housing output. We test our assumption by using time-series data from each of the states in the U.S. and show that when a linear model is estimated, dollar depreciation has short-run effects in 41 states and long-run effects in only three states. However, when dollar depreciation is separated from appreciation and a nonlinear model is estimated, we find short-run asymmetric effects in all of the states and long-run asymmetric effects in 32 states. Additional analysis reveals that while dollar depreciation increases housing output in 10 states, dollar appreciation hurts the output in 11 states, thus supporting the expansionary depreciation of the dollar in the U.S. housing market.
International Real Estate Review
Authors:   Banque de France, Coffinet Jérôme , Kintzler Etienne ,   Banque de France
Published: October 2021

We develop a simple framework to assess the position of office prices with respect to their fundamentals. Applying the model to France, we show that a constrained office supply and low interest rates mainly explain for the high and increasing trend of office prices in recent years. Nonetheless, we find that the office market is only slightly overvalued in France in late 2017: the deviation of office prices with respect to their fundamental determinants is between 0% and 10%, thus indicating that the market is close to fair value.
International Real Estate Review
Authors:   National University of Singapore, Liow Kim , Song Jeongseop ,   National University of Singapore
Published: October 2021

The market integration of real estate investment trusts (REITs) in the US and four Asian markets as well as between their local stock and REIT markets are investigated in this paper. Using a number of modern econometric techniques on three integration indictors/proxies: time-varying conditional correlations, dynamic risk connectivity (variance-covariance) and cause and effect dependency of linear /nonlinear spillover and connectedness, we find that the five REIT markets show less integration than their corresponding stock markets. Moreover, the modelling of the portfolio risk spillover and connectedness (with covariance) shows a higher average level of market integration for the Asian REIT group. The REIT markets have experienced some significant shifts in their net total and net-pairwise directional risk connectivity. Additionally, investors and policymakers are reminded that any modelling of the cause and effect dependency of the REIT markets should be implemented with linear regression equations and a nonlinear value at risk system in risk spillover and connectedness (with covariance). Finally, significant contagious effects are identified across the REIT markets and stock and REIT portfolios during the global financial crisis and China stock market crash.
International Real Estate Review
Authors:   Coppin State University, Anoruo Emmanuel
Published: October 2021

This study examines the causal relationship between gold and real estate investment trust (REIT) returns. In particular, the paper uses a nonparametric causality-in-quantile approach to explore whether gold could serve as a hedging tool against movements in REIT returns. The results provide supportive evidence of bidirectional and asymmetric causality-in-variance between gold and REIT returns. There is evidence of asymmetric causality-in-mean between gold and All REITs, and equity REIT returns. The results from the full sample nonlinear Granger causality test indicate that gold and REIT returns have a causal influence on each other. Taken together, the results imply that gold investment could serve as a hedge against volatilities in the REIT market and vice versa.
International Real Estate Review
Authors:   Concordia University, Wang Chongyu , Cohen Jeffrey P. ,   University of Connecticut, Glascock John L. ,   University of Connecticut
Published: October 2021

The question of whether REITs compete for scarce capital across geographic space is deserving of attention. In this study, we consider the issue of spatial competition among REITs across U.S. states in terms of the degree of interdependence in financial capital demand. First, we motivate the issue with a theoretical model of cost minimization by using a representative REIT in a given U.S. state and demonstrate that a priori, it is unclear whether the capital demand of a REIT depends on that of the REITs in other states. Then we use spatial econometrics techniques and find empirically that REITs compete for financial capital with REITs in other states. We also find evidence of feedback (or indirect) effects, thus implying amplified crowding out of financial capital when other REITs in nearby states increase financial capital demand. Our findings are aligned with the predation hypothesis, which suggests that REIT managers might exploit the financial distress of neighboring REITs and/or investors as an opportunity to steal their market share. Another key contribution of this study is that we focus on capital liquidity as opposed to stock liquidity.
International Real Estate Review
Authors:   RMIT University, Baako Kingsley Tetteh
Published: October 2021

In many developing countries, house price index construction is sparse, leaving decisions which hinge on housing performance data with little corroboratory evidence. Thus, the purpose of this research is to ascertain the micro-level determinants of house prices in Ghana. Using a qualitative approach, data are collected through semi-structured interviews with twenty expert property practitioners including valuers, academics, property developers, mortgage providers and housing agents. This research uncovers interesting findings including the relevance of unexpired lease terms, and the impacts of market dynamics such as the physical heterogeneity of properties and hearsay. The study also reveals that an index needs to be created and managed through a collaborative effort between the government and industry to ensure wide acceptability. This study lends guidance to housing policy decisions at the local and national levels, and provides a much-needed source of data for further academic inquiry into the housing dynamics in Ghana.
International Real Estate Review
Authors:   Norwegian University of Science and Technology, Birkeland Kristoffer B. , D’Silva Allan D. ,   Norwegian University of Science and Technology, Füss Roland ,   University of St.Gallen, Oust Are ,   Norwegian University of Science and Technology
Published: October 2021

We develop an automated valuation model (AVM) for the residential real estate market by leveraging stacked generalization and a comparable market analysis. Specifically, we combine four novel ensemble learning methods with a repeat sales method and tailor the data selection for each value estimate. We calibrate and evaluate the model for the residential real estate market in Oslo by producing out-of-sample estimates for the value of 1,979 dwellings sold in the first quarter of 2018. Our novel approach of using stacked generalization achieves a median absolute percentage error of 5.4%, and more than 96% of the dwellings are estimated within 20% of their actual sales price. A comparison of the valuation accuracy of our AVM to that of the local estate agents in Oslo generally demonstrates its viability as a valuation tool. However, in stable market phases, the machine falls short of human capability.
International Real Estate Review
Authors:   City University of Hong Kong, Lee Henry Koon Nam
Published: October 2021

Using a non-causality approach based on the conventional approach of Fama and Schwert (1977), cointegration method in Johansen (1988), and autoregressive distributed lag (ARDL) cointegration technique in Pesaran et al. (2001) and Granger et al. (2000), this study examines the inflation hedging effectiveness of residential property in three of the largest emerging market (EM) economies: China, India and Russia. While the results of the Fama and Schwert (1977) regression indicate that residential properties in China and Russia provide a short-term hedge against expected inflation, this is not the case for those in India against both expected and unexpected inflation. Consistent with the results of the developed economies, the Johansen and ARDL cointegration results provide strong evidence to support the hypothesis that inflation and the residential properties in the three largest EM economies are cointegrated. This implies that the residential properties in these three countries provide a long-term hedge for inflation. In addition, the causality results show evidence that inflation has a lead effect on residential property prices in India over the long run. The empirical results of the cointegration tests confirm that residential properties could be considered as a reliable hedge against inflation for EMs in the long run and suggest that investors should overweigh their investment in residential property assets during periods of persistent inflation in EMs.
Metodologia de análise de imagens baseada em objetos geográficos (GEOBIA) utilizando RPAS (drone) com sensor RGB
Authors: Gonçalves Vinicius
Published: October 2021

O presente trabalho apresenta um método para o mapeamento de vegetação, por um processo de classificação por regiões geográficas, denominado GEOBIA (Geographic Object-Based Image Analysis) considerado adequado para classificar imagens de muito alta resolução (very high resolution – VHR). É possível executar o procedimento com qualquer equipamento que disponha de um sensor RGB de boa qualidade e permita execução de aplicativos para plano de voo. O método foi desenvolvido com base em softwares de código aberto (open source) para evitar custos com licenças, em todas as etapas, desde a captação das imagens, elaboração de produtos cartográficos, processamento da classificação por regiões e conclusão mediante cálculos de áreas. O estudo foi aplicado em quatro áreas de interesse, todas na região da Grande Florianópolis-SC, contendo porções do ecossistema de Formações Pioneiras - Vegetação com Influência Marinha, também denominadas áreas de restinga, cujo principal alvo da classificação foi o mapeamento das áreas invadidas por Pinus sp. O método demonstrou útil para classificação de imagens em geral, podendo ser utilizado no manejo de outras espécies vegetais exóticas, ou até em outras aplicações ambientais.
ПЕРВЫЙ СЪЕЗД НАРОДОВ ВОСТОКА (стенографический отчёт: Армения и Армянский вопрос)
Authors: Sahakyan Ruben
Published: October 2021

THE FIRST CONGRESS OF THE PEOPLES OF THE EAST (Stenographic report: Armenia and the Armenian Question) The first Congress of the Peoples of the East was held on September 1-7 1920 in Baku, initiated by the Comintern, but in fact − by Soviet Russia. The Congress aimed at exporting the socialist revolution to the countries of the East, rallying antiimperialist forces, beginning to struggle against Britain and preparing the ideological ground for the sovietization of the Republic of Armenia. The Bolsheviks spared no expense in achieving their aims. The Comintern headquarters attached great importance to the leader of the Turkish nationalist movement M. Kemal, the members of the former Young Turk government and Enver Pasha, who was likewise invited to Baku. In the speeches by delegates, among other countries, Armenia was mentioned as a true ally of the Western colonial states. Already on September 17, 1920 "The Presidium of the Council for Propaganda and Action of the Peoples of the East" made a statement calling upon the Turkish and Russian troops for attacking Armenia, before the English-Persian-Armenian armies attack Turkey. In a week, the Turkish troops invaded Armenia, and on November 29, the Military-Revolutionary Committee of Armenia jointly with the Russian troops entered Armenia which was declared a Soviet Republic on December 2.