Comovement in UK real estate sector returns

Engle et al. (1990) distinguish between 'heat waves' and 'meteor showers' in an analogy which tries to differentiate between particular effects, not transmitted among markets, and general effects, which tend to affect all the markets, although different markets can be affected to different degrees. This paper applies this approach to the study of the monthly returns of four real estate market sectors: Office, Retail, Industrial and Retail Warehouses in the UK over the period 1979:2 to 1997:12. A VAR methodology used with the aim of detecting the causal relations and dynamic interactions among sector returns, as well as the transmission mechanisms of their information flows. The results obtained permit us to conclude that there is a good deal of integration between the monthly return time series for all the sectors. Therefore, diversification across real estate market sectors does not allow for the reduction of risk without sacrificing expected returns.

Nomenclature in the dock. Overclassification leads to instability: a case study in the horticulturally important genus Cyclamen (Myrsinaceae)

Nine different classifications have been produced in the last 70 years for the horticulturally valuable genus Cyclamen, a small genus with fewer than 30 species. These classifications, generated by intuitive methods and cladistic analyses, incorporated a total of four infrageneric ranks above that of species and were based on data from morphology, cytology and DNA sequencing. Our results, based on cladistic analyses of three independent data sources − nrDNA ITS, cpDNA trnL intron and morphological data − reveal good resolution only in nrDNA sequence data. However, when these three data sources are combined they provide stronger resolution and support for three major clades, only one of which, subgenus Psilanthum, has been consistently supported in previous classifications. The differing infrageneric classifications produced in Cyclamen result from varying taxon sampling, differing interpretation of morphological data, changes in the sources and analysis of data, and inconsistent application of names. Extensive subdivision of small genera in the absence of adequate data that could provide evidence for consistent patterns of relationship is premature and leads to a proliferation of names.© 2004 The Linnean Society of London, Botanical Journal of the Linnean Society, 2004, 146, 339-349.

Comparison of D-region Doppler drift winds measured by the SuperDARN Finland HF radar over an annual cycle using the Kiruna VHF meteor radar

The SuperDARN chain of oblique HF radars has provided an opportunity to generate a unique climatology of horizontal winds near the mesopause at a number of high latitude locations, via the Doppler shifted echoes from sources of ionisation in the D-region. Ablating meteor trails form the bulk of these targets, but other phenomena also contribute to the observations. Due to the poor vertical resolution of the radars, care must be taken to reduce possible biases from sporadic-E layers and Polar Mesospheric Summer echoes that can affect the effective altitude of the geophysical parameters being observed. Second, there is strong theoretical and observational evidence to suggest that the radars are picking up echoes from the backward looking direction that will tend to reduce the measured wind strengths. The effect is strongly frequency dependent, resulting in a 20% reduction at 12 MHz and a 50% reduction at 10 MHz. A comparison of the climatologies observed by the Super-DARN Finland radar between September 1999 and September 2000 and that obtained from the adjacent VHF meteor radar located at Kiruna is also presented. The agreement between the two instruments was very good. Extending the analysis to the SuperDARN Iceland East radar indicated that the principles outlined above could be applied successfully to the rest of the SuperDARN network.

The role of evaporating showers in the transfer of sting-jet momentum to the surface

The most damaging winds in a severe extratropical cyclone often occur just ahead of the evaporating ends of cloud filaments emanating from the so-called cloud head. These winds are associated with low-level jets (LLJs), sometimes occurring just above the boundary layer. The question then arises as to how the high momentum is transferred to the surface. An opportunity to address this question arose when the severe ‘St Jude's Day’ windstorm travelled across southern England on 28 October 2013. We have carried out a mesoanalysis of a network of 1 min resolution automatic weather stations and high-resolution Doppler radar scans from the sensitive S-band Chilbolton Advanced Meteorological Radar (CAMRa), along with satellite and radar network imagery and numerical weather prediction products. We show that, although the damaging winds occurred in a relatively dry region of the cyclone, there was evidence within the LLJ of abundant precipitation residues from shallow convective clouds that were evaporating in a localized region of descent. We find that pockets of high momentum were transported towards the surface by the few remaining actively precipitating convective clouds within the LLJ and also by precipitation-free convection in the boundary layer that was able to entrain evaporatively cooled air from the LLJ. The boundary-layer convection was organized in along-wind rolls separated by 500 to about 3000 m, the spacing varying according to the vertical extent of the convection. The spacing was greatest where the strongest winds penetrated to the surface. A run with a medium-resolution version of the Weather Research and Forecasting (WRF) model was able to reproduce the properties of the observed LLJ. It confirmed the LLJ to be a sting jet, which descended over the leading edge of a weaker cold-conveyor-belt jet.

Proposal for a unified nomenclature for target site mutations associated with resistance to fungicides

Evolved resistance to fungicides is a major problem limiting our ability to control agricultural, medical and veterinary pathogens and is frequently associated with substitutions in the amino acid sequence of the target protein. The convention for describing amino-acid substitutions is to cite the wild type amino acid, the codon number and the new amino acid, using the one letter amino acid code. It has frequently been observed that orthologous amino acid mutations have been selected in different species by fungicides from the same mode of action class, but the amino acids have different numbers. These differences in numbering arise from the different lengths of the proteins in each species. The purpose of the current paper is to propose a system for unifying the labelling of amino acids in fungicide target proteins. To do this we have produced alignments between fungicide target proteins of relevant species fitted to a well-studied “archetype” species. Orthologous amino acids in all species are then assigned numerical “labels” based on the position of the amino acid in the archetype protein.