Eventive and stative passives and copula selection in Canadian and American heritage speaker Spanish

Spanish captures the difference between eventive and stative passives via an obligatory choice between two copula; verbal passives take the copula ser and adjectival passives take the copula estar. In this study, we compare and contrast US and Canadian heritage speakers of Spanish on their knowledge of this difference in relation to copula choice in Spanish. The backgrounds of the target groups differ significantly from each other in that only one of them, the Canadian group, has grown up in a societal multilingual environment. We discuss the results as being supportive of two non-mutually exclusive explanation factors: (a) French facilitates (bootstraps) the acquisition of eventive and stative passives and/or (b) the US/Canadian HS differences (e.g. status of bilingualism and the languages at stake) is a reflection of the uniqueness of the language contact situations and the effects this has on the input HSS receive.

Diversification when it hurts? The joint distributions of real estate and equity markets

Much of the literature on the construction of mixed asset portfolios and the case for property as a risk diversifier rests on correlations measured over the whole of a given time series. Recent developments in finance, however, focuses on dependence in the tails of the distribution. Does property offer diversification from equity markets when it is most needed - when equity returns are poor. The paper uses an empirical copula approach to test tail dependence between property and equity for the UK and for a global portfolio. Results show strong tail dependence: in the UK, the dependence in the lower tail is stronger than in the upper tail, casting doubt on the defensive properties of real estate stocks.