Corporate real estate management in the retail sector: a study of the relationship between the management of the corporate real estate and corporate performance

Retail organisations have often been cited as being at the forefront of corporate real estate management. This research found that the retail sector can be characterised by diversity both in terms of the degree to which organisations are vertically integrated and in terms of the range of modes of retailing they engage in. This in turn led to highly diverse real estate portfolios. Given this diversity it may be surprising that the over riding strategy which the vast majority of sample firms adopted was focused on supporting the core retail activity. However the way in which they implement this strategy, again reflected the diversity in the sector. In terms of the future, the senior real estate managers were focusing on the medium term particularly looking at the way change would impact their functional strategy. This study provides a snap-shot of current practice and contributes to the debate however it also recognised that there is a need to answer the more fundamental questions.

Regulatory reform and productivity change in Indian banking

This paper examines the impact of regulatory reform on productivity growth and its components for Indian banks in 1992-2009. We estimate parametric and non-parametric efficiency frontiers, followed by Divisia and Malmquist indexes of Total Factor Productivity respectively. To account for technology heterogeneity among ownership types we utilise a metafrontier approach. Results are consistent across methodologies and show sustained productivity growth, driven mainly by technological progress. Furthermore, results indicate that different ownership types react differently to changes in the operating environment. The position of foreign banks becomes increasingly dominant and their production technology becomes the best practice in the industry.

On the connection between dissipation enhancement in the ocean surface layer and Langmuir circulations

A mechanism for the enhancement of the viscous dissipation rate of turbulent kinetic energy (TKE) in the oceanic boundary layer (OBL) is proposed, based on insights gained from rapid-distortion theory (RDT). In this mechanism, which complements mechanisms purely based on wave breaking, preexisting TKE is amplified and subsequently dissipated by the joint action of a mean Eulerian wind-induced shear current and the Stokes drift of surface waves, the same elements thought to be responsible for the generation of Langmuir circulations. Assuming that the TKE dissipation rate epsilon saturates to its equilibrium value over a time of the order one eddy turnover time of the turbulence, a new scaling expression, dependent on the turbulent Langmuir number, is derived for epsilon. For reasonable values of the input parameters, the new expression predicts an increase of the dissipation rate near the surface by orders of magnitude compared with usual surface-layer scaling estimates, consistent with available OBL data. These results establish on firmer grounds a suspected connection between two central OBL phenomena: dissipation enhancement and Langmuir circulations.

A global perspective on Langmuir turbulence in the ocean surface boundary layer.

The turbulent mixing in thin ocean surface boundary layers (OSBL), which occupy the upper 100 m or so of the ocean, control the exchange of heat and trace gases between the atmosphere and ocean. Here we show that current parameterizations of this turbulent mixing lead to systematic and substantial errors in the depth of the OSBL in global climate models, which then leads to biases in sea surface temperature. One reason, we argue, is that current parameterizations are missing key surface-wave processes that force Langmuir turbulence that deepens the OSBL more rapidly than steady wind forcing. Scaling arguments are presented to identify two dimensionless parameters that measure the importance of wave forcing against wind forcing, and against buoyancy forcing. A global perspective on the occurrence of waveforced turbulence is developed using re-analysis data to compute these parameters globally. The diagnostic study developed here suggests that turbulent energy available for mixing the OSBL is under-estimated without forcing by surface waves. Wave-forcing and hence Langmuir turbulence could be important over wide areas of the ocean and in all seasons in the Southern Ocean. We conclude that surfacewave- forced Langmuir turbulence is an important process in the OSBL that requires parameterization.

Resolution of sharp fronts in the presence of model error in variational data assimilation

We show that the four-dimensional variational data assimilation method (4DVar) can be interpreted as a form of Tikhonov regularization, a very familiar method for solving ill-posed inverse problems. It is known from image restoration problems that L1-norm penalty regularization recovers sharp edges in the image more accurately than Tikhonov, or L2-norm, penalty regularization. We apply this idea from stationary inverse problems to 4DVar, a dynamical inverse problem, and give examples for an L1-norm penalty approach and a mixed total variation (TV) L1–L2-norm penalty approach. For problems with model error where sharp fronts are present and the background and observation error covariances are known, the mixed TV L1–L2-norm penalty performs better than either the L1-norm method or the strong constraint 4DVar (L2-norm)method. A strength of the mixed TV L1–L2-norm regularization is that in the case where a simplified form of the background error covariance matrix is used it produces a much more accurate analysis than 4DVar. The method thus has the potential in numerical weather prediction to overcome operational problems with poorly tuned background error covariance matrices.

Atlantic meridional heat transports in two ocean reanalyes evaluated against the RAPID array

The Atlantic meridional overturning circulation in two versions of the NEMO ¼° global ocean model has been compared with the RAPID transport array at 26oN. Both model versions reproduce the mean MOC strength well although the Florida Straits flows differ because the pathway of the Gulf Stream is not strongly constrained at this resolution. Both models however have a mean meridional heat transport of 1.07PW, much lower than the 1.35PW from RAPID observations in Apr04-Oct07. Much of the heat transport discrepancy is due to lower transports in summer across the MidOcean (Bahamas-Africa) section, due to stronger southward geostrophic flows in the top 100m where the water is warmest. Seasonal thermocline changes increase temperature differences across the basin driving stronger geostrophic shear, but this effect is much weaker in the top 100m of the RAPID velocity data. The effect accounts for a reduction of 1.1Sv in MOC and 0.1PW in heat transports. The rest of the discrepancy comes from lower Ekman transports from using ERAInterim winds instead of QuikSCAT, a smaller zonally-varying “Eddy” heat transport component, estimated from repeat XBT sections in the observations, and the southward throughflow in the model. Other differences in depth structure of the model MOC and RAPID observations are described but have much less impact on heat transports.

Predictable climate impacts of the decadal changes in the ocean in the 1990s

During the 1990s there was a major change in the state of the world's oceans. In particular, the North Atlantic underwent a rapid warming, with sea surface temperatures (SSTs) in the subpolar gyre region increasing by 1°C in just a few years. Associated with the changes in SST patterns were changes in the surface climate, in particular, a tendency for warm and dry conditions over areas of North America in all seasons, and warm springs and wet summers over areas of Europe. Here, the extent to which a climate prediction system initialized using observations of the ocean state is able to capture the observed changes in seasonal mean surface climate is investigated. Rather than examining predictions of the mid-1990s North Atlantic warming event itself, this study compares hindcasts started before and after the warming, relative to hindcasts that do not assimilate information. It is demonstrated that the hindcasts capture many aspects of the observed changes in seasonal mean surface climate, especially in North, South, and Central America and in Europe. Furthermore, the prediction system retains skill beyond the first year. Finally, it is shown that, in addition to memory of Atlantic SSTs, successfully predicting Pacific SSTs was likely important for the hindcasts to predict surface climate over North America.

Quantifying the roles of ocean circulation and biogeochemistry in governing ocean carbon-13 and atmospheric carbon dioxide at the last glacial maximum

We use a state-of-the-art ocean general circulation and biogeochemistry model to examine the impact of changes in ocean circulation and biogeochemistry in governing the change in ocean carbon-13 and atmospheric CO2 at the last glacial maximum (LGM). We examine 5 different realisations of the ocean's overturning circulation produced by a fully coupled atmosphere-ocean model under LGM forcing and suggested changes in the atmospheric deposition of iron and phytoplankton physiology at the LGM. Measured changes in carbon-13 and carbon-14, as well as a qualitative reconstruction of the change in ocean carbon export are used to evaluate the results. Overall, we find that while a reduction in ocean ventilation at the LGM is necessary to reproduce carbon-13 and carbon-14 observations, this circulation results in a low net sink for atmospheric CO2. In contrast, while biogeochemical processes contribute little to carbon isotopes, we propose that most of the change in atmospheric CO2 was due to such factors. However, the lesser role for circulation means that when all plausible factors are accounted for, most of the necessary CO2 change remains to be explained. This presents a serious challenge to our understanding of the mechanisms behind changes in the global carbon cycle during the geologic past.

Performance-based contracting in the construction sector

Construction procurement is complex and there is a very wide range of options available to procurers. Inappropriate choices about how to procure may limit practical opportunities for innovation. In particular, traditional approaches to construction procurement set up many obstacles for technology suppliers to provide innovative solutions. This is because they are often employed as sub-contractors simply to provide and install equipment to specifications developed before the point at which they become involved in a project. A research team at the University of Reading has developed a procurement framework that comprehensively defines the various options open to procurers in a more fine-grained way than has been known in the past. This enables informed decisions that can establish tailor-made procurement approaches that take into account the needs of specific clients. It enables risk and reward structures to be aligned so that contracts and payment mechanisms are aligned precisely with what a client seeks to achieve. This is not a “one-size-fits-all” approach. Rather, it is an approach that enables informed decisions about how to organize individual procurements that are appropriate to particular circumstances, acknowledging that they differ for each client and for each procurement exercise. Within this context, performance-based contracting (PBC) is explored in terms of the different ways in which technology suppliers within constructed facilities might be encouraged and rewarded for the kinds of innovation sought by the ultimate clients. Examples from various industry sectors are presented, from public sector and from private sector, with a commentary about what they sought to achieve and the extent to which they were successful. The lessons from these examples are presented in terms of feasibility in relation to financial issues, governance, economics, strategic issues, contractual issues and cash flow issues for clients and for contractors. Further background documents and more detailed readings are provided in an appendix for those who wish to find out more.