Are property prices non-linear? An investigation of the behaviour of US REITs and UK property company shares

Linear models of market performance may be misspecified if the market is subdivided into distinct regimes exhibiting different behaviour. Price movements in the US Real Estate Investment Trusts and UK Property Companies Markets are explored using a Threshold Autoregressive (TAR) model with regimes defined by the real rate of interest. In both US and UK markets, distinctive behaviour emerges, with the TAR model offering better predictive power than a more conventional linear autoregressive model. The research points to the possibility of developing trading rules to exploit the systematically different behaviour across regimes.

Pollen ultrastructure in anther cultures of Datura innoxia. I. Division of the presumptive vegetative cell.

Ultrastructural features of embryogenic pollen in Datura innoxia are described, just prior to, during, and after completion of the first division of the presumptive vegetative cell. In anther cultures initiated towards the end of the microspore phase and incubated at 28 degrees C in darkness, the spores divide within 24 h and show features consistent with those of dividing spores in vivo. Cytokinesis is also normal in most of the spores and the gametophytic cell-plate curves round the presumptive generative nucleus in the usual highly ordered way. Further differentiation of the 2 gametophytic cells does not take place and the pollen either switches to embryogenesis or degenerates. After 48-72 h, the remaining viable pollen shows the vegetative cell in division. The cell, which has a large vacuole and thin layer of parietal cytoplasm carried over from the microspore, divides consistently in a plane parallel to the microspore division. The dividing wall follows a less-ordered course than the gametophytic wall and usually traverses the vacuole, small portions of which are incorporated into the daughter cell adjacent to the generative cell. The only structural changes in the vegetative cell associated with the change in programme appear to be an increase in electron density of both plastids and mitochondria and deposition of an electron-dense material (possibly lipid) on the tonoplast. The generative cell is attached to the intine when the vegetative cell divides. Ribosomal density increases in the generative cell and exceeds that in the vegetative cell. A thin electron-dense layer also appears in the generative-cell wall. It is concluded that embryogenesis commences as soon as the 2 gametophytic cells are laid down. Gene activity associated with postmitotic synthesis of RNA and protein in the vegetative cell is switched off. The data are discussed in relation to the first division of the embryogenic vegetative cells in Nicotiana tabacum.

Strained relations: a critical analysis of the mining conflict in Prestea, Ghana

This paper examines the dynamics of the ongoing conflict in Prestea, Ghana, where indigenous galamsey mining groups are operating illegally on a concession awarded to Bogoso Gold Limited (BGL), property of the Canadian-listed multinational Gold Star Resources. Despite being issued firm orders by the authorities to abandon their activities, galamsey leaders maintain that they are working areas of the concession that are of little interest to the company; they further counter that there are few alternative sources of local employment, which is why they are mining in the first place. Whilst the Ghanaian Government is in the process of setting aside plots to relocate illegal mining parties and is developing alternative livelihood projects, efforts are far from encouraging: in addition to a series of overlooked logistical problems, the areas earmarked for relocation have not yet been prospected to ascertain gold content, and the alternative income-earning activities identified are inappropriate. As has been the case throughout mineral-rich sub-Saharan Africa, the conflict in Prestea has come about largely because the national mining sector reform program, which prioritizes the expansion of predominantly foreign-controlled large-scale projects, has neglected the concerns of indigenous subsistence groups.

Analysis of the dominant enterprise information assurance mechanisms

The purpose of this study is to analyse current data continuity mechanisms employed by the target group of businesses and to identify any inadequacies in the mechanisms as a whole. The questionnaire responses indicate that 47% of respondents do perceive backup methodologies as important, with a total of 70% of respondents having some backup methodology already in place. Businesses in Moulton Park perceive the loss of data to have a significant effect upon their business’ ability to function. Only 14% of respondents indicated that loss of data on computer systems would not affect their business at all, with 54% of respondents indicating that there would be either a “major effect” (or greater) on their ability to operate. Respondents that have experienced data loss were more likely to have backup methodologies in place (53%) than respondents that had not experienced data loss (18%). Although the number of respondents clearly affected the quality and conclusiveness of the results returned, the level of backup methodologies in place appears to be proportional to the company size. Further investigation is recommended into the subject in order to validate the information gleaned from the small number of respondents.

An in-depth view of the facets, antecedents and effects of leaders’ change competency: lessons from a case study

Leaders across companies initiate and implement change and thus are crucial for successful organizations. This study takes a competency perspective on leaders and investigates the competencies leaders show to facilitate effective change. The article explores the content of the construct of leaders’ change competency and examines its antecedents and effects. We conducted a case study in a German tourism company undergoing a major change process. The study identified (a) distinct content facets regarding the construct of leaders’ change competency along its two dimensions of leaders’ readiness for change and leaders’ change ability; (b) the construct’s antecedents, specifically contextual factors, leaders’ competency potentials, and attitudes toward change; and (c) beneficial effects of leaders’ change competency. The study ends with implications for research and leadership practice as well as suggestions for future studies on leaders’ change competency.

‘The Making of the Book’: Roy Fisher, the Circle Press and the poetics of book art

Between 1972 and 2001, the English late-modernist poet Roy Fisher provided the text for nine separate artist's books produced by Ron King at the Circle Press. Taken together, as Andrew Lambirth has written, the Fisher-King collaborations represent a sustained investigation of the various ways in which text and image can be integrated, breaking the mould of the codex or folio edition, and turning the book into a sculptural object. From the three-dimensional pop-up designs of Bluebeard's Castle (1973), each representing a part of the edifice (the portcullis, the armoury and so on), to ‘alphabet books’ such as The Half-Year Letters (1983), held in an ingenious french-folded concertina which can be stretched to over a metre long or compacted to a pocketbook, the project of these art books is to complicate their own bibliographic codes, and rethink what a book can be. Their folds and reduplications give a material form to the processes by which meanings are produced: from the discovery, in Top Down, Bottom Up (1990), of how to draw on both sides of the page at the same time, to the developments of The Left-Handed Punch (1987) and Anansi Company (1992), where the book becomes first a four-dimensional theatre space, in which a new version of Punch and Judy is played out by twelve articulated puppets, and then a location for characters that are self-contained and removable, in the form of thirteen hand-made wire and card rod-puppets. Finally, in Tabernacle (2001), a seven-drawer black wooden cabinet that stands foursquare like a sculpture (and sells to galleries and collectors for over three thousand pounds), the conception of the book and the material history of print are fully undone and reconstituted. This paper analyses how the King-Fisher art books work out their radically material poetics of the book; how their emphasis on collaboration, between artist and poet, image and text, and also book and reader – the construction of meaning becoming a co-implicated process – continuously challenges hierarchies and fixities in our conception of authorship; and how they re-think the status of poetic text and the construction of the book as material object.

Rescuing a telecom giant from the jaws of bankruptcy: a case study and an interview with Sir Richard Lapthorne, chairman of Cable & Wireless

Purpose – The purpose of this paper is to demonstrate key strategic decisions involved in turning around a large multinational operating in a dynamic market. Design/methodology/approach – The paper is based on analysis of archival documents and a semi-structured interview with the chairman of the company credited with its rescue. Findings – Turnaround is complex and involves both planned and emergent strategies. The progress is non-linear requiring adjustment and change in direction of travel. Top management credibility and vision is critical to success. Rescue is only possible if the company has a strong cash generative business among its businesses. The speed of decision making, decisiveness and the ability to implement strategy are among the key ingredients of success. Originality/value – Turnaround is an under-researched area in strategy. This paper contributes to a better understanding in this important area and bridges the gap between theory and practice. It provides a practical view and demonstrates how a leading executive with significant expertise and successful turnaround track record deals with inherent dilemmas of turnaround

Children of the revolution: fathers and sons in antifascist DEFA films

The article looks at three antifascist films from the 1980s by the East German film company DEFA: Jürgen Brauer's Pugowitza (1981), Egon Schlegel's Die Schüsse der Arche Noah (1983), and Helmut Dziuba's Jan auf der Zille (1986), which during this final decade of the East German state re-examine an ideologically seminal constellation of the GDR's official antifascism – the relationship between antifascist father and son. Linking generational and political succession, the father-son relationship helped to legitimise the GDR as a state in which the young continued the antifascist fight of the old communists against the Nazi dictatorship. From the 1950s on, DEFA films contributed to the visualisation of this relationship, codifying it not only as heroic but also as ‘natural’: the assumed innocence of the communist son was meant to naturalise the father's antifascist/communist cause. The 1980s saw this naturalised political succession questioned. By re-telling the canonised father-son story, the three films visualise the generational antifascist contract as flawed. Re-deploying the son's assumed innocence in a critique of the father, they explore new endings to the antifascist story and revive the discussion of categories like ‘victim’ and ‘perpetrator’.// Der Aufsatz untersucht drei antifaschistische Filme der ostdeutschen Filmgesellschaft DEFA aus den 1980er Jahren: Jürgen Brauers Pugowitza (1981), Egon Schlegels Die Schüsse der Arche Noah (1983) und Helmut Dziubas Jan auf der Zille (1986). Alle drei Filme wurden im letzten Jahrzehnt der DDR gedreht und greifen eine ideologisch tragende Konstellation des offiziellen DDR-Antifaschismus auf – die Beziehung zwischen antifaschistischem Vater und Sohn. In der Vater-Sohn-Beziehung verband sich Generationenabfolge mit politischer Nachkommenschaft, eine Verbindung, die half, die DDR als einen Staat zu legitimieren, in dem die Jungen den antifaschistischen Kampf der alten Kommunisten gegen die Nazi-Diktatur weiterführten. Seit den 1950er Jahren beteiligte sich die DEFA an der Visuali-sierung dieser Beziehung und kodifizierte sie nicht nur als heldenhaft, sondern auch als ‘natürlich’: die behauptete Unschuld der kommunistschen Söhne diente dazu, den antifaschistisch-kommunistischen Kampf der Väter zu naturalisieren. Die solcher Art politisch interpretierte Generationenabfolge verlor ihre Natürlichkeit, als sie in den 1980er Jahren kritisch befragt wurde. Im nochmaligen Erzählen der kanonisierten Vater-Sohn-Geschichte wird die Brüchigkeit des antifaschistischen Gesellschaftsvertrags in allen drei Filmen sichtbar. Die vermeintliche Unschuld der Söhne wird nun zu einer Kritik der Väter genutzt, wobei die Filme ein neues Ende für die antifaschistische Geschichte erkunden und die Debatte über Kategorien wie ‘Opfer’ und ‘Täter’ wieder aufnehmen.