Pricing the options inherent in leased commercial property: a UK case study

This paper sets out the findings of a group of research and development projects carried out at the Department of Real Estate & Planning at the University of Reading and at Oxford Property Systems over the period 1999 – 2003. The projects have several aims: these are to identify the fundamental drivers of the pricing of different lease terms in the UK property sector; to identify current and best market practice and uncover the main variations in lease terms; to identify key issues in pricing lease terms; and to develop a model for the pricing of rent under a variety of lease variations. From the landlord’s perspective, the main factors driving the required ‘compensation’ for a lease term amendment include expected rental volatility, expected probability of tenant vacation, and the expected costs of tenant vacation. These data are used in conjunction with simulation technology to reflect the options inherent in certain lease types to explore the required rent adjustment. The resulting cash flows have interesting qualities which illustrate the potential importance of option pricing in a non-complex and practical way.

Apheresis donors and platelet function: inherent platelet responsiveness influences platelet quality

BACKGROUND: Process-induced platelet (PLT) activation occurs with all production methods, including apheresis. Recent studies have highlighted the range and consistence of interindividual variation in the PLT response, but little is known about the contribution of a donors' inherent PLT responsiveness to the activation state of the apheresis PLTs or the effect of frequent apheresis on donors' PLTs. STUDY DESIGN AND METHODS: The relationship between the donors' PLT response on the apheresis PLTs was studied in 47 individuals selected as having PLTs with inherently low, intermediate, or high responsiveness. Whole-blood flow cytometry was used to measure PLT activation (levels of bound fibrinogen) before donation and in the apheresis PLTs. The effects of regular apheresis on the activation status of donors' PLTs were studied by comparing the in vivo activation status of PLTs from apheresis (n = 349) and whole-blood donors (n = 157), before donation. The effect of apheresis per se on PLT activation was measured in 10 apheresis donors before and after donation. RESULTS: The level of PLT activation in the apheresis packs was generally higher than in the donor, and the most activated PLTs were from high-responder donors. There was no significant difference in PLT activation before donation between the apheresis and whole-blood donors (p = 0.697), and there was no consistent evidence of activation in the donors immediately after apheresis. CONCLUSION: The most activated apheresis PLTs were obtained from donors with more responsive PLTs. Regular apheresis, however, does not lead to PLT activation in the donors.

Influence of inherent structure shear stress of supercooled liquids on their shear moduli

Configurations of supercooled liquids residing in their local potential minimum (i.e. in their inherent structure, IS) were found to support a non-zero shear stress. This IS stress was attributed to the constraint to the energy minimization imposed by boundary conditions, which keep size and shape of the simulation cell fixed. In this paper we further investigate the influence of these boundary conditions on the IS stress. We investigate its importance for the computation of the low frequency shear modulus of a glass obtaining a consistent picture for the low- and high frequency shear moduli over the full temperature range. Hence, we find that the IS stress corresponds to a non-thermal contribution to the fluctuation term in the Born-Green expression. This leads to an unphysical divergence of the moduli in the low temperature limit if no proper correction for this term is applied. Furthermore, we clarify the IS stress dependence on the system size and put its origin on a more formal basis.

Perfective marking in L2 Mandarin: agreement with inherent lexical aspect or the derived Sentential Aspectual class?

This study evaluates the differing claims of the Aspect Hypothesis (Anderson & Shirai 1996) and the Sentential Aspect Hypothesis (Sharma & Deo 2009) for perfective marking by L1 English learners of Mandarin. The AH predicts a narrow focus on inherent lexical aspect (the verb and predicate) in determining the use of the perfective marker le, whilst the SAH suggests that – subject to L1 influence – perfective marking agrees with the final derived aspectual class of the sentence. To test these claims data were collected using a controlled le-insertion task, combined with oral corpus data. The results show that learners’ perfective marking patterns with the sentential aspectual class and not inherent lexical aspect (where these differ), and that overall the sentential aspectual class better predicts learners’ assignment of perfective marking than lexical aspect.

Writing westwards: medieval English literature and its early modern Irish audiences

Quite a few texts from England were translated into Irish in the fifteenth and early-sixteenth centuries. The number of these texts was significant enough to suggest that foreign material of this sort enjoyed something of a vogue in late-medieval Ireland. Translated texts include Mandeville’s Travels, Guy of Warwick, Bevis of Hampton, Fierabras and a selection of saints’ lives. Scholars have paid little attention to the origins and initial readerships of these texts, but still less research has been conducted into their afterlife in early modern Ireland. However, a strikingly high number of these works continued to be read and copied well into the seventeenth century and some, such as the Irish translations of Octavian and William of Palerne, only survive in manuscripts from this later period. This paper takes these translations as a test case to explore the ways in which a cross-period approach to such writing is applicable in Ireland, a country where the renaissance is generally considered to have taken little hold. It considers the extent to which Irish reception of this translated material shifts and evolves in the course of this turbulent period and whether the same factors that contributed to the continued demand for a range of similar texts in England into the seventeenth century are also discernible in the Irish context.