Depreciation, income distribution and the UK REIT

Purpose – The purpose of this paper is to consider prospects for UK REITs, which were introduced on 1 January 2007. It specifically focuses on the potential influence of depreciation and expenditure on income and distributions. Design/methodology/approach – First, the ways in which depreciation can affect vehicle earnings and value are discussed. This is then set in the context of the specific rules and features of REITs. An analysis using property income and expenditure data from the Investment Property Databank (IPD) then assesses what gross and net income for a UK REIT might have been like for the period 1984-2003. Findings – A UK REIT must distribute at least 90 per cent of net income from its property rental business. Expenditure therefore plays a significant part in determining what funds remain for distribution. Over 1984-2003, expenditure has absorbed 20 per cent of gross income and been a source of earnings volatility, which would have been exacerbated by gearing. Practical implications – Expenditure must take place to help UK REITs maintain and renew their real estate portfolios. In view of this, investors should moderate expectations of a high and stable income return, although it may well still be so relative to alternative investments. Originality/value – Previous literature on depreciation has not quantified amounts spent on portfolios to keep depreciation at those rates. Nor, to our knowledge, has its ideas been placed in the indirect investor context.

`Tactical' living: a situated study of teenagers' negotiations around and interactions with living room media

This paper examines everyday living room interactions in which teenage household members conduct `tactical' play in order to temporarily gain access to, and disrupt, the dominant, domestic codes of living room media. The practices of individuals are interpreted, through Michel de Certeau's language of `tactics', as struggles or a series of opportunistic actions which can often reforge these codes of living, precisely because the house `rules' are not fixed or deterministic in practice. In these tactical performances of self, the use of media is enmeshed in a host of situated and symbolic action, reaffirming how media and face-to-face interactions are multiply and closely entwined in everyday living room life. This video ethnographic work examines such instances of teenagers appealing to `house' rules and demonstrating domestic helpfulness in order to gain access to media, and the tethering of media to objects through the routine practice of `markers' and `stalls'.

Estimating reliability and resolution of probability forecasts through decomposition of the empirical score

References (20)Cited By (1)Export CitationAboutAbstract Proper scoring rules provide a useful means to evaluate probabilistic forecasts. Independent from scoring rules, it has been argued that reliability and resolution are desirable forecast attributes. The mathematical expectation value of the score allows for a decomposition into reliability and resolution related terms, demonstrating a relationship between scoring rules and reliability/resolution. A similar decomposition holds for the empirical (i.e. sample average) score over an archive of forecast–observation pairs. This empirical decomposition though provides a too optimistic estimate of the potential score (i.e. the optimum score which could be obtained through recalibration), showing that a forecast assessment based solely on the empirical resolution and reliability terms will be misleading. The differences between the theoretical and empirical decomposition are investigated, and specific recommendations are given how to obtain better estimators of reliability and resolution in the case of the Brier and Ignorance scoring rule.

ATD: a multiplatform for semiautomatic 3-D detection of kidneys and their pathology in real time

This research presents a novel multi-functional system for medical Imaging-enabled Assistive Diagnosis (IAD). Although the IAD demonstrator has focused on abdominal images and supports the clinical diagnosis of kidneys using CT/MRI imaging, it can be adapted to work on image delineation, annotation and 3D real-size volumetric modelling of other organ structures such as the brain, spine, etc. The IAD provides advanced real-time 3D visualisation and measurements with fully automated functionalities as developed in two stages. In the first stage, via the clinically driven user interface, specialist clinicians use CT/MRI imaging datasets to accurately delineate and annotate the kidneys and their possible abnormalities, thus creating “3D Golden Standard Models”. Based on these models, in the second stage, clinical support staff i.e. medical technicians interactively define model-based rules and parameters for the integrated “Automatic Recognition Framework” to achieve results which are closest to that of the clinicians. These specific rules and parameters are stored in “Templates” and can later be used by any clinician to automatically identify organ structures i.e. kidneys and their possible abnormalities. The system also supports the transmission of these “Templates” to another expert for a second opinion. A 3D model of the body, the organs and their possible pathology with real metrics is also integrated. The automatic functionality was tested on eleven MRI datasets (comprising of 286 images) and the 3D models were validated by comparing them with the metrics from the corresponding “3D Golden Standard Models”. The system provides metrics for the evaluation of the results, in terms of Accuracy, Precision, Sensitivity, Specificity and Dice Similarity Coefficient (DSC) so as to enable benchmarking of its performance. The first IAD prototype has produced promising results as its performance accuracy based on the most widely deployed evaluation metric, DSC, yields 97% for the recognition of kidneys and 96% for their abnormalities; whilst across all the above evaluation metrics its performance ranges between 96% and 100%. Further development of the IAD system is in progress to extend and evaluate its clinical diagnostic support capability through development and integration of additional algorithms to offer fully computer-aided identification of other organs and their abnormalities based on CT/MRI/Ultra-sound Imaging.

Contrasting probabilistic scoring rules

There are several scoring rules that one can choose from in order to score probabilistic forecasting models or estimate model parameters. Whilst it is generally agreed that proper scoring rules are preferable, there is no clear criterion for preferring one proper scoring rule above another. This manuscript compares and contrasts some commonly used proper scoring rules and provides guidance on scoring rule selection. In particular, it is shown that the logarithmic scoring rule prefers erring with more uncertainty, the spherical scoring rule prefers erring with lower uncertainty, whereas the other scoring rules are indifferent to either option.

Understanding absorptive capacity in Malaysian small and medium sized (SME) construction companies

Purpose – The construction industry is a very important part of the Malaysian economy. The government's aim is to make the industry more productive, efficient and safe. Small to medium-sized enterprises (SMEs) are at the core of the Malaysian construction industry and account for about 90 per cent of companies undertaking construction work. One of the main challenges faced by the Malaysian construction industry is the ability to absorb new knowledge and technology and to implement it in the construction phase. The purpose of this paper is to consider absorptive capacity in Malaysian construction SMEs in rural areas. Design/methodology/approach – The research was conducted in three stages: first, understanding the Malaysian construction industry; second, a literature review on the issues related to absorptive capacity and discussions with the Construction Industry Development Board (CIDB); and third, multiple case studies in five construction SMEs operating in a rural area to validate the factors influencing absorptive capacity. Findings – Nine key factors were identified influencing absorptive capacity in Malaysian construction SMEs operating in rural areas. These factors involved: cost and affordability; availability and supply; demand; infrastructure; policies and regulations; labour readiness; workforce attitude and motivation; communication and sources of new knowledge and; culture. Originality/value – The key factors influencing absorptive capacity presented in this paper are based on validation from the case studies in five construction SMEs in Malaysia. The research focuses on how they operate in rural areas; however, the research results have wider application than just Malaysia. The key factors identified as influencing absorptive capacity can serve as a basis for considering knowledge absorption in the wider context by SMEs in other developing countries.

Categorization and construction of rule based systems

Expert systems have been increasingly popular for commercial importance. A rule based system is a special type of an expert system, which consists of a set of ‘if-then‘ rules and can be applied as a decision support system in many areas such as healthcare, transportation and security. Rule based systems can be constructed based on both expert knowledge and data. This paper aims to introduce the theory of rule based systems especially on categorization and construction of such systems from a conceptual point of view. This paper also introduces rule based systems for classification tasks in detail.

Water, women, waste, wisdom and wealth: harvesting the confluences and opportunities

This special volume offers a collection of papers that examine challenges and solutions where water meets complex, intersections with women, waste, wisdom or wealth. This unique array of articles offer readers of the Journal of Cleaner Production multidisciplinary views of water issues involving physical and structural perspectives, as well as political, social, cultural and increasingly serious environmental challenges. By building upon extensive literature reviews along with data collected through empirical study and real world observations, the authors effectively present valuable insights into the depth and nature of many of the problems but also present a well-developed array of recommendations, based upon successful projects and programs, world-wide. Among the recommendations are proposals for policies, approaches and regulations that provide system enhancements to prevent pollution and contamination and ideas to monitor and regulate water consumption. This international collection includes studies from 15 countries, documented and written by an equal number of female and male authors.

Brexit or Bremain? Future options for UK agricultural policy and the CAP

The outcome of the UK’s referendum on continued EU membership is at the time of writing uncertain, and the consequences of a vote to remain (‘Bremain’) or leave (‘Brexit’) difficult to predict. Polarised views have been voiced about the impact of Brexit on UK agriculture, and on the nature and level of funding, of future policy. Policymakers would not have the luxury of devising a new policy from scratch. WTO rules and commitments, the nature of any future accord with the EU, budget constraints, the rather different perspectives of the UK’s devolved administrations in Scotland, Wales and Northern Ireland, and the expectations of farmers, landowners and the environmental lobby, will all impact the policymaking process. The WTO dimension, and the UK’s future relationship with the EU, are particularly difficult to predict, and – some commentators believe – may take years to resolve. Brexit’s impact on the future CAP is also unclear. A vote to remain within the EU would not necessarily assuage the Eurosceptics’ criticisms of the EU, or the UK’s perception of the CAP. Whatever the outcome, future agricultural, food and rural land use policies will remain key preoccupations of European governments.