The impact of energy performance certificates on the rental and capital values of commercial property assets: some preliminary evidence from the UK

This paper focuses on the effect of energy performance ratings on the capital values, rental values and equivalent yields of UK commercial property assets. Of which a small number are also BREEAM rated, the study is based upon 708 commercial property assets held in the IPD UK Universe drawn from across all PAS segments. Incorporating a range of controls such as unexpired lease term, vacancy rate and tenant credit risk, hedonic regression procedures are used to estimate the effect of EPC rating. The study finds no evidence of a strong relationship between environmental and/or energy performance and rental and capital value. Bearing in mind the small number of BREEAM rated assets, there was a small but statistically significant effect on equivalent yield only. Similarly, there was no evidence that the EPC rating had any effect on Market Rent or Market Value with only minor effects of EPC ratings on equivalent yields. The preliminary conclusion is that energy labelling is not yet having the effects on Market Values and Market Rents that provide incentives for market participants to improve the energy efficiency of their commercial real estate assets.

Unpacking the mechanism by which corporate responsibility impacts stakeholder relationships

Most research on corporate responsibility (CR) has investigated CR from the perspective of organizations, often focusing on how organizations define, manage and implement CR to gain benefits or competitive advantage. The benefits of CR for organizations are, however, often said to be achieved through increased support of stakeholders. Despite this, limited attention has been given to understanding CR from the perspective of stakeholders and, in particular, the mechanism by which CR drives stakeholder support. This study addresses this deficit. Building on advances in the application of psychological theories to the field of management, the research develops and empirically tests a theoretical model of how CR-related experiences and beliefs drive stakeholder trust and positive intent. The research is conducted with customers (n = 708) and employees (n = 359) of a service organization in the UK that introduced a range of CR-related activities into their business. The findings contribute to literature by empirically demonstrating (a) the impact of CR-related experiences on the development of beliefs about, and trust towards, the organization; (b) the importance of ‘others-related’ CR experiences even in the presence of ‘self-related’ CR experiences; and (c) the role of beliefs as partial mediators in how experiences of CR, both ‘self-related’ and ‘others-related’, translate into trust and positive intent.

Breast, colorectal, and prostate cancer risk in the European Prospective Investigation into Cancer and Nutrition–Norfolk in relation to phytoestrogen intake derived from an improved database

Background: The characterization of phytoestrogen intake and cancer risk has been hindered by the absence of accurate dietary phytoestrogen values. Objective: We examined the risk of breast, colorectal, and prostate cancers relative to phytoestrogen intake on the basis of a comprehensive database. Design: Demographic and anthropometric characteristics, a medical history, and 7-d records of diet were collected prospectively from participants (aged 40–79 y) in the European Prospective Investigation into Cancer and Nutrition–Norfolk (EPIC-Norfolk). Five hundred nine food items were analyzed by liquid chromatography–mass spectrometry/mass spectrometry, and 13C3-labeled internal standards were analyzed for isoflavones (genistein, daidzein, glycitein, biochanin A, and formononetin), lignans (secoisolariciresinol and matairesinol), and enterolignans from gut microbial metabolism in animal food sources (equol and enterolactone). From the direct analysis, values for 10,708 foods were calculated. Odds ratios (ORs) for breast (244 cases, 941 controls), colorectal (221 cases, 886 controls), and prostate (204 cases, 812 controls) cancers were calculated relative to phytoestrogen intake. Results: Phytoestrogen intake was not associated with breast cancer among women or colorectal cancer among men. Among women, colorectal cancer risk was inversely associated with enterolactone (OR: 0.33; 95% CI: 0.14, 0.74) and total enterolignans (OR: 0.32; 95% CI: 0.13, 0.79), with a positive trend detected for secoisolariciresinol (OR: 1.60; 95% CI: 0.96, 2.69). A positive trend between enterolignan intake and prostate cancer risk (OR: 1.27; 95% CI: 0.97, 1.66) was attenuated after adjustment for dairy intake (OR: 1.19; 95% CI: 0.77, 1.82). Conclusion: Dietary phytoestrogens may contribute to the risk of colorectal cancer among women and prostate cancer among men.

Smoothness of scale functions for spectrally negative Lévy processes

Scale functions play a central role in the fluctuation theory of spectrally negative Lévy processes and often appear in the context of martingale relations. These relations are often require excursion theory rather than Itô calculus. The reason for the latter is that standard Itô calculus is only applicable to functions with a sufficient degree of smoothness and knowledge of the precise degree of smoothness of scale functions is seemingly incomplete. The aim of this article is to offer new results concerning properties of scale functions in relation to the smoothness of the underlying Lévy measure. We place particular emphasis on spectrally negative Lévy processes with a Gaussian component and processes of bounded variation. An additional motivation is the very intimate relation of scale functions to renewal functions of subordinators. The results obtained for scale functions have direct implications offering new results concerning the smoothness of such renewal functions for which there seems to be very little existing literature on this topic.

Temperature-dependent reduction pathways of complexes fac-[Re(CO)3(N-R-imidazole)(1,10-phenanthroline)]+ (R = H, CH3)

Peculiar reduction pathways of the complexes fac-[Re(imH)(CO)3(phen)]+ and fac-[Re(imCH3)(CO)3(phen)]+ (imH = imidazole, imCH3 = N-methylimidazole and phen = 1,10-phenanthroline) have been unravelled by performing combined cyclic voltammetric and in situ IR spectroelectrochemical experiments. In the temperature range of 293–233 K, the initial reduction of the phen ligand in [Re(imH)(CO)3(phen)]+ results in irreversible conversion of the imidazole ligand to 3-imidazolate by a rapid phen•−→ imH intramolecular electron transfer coupled with N H bond cleavage. This process is followed by second phen-localized 1e− reduction producing [ReI(3-im−)(CO)3(phen•−)]−, similar to the analogous 2,2'-bipyridine complex. In contrast to the bpy analogue, the stability of the phen•−-containing complexes is significantly affected by lowering the temperature. At 233 K, a secondary reaction occurs in both [Re(3-im−)(CO)3(phen•−)]− and [Re(imCH3)(CO)3(phen•−)]. The resulting products exhibit v(CO) wavenumbers indistinguishable from those of the parent phen•− complexes; however, their oxidation occurs at a considerably more positive electrode potential. It is proposed that these species are produced by a new C C bond formation between the C(2) site of 3-im− or imCH3 and the C(2) site of the phen•−ligand.

Serum carbon and nitrogen stable isotopes as potential biomarkers of dietary intake and their relation with incident type 2 diabetes: the EPIC-Norfolk study

Background: Stable-isotope ratios of carbon (13C/12C, expressed as δ13C) and nitrogen (15N/14N, or δ15N) have been proposed as potential nutritional biomarkers to distinguish between meat, fish, and plant-based foods. Objective: The objective was to investigate dietary correlates of δ13C and δ15N and examine the association of these biomarkers with incident type 2 diabetes in a prospective study. Design: Serum δ13C and δ15N (‰) were measured by using isotope ratio mass spectrometry in a case-cohort study (n = 476 diabetes cases; n = 718 subcohort) nested within the European Prospective Investigation into Cancer and Nutrition (EPIC)–Norfolk population-based cohort. We examined dietary (food-frequency questionnaire) correlates of δ13C and δ15N in the subcohort. HRs and 95% CIs were estimated by using Prentice-weighted Cox regression. Results: Mean (±SD) δ13C and δ15N were −22.8 ± 0.4‰ and 10.2 ± 0.4‰, respectively, and δ13C (r = 0.22) and δ15N (r = 0.20) were positively correlated (P < 0.001) with fish protein intake. Animal protein was not correlated with δ13C but was significantly correlated with δ15N (dairy protein: r = 0.11; meat protein: r = 0.09; terrestrial animal protein: r = 0.12, P ≤ 0.013). δ13C was inversely associated with diabetes in adjusted analyses (HR per tertile: 0.74; 95% CI: 0.65, 0.83; P-trend < 0.001], whereas δ15N was positively associated (HR: 1.23; 95% CI: 1.09, 1.38; P-trend = 0.001). Conclusions: The isotope ratios δ13C and δ15N may both serve as potential biomarkers of fish protein intake, whereas only δ15N may reflect broader animal-source protein intake in a European population. The inverse association of δ13C but a positive association of δ15N with incident diabetes should be interpreted in the light of knowledge of dietary intake and may assist in identifying dietary components that are associated with health risks and benefits.

Atmospheric circulation as a source of uncertainty in climate change projections

The evidence for anthropogenic climate change continues to strengthen, and concerns about severe weather events are increasing. As a result, scientific interest is rapidly shifting from detection and attribution of global climate change to prediction of its impacts at the regional scale. However, nearly everything we have any confidence in when it comes to climate change is related to global patterns of surface temperature, which are primarily controlled by thermodynamics. In contrast, we have much less confidence in atmospheric circulation aspects of climate change, which are primarily controlled by dynamics and exert a strong control on regional climate. Model projections of circulation-related fields, including precipitation, show a wide range of possible outcomes, even on centennial timescales. Sources of uncertainty include low-frequency chaotic variability and the sensitivity to model error of the circulation response to climate forcing. As the circulation response to external forcing appears to project strongly onto existing patterns of variability, knowledge of errors in the dynamics of variability may provide some constraints on model projections. Nevertheless, higher scientific confidence in circulation-related aspects of climate change will be difficult to obtain. For effective decision-making, it is necessary to move to a more explicitly probabilistic, risk-based approach.

Collocating satellite-based radar and radiometer measurements — methodology and usage examples

Collocations between two satellite sensors are occasions where both sensors observe the same place at roughly the same time. We study collocations between the Microwave Humidity Sounder (MHS) on-board NOAA-18 and the Cloud Profiling Radar (CPR) on-board CloudSat. First, a simple method is presented to obtain those collocations and this method is compared with a more complicated approach found in literature. We present the statistical properties of the collocations, with particular attention to the effects of the differences in footprint size. For 2007, we find approximately two and a half million MHS measurements with CPR pixels close to their centrepoints. Most of those collocations contain at least ten CloudSat pixels and image relatively homogeneous scenes. In the second part, we present three possible applications for the collocations. Firstly, we use the collocations to validate an operational Ice Water Path (IWP) product from MHS measurements, produced by the National Environment Satellite, Data and Information System (NESDIS) in the Microwave Surface and Precipitation Products System (MSPPS). IWP values from the CloudSat CPR are found to be significantly larger than those from the MSPPS. Secondly, we compare the relation between IWP and MHS channel 5 (190.311 GHz) brightness temperature for two datasets: the collocated dataset, and an artificial dataset. We find a larger variability in the collocated dataset. Finally, we use the collocations to train an Artificial Neural Network and describe how we can use it to develop a new MHS-based IWP product. We also study the effect of adding measurements from the High Resolution Infrared Radiation Sounder (HIRS), channels 8 (11.11 μm) and 11 (8.33 μm). This shows a small improvement in the retrieval quality. The collocations described in the article are available for public use.