The impact of energy performance certificates on the rental and capital values of commercial property assets: some preliminary evidence from the UK

This paper focuses on the effect of energy performance ratings on the capital values, rental values and equivalent yields of UK commercial property assets. Of which a small number are also BREEAM rated, the study is based upon 708 commercial property assets held in the IPD UK Universe drawn from across all PAS segments. Incorporating a range of controls such as unexpired lease term, vacancy rate and tenant credit risk, hedonic regression procedures are used to estimate the effect of EPC rating. The study finds no evidence of a strong relationship between environmental and/or energy performance and rental and capital value. Bearing in mind the small number of BREEAM rated assets, there was a small but statistically significant effect on equivalent yield only. Similarly, there was no evidence that the EPC rating had any effect on Market Rent or Market Value with only minor effects of EPC ratings on equivalent yields. The preliminary conclusion is that energy labelling is not yet having the effects on Market Values and Market Rents that provide incentives for market participants to improve the energy efficiency of their commercial real estate assets.

Commercial real estate return distributions: a review of literature and empirical evidence

This paper review the literature on the distribution of commercial real estate returns. There is growing evidence that the assumption of normality in returns is not safe. Distributions are found to be peaked, fat-tailed and, tentatively, skewed. There is some evidence of compound distributions and non-linearity. Public traded real estate assets (such as property company or REIT shares) behave in a fashion more similar to other common stocks. However, as in equity markets, it would be unwise to assume normality uncritically. Empirical evidence for UK real estate markets is obtained by applying distribution fitting routines to IPD Monthly Index data for the aggregate index and selected sub-sectors. It is clear that normality is rejected in most cases. It is often argued that observed differences in real estate returns are a measurement issue resulting from appraiser behaviour. However, unsmoothing the series does not assist in modelling returns. A large proportion of returns are close to zero. This would be characteristic of a thinly-traded market where new information arrives infrequently. Analysis of quarterly data suggests that, over longer trading periods, return distributions may conform more closely to those found in other asset markets. These results have implications for the formulation and implementation of a multi-asset portfolio allocation strategy.

Multi-modal fingerprinting for multimedia assets: optimisation of media security protection in online distribution environments

Since the advent of the internet in every day life in the 1990s, the barriers to producing, distributing and consuming multimedia data such as videos, music, ebooks, etc. have steadily been lowered for most computer users so that almost everyone with internet access can join the online communities who both produce, consume and of course also share media artefacts. Along with this trend, the violation of personal data privacy and copyright has increased with illegal file sharing being rampant across many online communities particularly for certain music genres and amongst the younger age groups. This has had a devastating effect on the traditional media distribution market; in most cases leaving the distribution companies and the content owner with huge financial losses. To prove that a copyright violation has occurred one can deploy fingerprinting mechanisms to uniquely identify the property. However this is currently based on only uni-modal approaches. In this paper we describe some of the design challenges and architectural approaches to multi-modal fingerprinting currently being examined for evaluation studies within a PhD research programme on optimisation of multi-modal fingerprinting architectures. Accordingly we outline the available modalities that are being integrated through this research programme which aims to establish the optimal architecture for multi-modal media security protection over the internet as the online distribution environment for both legal and illegal distribution of media products.

Repetitive visiting as a pre-return transnational strategy among youthful Trinidad returnees

Building upon existing Caribbean research by Condon and Duval, we assess how repetitive visiting is, or is not, important to youthful return migrants in their 30s and 40s, who have decided to return more permanently to Trinidad. Is it influential in their social and economic adaptations on return, and does this transnational practice lead to a more permanent return? Our analysis is based on 40 detailed narratives which were collected in 2004-2005. For some returnees, repetitive visiting is influential, for others one visit is enough and for a few, it makes no difference. Yet it is certainly a common practice for 'keeping in touch' among our transnational informants.

Crocodile crimes: people versus wildlife and the politics of postcolonial conservation on Lake Kariba, Zimbabwe

This article is about the politics of conservation in postcolonial Southern Africa. It focuses on the process and consequences of redefining the Nile crocodile as an endangered species and explores the linked local and international, commercial and conservationist interests that allowed the animal to re-establish itself in state-protected waterways in colonial and postcolonial contexts. It investigates the effects of the animal's successful re-accommodation by examining conflicts between crocodiles and the fishing communities sharing space on Lake Kariba, Zimbabwe. Fishermen's hostile representations of the animal emphasize competition for fish, harassment, fear, loss of assets and loss of life. Their fear of crocodiles is heightened by the animal's entanglement in local social life, through its association with witchcraft. The article emphasizes the importance of considering both hegemonic and marginalized ideas about animals in the light of the material interactions, relations of power and historical contexts that shape them. Understanding the attitudes and circumstances of the local communities who bear the physical and economic costs of living with dangerous animals is important-it threatens the future of conservation programmes and reveals the potential for significant abuses to accompany the conservation of wildlife in postcolonial contexts. © 2004 Elsevier Ltd. All rights reserved.

Questions of Friendship and Degrees of Transnationality among Second-Generation Return Migrants to Barbados

While the academic literature has demonstrated the importance of social networks in relation to the process of migration, investigations have rarely examined in detail the personal-social adjustment issues that migrants and return migrants face. This study examines the context and types of friendship pattern that young return migrants from Britain cultivate in Barbados. The research centres on a wholly under-researched demographic groupyoung return migrants or second-generation Barbadians who have decided to return to the birthplace of their parents. The investigation is based on 51 in-depth interviews carried out with these young returnees to Barbados. Presenting a taxonomy of friendship types, it is argued that, for the 'Bajan-Brits' under study, the cultivation of new friendships is highly problematic. The research identifies what we refer to as the 'insular transnational', the 'we are different' and the 'all-inclusive transnational' friendship types among the young returnees. Our analysis also shows that problems of friendship are highly gendered, with females reporting the most problems due to what is perceived as sexual and workplace competition. It is stressed that these circumstances exemplify the essentially 'hybrid', 'liminal' and 'in-between' positionality of these second-generation migrants within contemporary Barbadian society.

Both black and symbolically white: The 'Bajan-Brit' return migrant as post-colonial hybrid

The research presented in this article centres on an under-researched demographic group of young return migrants, namely, second-generation Barbadians, or 'Bajan-Brits', who have decided to 'return' to the birthplace of their parents. Based on 51 in-depth interviews, the essay examines the experiences of second-generation return migrants from an interpretative perspective framed within post-colonial discourse. The article first considers the Bajan-Brits and issues of race in the UK before their decision to migrate. It is then demonstrated that on 'return', in certain respects, these young, black English migrants occupy a liminal position of cultural, racial and economic privilege, based on their 'symbolic' or 'token' whiteness within the post-colonial context of Barbados. But this very hybridity and inbetweeness means that they also face difficulties and associated feelings of social alienation and discrimination. The ambivalent status of this transnational group of migrants serves to challenge traditional notions of Barbadian racial identity.

"The past is still right here in the present": second-generation Bajan-Brit transnational migrants' views on issues relating to race and colour class

This paper deals with second-generation Barbadians or 'Bajan-Brits', who have decided to,return' to the birthplace of their parents, focusing on their reactions to matters relating to race relations and racialised identities. The importance of race and the operation of the 'colour-class' system in the Caribbean are established at the outset. Based on fifty-two qualitative in-depth interviews, the paper initially considers the positive things that the second-generation migrants report about living in a majority black country and the salience of such racial affirmation as part of their migration process. The paper then presents an analysis of the narratives provided by the Bajan-Brits concerning their reactions to issues relating to race relations in Barbadian society. The impressions of the young returnees provide clear commentaries on what are regarded as (i) the 'acceptance of white hegemony' within Barbadian society, (ii) the occurrence of de facto 'racial segregation, (iii) perceptions of the 'existence of apartheid, and (iv) 'the continuation of slavery'. The account then turns to the contemporary operation of the colour-class system. It is concluded that, despite academic arguments that the colour-class dimension has to be put to one side as the principal dimension of social stratification in the contemporary Caribbean, the second-generation migrants are acutely aware of the continued existence and salience of such gradations within society. Thus, the analysis not only serves to emphasise the continued importance of racial-based stratification in the contemporary Caribbean, but also speaks of the 'hybrid' and 'in-between' racialised identities of the second-generation migrants.

Housing and property restitution and IDP return in Kosovo

The establishment of the Housing and Property Directorate (HPD) and Claims Commission (HPCC) in Kosovo has reflected an increasing focus internationally on the post-conflict restitution of housing and property rights. In approximately three years of full-scale operation, the institutions have managed to make a property rights determination on almost all of the approximate 30,000 contested residential properties. As such, HPD and HPCC are being looked to by many in other post-conflict areas as an example of how to proceed. While the efficiency of the organizations is commendable, one of the key original goals - the return of displaced persons to their homes of origin - has to a large degree been left aside. The paper focuses on two distinct failures of the international community with respect to the functioning of HPD/HPCC and its possible effect on returns: a failure of coordination between HPD/HPCC and other organizations working on returns, and the isolation of residential property rights determinations from other aspects of building a property rights-respecting culture in Kosovo.

Effect of growth time on the surface and adhesion properties of Lactobacillus rhamnosus GG

Aims: To investigate the changes in the surface properties of Lactobacillus rhamnosus GG during growth, and relate them with the ability of the Lactobacillus cells to adhere to Caco-2 cells. Methods and Results: Lactobacillus rhamnosus GG was grown in complex medium, and cell samples taken at four time points and freeze dried. Untreated and trypsin treated freeze dried samples were analysed for their composition using SDS-PAGE analysis and Fourier transform infrared spectroscopy (FTIR), hydrophobicity and zeta potential, and for their ability to adhere to Caco-2 cells. The results suggested that in the case of early exponential phase samples (4 and 8 h), the net surface properties, i.e. hydrophobicity and charge, were determined to a large extent by anionic hydrophilic components, whereas in the case of stationary phase samples (13 and 26 h), hydrophobic proteins seemed to play the biggest role. Considerable differences were also observed between the ability of the different samples to adhere to Caco-2 cells; maximum adhesion was observed for the early stationary phase sample (13 h). The results suggested that the adhesion to Caco-2 cells was influenced by both proteins and non-proteinaceous compounds present on the surface of the Lactobacillus cells. Conclusion: The surface properties of Lact. rhamnosus GG changed during growth, which in return affected the ability of the Lactobacillus cells to adhere to Caco-2 cells. Significance and Impact of the Study: The levels of adhesion of Lactobacillus cells to Caco-2 cells were influenced by the growth time and reflected changes on the bacterial surface. This study provides critical information on the physicochemical factors that influence bacterial adhesion to intestinal cells.

Assessing the impact of the 'Decoupling' reform of the common agricultural policy on Irish farmers' off-farm labour market participation decisions

This paper assesses the impact of the 'decoupling' reform of the Common Agricultural Policy on the labour allocation decisions of Irish farmers. The agricultural household decision-making model provides the conceptual and theoretical framework to examine the interaction between government subsidies and farmers' time allocation decisions. The relationship postulated is that 'decoupling' of agricultural support from production would probably result in a decline in the return to farm labour but it would also lead to an increase in household wealth. The effect of these factors on how farmers allocate their time is tested empirically using labour participation and labour supply models. The models developed are sufficiently general for application elsewhere. The main findings for the Irish situation are that the decoupling of direct payments is likely to increase the probability of farmers participating in the off-farm employment market and that the amount of time allocated to off-farm work will increase.

The influence of winter oilseed rape (Brassica napus ssp oleifera var. biennis) cultivar and grass genotype on the competitive balance between crop and grass weeds

Three experiments conducted over two years (2002-04) at the Crops Research Unit, University of Reading, investigated competition between autumn sown oilseed rape cultivars (Brassica napus L. ssp. oleifera var. biennis (DC.) Metzg.) and Lolium multiflorum Lam., L. x boucheanum Kunth and Alopecurus myosuroides Huds., sown as indicative grass weeds. Rape cultivar (cv.) had a substantial effect on grass weed seed return. Over the six cultivars tested, L. multiflorum spikelet production ranged from just under 400 spikelets/m(2) in the presence of cv. Winner to nearly 5800 in competition with cv. Lutin. Cultivar competitiveness was associated with high biomass, large dense floral layers and early stem extension. There was some evidence of differential competitive tolerance between rape cultivars. The results suggested that rape cultivars could be screened for competitiveness by measuring floral layer interception of photosynthetic active radiation. L. x boucheanum cultivars varied in ability to compete with rape. In the absence of inter-specific competition, spikelet density was similar for Aberecho and Polly (circa 31000 spikelets/m(2)) but when grown with rape Polly outyielded Aberecho (i.e. 12 090 and 7990 spikelets/m(2) respectively).

On the question of proportionality of the count of observed Scrapie cases and the size of holding

Background: The present paper investigates the question of a suitable basic model for the number of scrapie cases in a holding and applications of this knowledge to the estimation of scrapie-ffected holding population sizes and adequacy of control measures within holding. Is the number of scrapie cases proportional to the size of the holding in which case it should be incorporated into the parameter of the error distribution for the scrapie counts? Or, is there a different - potentially more complex - relationship between case count and holding size in which case the information about the size of the holding should be better incorporated as a covariate in the modeling? Methods: We show that this question can be appropriately addressed via a simple zero-truncated Poisson model in which the hypothesis of proportionality enters as a special offset-model. Model comparisons can be achieved by means of likelihood ratio testing. The procedure is illustrated by means of surveillance data on classical scrapie in Great Britain. Furthermore, the model with the best fit is used to estimate the size of the scrapie-affected holding population in Great Britain by means of two capture-recapture estimators: the Poisson estimator and the generalized Zelterman estimator. Results: No evidence could be found for the hypothesis of proportionality. In fact, there is some evidence that this relationship follows a curved line which increases for small holdings up to a maximum after which it declines again. Furthermore, it is pointed out how crucial the correct model choice is when applied to capture-recapture estimation on the basis of zero-truncated Poisson models as well as on the basis of the generalized Zelterman estimator. Estimators based on the proportionality model return very different and unreasonable estimates for the population sizes. Conclusion: Our results stress the importance of an adequate modelling approach to the association between holding size and the number of cases of classical scrapie within holding. Reporting artefacts and speculative biological effects are hypothesized as the underlying causes of the observed curved relationship. The lack of adjustment for these artefacts might well render ineffective the current strategies for the control of the disease.

The effects of spatial and temporal heterogeneity on the population dynamics of four animal species in a Danish landscape

Background: Variation in carrying capacity and population return rates is generally ignored in traditional studies of population dynamics. Variation is hard to study in the field because of difficulties controlling the environment in order to obtain statistical replicates, and because of the scale and expense of experimenting on populations. There may also be ethical issues. To circumvent these problems we used detailed simulations of the simultaneous behaviours of interacting animals in an accurate facsimile of a real Danish landscape. The models incorporate as much as possible of the behaviour and ecology of skylarks Alauda arvensis, voles Microtus agrestis, a ground beetle Bembidion lampros and a linyphiid spider Erigone atra. This allows us to quantify and evaluate the importance of spatial and temporal heterogeneity on the population dynamics of the four species. Results: Both spatial and temporal heterogeneity affected the relationship between population growth rate and population density in all four species. Spatial heterogeneity accounted for 23–30% of the variance in population growth rate after accounting for the effects of density, reflecting big differences in local carrying capacity associated with the landscape features important to individual species. Temporal heterogeneity accounted for 3–13% of the variance in vole, skylark and spider, but 43% in beetles. The associated temporal variation in carrying capacity would be problematic in traditional analyses of density dependence. Return rates were less than one in all species and essentially invariant in skylarks, spiders and beetles. Return rates varied over the landscape in voles, being slower where there were larger fluctuations in local population sizes. Conclusion: Our analyses estimated the traditional parameters of carrying capacities and return rates, but these are now seen as varying continuously over the landscape depending on habitat quality and the mechanisms of density dependence. The importance of our results lies in our demonstration that the effects of spatial and temporal heterogeneity must be accounted for if we are to have accurate predictive models for use in management and conservation. This is an area which until now has lacked an adequate theoretical framework and methodology.