The initial return performance of UK property company IPOs

This paper presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. From which a number of conclusions can be drawn. First, property companies in general show positive average first day returns. Second, the average first day return by property trading companies is significantly higher than that for property investment companies

A novel association of a polymorphism in the first intron of adiponectin gene with type 2 diabetes, obesity and hypoadiponectinemia in Asian Indians

Adiponectin is an adipose tissue specific protein that is decreased in subjects with obesity and type 2 diabetes. The objective of the present study was to examine whether variants in the regulatory regions of the adiponectin gene contribute to type 2 diabetes in Asian Indians. The study comprised of 2,000 normal glucose tolerant (NGT) and 2,000 type 2 diabetic, unrelated subjects randomly selected from the Chennai Urban Rural Epidemiology Study (CURES), in southern India. Fasting serum adiponectin levels were measured by radioimmunoassay. We identified two proximal promoter SNPs (-11377C-->G and -11282T-->C), one intronic SNP (+10211T-->G) and one exonic SNP (+45T-->G) by SSCP and direct sequencing in a pilot study (n = 500). The +10211T-->G SNP alone was genotyped using PCR-RFLP in 4,000 study subjects. Logistic regression analysis revealed that subjects with TG genotype of +10211T-->G had significantly higher risk for diabetes compared to TT genotype [Odds ratio 1.28; 95% Confidence Interval (CI) 1.07-1.54; P = 0.008]. However, no association with diabetes was observed with GG genotype (P = 0.22). Stratification of the study subjects based on BMI showed that the odds ratio for obesity for the TG genotype was 1.53 (95%CI 1.3-1.8; P < 10(-7)) and that for GG genotype, 2.10 (95% CI 1.3-3.3; P = 0.002). Among NGT subjects, the mean serum adiponectin levels were significantly lower among the GG (P = 0.007) and TG (P = 0.001) genotypes compared to TT genotype. Among Asian Indians there is an association of +10211T-->G polymorphism in the first intron of the adiponectin gene with type 2 diabetes, obesity and hypoadiponectinemia.

Role of genetic polymorphism peroxisome proliferator-activated receptor-gamma2 Pro12Ala on ethnic susceptibility to diabetes in South-Asian and Caucasian subjects: Evidence for heterogeneity

OBJECTIVE: To determine whether the peroxisome proliferator-activated receptor (PPAR)-gamma Pro12ala polymorphism modulates susceptibility to diabetes in South Asians. RESEARCH DESIGN AND METHODS: South Asians (n = 697) and Caucasians (n = 457) living in Dallas/Forth Worth, Texas, and South Asians living in Chennai, India (n = 1,619), were enrolled for this study. PPAR-gamma Pro12Ala was determined using restriction fragment-length polymorphism. Insulin responsiveness to an oral glucose tolerance test (OGTT) was measured in nondiabetic subjects. RESULTS: The Caucasian diabetic subjects had significantly lower prevalence of PPAR-gamma 12Ala when compared with the Caucasian nondiabetic subjects (20 vs. 9%, P = 0.006). However, there were no significant differences between diabetic and nondiabetic subjects with reference to the Pro12Ala polymorphism among the South Asians living in Dallas (20 vs. 23%) and in India (19 vs. 19.3%). Although Caucasians carrying PPAR-gamma Pro12Ala had lower plasma insulin levels at 2 h of OGTT than the wild-type (Pro/Pro) carriers (76 +/- 68 and 54 +/- 33 microU/ml, respectively, P = 0.01), no differences in either fasting or 2-h plasma insulin concentrations were found between South Asians carrying the PPAR-gamma Pro12Ala polymorphism and those with the wild-type genotype at either Chennai or Dallas. CONCLUSIONS: Although further replication studies are necessary to test the validity of the described genotype-phenotype relationship, our study supports the hypothesis that the PPAR-gamma Pro12Ala polymorphism is protective against diabetes in Caucasians but not in South Asians.

Functionality of lipase and emulsifiers in low-fat cakes with inulin

The functional effects of lipase (0.003 and 0.006 g/100 g of flour) and emulsifier (0.5 and 1 g/100 g of flour) on fat-replaced (0%, 50% and 70%) batters and cakes with inulin (0, 7.5 and 10 g/100 g/of flour, respectively) were studied. Emulsifier addition significantly lowered the relative density of the batter. Emulsifier incorporation increased the viscoelastic properties of the batter. In contrast, lipase incorporation decreased the degree of system structuring. The evolution of the dynamic moduli and complex viscosity with rising temperatures were studied. Batters with 1 g/100 g emulsifier displayed a significantly lower complex viscosity during heating, resulting in collapsed cakes. Differential scanning calorimetry results revealed that the thermal setting in the control cakes occurred at higher temperatures, and accordingly, greater cake expansion was observed. Cakes with 0.003 g/100 g lipase or 0.5 g/100 g emulsifier displayed volume and crumb cell structure that were similar to those of control cakes. Higher concentrations of both improvers gave rise to cakes with lower volume, higher hardness and lower springiness. During storage time, cakes with lipase displayed lower hardness. Both improvers, at low concentrations, could improve certain physical characteristics, such as crumb structure, of fat-replaced cakes with inulin.

Optimizing mixing during the sponge cake manufacturing process

Sponge cakes have traditionally been manufactured using multistage mixing methods to enhance potential foam formation by the eggs. Today, use of all-in (single-stage) mixing methods is superseding multistage methods for large-scale batter preparation to reduce costs and production time. In this study, multistage and all-in mixing procedures and three final high-speed mixing times (3, 5, and 15 min) for sponge cake production were tested to optimize a mixing method for pilot-scale research. Mixing for 3 min produced batters with higher relative density values than did longer mixing times. These batters generated well-aerated cakes with high volume and low hardness. In contrast, after 5 and 15 min of high-speed mixing, batters with lower relative density and higher viscosity values were produced. Although higher bubble incorporation and retention were observed, longer mixing times produced better developed gluten networks, which stiffened the batters and inhibited bubble expansion during mixing. As a result, these batters did not expand properly and produced cakes with low volume, dense crumb, and high hardness values. Results for all-in mixing were similar to those for the multistage mixing procedure in terms of the physical properties of batters and cakes (i.e., relative density, elastic moduli, volume, total cell area, hardness, etc.). These results suggest the all-in mixing procedure with a final high-speed mixing time of 3 min is an appropriate mixing method for pilot-scale sponge cake production. The advantages of this method are reduced energy costs and production time.