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.

Regional implications of macro-economic, sectoral and company changes in the development of technopoles in Britain and France

This paper reports the proceedings of a conference held at Reading University in 1993 which addressed the issues of new technological developments at the regional and sub-regional levels in Britain and France. These new technological clusters - the `Technopoles' - are investigated in a series of papers in both English and French which examines their spatial, sectoral and economic aspects to determine what lessons can be learned from their development and what their future economic significance is likely to be. Two recurring themes are of particular significance in the papers - the link between R& D and regional development, and the different forms which innovation assumes within the various technopoles under scrutiny.

Identifying key knowledge needs for evidence-based conservation of wild insect pollinators: a collaborative cross-sectoral exercise

In response to evidence of insect pollinator declines, organisations in many sectors, including the food and farming industry, are investing in pollinator conservation. They are keen to ensure that their efforts use the best available science. We convened a group of 32 ‘conservation practitioners’ with an active interest in pollinators and 16 insect pollinator scientists. The conservation practitioners include representatives from UK industry (including retail), environmental non-government organisations and nature conservation agencies. We collaboratively developed a long list of 246 knowledge needs relating to conservation of wild insect pollinators in the UK. We refined and selected the most important knowledge needs, through a three-stage process of voting and scoring, including discussions of each need at a workshop. We present the top 35 knowledge needs as scored by conservation practitioners or scientists. We find general agreement in priorities identified by these two groups. The priority knowledge needs will structure ongoing work to make science accessible to practitioners, and help to guide future science policy and funding. Understanding the economic benefits of crop pollination, basic pollinator ecology and impacts of pesticides on wild pollinators emerge strongly as priorities, as well as a need to monitor floral resources in the landscape.

Macro-economic and financial determinants of comovement across global real estate security markets

This paper models the determinants of integration in the context of global real estate security markets. Using both local and U.S. Dollar denominated returns, we model conditional correlations across listed real estate sectors and also with the global stock market. The empirical results find that financial factors, such as the relationship with the respective equity market, volatility, the relative size of the real estate sector and trading turnover all play an important role in the degree of integration present. Furthermore, the results highlight the importance of macro-economic variables in the degree of integration present. All four of the macro-economic variables modeled provide at least one significant result across the specifications estimated. Factors such as financial and trade openness, monetary independence and the stability of a country’s currency all contribute to the degree of integration reported.

First look at changes in flood hazard in the inter-sectoral impact model intercomparison project ensemble

Climate change due to anthropogenic greenhouse gas emissions is expected to increase the frequency and intensity of precipitation events, which is likely to affect the probability of flooding into the future. In this paper we use river flow simulations from nine global hydrology and land surface models to explore uncertainties in the potential impacts of climate change on flood hazard at global scale. As an indicator of flood hazard we looked at changes in the 30-y return level of 5-d average peak flows under representative concentration pathway RCP8.5 at the end of this century. Not everywhere does climate change result in an increase in flood hazard: decreases in the magnitude and frequency of the 30-y return level of river flow occur at roughly one-third (20-45%) of the global land grid points, particularly in areas where the hydro-graph is dominated by the snowmelt flood peak in spring. In most model experiments, however, an increase in flooding frequency was found in more than half of the grid points. The current 30-y flood peak is projected to occur in more than 1 in 5 y across 5-30% of land grid points. The large-scale patterns of change are remarkably consistent among impact models and even the driving climate models, but at local scale and in individual river basins there can be disagreement even on the sign of change, indicating large modeling uncertainty which needs to be taken into account in local adaptation studies.

The impacts of climate change across the globe: a multi-sectoral assessment

The overall global-scale consequences of climate change are dependent on the distribution of impacts across regions, and there are multiple dimensions to these impacts.This paper presents a global assessment of the potential impacts of climate change across several sectors, using a harmonised set of impacts models forced by the same climate and socio-economic scenarios. Indicators of impact cover the water resources, river and coastal flooding, agriculture, natural environment and built environment sectors. Impacts are assessed under four SRES socio-economic and emissions scenarios, and the effects of uncertainty in the projected pattern of climate change are incorporated by constructing climate scenarios from 21 global climate models. There is considerable uncertainty in projected regional impacts across the climate model scenarios, and coherent assessments of impacts across sectors and regions therefore must be based on each model pattern separately; using ensemble means, for example, reduces variability between sectors and indicators. An example narrative assessment is presented in the paper. Under this narrative approximately 1 billion people would be exposed to increased water resources stress, around 450 million people exposed to increased river flooding, and 1.3 million extra people would be flooded in coastal floods each year. Crop productivity would fall in most regions, and residential energy demands would be reduced in most regions because reduced heating demands would offset higher cooling demands. Most of the global impacts on water stress and flooding would be in Asia, but the proportional impacts in the Middle East North Africa region would be larger. By 2050 there are emerging differences in impact between different emissions and socio-economic scenarios even though the changes in temperature and sea level are similar, and these differences are greater in 2080. However, for all the indicators, the range in projected impacts between different climate models is considerably greater than the range between emissions and socio-economic scenarios.

Mining in Ghana’s forests: cross-sectoral linkages and the prospects for REDD

Strategies to Reduce Emissions from Deforestation and Degradation (REDD) are being pursued in numerous developing countries. Proponents contest that REDD mechanisms could deliver sustainable development by contributing to both environmental protection and economic development, particularly in poor forest communities. However, among the challenges to REDD, and natural resource management more generally, is the need to develop a comprehensive understanding of cross-sectoral linkages and addressing how they impact the pursuit of sustainable development. Drawing on an exploratory case-study of Ghana, this paper aims to outline the linkages between the forestry and minerals sectors. It is argued that contemporary debates give incommensurate attention to the reclamation of large-scale mine sites located in forest reserves, and neglect to consider more nuanced links which characterise the forestry-mining nexus in Ghana. A review of key stakeholders further elucidates the complex networks which characterise these linkages and highlights the important role of traditional authorities in governing across sectors. If the multiple roles of local resource users and traditional authorities continue to be neglected in policy mechanisms, schemes such as REDD will continue to fall short of achieving sustainable development.

Nature protection in Greece: an appraisal of the factors shaping integrative conservation and policy effectiveness

The proliferation of designated areas following the implementation of Natura 2000 in Greece has initiated changes in the protected area design and conservation policy making aiming at delivering action for biodiversity and integrative planning on a wider landscape. Following the sustainability concept, an integrative approach cannot realistically take place simply by extending the protected area and designations. The paper addresses public involvement and inter-sectoral coordination as major procedural elements of integrative management and evaluates the nature and strength of their negative or positive influences on the fulfillment of an integrative vision of nature conservation. A review of the history of protected areas and administration developments in Greece provide useful input in the research. The analysis has shown that the selected network of Natura 2000 sites has been superimposed upon the existing system and resulted in duplication of administrative effort and related legislation. As a result the overall picture of protected areas in the country appears complex, confusing and fragmented. Major failures to integrated conservation perspective can be traced to structural causes rooted in politico-economic power structures of mainstream policy and in a rather limited political commitment to conservation. It is concluded that greater realisation. of integrated conservation in Greece necessitates policy reforms related mainly to sectoral legal frameworks to promote environmentalism as well as an increased effort by the managing authorities to facilitate a broader framework of public dialogue and give local communities incentives to sustainably benefit from protected areas. (C) 2006 Elsevier Ltd. All rights reserved.

Inclusion of nonlinear demand-supply relationships within large-scale partial equilibrium linear programming models

This paper presents a new method for the inclusion of nonlinear demand and supply relationships within a linear programming model. An existing method for this purpose is described first and its shortcomings are pointed out before showing how the new approach overcomes those difficulties and how it provides a more accurate and 'smooth' (rather than a kinked) approximation of the nonlinear functions as well as dealing with equilibrium under perfect competition instead of handling just the monopolistic situation. The workings of the proposed method are illustrated by extending a previously available sectoral model for the UK agriculture.

A case study of intelligent buildings: Manchester stadium

This paper provides a case study of the City of Manchester Stadium based on relevant literatures, based on a comprehensive description of multidisciplinary, cross-sectoral and future-oriented requirements and operations in the design of modern intelligent sports buildings. The successfulness of the City of Manchester Stadium gives constructive experience and knowledge for the building professions including architecture, building structure, building services, construction, and facilities management, etc. In addition, this paper is valuable for developing intelligent sports buildings in China.

Forum - The Stern review: implications for construction

The SternReview(2006) on the economics of climate change has changed the ground onwhich arguments over climate change are fought. In making the economic case for mitigation over adaptation, Stern has sought to undermine one of the primary arguments against decisive early action - that the immediate costs outweigh the long-term benefits. While this argument is made at the global level, it is appropriate to ask what implications Stern's arguments might have at the construction sectoral level. The implications of the Stern Review for construction can be divided into three main questions. How construction would be different if Stern's economics were applied? How would construction companies act differently if Stern's ethics were adopted? How will the political response to the Stern Review change construction's policy and regulatory landscape? The impact of the Review has shifted the debate from the natural science community into the public policy domain and onto an economic rationale. There seems to have been a pronounced shift away from the debate over the science and towards the economics of mitigation versus adaptation. In this context, the academic debate over Stern's methods is irrelevant - it is his findings, authority and use of the hegemonic power of economic argument that carry the day. This is likely to be Stern's true legacy, and through this will come his greatest impact on construction.

Integrating nitrogen fluxes at the European scale

Executive summary Nature of the problem • Environmental problems related to nitrogen concern all economic sectors and impact all media: atmosphere, pedosphere, hydrosphere and anthroposphere. • Therefore, the integration of fluxes allows an overall coverage of problems related to reactive nitrogen (Nr) in the environment, which is not accessible from sectoral approaches or by focusing on specific media. Approaches • This chapter presents a set of high resolution maps showing key elements of the N flux budget across Europe, including N2 and Nr fluxes. • Comparative nitrogen budgets are also presented for a range of European countries, highlighting the most efficient strategies for mitigating Nr problems at a national scale. A new European Nitrogen Budget (EU-27) is presented on the basis of state-of-the-art Europe-wide models and databases focusing on different segments of Europe’s society. Key findings • From c. 18 Tg Nr yr −1 input to agriculture in the EU-27, only about 7 Tg Nr yr− 1 find their way to the consumer or are further processed by industry. • Some 3.7 Tg Nr yr−1 is released by the burning of fossil fuels in the EU-27, whereby the contribution of the industry and energy sectors is equal to that of the transport sector. More than 8 Tg Nr yr−1 are disposed of to the hydrosphere, while the EU-27 is a net exporter of reactive nitrogen through atmospheric transport of c. 2.3 Tg Nr yr−1. • The largest single sink for Nr appears to be denitrifi cation to N2 in European coastal shelf regions (potentially as large as the input of mineral fertilizer, about 11 Tg N yr–1 for the EU-27); however, this sink is also the most uncertain, because of the uncertainty of Nr import from the open ocean. Major uncertainties • National nitrogen budgets are diffi cult to compile using a large range of data sources and are currently available only for a limited number of countries. • Modelling approaches have been used to fill in the data gaps in some of these budgets, but it became obvious during this study that further research is needed in order to collect necessary data and make national nitrogen budgets inter-comparable across Europe. • In some countries, due to inconsistent or contradictory information coming from different data sources, closure of the nitrogen budget was not possible. Recommendations • The large variety of problems associated with the excess of Nr in the European environment,including adverse impacts, requires an integrated nitrogen management approach that would allow for creation and closure of N budgets within European environments. • Development of nitrogen budgets nationwide, their assessment and management could become an effective tool to prioritize measures and prevent unwanted side effects.

A global assessment of the effects of climate policy on the impacts of climate change

This study presents the first global-scale multi-sectoral regional assessment of the magnitude and uncertainty in the impacts of climate change avoided by emissions policies. The analysis suggests that the most stringent emissions policy considered here – which gives a 50% chance of remaining below a 2oC temperature rise target - reduces impacts by 20-65% by 2100 relative to a ‘business-as-usual’ pathway (A1B) which reaches 4oC, and can delay impacts by several decades. Effects vary between sector and region, and there are few noticeable effects of mitigation policy by 2030. The impacts avoided by 2100 are more strongly influenced by the date and level at which emissions peak than the rate of decline of emissions, with an earlier and lower emissions peak avoiding more impacts. The estimated proportion of impacts avoided at the global scale is relatively robust despite uncertainty in the spatial pattern of climate change, but the absolute amount of avoided impacts is considerably more variable and therefore uncertain.

Becoming poverty focused: implications for health actors

The article explores the relationship between health sector interventions and poverty analysis. It is suggested that a dynamic asset approach to poverty and health provides a framework for intervention that recognizes the complex strategies adopted by poor individuals, households and communities. The linked nature of the asset approach leads to an inter-sectoral focus and provides extra stimulation to engage with diverse partners who may be slow to own poverty reduction and health policies.