Hedging effectiveness of total returns swaps: application to the Japanese market

The development of the real estate swap market offers many opportunities for investors to adjust the exposure of their portfolios to real estate. A number of OTC transactions have been observed in markets around the world. In this paper we examine the Japanese commercial real estate market from the point of view of an investor holding a portfolio of properties seeking to reduce the portfolio exposure to the real estate market by swapping an index of real estate for LIBOR. This paper explores the practicalities of hedging portfolios comprising small numbers of individual properties against an appropriate index. We use the returns from 74 properties owned by Japanese Real Estate Investment Trusts over the period up to September 2007. The paper also discusses and applies the appropriate stochastic processes required to model real estate returns in this application and presents alternative ways of reporting hedging effectiveness. We find that the development of the derivative does provide the capacity for hedging market risk but that the effectiveness of the hedge varies considerably over time. We explore the factors that cause this variability.

Science in modern poetry: new directions

An edited collection of essays by the leading scholars in the field on science in poetry from 1900 to the present. This is a collection of research essays, not a companion. The introduction (pp. 1-15) and one of the 12 main chapters, 'From Bergson to Darwin: Evolutionary Biology in the Poetry of Judith Wright' (pp. 194-209), are by the editor.

Pagan epic in contemporary British poetry: Hughes and Logue, Ovid and Homer

In 'Tales from Ovid' and 'War Music' respectively, Ted Hughes and Christopher Logue turned to classical epic as source material and a model for contemporary poetry. In this essay I consider the different ways in which they work with the original epic poems and how they rework them both textually and generically. In the process, I suggest, Hughes gives his readers an Ovid modeled on his own, vatic conception of Homer, while Logue reworks Homer in a manner that is essentially Ovidian.

Effects of second language on cognition in English users of L2 Japanese

It is now established that certain cognitive processes such as categorisation are tightly linked to the concepts encoded in language. Recent studies have shown that bilinguals with languages that differ in their concepts may show a shift in their cognition towards the L2 pattern primarily as a function of their L2 proficiency. This research has so far focused predominantly on L2 users who started learning the L2 in childhood or early puberty. The current study asks whether similar effects can be found in adult L2 learners. English speakers of L2 Japanese were given an object classification task involving real physical objects, and an online classification task involving artificial novel objects. Results showed a shift towards the L2 pattern, indicating that some degree of cognitive plasticity exists even when a second language is acquired later in life. These results have implications for theories of L2 acquisition and bilingualism, and contribute towards our understanding of the nature of the relationship between language and cognition in the L2 user’s mind.

Bernard Spencer: essays on his poetry & life

15 chapters by separate hands, an introduction, and updated bibliography publishing proceedings from the 2009 Bernard Spencer Centenary Conference at the University of Reading, along with other related work.