On the electrical properties of insulation oils

Insulating oils are a major component of high voltage plant, including transformers, switchgear and cables. Consequentially, in terms of plant failure, changes in the electrical characteristics of the oil during ageing are of crucial importance. To address this issue, commercial insulating oil was subjected to controlled ageing under laboratory conditions. The electrical properties of the aged oils were then characterized using dielectric spectroscopy. The data suggest that a degree of electrical conductivity occurs in the aged oils, which reduces the insulating properties of the oil as ageing proceeds. The role of atmosphere and additives on the electrical properties of the oils were also explored. Results are compared with model samples, which contain known amounts of materials that may occur as by-products of the ageing process.

The inflation hedging characteristics of US and UK investments: a multi-factor error correction approach

Historic analysis of the inflation hedging properties of stocks produced anomalous results, with equities often appearing to offer a perverse hedge against inflation. This has been attributed to the impact of real and monetary shocks to the economy, which influence both inflation and asset returns. It has been argued that real estate should provide a better hedge: however, empirical results have been mixed. This paper explores the relationship between commercial real estate returns (from both private and public markets) and economic, fiscal and monetary factors and inflation for US and UK markets. Comparative analysis of general equity and small capitalisation stock returns in both markets is carried out. Inflation is subdivided into expected and unexpected components using different estimation techniques. The analyses are undertaken using long-run error correction techniques. In the long-run, once real and monetary variables are included, asset returns are positively linked to anticipated inflation but not to inflation shocks. Adjustment processes are, however, gradual and not within period. Real estate returns, particularly direct market returns, exhibit characteristics that differ from equities.

Varieties of capitalism and investments in human capital

This paper explores the relationship between national institutional archetypes and investments in training and development. A recent trend within the literature on comparative capitalism has been to explore the nature and extent of heterogeneity within the coordinated market economies (CMEs) of Europe. Based on a review of the existing comparative literature on training and development, and comparative firm-level survey evidence of differences in training and development practices, we both support and critique existing country clusters and argue for a more nuanced and flexible categorization.

Domestic cold pitched roofs in the UK: - effect of using different roof insulation materials

The type and thickness of insulation on the topside horizontal of cold pitched roofs has a significant role in controlling air movement, energy conservation and moisture transfer reduction through the ceiling to the loft (roof void) space. To investigate its importance, a numerical model using a HAM software package on a Matlab platform with a Simulink simulation tool has been developed using insitu measurements of airflows from the dwelling space through the ceiling to the loft of three houses of different configurations and loft space. Considering typical UK roof underlay (i.e. bituminous felt and a vapour permeable underlay), insitu measurements of the 3 houses were tested using a calibrated passive sampling technique. Using the measured airflows, the effect of air movement on three types of roof insulation (i.e. fibreglass, cellulose and foam) was modelled to investigate associated energy losses and moisture transport. The thickness of the insulation materials were varied but the ceiling airtightness and eaves gap size were kept constant. These instances were considered in order to visualize the effects of the changing parameters. In addition, two different roof underlays of varying resistances were considered and compared to access the influence of the underlay, if any, on energy conservation. The comparison of these insulation materials in relation to the other parameters showed that the type of insulation material and thickness, contributes significantly to energy conservation and moisture transfer reduction through the roof and hence of the building as a whole.

Outward investments and productivity: evidence from European regions

Outward investments and productivity: evidence from European regions, Regional Studies. Using a novel data set on international investment projects, this paper builds measures of outward foreign direct investments (FDIs) for 262 regions of the European Union. This allows as estimation to be made of regressions of productivity growth over the 2007–11 period as a function of the number of FDIs. The number of outward FDIs in manufacturing activities is negatively associated with productivity growth in the home region, but investments in sales, distribution and marketing are associated with a boost in local productivity. This is driven especially by investments towards non-European Union locations. This evidence qualifies the fear of hollowing-out as a consequence of outward investments

Liquidity and the drivers of search, due diligence and transaction times for UK commercial real estate investments

Trading commercial real estate involves a process of exchange that is costly and which occurs over an extended and uncertain period of time. This has consequences for the performance and risk of real estate investments. Most research on transaction times has occurred for residential rather than commercial real estate. We study the time taken to transact commercial real estate assets in the UK using a sample of 578 transactions over the period 2004 to 2013. We measure average time to transact from a buyer and seller perspective, distinguishing the search and due diligence phases of the process, and we conduct econometric analysis to explain variation in due diligence times between assets. The median time for purchase of real estate from introduction to completion was 104 days and the median time for sale from marketing to completion was 135 days. There is considerable variation around these times and results suggest that some of this variation is related to market state, type and quality of asset, and type of participants involved in the transaction. Our findings shed light on the drivers of liquidity at an individual asset level and can inform models that quantify the impact of uncertain time on market on real estate investment risk.