The inflation hedging characteristics of US and UK investments: a multi-factor error correction approach

Historic analysis of the inflation hedging properties of stocks produced anomalous results, with equities often appearing to offer a perverse hedge against inflation. This has been attributed to the impact of real and monetary shocks to the economy, which influence both inflation and asset returns. It has been argued that real estate should provide a better hedge: however, empirical results have been mixed. This paper explores the relationship between commercial real estate returns (from both private and public markets) and economic, fiscal and monetary factors and inflation for US and UK markets. Comparative analysis of general equity and small capitalisation stock returns in both markets is carried out. Inflation is subdivided into expected and unexpected components using different estimation techniques. The analyses are undertaken using long-run error correction techniques. In the long-run, once real and monetary variables are included, asset returns are positively linked to anticipated inflation but not to inflation shocks. Adjustment processes are, however, gradual and not within period. Real estate returns, particularly direct market returns, exhibit characteristics that differ from equities.

Judgments, forecasts and decisions: an analysis of fund managers over time

Decision theory is the study of models of judgement involved in, and leading to, deliberate and (usually) rational choice. In real estate investment there are normative models for the allocation of assets. These asset allocation models suggest an optimum allocation between the respective asset classes based on the investors’ judgements of performance and risk. Real estate is selected, as other assets, on the basis of some criteria, e.g. commonly its marginal contribution to the production of a mean variance efficient multi asset portfolio, subject to the investor’s objectives and capital rationing constraints. However, decisions are made relative to current expectations and current business constraints. Whilst a decision maker may believe in the required optimum exposure levels as dictated by an asset allocation model, the final decision may/will be influenced by factors outside the parameters of the mathematical model. This paper discusses investors' perceptions and attitudes toward real estate and highlights the important difference between theoretical exposure levels and pragmatic business considerations. It develops a model to identify “soft” parameters in decision making which will influence the optimal allocation for that asset class. This “soft” information may relate to behavioural issues such as the tendency to mirror competitors; a desire to meet weight of money objectives; a desire to retain the status quo and many other non-financial considerations. The paper aims to establish the place of property in multi asset portfolios in the UK and examine the asset allocation process in practice, with a view to understanding the decision making process and to look at investors’ perceptions based on an historic analysis of market expectation; a comparison with historic data and an analysis of actual performance.

Private investment in the countryside: an assessment of the role of new houses and estates in sustaining the rural economy and environment

The British countryside has been shaped and sustained over the years by the establishment of landed estates. Some of our best known, and now most protected, landmarks derive from this tradition by which money, that was often sourced from outside the rural economy, was invested in land. Whilst there was some reversal in this trend during the last century, there is again a widespread desire among people of means to invest in new country property. Paragraph 3.21 of Planning Policy Guidance Note 7: The Countryside - Environmental Quality and Economic and Social Development was introduced in 1997 as a means of perpetuating the historic tradition of innovation in the countryside through the construction of fine individual houses in landscaped grounds. That it was considered necessary to use a special provision of this kind reflects the prevailing presumption of planning authorities against allowing private residential development in open countryside. The Government is currently reviewing rural planning policy and is focusing on higher density housing, affordable homes and the use of brownfield sites. There is an underlying conception that individual private house developments contribute nothing and are seen as the least attractive option for most development sites. The purpose of paragraph 3.21 lies outside the government’s priorities and its particular provisions may therefore be excluded in forthcoming ‘policy statements’. This paper seeks to examine the role of private investors wishing to build new houses in the countryside, and the impact that that might have on local economies. It explores the interpretation placed on PPG7 through an investigation of appeal sites, and concludes by making recommendations for the review process, including the retention of some form of exceptions policy for new build houses.

Tephra fallout hazard assessment for a Plinian eruption scenario at Volcán de Colima (Mexico)

Volcanic ash fallout associated with renewal of explosive activity at Colima, represents a serious threat to the surrounding urbanized area. Here we assess the tephra fallout hazard associated with a Plinian eruption scenario. The eruptive history of Volcán de Colima shows that Plinian eruptions occur approximately every 100 years and the last eruption, the 1913, represents the largest historic eruption of this volcano. We used the last eruption as a reference to discuss volcanic hazard and risk scenarios connected with ash fallout. Tephra fallout deposits are modeled using HAZMAP, a model based on a semi-analytical solution of the advection– diffusion–sedimentation equation for volcanic particles. Based on a statistical study of wind profiles at Colima region, we first reconstructed ash loading maps and then computed ground load probability maps for different seasons. The obtained results show that a Plinian eruptive scenario at Volcán de Colima, could seriously damage more than 10 small towns and ranches, and potentially affect big cities located at tens of kilometers from the eruptive center. The probability maps obtained are aimed to give support to the risk mitigation strategies

Oxidoalkoxidovanadium(V) complexes: synthesis, characterization and comparison of X-ray crystal structures

The reaction of VO(acac)(2) with the ONO-chelator obtained by the condensation of salicylaldehyde with 2-hydroxybenzoylhydrazine (H2L) in a monohydric alcohol. (ROH) medium produces VO(OR)L]-type oxidoalkoxido complexes (1-7) where R = Me, Pr-n, Pr-i, Bu-n, Bu-i, Bu-t and (n)Pen. All the complexes show the metal atom to have a five-coordinate square pyramidal environment, although in some complexes there is an additional weak V center dot center dot center dot O interaction in the sixth axial position. In acetonitrile medium and in the presence of a cis-diol (ethylene glycol), H2L reacts with VO(acac)(2) to form a six-coordinate complex, [VO(OCH2CH2OH)L] (8). When the reaction is carried out in acetonitrile medium in the presence of 2-amino ethanol, a completely different type of product containing the square pyramidal complex anion [VO2L](-) associated with the cation [NH3CH2CH2OH](+) is obtained. It was noted previously that on being reacted with monodentate nitrogen donor bases B (which are stronger than pyridine), the [VO(OR)L] complexes react to form the same complex anion [VO2L](-) associated with the corresponding cation [BH](+). The coordination environment around the V(V) acceptor center of the water soluble [BH](+)[VO2L](-)satisfies one of the several requirements for an efficient antidiabetic vanadium species such as water solubility, nature of donor atoms of the ligand and their disposition around the VO2+ acceptor center.

Croig Cave: a late Bronze Age ornament deposition and 3,500 years of coastal foraging in NW Mull, Scotland

Activity within caves provides an important element of the later prehistoric and historic settlement pattern of western Scotland. This contribution reports on a small-scale excavation within Croig Cave, on the coast of north-west Mull, that exposed a 1.95m sequence of midden deposits and cave floors that dated bewteen c 1700 BC and AD 1400. Midden analysis indicated the processing of a .... 950 BC, a penannular copper bracelet a discrete ritual episode within the cycle of otherwise potentially mundane activities. Lead isotope analysis indicates an Irish origin for the copper ore. A piece of iron slag within later midden deposits, dated to c 400 BC, along with high frequencies of wood charcoal, suggest that smithing or smelting may have occurred within the cave. High zinc levels in the historic levels of the midden c AD 1200 might indicate intensive processing of seaweed.

Quantitative estimates of glacial and Holocene temperature and precipitation change in lowland Amazonian Bolivia

Quantitative estimates of temperature and precipitation change during the late Pleistocene and Holocene have been difficult to obtain for much of the lowland Neotropics. Using two published lacustrine pollen records and a climate-vegetation model based on the modern abundance distributions of 154 Neotropical plant families, we demonstrate how family-level counts of fossil pollen can be used to quantitatively reconstruct tropical paleoclimate and provide needed information on historic patterns of climatic change. With this family-level analysis, we show that one area of the lowland tropics, northeastern Bolivia, experienced cooling (1–3 °C) and drying (400 mm/yr), relative to present, during the late Pleistocene (50,000–12,000 calendar years before present [cal. yr B.P.]). Immediately prior to the Last Glacial Maximum (LGM, ca. 21,000 cal. yr B.P.), we observe a distinct transition from cooler temperatures and variable precipitation to a period of warmer temperatures and relative dryness that extends to the middle Holocene (5000–3000 cal. yr B.P.). This prolonged reduction in precipitation occurs against the backdrop of increasing atmospheric CO2 concentrations, indicating that the presence of mixed savanna and dry-forest communities in northeastern Bolivia durng the LGM was not solely the result of low CO2 levels, as suggested previously, but also lower precipitation. The results of our analysis demonstrate the potential for using the distribution and abundance structure of modern Neotropical plant families to infer paleoclimate from the fossil pollen record.

A digital ecosystems model of assessment feedback on student learning

The term ecosystem has been used to describe complex interactions between living organisms and the physical world. The principles underlying ecosystems can also be applied to complex human interactions in the digital world. As internet technologies make an increasing contribution to teaching and learning practice in higher education, the principles of digital ecosystems may help us understand how to maximise technology to benefit active, self-regulated learning especially among groups of learners. Here, feedback on student learning is presented within a conceptual digital ecosystems model of learning. Additionally, we have developed a Web 2.0-based system, called ASSET, which incorporates multimedia and social networking features to deliver assessment feedback within the functionality of the digital ecosystems model. Both the digital ecosystems model and the ASSET system are described and their implications for enhancing feedback on student learning are discussed.

Sondrestrom and EISCAT radar observations of poleward-moving auroral forms

During many magnetospheric substorms, the auroral oval near midnight is observed to expand poleward in association with strong negative perturbations measured by local ground magnetometers. We show Sondrestrom and EISCAT incoherent scatter radar measurements during three such events. In each of the events, enhanced ionization produced by the precipitation moved northward by several degrees of latitude within 10–20 min. The electric fields measured during the three events were significantly different. In one event the electric field was southward everywhere within the precipitation region. In the other two events a reversal in the meridional component of the field was observed. In one case the reversal occurred within the precipitation region, while in the other case the reversal was at the poleward boundary of the precipitation. The westward electrojet that produces the negative H-perturbation in the ground magnetic field has Hall and Pedersen components to varying degrees. In one case the Hall component was eastward and the Pedersen component was westward, but the net magnetic H-deflection on the ground was negative. Simultaneous EISCAT measurements made near the dawn meridian during one of the events show that the polar cap boundary moved northward at the same time as the aurora expanded northward at Sondrestrom. Most of the differences in the electrodynamic configuration in the three events can be accounted for in terms of the location at which the measurements were made relative to the center of the auroral bulge.

Ionospheric ion upwelling in the wake of flux transfer events at the dayside magnetopause

The effects of flux transfer events (FTE) on the dayside auroral ionosphere are studied, using a simple twin-vortex model of induced ionospheric plasma flow. It is shown that the predicted and observed velocities of these flows are sufficient to drive nonthermal plasma in the F region, not only within the newly opened flux tube of the FTE, but also on the closed, or "old" open, field lines around it. In fact, with the expected poleward neutral wind, the plasma is more highly nonthermal on the flanks of, but outside, the open flux tube: EISCAT observations indicate that plasma is indeed driven into nonthermal distributions in these regions. The nonthermal plasma is thereby subject to additional upforce due to the resulting ion temperature anisotropy and transient expansion due to Joule heating and also to ion accelerations associated with the FTE field aligned current system. Any upflows produced on closed field lines in the vicinity of the FTE are effectively bunched-up in the "wake" of the FTE. Observations from the AMPTE-UKS satellite at the magnetopause reveal ion upflows of energy ∼100 eV flowing out from the ionosphere on closed field lines which are only found in the wake of the FTE. Such flows are also only found shortly after two, out of all the FTEs observed by AMPTE-UKS. The outflow from the ionosphere is two orders of magnitude greater than predicted for the "classical" polar wind. It is shown that such ionospheric ion flows are only expected in association with FTEs on the magnetopause which are well removed from the sub-solar point-either towards dusk or, as in the UKS example discussed here, towards dawn. It is suggested that such ionospheric ions will only be observed if the center of the FTE open flux tube passes very close to the satellite. Consequently, we conclude the ion upflows presented here are probably driven by the second of two possible source FTEs and are observed at the satellite with a lag after the FTE which is less than their time-of-flight.

Analysis and manipulation of the structure of odor plumes from a piezo-electric release system and measurements of upwind flight of male Almond Moths, Cadra cautella, to pheromone plumes

We investigated the plume structure of a piezo-electric sprayer system, set up to release ethanol in a wind tunnel, using a fast response mini-photoionizaton detector. We recorded the plume structure of four different piezo-sprayer configurations: the sprayer alone; with a 1.6-mm steel mesh shield; with a 3.2-mm steel mesh shield; and with a 5 cm circular upwind baffle. We measured a 12 × 12-mm core at the center of the plume, and both a horizontal and vertical cross-section of the plume, all at 100-, 200-, and 400-mm downwind of the odor source. Significant differences in plume structure were found among all configurations in terms of conditional relative mean concentration, intermittency, ratio of peak concentration to conditional mean concentration, and cross-sectional area of the plume. We then measured the flight responses of the almond moth, Cadra cautella, to odor plumes generated with the sprayer alone, and with the upwind baffle piezo-sprayer configuration, releasing a 13:1 ratio of (9Z,12E)-tetradecadienyl acetate and (Z)-9-tetradecenyl acetate diluted in ethanol at release rates of 1, 10, 100, and 1,000 pg/min. For each configuration, differences in pheromone release rate resulted in significant differences in the proportions of moths performing oriented flight and landing behaviors. Additionally, there were apparent differences in the moths’ behaviors between the two sprayer configurations, although this requires confirmation with further experiments. This study provides evidence that both pheromone concentration and plume structure affect moth orientation behavior and demonstrates that care is needed when setting up experiments that use a piezo-electric release system to ensure the optimal conditions for behavioral observations.

Re-evaluating the place of urban planning history

This commentary seeks to prompt new discussion about the place of urban planning history in the era of contemporary globalisation. Given the deep historic engagement of urban planning thought and practice with ‘place’ shaping and thus with the constitution of society, culture and politics, we ask how relevant is planning's legacy to the shaping of present day cities. Late twentieth century urban sociology, cultural and economic geography have demonstrated the increasing significance of intercity relations and the functional porosity of metropolitan boundaries in the network society, however statutory urban planning systems remain tied to the administrative geographies of states. This ‘territorial fixing’ of practice constrains the operational space of planning and, we argue, also limits its vision to geopolitical scales and agendas that have receding relevance for emerging urban relations. We propose that a re-evaluation of planning history could have an important part to play in addressing this spatial conundrum.

The application of social marketing in reducing road traffic accidents amoung young male drivers: an investigation using physical fear threat appeals

There were 338 road fatalities on Irish roads in 2007. Research in 2007 by the Road Safety Authority in Ireland states that young male drivers (17 – 25 years) are seven times more likely to be killed on Irish roads than other road users. The car driver fatality rate was found to be approximately 10 times higher for young male drivers than for female drivers in 2000. Young male drivers in particular demonstrate a high proclivity for risky driving behaviours. These risky behaviours include drink driving, speeding, rug-driving and engaging in aggressive driving. Speed is the single largest contributing factor to road deaths in Ireland. Approximately 40% of fatal accidents are caused by excessive or inappropriate speed. This study focuses on how dangerous driving behaviours may be addressed through social marketing. This study analyses the appropriate level of fear that needs to be induced in order to change young male driving behaviour.

Syk and Src family kinases regulate C-type lectin receptor 2 (CLEC-2)-mediated clustering of podoplanin and platelet adhesion to lymphatic endothelial cells

The interaction of C-type lectin receptor 2 (CLEC-2) on platelets with Podoplanin on lymphatic endothelial cells initiates platelet signaling events that are necessary for prevention of blood-lymph mixing during development. In the present study, we show that CLEC-2 signaling via Src family and Syk tyrosine kinases promotes platelet adhesion to primary mouse lymphatic endothelial cells at low shear. Using supported lipid bilayers containing mobile Podoplanin, we further show that activation of Src and Syk in platelets promotes clustering of CLEC-2 and Podoplanin. Clusters of CLEC-2-bound Podoplanin migrate rapidly to the center of the platelet to form a single structure. Fluorescence lifetime imaging demonstrates that molecules within these clusters are within 10 nm of one another and that the clusters are disrupted by inhibition of Src and Syk family kinases. CLEC-2 clusters are also seen in platelets adhered to immobilized Podoplanin using direct stochastic optical reconstruction microscopy. These findings provide mechanistic insight by which CLEC-2 signaling promotes adhesion to Podoplanin and regulation of Podoplanin signaling, thereby contributing to lymphatic vasculature development.

The effects of maize planting density and weeding regimes on light and water use

Light and water are among essential resources required for production of photosynthates in plants. A study on the effects of weeding regimes and maize planting density on light and water use was conducted during the 2001/2 short and 2002 long rain seasons at Muguga in - the central highlands of Kenya. Weeding regimes were: weed free (W1), weedy (W2), herbicide (W3) and hand weeding twice (W4). Maize planting densities were 9 (D1) and 18 plants m-2 (D2) intercropped with Phaseolus vulgaris (beans). The experiment was laid as randomized complete block design replicated four times and repeated twice. All plots were thinned to 4 plants m-2 at tasseling stage (96 DAE) and thinnings quantified as forage. Soil moisture content (SMC), photosynthetically active radiation (PAR) interception, evapo-transpiration (ET crop), water use efficiency (WUE), and harvest index (HI), were determined. Percent PAR was higher in D2 than in D1 before thinning but higher in D1 than in D2 after thinning in both seasons. PAR interception was highest in W2 but similar in W1, W3 and W4 in both seasons. SMC was significantly lower in W2 but similar in W1, W3 and W4. D2 had lower SMC than D1 in season two. Weeding regime significantly influenced ET crop, while planting density and weeding regime significantly influenced WUE and HI. D2 maximizes water and light use for forage production but results to increased intra-specific plant competition for water and light severely before thinning (96 DAE) that reduce grain yield in dual purpose maize, relative to D1.