Commercial real estate return distributions: a review of literature and empirical evidence

This paper review the literature on the distribution of commercial real estate returns. There is growing evidence that the assumption of normality in returns is not safe. Distributions are found to be peaked, fat-tailed and, tentatively, skewed. There is some evidence of compound distributions and non-linearity. Public traded real estate assets (such as property company or REIT shares) behave in a fashion more similar to other common stocks. However, as in equity markets, it would be unwise to assume normality uncritically. Empirical evidence for UK real estate markets is obtained by applying distribution fitting routines to IPD Monthly Index data for the aggregate index and selected sub-sectors. It is clear that normality is rejected in most cases. It is often argued that observed differences in real estate returns are a measurement issue resulting from appraiser behaviour. However, unsmoothing the series does not assist in modelling returns. A large proportion of returns are close to zero. This would be characteristic of a thinly-traded market where new information arrives infrequently. Analysis of quarterly data suggests that, over longer trading periods, return distributions may conform more closely to those found in other asset markets. These results have implications for the formulation and implementation of a multi-asset portfolio allocation strategy.

The status of literature: English teaching and the condition of literature teaching in schools

Although the curriculum subject of English is continually reviewed and revised in all English speaking countries, the status of literature is rarely questioned i.e. that it is of high cultural value and all students should be taught about it. The concerns of any review, in any country, are typically about what counts as literature, especially in terms of national heritage and then how much of the curriculum should it occupy. This article reports on three inter-related pieces of research that examine the views of in-service, and pre-service, English teachers about their experiences of teaching literature and their perceptions of its ‘status’ and significance at official level and in the actual classroom; it draws attention to how England compares to some other English speaking countries and draws attention to the need to learn from the negative outcomes of political policy in England. The findings suggest that the nature of engagement with literature for teachers and their students has been distorted by official rhetorics and assessment regimes and that English teachers are deeply concerned to reverse this pattern.

'Response and Responsibility: Theories of the Implied Reader in Children's Literature Criticism'

Reader Response Theory remains popular within Children's Literature Criticism. It seems to offer a sensible resolution to the question of whether meaning derives from text or reader. Through a close reading of one example of this criticism, I suggest that its dualisms are constantly collapsing into appeals to singular authority. at various stages the text or the reader is wholly responsible for meaning. I further suggest that the criticism bypasses the question of interpretation through claiming knowledge of a child reader whose opinions and reactions can be unproblematically accessed. We do not have to worry about reading texts, because we can, apparently, know the child's response to them with certainty. Anything other than this claim to certainty is taken to be a failure of responsibility, a wallowing in the subjective, obscure and perverse. My intention is to reinstate reading as the responsibility of criticism.

A multidisciplinary literature review of low and zero carbon technologies into new housing

The UK Government is committed to all new homes being zero-carbon from 2016. The use of low and zero carbon (LZC) technologies is recognised by housing developers as being a key part of the solution to deliver against this zero-carbon target. The paper takes as its starting point that the selection of new technologies by firms is not a phenomenon which takes place within a rigid sphere of technical rationality (for example, Rip and Kemp, 1998). Rather, technology forms and diffusion trajectories are driven and shaped by myriad socio-technical structures, interests and logics. A literature review is offered to contribute to a more critical and systemic foundation for understanding the socio-technical features of the selection of LZC technologies in new housing. The problem is investigated through a multidisciplinary lens consisting of two perspectives: technological and institutional. The synthesis of the perspectives crystallises the need to understand that the selection of LZC technologies by housing developers is not solely dependent on technical or economic efficiency, but on the emergent ‘fit’ between the intrinsic properties of the technologies, institutional logics and the interests and beliefs of various actors in the housing development process.

(In)Complete acquisition of Turkish among Turkish German bilinguals in Germany and Turkey: an analysis of complex embeddings in narratives

Although most researchers recognise that the language repertoire of bilinguals canmvary, few studies have tried to address variation in bilingual competence in any detail. This study aims to take a first step towards further understanding the way in which bilingual competencies can vary at the level of syntax by comparing the use of syntactic embeddings among three different groups of Turkish�German bilinguals. The approach of the present paper is new in that different groups of bilinguals are compared with each other, and not only with monolingual speakers, as is common in most studies in the field. The analysis focuses on differences in the use of embeddings in Turkish, which are generally considered to be one of the more complex aspects of Turkish grammar. The study shows that young Turkish� German bilingual adults who were born and raised in Germany use fewer, and less complex embeddings than Turkish�German bilingual returnees who had lived in Turkey for eight years at the time of recording. The present study provides new insights in the nature of bilingual competence, as well as a new perspective on syntactic change in immigrant Turkish as spoken in Europe.

'Thou glorious kingdome, thou chiefe of empires': Persia in seventeenth-century travel literature

This article discusses a series of texts by or about travellers to Safavid Persia in the early seventeenth century, and in particular the literature surrounding the Sherley brothers. It looks at the ways in which, in order to encourage support for the voyages they described, English travel writers emphasised the potential for closer Anglo-Persian relations. In doing so, such narratives took advantage of a developing awareness of sectarian division within Islam in order to differentiate Persia from the Ottoman Empire. The article then examines how The Travailes of the Three English Brothers (1607) by Day, Rowley and Wilkins, built on the possibilities suggested by the travel writings, and specifically their recognition of Islamic sectarian division, to develop an idealised model of how relations between Persia and England might function. More broadly, these texts demonstrate travellers’ interest in looking for potential correlation between Christian and Muslim identities during this period.