Bias or rationality? The case of UK commercial real estate investment

Purpose – The purpose of this paper is to test the hypothesis that investment decision making in the UK direct property market does not conform to the assumption of economic rationality underpinning portfolio theory. Design/methodology/approach – The developing behavioural real estate paradigm is used to challenge the idea that investor “man” is able to perform with economic rationality, specifically with reference to the analysis of the spatial dispersion of the entire UK “investible stock” and “investible locations” against observed spatial patterns of institutional investment. Location quotients are derived, combining different data sets. Findings – Considerably greater variation in institutional property holdings is found across the UK than would be expected given the economic and stock characteristics of local areas. This appears to provide evidence of irrationality (in the strict traditional economic sense) in the behaviour of institutional investors, with possible herding underpinning levels of investment that cannot be explained otherwise. Research limitations/implications – Over time a lack of distinction has developed between the cause and effect of comparatively low levels of development and institutional property investment across the regions. A critical examination of decision making and behaviour in practice could break this cycle, and could in turn promote regional economic growth. Originality/value – The entire “population” of observations is used to demonstrate the relationships between economic theory and investor performance exploring, for the first time, stock and local area characteristics.

Identification of forged Bank of England £20 banknotes using IR spectroscopy

Bank of England notes of £20 denomination have been studied using infrared spectroscopy in order to generate a method to identify forged notes. An aim of this work was to develop a non-destructive method so that a small, compact Fourier transform infrared spectrometer (FT-IR) instrument could be used by bank workers, police departments or others such as shop assistants to identify forged notes in a non-lab setting. The ease of use of the instrument is the key to this method, as well as the relatively low cost. The presence of a peak at 1400 cm−1 arising from νasym () from the blank paper section of a forged note proved to be a successful indicator of the note’s illegality for the notes that we studied. Moreover, differences between the spectra of forged and genuine £20 notes were observed in the ν(OH) (ca. 3500 cm−1), ν(CH) (ca. 2900 cm−1) and ν(CO) (ca. 1750 cm−1) regions of the IR spectrum recorded for the polymer film covering the holographic strip. In cases where these simple tests fail, we have shown how an infrared microscope can be used to further differentiate genuine and forged banknotes by producing infrared maps of selected areas of the note contrasting inks with background paper.

Dust sources and deposition during the last glacial maximum and current climate: a comparison of model results with paleodata from ice cores and marine sediments

Mineral dust aerosols in the atmosphere have the potential to affect the global climate by influencing the radiative balance of the atmosphere and the supply of micronutrients to the ocean. Ice and marine sediment cores indicate that dust deposition from the atmosphere was at some locations 2–20 times greater during glacial periods, raising the possibility that mineral aerosols might have contributed to climate change on glacial-interglacial time scales. To address this question, we have used linked terrestrial biosphere, dust source, and atmospheric transport models to simulate the dust cycle in the atmosphere for current and last glacial maximum (LGM) climates. We obtain a 2.5-fold higher dust loading in the entire atmosphere and a twenty-fold higher loading in high latitudes, in LGM relative to present. Comparisons to a compilation of atmospheric dust deposition flux estimates for LGM and present in marine sediment and ice cores show that the simulated flux ratios are broadly in agreement with observations; differences suggest where further improvements in the simple dust model could be made. The simulated increase in high-latitude dustiness depends on the expansion of unvegetated areas, especially in the high latitudes and in central Asia, caused by a combination of increased aridity and low atmospheric [CO2]. The existence of these dust source areas at the LGM is supported by pollen data and loess distribution in the northern continents. These results point to a role for vegetation feedbacks, including climate effects and physiological effects of low [CO2], in modulating the atmospheric distribution of dust.

Prescription software for recovery and rehabilitation using Microsoft Kinect

Brain injuries, including stroke, can be debilitating incidents with potential for severe long term effects; many people stop making significant progress once leaving in-patient medical care and are unable to fully restore their quality of life when returning home. The aim of this collaborative project, between the Royal Berkshire NHS Foundation Trust and the University of Reading, is to provide a low cost portable system that supports a patient's condition and their recovery in hospital or at home. This is done by providing engaging applications with targeted gameplay that is individually tailored to the rehabilitation of the patient's symptoms. The applications are capable of real-time data capture and analysis in order to provide information to therapists on patient progress and to further improve the personalized care that an individual can receive.

A review of urban roughness sublayer turbulence

It is becoming increasingly important that we can understand and model flow processes in urban areas. Applications such as weather forecasting, air quality and sustainable urban development rely on accurate modelling of the interface between an urban surface and the atmosphere above. This review gives an overview of current understanding of turbulence generated by an urban surface up to a few building heights, the layer called the roughness sublayer (RSL). High quality datasets are also identified which can be used in the development of suitable parameterisations of the urban RSL. Datasets derived from physical and numerical modelling, and full-scale observations in urban areas now exist across a range of urban-type morphologies (e.g. street canyons, cubes, idealised and realistic building layouts). Results show that the urban RSL depth falls within 2 – 5 times mean building height and is not easily related to morphology. Systematic perturbations away from uniform layouts (e.g. varying building heights) have a significant impact on RSL structure and depth. Considerable fetch is required to develop an overlying inertial sublayer, where turbulence is more homogeneous, and some authors have suggested that the “patchiness” of urban areas may prevent inertial sublayers from developing at all. Turbulence statistics suggest similarities between vegetation and urban canopies but key differences are emerging. There is no consensus as to suitable scaling variables, e.g. friction velocity above canopy vs. square root of maximum Reynolds stress, mean vs. maximum building height. The review includes a summary of existing modelling practices and highlights research priorities.

Care in the community? Interpretations of a fractured goat bone from Neolithic Jarmo, Iraq

A case study of a goat metatarsal exhibiting a complex diaphyseal fracture from Pottery Neolithic Jarmo in the Central Zagros region of the eastern Fertile Crescent is here described and analysed. The Central Zagros is one of the areas with the earliest evidence for goat domestication. The significance of the pathology may be viewed within the context of domestic goat ecology in the landscape of Jarmo, potentially impacting browsing behaviour (goats raise themselves on their hind limbs to browse) and movement with the herd in the landscape (the terrain around Jarmo is very steep in places, which would be difficult for an animal to navigate on three legs). In the light of this, possible levels of care that the Neolithic human community may have afforded this animal are discussed – from a situation where therapeutic intervention may have occurred, to one of stall confinement of the animal to allow the pathology to heal, to a position of simple awareness of the condition – and how this impacts on our understanding of changes in attitudes towards animals through the process of domestication.

Impact of cyclones on sea ice in the Fram Strait: numerical simulations and observations

The sea ice export from the Arctic is of global importance due to its fresh water which influences the oceanic stratification and, thus, the global thermohaline circulation. This study deals with the effect of cyclones on sea ice and sea ice transport in particular on the basis of observations from two field experiments FRAMZY 1999 and FRAMZY 2002 in April 1999 and March 2002 as well as on the basis of simulations with a numerical sea ice model. The simulations realised by a dynamic-thermodynamic sea ice model are forced with 6-hourly atmospheric ECMWF- analyses (European Centre for Medium-Range Weather Forecasts) and 6-hourly oceanic data of a MPI-OM-simulation (Max-Planck-Institute Ocean Model). Comparing the observed and simulated variability of the sea ice drift and of the position of the ice edge shows that the chosen configuration of the model is appropriate for the performed studies. The seven observed cyclones change the position of the ice edge up to 100 km and cause an extensive decrease of sea ice coverage by 2 % up to more than 10 %. The decrease is only simulated by the model if the ocean current is strongly divergent in the centre of the cyclone. The impact is remarkable of the ocean current on divergence and shear deformation of the ice drift. As shown by sensitivity studies the ocean current at a depth of 6 m – the sea ice model is forced with – is mainly responsible for the ascertained differences between simulation and observation. The simulated sea ice transport shows a strong variability on a time scale from hours to days. Local minima occur in the time series of the ice transport during periods with Fram Strait cyclones. These minima are not caused by the local effect of the cyclone’s wind field, but mainly by the large-scale pattern of surface pressure. A displacement of the areas of strongest cyclone activity in the Nordic Seas would considerably influence the ice transport.