Farming and food production and development in the Shropshire Hills Environmentally Sensitive Area, 1997-2008

European agricultural and environmental policy has evolved considerably over the last 15 years. In this paper the changes in farm businesses in an Environmentally Sensitive Area in England are evaluated based on two surveys with the same farmers at the start and end of this period. The rate of participation in the environmental scheme had increased significantly at a time when Government led goals in this area had developed and become more output focussed. A combination of policy, market and animal health status changes had encouraged a number to leave cattle production, and though remaining with stock and grass they had decided against any extensive development in the direction of pluriactivity – with or without Government encouragement. This left the future of this group in some uncertainty given that two significant forms of financial support, the environmental scheme and the Hill Farm Allowance, were due to close.

Rapid topographic change measured by high-resolution satellite radar at Soufriere Hills Volcano, Montserrat, 2008-2010

High-resolution satellite radar observations of erupting volcanoes can yield valuable information on rapidly changing deposits and geomorphology. Using the TerraSAR-X (TSX) radar with a spatial resolution of about 2 m and a repeat interval of 11-days, we show how a variety of techniques were used to record some of the eruptive history of the Soufriere Hills Volcano, Montserrat between July 2008 and February 2010. After a 15-month pause in lava dome growth, a vulcanian explosion occurred on 28 July 2008 whose vent was hidden by dense cloud. We were able to show the civil authorities using TSX change difference images that this explosion had not disrupted the dome sufficient to warrant continued evacuation. Change difference images also proved to be valuable in mapping new pyroclastic flow deposits: the valley-occupying block-and-ash component tending to increase backscatter and the marginal surge deposits reducing it, with the pattern reversing after the event. By comparing east- and west-looking images acquired 12 hours apart, the deposition of some individual pyroclastic flows can be inferred from change differences. Some of the narrow upper sections of valleys draining the volcano received many tens of metres of rockfall and pyroclastic flow deposits over periods of a few weeks. By measuring the changing shadows cast by these valleys in TSX images the changing depth of infill by deposits could be estimated. In addition to using the amplitude data from the radar images we also used their phase information within the InSAR technique to calculate the topography during a period of no surface activity. This enabled areas of transient topography, crucial for directing future flows, to be captured.

The impact of country risk on international real estate returns

Commercial real estate investors have well-established methods to assess the risks of a property investment in their home country. However, when the investment decision is overseas another dimension of uncertainty overlays the analysis. This additional dimension, typically called country risk, encompasses the uncertainty of achieving expected financial results solely due to factors relating to the investment’s location in another country. However, very little has been done to examine the effects of country risk on international real estate returns, even though in international investment decisions considerations of country risk dominate asset investment decisions. This study extends the literature on international real estate diversification by empirically estimating the impact of country risk, as measured by Euromoney, on the direct real estate returns of 15 countries over the period 1998-2004, using a pooled regression analysis approach. The results suggest that country risk data may help investor’s in their international real estate decisions since the country risk data shows a significant and consistent impact on real estate return performance.