Back from beyond the bid-ask spread: perspectives on liquidity

Research into the topic of liquidity has greatly benefited from the availability of data. Although bid-ask spreads were inaccessible to researchers, Roll (1984) provided a conceptual model that estimated the effective bid-ask prices from regular time series data, recorded on a daily or longer interval. Later data availability improved and researchers were able to address questions regarding the factors that influenced the spreads and the relationship between spreads and risk, return and liquidity. More recently transaction data have been used to measure the effective spread and researchers have been able to refine the concepts of liquidity to include the impact of transactions on price movements (Clayton and McKinnon, 2000) on a trade-by-trade analysis. This paper aims to use techniques that combine elements from all three approaches and, by studying US data over a relatively long time period, to throw light on earlier research as well as to reveal the changes in liquidity over the period controlling for extraneous factors such as market, age and size of REIT. It also reveals some comparable results for the UK market over the same period.

Reaching the people: Isotype beyond the West

An overview of the work of the Isotype Institute in the Western Region of Nigeria in the 1950s.

Beyond the caves: the Palaeolithic rivers of south-west Britain

This paper introduces a new English Heritage (Aggregates Levy Sustainability Fund) project The Palaeolithic Rivers of South-West Britain (project no. 3847), and summarises the results of a first phase resource assessment. The goal of this ongoing project is to develop a new synthesis of the Lower and Middle Palaeolithic occupation of the south-west region, focusing upon river terrace-based archaeology and its implications for hominin landscape use. The resource assessment has reached two preliminary conclusions. Firstly that the region’s earliest Palaeolithic archaeological record is significantly richer than previously believed, and secondly that although find locations have been added in several areas which previously had very few or no finds (e.g.West Cornwall) the overall bias of finds to the south coast is maintained. The project has also revealed that the river terrace resource of South-West England offers potential for geochronological dating, landscape reconstruction, and improved contextualisation of the archaeological material. Some outreach components of the project are also summarised.

Style analysis in real estate markets: beyond the sectors and regions dichotomy

While style analysis has been studied extensively in equity markets, applications of this valuable tool for measuring and benchmarking performance and risk in a real estate context are still relatively new. Most previous real estate studies on this topic have identified three investment categories (rather than styles): sectors, administrative regions and economic regions. However, the low explanatory power reveals the need to extend this analysis to other investment styles. We identify four main real estate investment styles and apply a multivariate model to randomly generated portfolios to test the significance of each style in explaining portfolio returns. Results show that significant alpha performance is significantly reduced when we account for the new investment styles, with small vs. big properties being the dominant one. Secondly, we find that the probability of obtaining alpha performance is dependent upon the actual exposure of funds to style factors. Finally we obtain that both alpha and systematic risk levels are linked to the actual characteristics of portfolios. Our overall results suggest that it would be beneficial for real estate fund managers to use these style factors to set benchmarks and to analyze portfolio returns.

Beyond the technical: a snapshot of energy and buildings research

The past decade has witnessed a sharp increase in published research on energy and buildings. This paper takes stock of work in this area, with a particular focus on construction research and the analysis of non-technical dimensions. While there is widespread recognition as to the importance of non-technical dimensions, research tends to be limited to individualistic studies of occupants and occupant behavior. In contrast, publications in the mainstream social science literature display a broader range of interests, including policy developments, structural constraints on the diffusion and use of new technologies and the construction process itself. The growing interest of more generalist scholars in energy and buildings provides an opportunity for construction research to engage a wider audience. This would enrich the current research agenda, helping to address unanswered problems concerning the relatively weak impact of policy mechanisms and new technologies and the seeming recalcitrance of occupants. It would also help to promote the academic status of construction research as a field. This, in turn, depends on greater engagement with interpretivist types of analysis and theory building, thereby challenging deeply ingrained views on the nature and role of academic research in construction.

Beyond the "liberal peace"

The article critically reviews the contributions to the understanding of contemporary peacebuilding practices of several recent contributions to the peacebuilding literature, including the 2011 World Development Report. It examines some of the conceptual problems with recent criticisms of the "liberal peace", and proposes that the concept of "liberal peace" should be abandonned as it lacks any analytical purchase.

Beyond the computer: changing medium from digital to physical

How can organizations use digital infrastructure to realise physical outcomes? The design and construction of London Heathrow Terminal 5 is analysed to build new theoretical understanding of visualization and materialization practices in the transition from digital design to physical realisation. In the project studied, an integrated software solution is introduced as an infrastructure for delivery. The analyses articulate the work done to maintain this digital infrastructure and also to move designs beyond the closed world of the computer to a physical reality. In changing medium, engineers use heterogeneous trials to interrogate and address the limitations of an integrated digital model. The paper explains why such trials, which involve the reconciliation of digital and physical data through parallel and iterative forms of work, provide a robust practice for realizing goals that have physical outcomes. It argues that this practice is temporally different from, and at times in conflict with, building a comprehensive dataset within the digital medium. The paper concludes by discussing the implications for organizations that use digital infrastructures in seeking to accomplish goals in digital and physical media.