Public real estate and the term structure of interest rates: a cross-country study

Using a variation of the Nelson-Siegel term structure model we examine the sensitivity of real estate securities in six key global markets to unexpected changes in the level, slop and curvature of the yield curve. Our results confirm the time-sensitive nature of the exposure and sensitivity to interest rates and highlight the importance of considering the entire term structure of interest rates. One issue that is of particular of interest is that despite the 2007-9 financial crisis the importance of unanticipated interest rate risk weakens post 2003. Although the analysis does examine a range of markets the empirical analysis is unable to provide definitive evidence as to whether REIT and property-company markets display heightened or reduced exposure.

Global change pressures on soils from land use and management

Soils are subject to varying degrees of direct or indirect human disturbance, constituting a major global change driver. Factoring out natural from direct and indirect human influence is not always straightforward, but some human activities have clear impacts. These include land use change, land management, and land degradation (erosion, compaction, sealing and salinization). The intensity of land use also exerts a great impact on soils, and soils are also subject to indirect impacts arising from human activity, such as acid deposition (sulphur and nitrogen) and heavy metal pollution. In this critical review, we report the state-of-the-art understanding of these global change pressures on soils, identify knowledge gaps and research challenges, and highlight actions and policies to minimise adverse environmental impacts arising from these global change drivers. Soils are central to considerations of what constitutes sustainable intensification. Therefore, ensuring that vulnerable and high environmental value soils are considered when protecting important habitats and ecosystems, will help to reduce the pressure on land from global change drivers. To ensure that soils are protected as part of wider environmental efforts, a global soil resilience programme should be considered, to monitor, recover or sustain soil fertility and function, and to enhance the ecosystem services provided by soils. Soils cannot, and should not, be considered in isolation of the ecosystems that they underpin and vice versa. The role of soils in supporting ecosystems and natural capital needs greater recognition. The lasting legacy of the International Year of Soils in 2015 should be to put soils at the centre of policy supporting environmental protection and sustainable development.

The cooler side of mycorrhizas: their occurrence and functioning at low temperatures

Mycorrhizal associations occur in a range of habitats in which soils are subject to low temperature (≤15 °C) for a significant part of the year. Despite this, most of our understanding of mycorrhizal fungi and their interactions with their plant hosts is based on physiological investigations conducted in the range 20–37 °C using fungi of temperate origin. Comparatively little consideration has been given to the cold edaphic conditions in which many mycorrhizas survive and prosper, and the physiological and ecological consequences of their low temperature environments. In this review, we consider the distribution and persistence of arbuscular and ectomycorrhizal mycorrhizal associations in cold environments and highlight progress in understanding adaptations to freezing resistance and nutrient acquisition at low temperature in mycorrhizal fungi.

A morphometric comparison of the Namib and southwest Kalahari dunefields using ASTER GDEM data

The increased availability of digital elevation models and satellite image data enable testing of morphometric relationships between sand dune variables (dune height, spacing and equivalent sand thickness), which were originally established using limited field survey data. These long-established geomorphological hypotheses can now be tested against very much larger samples than were possible when available data were limited to what could be collected by field surveys alone. This project uses ASTER Global Digital Elevation Model (GDEM) data to compare morphometric relationships between sand dune variables in the southwest Kalahari dunefield to those of the Namib Sand Sea, to test whether the relationships found in an active sand sea (Namib) also hold for the fixed dune system of the nearby southwest Kalahari. The data show significant morphometric differences between the simple linear dunes of the Namib sand sea and the southwest Kalahari; the latter do not show the expected positive relationship between dune height and spacing. The southwest Kalahari dunes show a similar range of dune spacings, but they are less tall, on average, than the Namib sand sea dunes. There is a clear spatial pattern to these morphometric data; the tallest and most closely spaced dunes are towards the southeast of the Kalahari dunefield; and this is where the highest values of equivalent sand thickness result. We consider the possible reasons for the observed differences and highlight the need for more studies comparing sand seas and dunefields from different environmental settings.

Riparian shading controls instream spring phytoplankton and benthic diatom growth

Dissolved oxygen (DO) concentrations showed a striking pattern in a multi-year study of the River Enborne, a small river in SE England. In each of three years (2010-2012), maximum DO concentrations were attained in mid-April, preceded by a period of steadily increasing diurnal amplitudes, followed by a steady reduction in both amplitude and concentration. Flow events during the reduction period reduce DO to low concentrations until the following spring. Evidence is presented that this pattern is mainly due to benthic algal growth which is eventually supressed by the growth of the riparian tree canopy. Nitrate and silicate concentrations are too high to inhibit the growth of either benthic algae or phytoplankton, but phosphate concentrations might have started to reduce growth if the tree canopy development had been delayed. This interpretation is supported by evidence from weekly flow cytometry measurements and analysis of the diurnal, seasonal and annual patterns of nutrient concentrations. As the tree canopy develops, the river switches from an autotrophic to a heterotrophic state. The results support the use of riparian shading to help control algal growth, and highlight the risks of reducing riparian shade.

Realizability of Point Processes

There are various situations in which it is natural to ask whether a given collection of k functions, ρ j (r 1,…,r j ), j=1,…,k, defined on a set X, are the first k correlation functions of a point process on X. Here we describe some necessary and sufficient conditions on the ρ j ’s for this to be true. Our primary examples are X=ℝ d , X=ℤ d , and X an arbitrary finite set. In particular, we extend a result by Ambartzumian and Sukiasian showing realizability at sufficiently small densities ρ 1(r). Typically if any realizing process exists there will be many (even an uncountable number); in this case we prove, when X is a finite set, the existence of a realizing Gibbs measure with k body potentials which maximizes the entropy among all realizing measures. We also investigate in detail a simple example in which a uniform density ρ and translation invariant ρ 2 are specified on ℤ; there is a gap between our best upper bound on possible values of ρ and the largest ρ for which realizability can be established.

Application of personal computers to eddy current inspections

This presentation describes a system for measuring claddings as an example of the many possible advantages to be obtained by applying a personal computer to eddy current testing. A theoretical model and a learning algorithm are integrated into an instrument. They are supported in the PC, and serve to simplify and enhance multiparameter testing. The PC gives additional assistance by simplifying set-up procedures and data logging etc.

Artificial ants for active routing

Ant colonies in nature provide a good model for a distributed, robust and adaptive routing algorithm. This paper proposes the adoption of the same strategy for the routing of packets in an Active Network. Traditional store-and-forward routers are replaced by active intermediate systems, which are able to perform computations on transient packets, in a way that results very helpful for developing and dynamically deploying new protocols. The adoption of the Active Networks paradigm associated with a cooperative learning environment produces a robust, decentralized routing algorithm capable of adapting to network traffic conditions.

A global climatology of wind–wave interaction

Generally, ocean waves are thought to act as a drag on the surface wind so that momentum is transferred downwards, from the atmosphere into the waves. Recent observations have suggested that when long wavelength waves, characteristic of remotely generated swell, propagate faster than the surface wind momentum can also be transferred upwards. This upward momentum transfer acts to accelerate the near-surface wind, resulting in a low-level wave-driven wind jet. Previous studies have suggested that the sign reversal of the momentum flux is well predicted by the inverse wave age, the ratio of the surface wind speed to the speed of the waves at the peak of the spectrum. ECMWF ERA-40 data has been used here to calculate the global distribution of the inverse wave age to determine whether there are regions of the ocean that are usually in the wind-driven wave regime and others that are generally in the wave-driven wind regime. The wind-driven wave regime is found to occur most often in the mid-latitude storm tracks where wind speeds are generally high. The wave-driven wind regime is found to be prevalent in the tropics where wind speeds are generally light and swell can propagate from storms at higher latitudes. The inverse wave age is also a useful indicator of the degree of coupling between the local wind and wave fields. The climatologies presented emphasise the non-equilibrium that exists between the local wind and wave fields and highlight the importance of swell in the global oceans.

Process planning methodology: dynamic short-term planning for off-site construction in Slovenia

Planning is a vital element of project management but it is still not recognized as a process variable. Its objective should be to outperform the initially defined processes, and foresee and overcome possible undesirable events. Detailed task-level master planning is unrealistic since one cannot accurately predict all the requirements and obstacles before work has even started. The process planning methodology (PPM) has thus been developed in order to overcome common problems of the overwhelming project complexity. The essential elements of the PPM are the process planning group (PPG), including a control team that dynamically links the production/site and management, and the planning algorithm embodied within two continuous-improvement loops. The methodology was tested on a factory project in Slovenia and in four successive projects of a similar nature. In addition to a number of improvement ideas and enhanced communication, the applied PPM resulted in 32% higher total productivity, 6% total savings and created a synergistic project environment.

Evaluating canalside hedgerows to determine future interventions

This paper describes a project undertaken during 2001/2002 which developed a method for valuing hedgerows adjacent to the inland waterway network of Great Britain. The method enables the landowner, British Waterways, to manage their valuable environmental asset to achieve a good level of biodiversity and robust habitat balanced against the heavy amenity use the 3000 km canal network endures. Valuation techniques were developed using a combination of new and existing ecological indices for components of biodiversity, hedgerow structure and amenity, and synthesised into an index in an innovative combined approach. The resultant index was then applied to a sample 20 km section of hedge alongside the Grand Union Canal in Southeast England. The results obtained reflect the hedgerows' present value, and highlight factors that might improve or limit their future increase in value. The results from the case study application also demonstrate that there is a positive relationship between hedgerow structure and biodiversity, and that hedgerows in urban areas are less biodiverse and structurally sound than those in rural areas. Furthermore, there is a zone within rural areas influenced by the adjacent urban areas and/or higher amenity use. The paper concludes with an assessment of the approaches' strengths and weaknesses with a view to its compatibility with other hedgerow evaluations, such as HEGS, its use by other agencies or landowners, and to aid hedgerow management and future development. (C) 2004 Elsevier Ltd. All rights reserved.

Oriented vehicles travelling in spherical space

This paper tackles the path planning problem for oriented vehicles travelling in the non-Euclidean 3-Dimensional space; spherical space S3. For such problem, the orientation of the vehicle is naturally represented by orthonormal frame bundle; the rotation group SO(4). Orthonormal frame bundles of space forms coincide with their isometry groups and therefore the focus shifts to control systems defined on Lie groups. The oriented vehicles, in this case, are constrained to travel at constant speed in a forward direction and their angular velocities directly controlled. In this paper we identify controls that induce steady motions of these oriented vehicles and yield closed form parametric expressions for these motions. The paths these vehicles trace are defined explicitly in terms of the controls and therefore invariant with respect to the coordinate system used to describe the motion.

Empirical impact of cache effects for vision system design

Computer vision applications generally split their problem into multiple simpler tasks. Likewise research often combines algorithms into systems for evaluation purposes. Frameworks for modular vision provide interfaces and mechanisms for algorithm combination and network transparency. However, these don’t provide interfaces efficiently utilising the slow memory in modern PCs. We investigate quantitatively how system performance varies with different patterns of memory usage by the framework for an example vision system.

Comparison of extrasystolic ECG signal classifiers using discrete wavelet transforms

This work compares and contrasts results of classifying time-domain ECG signals with pathological conditions taken from the MITBIH arrhythmia database. Linear discriminant analysis and a multi-layer perceptron were used as classifiers. The neural network was trained by two different methods, namely back-propagation and a genetic algorithm. Converting the time-domain signal into the wavelet domain reduced the dimensionality of the problem at least 10-fold. This was achieved using wavelets from the db6 family as well as using adaptive wavelets generated using two different strategies. The wavelet transforms used in this study were limited to two decomposition levels. A neural network with evolved weights proved to be the best classifier with a maximum of 99.6% accuracy when optimised wavelet-transform ECG data wits presented to its input and 95.9% accuracy when the signals presented to its input were decomposed using db6 wavelets. The linear discriminant analysis achieved a maximum classification accuracy of 95.7% when presented with optimised and 95.5% with db6 wavelet coefficients. It is shown that the much simpler signal representation of a few wavelet coefficients obtained through an optimised discrete wavelet transform facilitates the classification of non-stationary time-variant signals task considerably. In addition, the results indicate that wavelet optimisation may improve the classification ability of a neural network. (c) 2005 Elsevier B.V. All rights reserved.

Subspace system identification framework for the analysis of multimoded propagation of THz-transient signals

We provide a system identification framework for the analysis of THz-transient data. The subspace identification algorithm for both deterministic and stochastic systems is used to model the time-domain responses of structures under broadband excitation. Structures with additional time delays can be modelled within the state-space framework using additional state variables. We compare the numerical stability of the commonly used least-squares ARX models to that of the subspace N4SID algorithm by using examples of fourth-order and eighth-order systems under pulse and chirp excitation conditions. These models correspond to structures having two and four modes simultaneously propagating respectively. We show that chirp excitation combined with the subspace identification algorithm can provide a better identification of the underlying mode dynamics than the ARX model does as the complexity of the system increases. The use of an identified state-space model for mode demixing, upon transformation to a decoupled realization form is illustrated. Applications of state-space models and the N4SID algorithm to THz transient spectroscopy as well as to optical systems are highlighted.