The performance effects of composition changes on sector specific stock indices: The case of European listed real estate

This paper examines the impact of changes in the composition of real estate stock indices, considering companies both joining and leaving the indices. Stocks that are newly included not only see a short-term increase in their share price, but trading volumes increase in a permanent fashion following the event. This highlights the importance of indices in not only a benchmarking context but also in enhancing investor awareness and aiding liquidity. By contrast, as anticipated, the share prices of firms removed from indices fall around the time of the index change. The fact that the changes in share prices, either upwards for index inclusions or downwards for deletions, are generally not reversed, would indicate that the movements are not purely due to price pressure, but rather are more consistent with the information content hypothesis. There is no evidence, however, that index changes significantly affect the volatility of price changes or their operating performances as measured by their earnings per share.

The distribution of interplanetary dust between 0.96 and 1.04 au as inferred from impacts on the STEREO spacecraft observed by the heliospheric imagers

The distribution of dust in the ecliptic plane between 0.96 and 1.04 au has been inferred from impacts on the two Solar Terrestrial Relations Observatory (STEREO) spacecraft through observation of secondary particle trails and unexpected off-points in the heliospheric imager (HI) cameras. This study made use of analysis carried out by members of a distributed web-based citizen science project Solar Stormwatch. A comparison between observations of the brightest particle trails and a survey of fainter trails shows consistent distributions. While there is no obvious correlation between this distribution and the occurrence of individual meteor streams at Earth, there are some broad longitudinal features in these distributions that are also observed in sources of the sporadic meteor population. The different position of the HI instrument on the two STEREO spacecraft leads to each sampling different populations of dust particles. The asymmetry in the number of trails seen by each spacecraft and the fact that there are many more unexpected off-points in the HI-B than in HI-A indicates that the majority of impacts are coming from the apex direction. For impacts causing off-points in the HI-B camera, these dust particles are estimated to have masses in excess of 10−17 kg with radii exceeding 0.1 μm. For off-points observed in the HI-A images, which can only have been caused by particles travelling from the anti-apex direction, the distribution is consistent with that of secondary ‘storm’ trails observed by HI-B, providing evidence that these trails also result from impacts with primary particles from an anti-apex source. Investigating the mass distribution for the off-points of both HI-A and HI-B, it is apparent that the differential mass index of particles from the apex direction (causing off-points in HI-B) is consistently above 2. This indicates that the majority of the mass is within the smaller particles of this population. In contrast, the differential mass index of particles from the anti-apex direction (causing off-points in HI-A) is consistently below 2, indicating that the majority of the mass is to be found in larger particles of this distribution.

Star/poverty space: the making of the ‘development celebrity’

What is it that gives celebrities the voice and authority to do and say the things they do in the realm of development politics? Asked another way, how is celebrity practised and, simultaneously, how does this praxis make celebrity, personas, politics and, indeed, celebrities themselves? In this article, we explore this ‘celebrity praxis’ through the lens of the creation of the contemporary ‘development celebrity’ in those stars working for development writ large in the so-called Third World. Drawing on work in science studies, material cultures and the growing geo-socio-anthropologies of things, the key to understanding the material practices embedded in and creating development celebrity networks is the multiple and complex circulations of the everyday and bespectacled artefacts of celebrity. Conceptualised as the ‘celebrity–consumption–compassion complex’, the performances of development celebrities are as much about everyday events, materials, technologies, emotions and consumer acts as they are about the mediated and liquidised constructions of the stars who now ‘market’ development.Moreover, this complex is constructed by and constructs what we are calling ‘star/poverty space’ that works to facilitate the ‘expertise’ and ‘authenticity’ and, thus, elevated voice and authority, of development celebrities through poverty tours, photoshoots, textual and visual diaries, websites and tweets. In short, the creation of star/poverty space is performed through a kind of ‘materiality of authenticity’ that is at the centre of the networks of development celebrity. The article concludes with several brief observations about the politics, possibilities and problematics of development celebrities and the star/poverty spaces that they create.

Political instability and the persistence of religion in Greece: the policy implications of the cultural defence paradigm

This paper examines the implications of ‘cultural defence’ in the nature of democracy and the stability of the political system in Greece. It focuses on the Greek Orthodox Church’s maintenance of power and political relevance by virtue of its strong link to national identity. We argue that the inhibition of secularization in Greece as a result of cultural defence has significant policy implications, especially in times of crises, when the role of nationalism as a cohesive factor against perceived threats is intensified. The paper further explores three policy/politics areas: (1) political orientation; (2) religious pluralism; and (3) education.

The effect of climate policy on the impacts of climate change on river flows in the UK

This paper compares the effects of two indicative climate mitigation policies on river flows in six catchments in the UK with two scenarios representing un-mitigated emissions. It considers the consequences of uncertainty in both the pattern of catchment climate change as represented by different climate models and hydrological model parameterisation on the effects of mitigation policy. Mitigation policy has little effect on estimated flow magnitudes in 2030. By 2050 a mitigation policy which achieves a 2oC temperature rise target reduces impacts on low flows by 20-25% compared to a business-as-usual emissions scenario which increases temperatures by 4oC by the end of the 21st century, but this is small compared to the range in impacts between different climate model scenarios. However, the analysis also demonstrates that an early peak in emissions would reduce impacts by 40-60% by 2080 (compared with the 4oC pathway), easing the adaptation challenge over the long term, and can delay by several decades the impacts that would be experienced from around 2050 in the absence of policy. The estimated proportion of impacts avoided varies between climate model patterns and, to a lesser extent, hydrological model parameterisations, due to variations in the projected shape of the relationship between climate forcing and hydrological response.

The role of soil microbes in the global carbon cycle: tracking the below-ground microbial processing of plant-derived carbon for manipulating carbon dynamics in agricultural systems.

It is well known that atmospheric concentrations of carbon dioxide (CO2) (and other greenhouse gases) have increased markedly as a result of human activity since the industrial revolution. It is perhaps less appreciated that natural and managed soils are an important source and sink for atmospheric CO2 and that, primarily as a result of the activities of soil microorganisms, there is a soil-derived respiratory flux of CO2 to the atmosphere that overshadows by tenfold the annual CO2 flux from fossil fuel emissions. Therefore small changes in the soil carbon cycle could have large impacts on atmospheric CO2 concentrations. Here we discuss the role of soil microbes in the global carbon cycle and review the main methods that have been used to identify the microorganisms responsible for the processing of plant photosynthetic carbon inputs to soil. We discuss whether application of these techniques can provide the information required to underpin the management of agro-ecosystems for carbon sequestration and increased agricultural sustainability. We conclude that, although crucial in enabling the identification of plant-derived carbon-utilising microbes, current technologies lack the high-throughput ability to quantitatively apportion carbon use by phylogentic groups and its use efficiency and destination within the microbial metabolome. It is this information that is required to inform rational manipulation of the plant–soil system to favour organisms or physiologies most important for promoting soil carbon storage in agricultural soil.

The effect of macro and micro-nutrient fortification of biscuits on their sensory properties and on hedonic liking of older people

BACKGROUND: Under-nutrition in older adults is widespread. Oral nutritional supplement beverages (ONS) are prescribed, yet consumption by older people is often insufficient. A variety of supplement formats may improve nutrient intake. This study developed protein and micro-nutrient fortified biscuits and evaluated their sensory attributes and liking by older people. Two micro-nutrient strategies were taken, to match typical ONS and to customise to the needs of older people. RESULTS: Oat biscuits and gluten-free biscuits developed contained over 12% protein and over 460 kcal 100 g-1 . Two small (40 g) biscuits developed to match ONS provided approximately 40% of an ONS portion of micro-nutrients and 60% of macro-nutrients; however, the portion size was considered realistic whereas the average ONS portion (200 mL) is excessive. Biscuits developed to the needs of older adults provided, on average, 18% of the reference nutrient intake of targeted micro-nutrients. Sensory characteristics were similar between biscuits with and without micro-nutrient fortification, leading to no differences in liking. Fortified oat biscuits were less liked than commercial oat biscuits, partly attributed to flavour imparted by whey protein fortification. CONCLUSION: Macro- and micro-nutrient fortification of biscuits could provide an alternative fortified snack to help alleviate malnutrition in older adults.

Towards a resolution of ‘the paradox of the plankton’: a brief overview of the proposed mechanisms

In plankton ecology, it is a fundamental question as to how a large number of competing phytoplankton species coexist in marine ecosystems under a seemingly-limited variety of resources. This ever-green question was first proposed by Hutchinson [Hutchinson, G.E., 1961. The paradox of the plankton. Am. Nat. 95, 137–145] as ‘the paradox of the plankton’. Starting from Hutchinson [Hutchinson, G.E., 1961. The paradox of the plankton. Am. Nat. 95, 137–145], over more than four decades several investigators have put forward varieties of mechanisms for the extreme diversity of phytoplankton species. In this article, within the boundary of our knowledge, we review the literature of the proposed solutions and give a brief overview of the mechanisms proposed so far. The proposed mechanisms that we discuss mainly include spatial and temporal heterogeneity in physical and biological environment, externally imposed or self-generated spatial segregation, horizontal mesoscale turbulence of ocean characterized by coherent vortices, oscillation and chaos generated by several internal and external causes, stable coexistence and compensatory dynamics under fluctuating temperature in resource competition, and finally the role of toxin-producing phytoplankton in maintaining the coexistence and biodiversity of the overall plankton population that we have proposed recently. We find that, although the different mechanisms proposed so far is potentially applicable to specific ecosystems, a universally accepted theory for explaining plankton diversity in natural waters is still an unachieved goal.

The economics of enhanced landfill mining: private and societal performance drivers

This paper addresses the economics of Enhanced Landfill Mining (ELFM) both from a private point of view as well as from a society perspective. The private potential is assessed using a case study for which an investment model is developed to identify the impact of a broad range of parameters on the profitability of ELFM. We found that especially variations in Waste-to-Energy (WtE efficiency, electricity price, CO2-price, WtE investment and operational costs) and ELFM support explain the variation in economic profitability measured by the Internal Rate of Return. To overcome site-specific parameters we also evaluated the regional ELFM potential for the densely populated and industrial region of Flanders (north of Belgium). The total number of potential ELFM sites was estimated using a 5-step procedure and a simulation tool was developed to trade-off private costs and benefits. The analysis shows that there is a substantial economic potential for ELFM projects on the wider regional level. Furthermore, this paper also reviews the costs and benefits from a broader perspective. The carbon footprint of the case study was mapped in order to assess the project’s net impact in terms of greenhouse gas emissions. Also the impacts of nature restoration, soil remediation, resource scarcity and reduced import dependence were valued so that they can be used in future social cost-benefit analysis. Given the complex trade-off between economic, social and environmental issues of ELFM projects, we conclude that further refinement of the methodological framework and the development of the integrated decision tools supporting private and public actors, are necessary.

The aims of early years outdoor education in England: a conceptual and empirical investigation

This paper explores the place of aims in the early years foundation stage outdoor environment in England. Through examining the writing of academics, various themes are identified, and constructed into possible aims. These themes/aims are compared to an empirical study of early years teachers’ attitudes. Data was collected by questionnaire from schools within the University of Reading partnership. There was general agreement between experts and teachers as to the aims. While some respondents were able to explain what the aims of outdoor activity were, a significant number were unable to identify aims; further, a significant number did not distinguish between approach/practice and aims. A lack of understanding and agreement as to what the aims are may indicate teachers are unsure about the purpose of outdoor education for young children. A result of this study is to agree and make explicit the aims for outdoor education in the early years.

From insect to man: Photorhabdus sheds light on the emergence of human pathogenicity

Photorhabdus are highly effective insect pathogenic bacteria that exist in a mutualistic relationship with Heterorhabditid nematodes. Unlike other members of the genus, Photorhabdus asymbiotica can also infect humans. Most Photorhabdus cannot replicate above 34°C, limiting their host-range to poikilothermic invertebrates. In contrast, P. asymbiotica must necessarily be able to replicate at 37°C or above. Many well-studied mammalian pathogens use the elevated temperature of their host as a signal to regulate the necessary changes in gene expression required for infection. Here we use RNA-seq, proteomics and phenotype microarrays to examine temperature dependent differences in transcription, translation and phenotype of P. asymbiotica at 28°C versus 37°C, relevant to the insect or human hosts respectively. Our findings reveal relatively few temperature dependant differences in gene expression. There is however a striking difference in metabolism at 37°C, with a significant reduction in the range of carbon and nitrogen sources that otherwise support respiration at 28°C. We propose that the key adaptation that enables P. asymbiotica to infect humans is to aggressively acquire amino acids, peptides and other nutrients from the human host, employing a so called “nutritional virulence” strategy. This would simultaneously cripple the host immune response while providing nutrients sufficient for reproduction. This might explain the severity of ulcerated lesions observed in clinical cases of Photorhabdosis. Furthermore, while P. asymbiotica can invade mammalian cells they must also resist immediate killing by humoral immunity components in serum. We observed an increase in the production of the insect Phenol-oxidase inhibitor Rhabduscin normally deployed to inhibit the melanisation immune cascade. Crucially we demonstrated this molecule also facilitates protection against killing by the alternative human complement pathway.