The inflation hedging characteristics of US and UK investments: a multi-factor error correction approach

Historic analysis of the inflation hedging properties of stocks produced anomalous results, with equities often appearing to offer a perverse hedge against inflation. This has been attributed to the impact of real and monetary shocks to the economy, which influence both inflation and asset returns. It has been argued that real estate should provide a better hedge: however, empirical results have been mixed. This paper explores the relationship between commercial real estate returns (from both private and public markets) and economic, fiscal and monetary factors and inflation for US and UK markets. Comparative analysis of general equity and small capitalisation stock returns in both markets is carried out. Inflation is subdivided into expected and unexpected components using different estimation techniques. The analyses are undertaken using long-run error correction techniques. In the long-run, once real and monetary variables are included, asset returns are positively linked to anticipated inflation but not to inflation shocks. Adjustment processes are, however, gradual and not within period. Real estate returns, particularly direct market returns, exhibit characteristics that differ from equities.

Monetary integration and real estate markets: an investigation of the impact of the introduction of a single currency on real estate performance

This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors are investigated. European countries are sub-divided according to the process of monetary convergence. Analysis shows that national equity indices are strongly influenced by global market movements, with a European stock factor providing additional explanatory power. The global and European factors explain small cap and real estate stocks much less well –suggesting an increased importance of ‘local’ drivers. For real estate, there are notable differences between core and non-core countries. Core European countries exhibit convergence – a convergence to a European rather than a global factor. The non-core countries do not seem to exhibit common trends or movements. For the non-core countries, monetary integration has been associated with increased dispersion of returns, lower correlation and lower explanatory power of a European factor. It is concluded that this may be explained by divergence in underlying macro-economic drivers between core and non-core countries in the post-Euro period.

In vitro fermentation characteristics of whole grain wheat flakes and the effect of toasting on prebiotic potential

Population studies have shown a positive correlation between diets rich in whole grains and a reduced risk of developing metabolic diseases, like diabetes, cardiovascular disease, and certain cancers. However, little is known about the mechanisms of action, particularly the impact different fermentable components of whole grains have on the human intestinal microbiota. The modulation of microbial populations by whole grain wheat flakes and the effects of toasting on digestion and subsequent fermentation profile were evaluated. Raw, partially toasted, and toasted wheat flakes were digested using simulated gastric and small intestinal conditions and then fermented using 24-hour, pH-controlled, anaerobic batch cultures inoculated with human feces. Major bacterial groups and production of short-chain fatty acids were compared with those for the prebiotic oligofructose and weakly fermented cellulose. Within treatments, a significant increase (P<.05) in bifidobacteria numbers was observed upon fermentation of all test carbohydrates, with the exception of cellulose. Toasting appeared to have an effect on growth of lactobacilli as only fermentation of raw wheat flakes resulted in a significant increase in levels of this group.

'Agricultural poverty' and the expansion of artisanal mining in sub-Saharan Africa: Experiences from southwest Mali and southeast Ghana

Why do people engage in artisanal and small-scale mining (ASM) – labour-intensive mineral extraction and processing activity – across sub-Saharan Africa? This paper argues that ‘agricultural poverty’, or hardship induced by an over-dependency on farming for survival, has fuelled the recent rapid expansion of ASM operations throughout the region. The diminished viability of smallholder farming in an era of globalization and overreliance on rain-fed crop production restricted by seasonality has led hundreds of thousands of rural African families to ‘branch out’ into ASM, a move made to secure supplementary incomes. Experiences from Komana West in Southwest Mali and East Akim District in Southeast Ghana are drawn upon to illustrate how a movement into the ASM economy has impacted farm families, economically, in many rural stretches of sub-Saharan Africa.

Safeguarding livelihoods or exacerbating poverty?: Artisanal mining and formalization in West Africa

In recent years, policy mechanisms to support a formalized artisanal and small-scale mining (ASM) sector in sub-Saharan Africa have gained increasing currency. Proponents of formalization argue that most social and environmental problems associated with the sector stem from the fact that ASM is predominantly unregulated and operates outside the legal sphere. This paper critically examines recent efforts to formalize artisanal and small-scale mining inWest Africa, drawing upon recent fieldwork carried out in Sierra Leone, Ghana and Mali. In exploring the sector’s livelihood dimensions, the analysis suggests that bringing unregulated, informal mining activities into the legal domain remains a considerable challenge. The paper concludes by confirming the urgent need to refocus formalization strategies on the main livelihood challenges and constraints of small-scale miners themselves, if poverty is to be alleviated and more benefits are to accrue to depressed communities in mineral-rich regions.

Strengthening artisanal mining research and policy through baseline census activities

Over the past 10-15 years, several governments have implemented an array of technology, support-related, sustainable livelihoods (SL) and poverty-reduction projects for artisanal and small-scale mining (ASM). In the majority of cases, however, these interventions have failed to facilitate improvements in the industry's productivity and raise the living standards of the sector's subsistence operators. This article argues that a poor understanding of the demographics of target populations has precipitated these outcomes. In order to strengthen policy and assistance in the sector, governments must determine, with greater precision, the number of people operating in ASM regions, their origins and ethnic backgrounds, ages, and educational levels. This can be achieved by carrying out basic and localized census work before promoting ambitious sector-specific projects aimed at improving working conditions in the industry.

Coupling between mesogenic units and polymer backbone in side-chain liquid crystal polymers and elastomers

The levels of alignment of the mesogenic units and of the polymer backbone trajectory for polyacrylate based nematic side-chain liquid crystal polymers and elastomers were evaluated by using wide angle X-ray and small angle neutron scattering procedures. The X-ray scattering measurements show that substantial levels of preferred orientation of the mesogenic units may be introduced through magnetic fields for uncrosslinked polymers and through mechanical extension for liquid crystal elastomers. Small angle neutron scattering measurements show that for highly aligned samples an anisotropic polymer backbone trajectory is observed in which the envelope is slightly extended by ∼ 10% in the direction parallel to the axis of alignment of the mesogenic units. The sense of this coupling differs from that recorded for other uncrosslinked side-chain liquid crystal polymers. Possible mechanisms to account for this anisotropy and its relationship to the properties of liquid crystal elastomers are discussed. The observed deformation behaviour of the liquid crystal elastomer is non-affine and this appears to confirm the dominating influence of the liquid crystal order of the side chains on the mechanical properties of these novel networks.

UK planning controls and the market responsiveness of housing supply

There is growing international interest in the impact of regulatory controls on the supply of housing The UK has a particularly restrictive planning regime and a detailed and uncertain process of development control linked to it. This paper presents the findings of empirical research on the time taken to gain planning permission for selected recent major housing projects from a sample of local authorities in southern England. The scale of delay found was far greater than is indicated by average official data measuring the extent to which local authorities meet planning delay targets. Hedonic analysis indicated that there is considerable variation in time it takes local authorities to process planning applications, with the worst being four times slower than the best. Smaller builders and housing association developments are processed more quickly than those of large developers and small sites appear to be particularly time intensive. These results suggest that delays in development control may be a significant contributory factor to the low responsiveness of UK housing supply to upturns in market activity.

PPARγ2 gene Pro12Ala and PPARα gene Leu162Val single nucleotide polymorphisms interact with dietary intake of fat in determination of plasma lipid concentrations

Background/Aims: The peroxisome proliferator-activated receptors (PPARs) are transcriptional regulators of lipid metabolism, activated by unsaturated fatty acids. We investigated independent and interactive effects of PPARγ2 gene PPARG Pro12Ala (rs1801282) andPPARαgene PPARA Leu162Val (rs1800206) genotypes with dietary intake of fatty acids on concentrations of plasma lipids in subjects of whom 47.5% had metabolic syndrome. Methods: The RISCK study is a parallel design, randomised controlled trial. Plasma lipids were quantified at baseline after a 4-week high saturated fatty acids diet and after three parallel 24-week interventions with reference (high saturated fatty acids), high monounsaturated fatty acids and low-fat diets. Single nucleotide polymorphisms were genotyped in 466 subjects. Results: At baseline, the PPARG Ala12allele was associated with increased plasma total cholesterol (n = 378; p = 0.04), LDL cholesterol (p = 0.05) and apoB (p =0.05) after adjustment for age, gender and ethnicity. At baseline, PPARA Leu162Val × PPARG Pro12Ala genotype interaction did not significantly influence plasma lipid concentrations. After dietary intervention, gene-gene interaction significantly influenced LDL cholesterol (p =0.0002) and small dense LDL as a proportion of LDL (p = 0.005) after adjustments. Conclusions: Interaction between PPARG Pro12Ala and PPARA Leu162Valgenotypes may influence plasma LDL cholesterol concentration and the proportion as small dense LDL after a high monounsaturated fatty acids diet.

Poverty traps in small-scale mining communities: the case of sub-Saharan Africa

This paper critically reflects on why, in many rural stretches of sub-Saharan Africa, scores of people engage in artisanal and small-scale mining (ASM) activity – low-tech, labour intensive mineral extraction – for lengthy periods of time. It argues that a large share of the region’s ASM operators have mounting debts which prevent them from pursuing alternative, less arduous, employment. The paper concludes with an analysis of findings from research carried out by the author in Talensi-Nabdam District, Northern Ghana, which captures the essence of the poverty trap now plaguing so many ASM communities in sub-Saharan Africa.

Planning delay and the responsiveness of English housing supply

There is growing international interest in the impact of regulatory controls on the supply of housing. Most research focuses on the supply impacts of prescribed limits on land use but housing supply may also be affected by the process of planning monitoring and approval but this is hard to measure in detail. The UK has a particularly restrictive planning regime and a detailed and uncertain process of development control linked to it, but does offer the opportunity of detailed site-based investigation of planning delay. This paper presents the findings of empirical research on the time taken to gain planning permission for selected recent major housing projects in southern England. The scale of delay found was far greater than is indicated by average official data measuring the extent to which local authorities meet planning delay targets. Hedonic modelling indicated that there is considerable variation in the time it takes local authorities to process planning applications. Housing association developments are processed more quickly than those of large developers and small sites appear to be particularly time-intensive. These results suggest that delays in development control may be a significant contributory factor to the low responsiveness of UK housing supply to upturns in market activity.

Formulations of viable cells for oral delivery

This invention relates to solid formulations for the oral delivery of live microbial cells which comprise dried viable cells and small amounts of a bile acid binding agent, for example, an anion exchange resin such as cholestyramine. The presence of bile acid binding agents in the formulation significantly increases the survival of the cells in the intestinal tract and facilitates delivery of the viable cells to the intestine.

‘Everyone now is concentrating on the mining’: drivers and implications of rural economic transition in the Eastern Region of Ghana

Artisanal and small-scale mining (ASM) is replacing smallholder farming as the principal income source in parts of rural Ghana. Structural adjustment policies have removed support for the country’s smallholders, devalued their produce substantially and stiffened competition with large-scale counterparts. Over one million people nationwide are now engaged in ASM. Findings from qualitative research in Ghana’s Eastern Region are drawn upon to improve understanding of the factors driving this pattern of rural livelihood diversification. The ASM sector and farming are shown to be complementary, contrary to common depictions in policy and academic literature.

Expression and function of the bile acid receptor GpBAR1 (TGR5) in the murine enteric nervous system

BACKGROUND: Bile acids (BAs) regulate cells by activating nuclear and membrane-bound receptors. G protein coupled bile acid receptor 1 (GpBAR1) is a membrane-bound G-protein-coupled receptor that can mediate the rapid, transcription-independent actions of BAs. Although BAs have well-known actions on motility and secretion, nothing is known about the localization and function of GpBAR1 in the gastrointestinal tract. METHODS: We generated an antibody to the C-terminus of human GpBAR1, and characterized the antibody by immunofluorescence and Western blotting of HEK293-GpBAR1-GFP cells. We localized GpBAR1 immunoreactivity (IR) and mRNA in the mouse intestine, and determined the mechanism by which BAs activate GpBAR1 to regulate intestinal motility. KEY RESULTS: The GpBAR1 antibody specifically detected GpBAR1-GFP at the plasma membrane of HEK293 cells, and interacted with proteins corresponding in mass to the GpBAR1-GFP fusion protein. GpBAR1-IR and mRNA were detected in enteric ganglia of the mouse stomach and small and large intestine, and in the muscularis externa and mucosa of the small intestine. Within the myenteric plexus of the intestine, GpBAR1-IR was localized to approximately 50% of all neurons and to >80% of inhibitory motor neurons and descending interneurons expressing nitric oxide synthase. Deoxycholic acid, a GpBAR1 agonist, caused a rapid and sustained inhibition of spontaneous phasic activity of isolated segments of ileum and colon by a neurogenic, cholinergic and nitrergic mechanism, and delayed gastrointestinal transit. CONCLUSIONS & INFERENCES: G protein coupled bile acid receptor 1 is unexpectedly expressed in enteric neurons. Bile acids activate GpBAR1 on inhibitory motor neurons to release nitric oxide and suppress motility, revealing a novel mechanism for the actions of BAs on intestinal motility.

"The ladder that sends us to wealth" : artisanal mining and poverty reduction in Tanzania

This article explores the contribution that artisanal and small-scale mining (ASM) makes to poverty reduction in Tanzania, based on data on gold and diamond mining in Mwanza Region. The evidence suggests that people working in mining or related services are less likely to be in poverty than those with other occupations. However, the picture is complex; while mining income can help reduce poverty and provide a buffer from livelihood shocks, peoples inability to obtain a formal mineral claim, or to effectively exploit their claims, contributes to insecurity. This is reinforced by a context in which ASM is peripheral to large-scale mining interests, is only gradually being addressed within national poverty reduction policies, and is segregated from district-level planning.