Commercial real estate and equity market bubbles: are they contagious to REITs?

This paper uses a regime-switching approach to determine whether prices in the US stock, direct real estate and indirect real estate markets are driven by the presence of speculative bubbles. The results show significant evidence of the existence of periodically partially collapsing speculative bubbles in all three markets. A multivariate bubble model is then developed and implemented to evaluate whether the stock and real estate bubbles spill over into REITs. The underlying stock market bubble is found to be a stronger influence on the securitised real estate market bubble than that of the property market. Furthermore, the findings suggest a transmission of speculative bubbles from the direct real estate to the stock market, although this link is not present for the returns themselves.

Does terrorism threaten human rights? Evidence from panel data

Using panel data for 111 countries over the period 1982–2002, we employ two indexes that cover a wide range of human rights to empirically analyze whether and to what extent terrorism affects human rights. According to our results,terrorism significantly, but not dramatically, diminishes governments’ respect for basic human rights such as the absence of extrajudicial killings, political imprisonment, and torture. The result is robust to how we measure terrorist attacks, to the method of estimation, and to the choice of countries in our sample. However, we find no effect of terrorism on empowerment rights.

No Haus Like Bau

The project consists of a live performance taking the 2005 IKEA riot as the starting point for a speculative history of a fictional future, culminating in a choreographed re-enactment of the original event. It is accompanied by a film series explores the possibility of collective action emerging from the capitalist relations inherent in the consumer riot. The performance, staged at the Berlin Biennale, continues this research into re-enactment and post-1989 politics, using a stage set made of flatpack furniture. Using the aesthetics of Modernism and the avant garde, the project transposes early twentieth century utopian ideology to a present day setting where mass uprisings are motivated by cheap commodities. By re-evaluating biomechanics and Bauhaus theatre theory, these explorations of consumerism and revolution propose that the mechanized movement developed in conjunction with industrial labour survives as a historical re-enactment in the wake of manufacturing work in the west. In the absence of a visual language apt to the contemporary, No Haus Like Bau uses re-enactment as a retrogarde tactic. Its purpose on the one hand is to invoke trajectories for alternate futures that never materialized at an originary moment. On the other hand, the clash of past forms with present content serves to accentuate the historical changes that have thrown into question these forms. Rather than reflecting the present, the projection of the past into a fictional future aims to destabilize the dominant narrative that suggests the current configuration of art, politics and human nature has always been this way. The project has been widely exhibited internationally and supported by Film London and Arts Council England. A theoretical essay on re-enactment as a strategy for performance has been published in Art Papers and in Memory [MIT]. The project also formed the basis of a solo exhibition at Te Tuhi Art Centre, Auckland.

Terrorist transgressions: gendered representations of the terrorist in visual culture

The aim of Terrorist Transgressions is to analyse the myths inscribed in images of the terrorist and identify how agency is attributed to representation through invocations and inversions of gender stereotypes. In modern discourses on the terrorist the horror experienced in Western societies was the appearance of a new sense of the vulnerability of the body politic, and therefore of the modern self with its direct dependency on security and property. The terrorist has been constructed as the epitome of transgression against economic resources and moral, physical and political boundaries. Although terrorism has been the focus of intense academic activity, cultural representations of the terrorist have received less attention. Yet terrorism is dependent on spectacle and the topic is subject to forceful exposure in popular media. While the terrorist is predominantly aligned with masculinity, women have been active in terrorist organisations since the late 19th century and in suicidal terrorist attacks since the 1980s. Such attacks have confounded constructions of femininity and masculinity, with profound implications for the gendering of violence and horror. The publication arises from an AHRC networking grant, 2011-12, with Birkbeck, and includes collaboration with the army at Sandhurst RMA. The project relates to a wider investigation into feminism, violence and contemporary art.

International terrorism, domestic political instability, and the escalation effect

What are the main causes of international terrorism? Despite the meticulous examination of various candidate explanations, existing estimates still diverge in sign, size, and significance. This article puts forward a novel explanation and supporting evidence. We argue that domestic political instability provides the learning environment needed to successfully execute international terror attacks. Using a yearly panel of 123 countries over 1973–2003, we find that the occurrence of civil wars increases fatalities and the number of international terrorist acts by 45%. These results hold for alternative indicators of political instability, estimators, subsamples, subperiods, and accounting for competing explanations.

Lock, stock, and barrel: a comprehensive assessment of the determinants of terror

We assess the robustness of previous findings on the determinants of terrorism. Using extreme bound analysis, the three most comprehensive terrorism datasets, and focusing on the three most commonly analyzed aspects of terrorist activity, i.e., location, victim, and perpetrator, we re-assess the effect of 65 proposed correlates. Evaluating around 13.4 million regressions, we find 18 variables to be robustly associated with the number of incidents occurring in a given country-year, 15 variables with attacks against citizens from a particular country in a given year, and six variables with attacks perpetrated by citizens of a particular country in a given year.

Does political proximity to the U.S. cause terror?

We analyze the impact of political proximity to the United States on the occurrence and severity of terror. Employing panel data for 116 countries over the period 1975–2001 we find that countries voting in line with the U.S. are victims of more and deadlier attacks.

Attacking human implants: a new generation of cybercrime

Human ICT implants, such as RFID implants, cochlear implants, cardiac pacemakers, Deep Brain Stimulation, bionic limbs connected to the nervous system, and networked cognitive prostheses, are becoming increasingly complex. With ever-growing data processing functionalities in these implants, privacy and security become vital concerns. Electronic attacks on human ICT implants can cause significant harm, both to implant subjects and to their environment. This paper explores the vulnerabilities which human implants pose to crime victimisation in light of recent technological developments, and analyses how the law can deal with emerging challenges of what may well become the next generation of cybercrime: attacks targeted at technology implanted in the human body. After a state-of-the-art description of relevant types of human implants and a discussion how these implants challenge existing perceptions of the human body, we describe how various modes of attacks, such as sniffing, hacking, data interference, and denial of service, can be committed against implants. Subsequently, we analyse how these attacks can be assessed under current substantive and procedural criminal law, drawing on examples from UK and Dutch law. The possibilities and limitations of cybercrime provisions (eg, unlawful access, system interference) and bodily integrity provisions (eg, battery, assault, causing bodily harm) to deal with human-implant attacks are analysed. Based on this assessment, the paper concludes that attacks on human implants are not only a new generation in the evolution of cybercrime, but also raise fundamental questions on how criminal law conceives of attacks. Traditional distinctions between physical and non-physical modes of attack, between human bodies and things, between exterior and interior of the body need to be re-interpreted in light of developments in human implants. As the human body and technology become increasingly intertwined, cybercrime legislation and body-integrity crime legislation will also become intertwined, posing a new puzzle that legislators and practitioners will sooner or later have to solve.

The effects of corporate social performance on the cost of corporate debt and credit ratings

This study investigates the differential impact that various dimensions of corporate social performance have on the pricing of corporate debt as well as the assessment of the credit quality of specific bond issues. The empirical analysis, based on an extensive longitudinal data set, suggests that overall, good performance is rewarded and corporate social transgressions are penalized through lower and higher corporate bond yield spreads, respectively. Similar conclusions can be drawn when focusing on either the bond rating assigned to a specific debt issue or the probability of it being considered to be an asset of speculative grade.

Testing for bubbles in indirect property price cycles

Speculative bubbles are generated when investors include the expectation of the future price in their information set. Under these conditions, the actual market price of the security, that is set according to demand and supply, will be a function of the future price and vice versa. In the presence of speculative bubbles, positive expected bubble returns will lead to increased demand and will thus force prices to diverge from their fundamental value. This paper investigates whether the prices of UK equity-traded property stocks over the past 15 years contain evidence of a speculative bubble. The analysis draws upon the methodologies adopted in various studies examining price bubbles in the general stock market. Fundamental values are generated using two models: the dividend discount and the Gordon growth. Variance bounds tests are then applied to test for bubbles in the UK property asset prices. Finally, cointegration analysis is conducted to provide further evidence on the presence of bubbles. Evidence of the existence of bubbles is found, although these appear to be transitory and concentrated in the mid-to-late 1990s.

Biometrics in ABC: counter-spoofing research

Automated border control (ABC) is concerned with fast and secure processing for intelligence-led identification. The FastPass project aims to build a harmonised, modular reference system for future European ABC. When biometrics is taken on board as identity, spoofing attacks become a concern. This paper presents current research in algorithm development for counter-spoofing attacks in biometrics. Focussing on three biometric traits, face, fingerprint, and iris, it examines possible types of spoofing attacks, and reviews existing algorithms reported in relevant academic papers in the area of countering measures to biometric spoofing attacks. It indicates that the new developing trend is fusion of multiple biometrics against spoofing attacks.

Enhanced three-factor security protocol for consumer USB mass storage devices

The Universal Serial Bus (USB) is an extremely popular interface standard for computer peripheral connections and is widely used in consumer Mass Storage Devices (MSDs). While current consumer USB MSDs provide relatively high transmission speed and are convenient to carry, the use of USB MSDs has been prohibited in many commercial and everyday environments primarily due to security concerns. Security protocols have been previously proposed and a recent approach for the USB MSDs is to utilize multi-factor authentication. This paper proposes significant enhancements to the three-factor control protocol that now makes it secure under many types of attacks including the password guessing attack, the denial-of-service attack, and the replay attack. The proposed solution is presented with a rigorous security analysis and practical computational cost analysis to demonstrate the usefulness of this new security protocol for consumer USB MSDs.

80,000,000 hooligans. Discourses of resistance to racism and xenophobia in German punk lyrics 1991-1994

The late eighties and early nineties in Germany were not only marked by the fall of the Wall and German unification, but also by the dramatization of the political issue of asylum, resulting in outbreaks of xenophobic violence. In the context of the asylum debate of the early nineties, a number of punk bands produced songs between 1991 and 1994 which criticise the xenophobic climate created by the asylum debate and undermine an exculpatory official discourse about the violent attacks. The lyrics of these songs will be analysed as instances of counter-discourse emerging from a subcultural sphere that nurtures a critical distance towards hegemonic public and political discourse, arguing that Critical Discourse Analysis should pay more attention to defiance of hegemonic discourse.

Booms and busts in commodity markets: bubbles or fundamentals?

This paper considers whether there were periodically collapsing rational speculative bubbles in commodity prices over a 40-year period from the late 1960s. We apply a switching regression approach to a broad range of commodities using two different measures of fundamental values—estimated from convenience yields and from a set of macroeconomic factors believed to affect commodity demand. We find reliable evidence for bubbles only among crude oil and feeder cattle, showing the popular belief that the extreme price movements observed in commodity markets were caused by pure speculation to be unsustainable

The regulation of cyber warfare under the jus ad bellum

This chapter evaluates the potential for legal regulation of the resort to cyber warfare between states under the ‘jus ad bellum’ (the law on the use of force). Debate in the literature has largely concerned whether cyber warfare falls within the scope of Article 2(4) UNC. The first part of this chapter sets out this debate. It then goes on to argue that the ‘Article 2(4) debate’ often misses the fact that an act of cyber warfare can be considered a breach of a different legal rule: the principle of non-intervention. The chapter further considers some of the issues in applying either the prohibition of the use of force or the principle of non-intervention to cyber warfare, and then concludes by arguing that the debate should be reoriented to focus on another existing international legal obligation: the duty to prevent cyber-attacks.