Transaction based indices for the UK commercial real estate market: an exploration using IPD transaction data

The nature of private commercial real estate markets presents difficulties for monitoring market performance. Assets are heterogeneous and spatially dispersed, trading is infrequent and there is no central marketplace in which prices and cash flows of properties can be easily observed. Appraisal based indices represent one response to these issues. However, these have been criticised on a number of grounds: that they may understate volatility, lag turning points and be affected by client influence issues. Thus, this paper reports econometrically derived transaction based indices of the UK commercial real estate market using Investment Property Databank (IPD) data, comparing them with published appraisal based indices. The method is similar to that presented by Fisher, Geltner, and Pollakowski (2007) and used by Massachusett, Institute of Technology (MIT) on National Council of Real Estate Investment Fiduciaries (NCREIF) data, although it employs value rather than equal weighting. The results show stronger growth from the transaction based indices in the run up to the peak in the UK market in 2007. They also show that returns from these series are more volatile and less autocorrelated than their appraisal based counterparts, but, surprisingly, differences in turning points were not found. The conclusion then debates the applications and limitations these series have as measures of market performance.

Harvesting the sea: the exploitation of marine resources in the Roman Mediterranean

Harvesting the Sea provides the first systematic treatment of the exploitation of various marine resources, such as large-scale fishing, fish salting, salt and purple-dye production, and oyster and fish-farming, in the Roman world and its role within the ancient economy. Bringing together literary, epigraphic, and legal sources, with a wealth of archaeological data collected in recent years, the book shows that these marine resources were an important feature of the Roman economy and, in scope and market-oriented production, paralleled phenomena taking place in the Roman agricultural economy on land. The book also examines the importance of technological innovations, the organization of labour, and the use of the existing legal framework in defence of economic interests against competitors for the same natural resource.

Enterprise pedagogy in music: an exploration of multiple pedagogies

This article investigates the nature of enterprise pedagogy in music. It presents the results of a research project that applied the practices of enterprise learning developed in the post-compulsory music curriculum in England to the teaching of the National Curriculum for music for 11-to-14-year-olds. In doing so, the article explores the nature of enterprise learning and the nature of pedagogy, in order to consider whether enterprise pedagogy offers an effective way to teach the National Curriculum. Enterprise pedagogy was found to have a positive effect on the motivation of students and on the potential to match learning to the needs of students of different abilities. Crucially, it was found that, to be effective, not only did the teacher’s practice need to be congruent with the beliefs and theories on which it rests, but that the students also needed to share in these underlying assumptions through their learning. The study has implications for the way in which teachers work multiple pedagogies in the process of developing their pedagogical identity.

Malonato complexes of oxidovanadium(IV): synthesis, structural characterization and exploration of their insulin mimetic properties

Several bis-malonatooxidovanadium(IV) complexes of the general type [M(2)(H2(O))(n)][VO(mal)(2)(H(2)O)] (where M = Li(1), Na(2), K(3), Cs(4) and NH4(5); n = 3.5, 1, 3, 1 and 1, respectively) were isolated in good yield and high purity. These complexes were fully characterized by various physicochemical techniques (elemental analysis, UV- Vis, IR, EPR, CV, etc.) complexes 1, 2 and 3 were structurally characterized by single crystal X- ray diffraction technique. In vivo antidiabetic properties of bis- malonato complexes 1, 2, 3 and 5 have been studied using Streptozotocin induced diabetic rats. Significant lowering of blood sugar level has been noticed. At the same time these complexes were found to regulate secondary pathophysiological complications like liver damage and lowering of the total antioxidant status (TAS) in diabetic rats. Results of these study are expected to a expand the possibility of designing new oxidovanadium(IV) complexes of O, O chelating ligands with significant antidiabetic properties

A conceptual framework for aligning business and information systems from organisational learning perspective

The three decades of on-going executives’ concerns of how to achieve successful alignment between business and information technology shows the complexity of such a vital process. Most of the challenges of alignment are related to knowledge and organisational change and several researchers have introduced a number of mechanisms to address some of these challenges. However, these mechanisms pay less attention to multi-level effects, which results in a limited un-derstanding of alignment across levels. Therefore, we reviewed these challenges from a multi-level learning perspective and found that business and IT alignment is related to the balance of exploitation and exploration strategies with the intellec-tual content of individual, group and organisational levels.

Exploring business and IT alignment mechanisms: toward a learning perspective

Numerous studies have attempted to develop strategic alignment mechanisms. The strategic alignment mechanism is broken down into two categories namely: strategy process and strategy content. Our review shows that alignment research has been carried out in isolation. We see this as having had the effect of limiting the extent to which executives can understand elements of performance. We confer with a number of researchers in postulating that using a mechanism such as multilevel learning to combine strategy content and strategy process under one metaphor can greatly facilitate, through exploration and exploitation, the understanding not only of human interactions within a firm, but also of the interaction existent between a firm and its environment. The findings in this study further support the idea of integrating strategy process and content to have a better understating of alignment maturity and impact on business performance. It also elaborates the affect of misalignment in companies on performance.

Building dynamic capabilities of adaptation and innovation: a study of micro-foundations in a transition economy

What are the microfoundations of dynamic capabilities that sustain competitive advantage in a highly volatile environment, such as a transition economy? We explore the detailed nature of these dynamic capabilities along with their antecedents by tracing the sequence of their development based on a longitudinal case study of an organization subject to an external context of radical transition — the Russian oil company, Yukos. Our rich qualitative data indicate two distinct types of dynamic capabilities that are pivotal for organizational transformation. Adaptation dynamic capabilities relate to routines of resource exploitation and deployment, which are supported by acquisition, internalization and dissemination of extant knowledge, as well as resource reconfiguration, divestment and integration. Innovation dynamic capabilities relate to the creation of completely new capabilities via exploration and path-creation processes, which are supported by search, experimentation and risk taking, as well as project selection, funding and implementation. Second, we find that sequencing the two types of dynamic capabilities, helped the organization both to secure short-term competitive advantage, and to create the basis for long-term competitive advantage. These dynamic capability constructs advance theoretical understanding of what dynamic capabilities are, whilst their sequencing explains how firms create, leverage and enhance them over time.

Proactive R&D management and firm growth: a punctuated equilibrium model

The external environment is characterized by periods of relative stability interspersed with periods of extreme change, implying that high performing firms must practice exploration and exploitation in order to survive and thrive. In this paper, we posit that R&D expenditure volatility indicates the presence of proactive R&D management, and is evidence of a firm moving from exploitation to exploration over time. This is consistent with a punctuated equilibrium model of R&D investment where shocks are induced by reactions to external turbulence. Using an unbalanced panel of almost 11,000 firm-years from 1997 to 2006, we show that greater fluctuations in the firm's R&D expenditure over time are associated with higher firm growth. Developing a contextual view of the relationship between R&D expenditure volatility and firm growth, we find that this relationship is weaker among firms with higher levels of corporate diversification and negative among smaller firms and those in slow clockspeed industries.

An exploration of the equivalent weights particle filter

Particle filters are fully non-linear data assimilation techniques that aim to represent the probability distribution of the model state given the observations (the posterior) by a number of particles. In high-dimensional geophysical applications the number of particles required by the sequential importance resampling (SIR) particle filter in order to capture the high probability region of the posterior, is too large to make them usable. However particle filters can be formulated using proposal densities, which gives greater freedom in how particles are sampled and allows for a much smaller number of particles. Here a particle filter is presented which uses the proposal density to ensure that all particles end up in the high probability region of the posterior probability density function. This gives rise to the possibility of non-linear data assimilation in large dimensional systems. The particle filter formulation is compared to the optimal proposal density particle filter and the implicit particle filter, both of which also utilise a proposal density. We show that when observations are available every time step, both schemes will be degenerate when the number of independent observations is large, unlike the new scheme. The sensitivity of the new scheme to its parameter values is explored theoretically and demonstrated using the Lorenz (1963) model.

Fire history and the Global Charcoal Database: a new tool for hypothesis testing and data exploration

Version 1 of the Global Charcoal Database is now available for regional fire history reconstructions, data exploration, hypothesis testing, and evaluation of coupled climate–vegetation–fire model simulations. The charcoal database contains over 400 radiocarbon-dated records that document changes in charcoal abundance during the Late Quaternary. The aim of this public database is to stimulate cross-disciplinary research in fire sciences targeted at an increased understanding of the controls and impacts of natural and anthropogenic fire regimes on centennial-to-orbital timescales. We describe here the data standardization techniques for comparing multiple types of sedimentary charcoal records. Version 1 of the Global Charcoal Database has been used to characterize global and regional patterns in fire activity since the last glacial maximum. Recent studies using the charcoal database have explored the relation between climate and fire during periods of rapid climate change, including evidence of fire activity during the Younger Dryas Chronozone, and during the past two millennia.

An integrated multi-stage model of knowledge management in international joint ventures: identifying a trigger for knowledge exploration and knowledge harvest

This paper examines the evolution of knowledge management from the initial knowledge migration stage, through adaptation and creation, to the reverse knowledge migration stage in international joint ventures (IJVs). While many studies have analyzed these stages (mostly focusing on knowledge transfer), we investigated the path-dependent nature of knowledge flow in IJVs. The results from the empirical analysis based on a survey of 136 Korean parent companies of IJVs reveal that knowledge management in IJVs follows a sequential, multi-stage process, and that the knowledge transferred from parents to IJVs must first be adapted within its new environment before it reaches the creation stage. We also found that only created knowledge is transferred back to parents.

Development and exploitation of a controlled vocabulary in support of climate modelling

There are three key components for developing a metadata system: a container structure laying out the key semantic issues of interest and their relationships; an extensible controlled vocabulary providing possible content; and tools to create and manipulate that content. While metadata systems must allow users to enter their own information, the use of a controlled vocabulary both imposes consistency of definition and ensures comparability of the objects described. Here we describe the controlled vocabulary (CV) and metadata creation tool built by the METAFOR project for use in the context of describing the climate models, simulations and experiments of the fifth Coupled Model Intercomparison Project (CMIP5). The CV and resulting tool chain introduced here is designed for extensibility and reuse and should find applicability in many more projects.

Where are Yorkshire’s terps? Wetland exploitation in the early medieval period

Where are the terps in Yorkshire, or for that matter where is any other evidence of exploitation of the wetlands in the early medieval period? Archaeological evidence remains largely elusive for the period between the early fifth and the late ninth century. Among the very few sites in wetland landscapes dated to this period are the settlement of York and the middle Anglo-Saxon bridge at Skerne in the Hull valley. Sites from the free-draining soils adjacent to wetlands are more frequent, and include a monastery (Beverley), settlements (e.g. Nafferton and North Frodingham), cemeteries (e.g. Hornsea, Burton Pidsea, Hessle, North Frodingham, Swine and Stamford Bridge) and various isolated finds (recently summarised in Van de Noort and Davies 1993).

Wetland habitats, their resource potential and exploitation: a case study from the Humber wetlands

The notion that wetlands are among the most productive environments in the world is widely quoted, but its relationship with the exploitation of wetland ecosystems during the prehistoric and early historic period has been the subject of few investigations. The current paper discusses the primary production of different wetland habitats and its relationship to the resource potential of these habitats and their actual exploitation, using recent results from the Humber Wetlands Survey. It is argued that during the early Holocene, wetland landscapes were central to the subsistence economy and that a clear association exists between the primary productivity of wetlands and the intensity of exploitation. With the introduction of agriculture, however, wetland habitats become increasingly peripheral to the economy.