The case for REITs in the mixed-asset portfolio in the short and long run

The poor performance of the Stock Market in the US up to the middle of 2003 has meant that REITs are increasingly been seen as an attractive addition to the mixed-asset portfolio. However, there is little evidence to indicate the consistency of the role REITs should play a role in the mixed-asset portfolio over different investment horizons. The results highlight that REITs do play a significant role over both different time horizons and holding periods. The findings show that REITs attractiveness as a diversification asset increase as the holding period increases. In addition, their diversification qualities span the entire efficient frontier, providing return enhancement properties at the lower end, switching to risk reduction qualities at the top end of the frontier.

Tenant mix variety in regional shopping centres: some UK empirical analyses

The variety and quality of the tenant mix within a shopping centre is a key concern in shopping centre management. Tenant mix determines the extent of externalities between outlets in the centre, helps establish the image of the centre and, as a result, determines the attractiveness of the centre for consumers. This then translates into sales and rents. However, the management of tenant mix has largely been based on perceived “optimum” arrangements and industry rules of thumb. This paper attempts to model the impact of tenant mix on the rent paid by retailers in larger UK shopping centres and, hence, the returns made by shopping centre landlords. It extends work on shopping centre rent determination (see Working Paper 10/03) utilising a database of 148 regional shopping centres in the UK, with detailed data for over 1900 tenants. Econometric models test the relationship between rental levels and the levels of retail concentration and diversity, while controlling for a range of continuous and qualitative characteristics of each tenant, each retail product, and each shopping centre. Factor analysis is then used to extract the core retail and service categories from the tenant lists of the 148 shopping centres. The factor scores from these core retailer factors are then tested against rent payable. The results from the empirical analysis allow us to generate some clear analytical and empirical implications for optimal retail management.

The effect of cleft lip on adults' responses to faces: cross-species findings

Cleft lip and palate is the most common of the congenital conditions affecting the face and cranial bones and is associated with a raised risk of difficulties in infant-caregiver interaction; the reasons for such difficulties are not fully understood. Here, we report two experiments designed to explore how adults respond to infant faces with and without cleft lip, using behavioural measures of attractiveness appraisal (‘liking’) and willingness to work to view or remove the images (‘wanting’). We found that infants with cleft lip were rated as less attractive and were viewed for shorter durations than healthy infants, an effect that was particularly apparent where the cleft lip was severe. Women rated the infant faces as more attractive than men did, but there were no differences in men and women's viewing times of these faces. In a second experiment, we found that the presence of a cleft lip in domestic animals affected adults' ‘liking’ and ‘wanting’ responses in a comparable way to that seen for human infants. Adults' responses were also remarkably similar for images of infants and animals with cleft lip, although no gender difference in attractiveness ratings or viewing times emerged for animals. We suggest that the presence of a cleft lip can substantially change the way in which adults respond to human and animal faces. Furthermore, women may respond in different ways to men when asked to appraise infant attractiveness, despite the fact that men and women ‘want’ to view images of infants for similar durations.

Documents as 'critical incidents' in organisation to consumer communication

A diary study tracked the paper documents received by nine UK informants over one month. Informants gave simple ratings of individual documents’ attractiveness and the ease of understanding them; more detailed reactions to the documents were gathered through informant diaries and follow-up interviews. The detailed reactions extended beyond the feedback gathered through the rating task. Informants showed sensitivity to the content, language, design and circumstances of receipt of documents, with indications that they developed opinions of originating organizations based on their experience of using their documents. Documents that failed to provide all the information needed, that failed to make their intentions clear (or obscured their intentions) or that were perceived as miss-targeted received negative comment. Repeat experiences of receiving either well- or poorly-conceived documents strengthened informant reactions to individual originating organizations. The paper concludes with recommendations for steps document originators, writers and designers need to take to prepare documents that enhance organization to consumer communication. We recommend that organizations evaluate and act on consumers’ reactions to their documents, beyond user testing in document development or scorecard ratings in use.

Pollinator community responses to the spatial population structure of wild plants: A pan-European approach

Land-use changes can alter the spatial population structure of plant species, which may in turn affect the attractiveness of flower aggregations to different groups of pollinators at different spatial scales. To assess how pollinators respond to spatial heterogeneity of plant distributions and whether honeybees affect visitation by other pollinators we used an extensive data set comprising ten plant species and their flower visitors from five European countries. In particular we tested the hypothesis that the composition of the flower visitor community in terms of visitation frequencies by different pollinator groups were affected by the spatial plant population structure, viz. area and density measures, at a within-population (‘patch’) and among-population (‘population’) scale. We found that patch area and population density were the spatial variables that best explained the variation in visitation frequencies within the pollinator community. Honeybees had higher visitation frequencies in larger patches, while bumblebees and hoverflies had higher visitation frequencies in sparser populations. Solitary bees had higher visitation frequencies in sparser populations and smaller patches. We also tested the hypothesis that honeybees affect the composition of the pollinator community by altering the visitation frequencies of other groups of pollinators. There was a positive relationship between visitation frequencies of honeybees and bumblebees, while the relationship with hoverflies and solitary bees varied (positive, negative and no relationship) depending on the plant species under study. The overall conclusion is that the spatial structure of plant populations affects different groups of pollinators in contrasting ways at both the local (‘patch’) and the larger (‘population’) scales and, that honeybees affect the flower visitation by other pollinator groups in various ways, depending on the plant species under study. These contrasting responses emphasize the need to investigate the entire pollinator community when the effects of landscape change on plant–pollinator interactions are studied.

Multinational subsidiary sales and performance in South East Asia

We extend the theory of the multinational enterprise (MNE) by exploring the concept of subsidiary-specific advantages (SSAs) as a driver for subsidiary performance. We investigate the relationship of host country-specific advantages (host CSAs) in the form of market attractiveness, SSAs and subsidiary sales as they affect subsidiary performance. From an original primary dataset of 101 British multinational (MNE) subsidiaries in six South East Asian countries, our analysis reveals three significant findings. First, host market attractiveness has a statistically positive impact on the performance of subsidiaries. Second, the three traditional SSAs of general management, marketing capabilities and invested capital enhance subsidiary performance. Third, we examine geographic direction and types of customers for subsidiary sales by following international accounting standards. We find that these subsidiaries generate on average 95 percent of total sales from the Asia Pacific region and 91 percent of total sales from external customers. Our findings have important research and managerial implications.

Trading death: the implications of annuity replication for the annuity puzzle, arbitrage, speculation and portfolios

Annuities are perceived as being illiquid financial instruments, and this has limited their attractiveness to consumers and their inclusion in financial models. However, short positions in annuities can be replicated using life insurance and debt, permitting long positions in annuities to be offset, or short annuity positions to be created. The implications of this result for the annuity puzzle, arbitrage between the annuity and life insurance markets, and speculation on expected longevity are investigated. It is argued that annuity replication could help reduce the annuity puzzle, improve the price efficiency of annuity markets and promote the inclusion of annuities in household portfolios.

Observations on the feeding habits of Lutzomyia longipalpis (Lutz & Neiva, 1912) (Diptera: Psychodidae: Phlebotominae) in Campo Grande, an endemic area of visceral leishmaniasis in Mato Grosso do Sul, Brazil

Sand flies were captured weekly with CDC light traps from December 2003 to November 2005 in three areas of Campo Grande, in the Brazilian state of Mato Grosso do Sul. These areas incorporated two patches of remnant forest and five houses. The blood meals of engorged female sand flies were identified using the avidin-biotin system of immunoenzymatic ELISA capture. Most (327/355) of the females analysed were Lutzomyia longipalpis, of which 66.4% reacted with human blood, 64.8% with that of birds and 8.9% with that of dogs. Females that had taken human blood predominated in the residential areas and two forest patches. The following combinations of blood were also detected for L. longipalpis in some of the samples analysed: bird + human (43.4%), bird + human + dog (6.1%). The combination bird + human + dog + pig was also found for Nyssomyia whitmani. Dogs and pigs appear to have little attractiveness for L. longipalpis. The results obtained demonstrate the eclecticism and high anthropophily of L. longipalpis and raise new questions with regard to the importance of dogs in VL epidemiology and the possible role of man as a source of infection for sand flies. (C) 2008 Elsevier B.V. All rights reserved.

Chemical Communication in the Gregarious Psocid Cerastipsocus sivorii (Psocoptera: Psocidae)

The objectives of this study were: (1) to test the existence of an aggregation pheromone in the gregarious psocid Cerastipsocus sivorii; (2) to compare the attractiveness of odors from different aggregations; (3) to test whether nymphs are able to chemically recognize damage-released alarm signals. In a choice experiment conducted in the laboratory, we showed that psocids are able to detect chemical cues from groups of conspecifics. Laboratory experiments also showed that nymphs are capable of chemically recognizing the aggregations where they came from. Finally, in a field experiment, most aggregations dispersed when exposed to the body fluids of a crushed conspecific, but no aggregations dispersed upon exposure to a crushed termite. The implications of these results for the evolution of sociality in psocopterans are discussed.

The decline of the world`s energy intensity

Energy intensity of the total primary energy supply (TPES), total final energy consumption (TFC) and LOSSES in the conversion from TPES to TFC were analyzed for the World, OECD and Rest of the World (ROW) countries. LOSSES increased significantly for all groups of countries due to the increase of electricity production from coal in the period studied (1971-2008). Electricity share final consumption almost doubled, increasing from 8.8% to 17.2% in the period studied. However the energy intensity of LOSSES remained practically constant, which reflects the fact that the efficiency of electricity generation from coal (the main source of electricity) remained practically constant in that period. Despite the attractiveness of end-use devices running on electricity such as computers, which is typical of modern societies, the CO(2) emissions are bound to increase unless coal is replaced by less carbon emitting sources such as natural gas, renewables and nuclear energy. (C) 2011 Elsevier Ltd. All rights reserved.

Attractive Work Process

Many companies both in Sweden and other parts of the world are since the beginning of the 21st century faceing a lack of work force (1,2,3). The ability to recruit and retain skilled employees is seen as one of the most important questions for the survival and development of the companies (4,5). Labour shortage is seen as the biggest obstacle for expansion for small enterprises in Sweden (5). There is a need for workplaces to be attractive, but how can the attractiveness be increased? Researchers at Högskolan Dalarna have during almost a decennium conducted research concerning attractive work. Based on a modell of qualities that contributes to make a work attractive (6) has a method aiming for raised attractiveness been developed for SME:s. All employees participate by answering a questionnaire about the importance of different qualities and to what degree they are fulfilled. Further discussions at the workplace on what to preserve and what to develop make the base for an action plan.Important experiences:• Discuss and establish the aim of the method with management and employees. • The company must be prepared to follow up and realize the action plan.• Agree about expectations – they must be realistic and practicable.• Reserve time to start the process and to end up in an action plan. • Avoid negative thinking and put problems away. • Take all the time small steps in the right direction.• Keep employees engaged and avoid the manager or process leader to take the command.• Use the strategy with small work groups; it gives better possibilities for participation and outspokenness.• Follow up studies are necessary to keep up the motivation.The most positive aspects of the method is its promoting perspective and that it engages all the employees.1.Rauhut, D. (2002). Arbetskraftsbrist och arbetskraftsinvandring: hot eller möjlighet för ekonomisk tillväxt? Östersund, ITPS, Institutet för tillväxtpolitiska studier.2.Funch, M. and C. Ehrnooth. (2008, 08-10-2008). Labour shortage despite financial crisis? Retrieved 2008-12-16, 2008, from www.norden.org/webb/news/news.asp?id=8113&lang=6. 3.Manpower (2008). Talent Shortage Survey 2008 Global Results: 10. 4.Bakker, A. B. and W. B. Schaufeli (2008). Positive organizational behavior: Engaged employees in flourishing organizations. Journal of Organizational Behavior 29: 147-154.5.Kennemar, J. and L. Jagrén (2008). Småföretagsbarometern. Stockholm, Swedbank Företagarna: 23.6.Åteg, M., A. Hedlund, et al. (2004). Attraktivt arbete. Från anställdas uttalanden till skapandet av en modell. Stockholm, Arbetslivsinstitutet.

Hur retusch påverkar skönhetsannonsers attraktion : En studie om målgruppens åsikter och köplust

Tidigare studier som gjorts inom området visade att kvinnor anser att kvinnors skönhet inte är värderad enligt rimliga normer i vårt samhälle. Hård retuschering motarbetas på många håll, bland annat genom att organisationer som ASA (Advertising Standards Authority) och politiska partier som Liberaldemokraterna i Storbritannien arbetar för att missledande retuschering ska försvinna. En studie har visat att det, för att öka annonsers attraktionskraft, är viktigt att den ökade skönheten hos en modell är relevant för produktens användningsområde, då betraktaren anstränger sig intellektuellt vid betraktandet av bilden. Det finns dock inga tidigare studier som bevisar om en retuscherad modell faktiskt ökar målgruppens köplust av skönhetsprodukter vid rådande samhällsattityder och skönhetsideal. Två enkätundersökningar gjordes därför med sammanlagt 1480 deltagare. Produkten i studien var en fiktiv hudkräm. Genom att i den ena undersökningen låta betraktaren möta modellbilden i en situation som efterliknade verkligheten, på så sätt att de inte fick veta om den var retuscherad, kunde studien svara på om retuschering ökade köplusten. Bilder med bortretuscherade skönhetsfläckar och utväxt prefererades. Att retuschera bort flyghår ökade inte köplusten. I den andra jämförande undersökningen kunde betraktaren jämföra den retuscherade med den oretuscherade modellbilden. Resultaten visade att skönhetsfläckar och flyghår tillåts och prefereras borttagna, men inte utväxt. I intervjuer med fem kvinnor hördes målgruppens attityder om vad som ansågs var tillåtet att retuschera. Svaren tydde på att en relevant och försiktig retuschering prefererades. Att lämna några födelsemärken ökade trovärdigheten.

Baking Dalarna's biking cake : Collaboration as a means for destination competitiveness, a case study of “Biking Dalarna"

In the contemporary tourism industry, the competitive game is between destinations. Tourism operations struggle to remain competitive on the international market and their success depends to a large extent on other complementary and competing tourism organizations at the destination. It is the sum of the total tourism offerings at the destination which determines its attractiveness. This research explores tourism collaboration process as a means of generating destination competitiveness. The focus of the research is on the enhancing factors which contribute to the success of the collaboration and to the development of quality tourism products. The research studies the case of Biking Dalarna, a collaboration of different organizations at five biking destinations in Dalarna, Sweden. Its purpose is to develop biking tourism in the region and to make Dalarna into Sweden’s leading biking destination. It is a qualitative research; the empirical data was collected through in depth interviews with representatives of six Biking Dalarna member organizations. The qualitative data collected from the participants provides inside look into the members reflections and experience of collaborating. The findings of this research demonstrate how collaboration has improved the biking product in Dalarna and promoted solutions to development problems. The research finds the good relationship between the collaborating actors and the involvement and leadership of the regional tourism management organization as the most contributing factors to the success of Biking Dalarna. The research also suggests that a third desired outcome of collaboration, improved marketing attributes was yet to be achieved in the case of Biking Dalarna.

Techno-economic Appraisal of Concentrating Solar Power Systems (CSP)

The diffusion of Concentrating Solar Power Systems (CSP) systems is currently taking place at a much slower pace than photovoltaic (PV) power systems. This is mainly because of the higher present cost of the solar thermal power plants, but also for the time that is needed in order to build them. Though economic attractiveness of different Concentrating technologies varies, still PV power dominates the market. The price of CSP is expected to drop significantly in the near future and wide spread installation of them will follow. The main aim of this project is the creation of different relevant case studies on solar thermal power generation and a comparison betwwen them. The purpose of this detailed comparison is the techno-economic appraisal of a number of CSP systems and the understanding of their behaviour under various boundary conditions. The CSP technologies which will be examined are the Parabolic Trough, the Molten Salt Power Tower, the Linear Fresnel Mirrors and the Dish Stirling. These systems will be appropriatly sized and simulated. All of the simulations aim in the optimization of the particular system. This includes two main issues. The first is the achievement of the lowest possible levelized cost of electricity and the second is the maximization of the annual energy output (kWh). The project also aims in the specification of these factors which affect more the results and more specifically, in what they contribute to the cost reduction or the power generation. Also, photovoltaic systems will be simulated under same boundary conditions to facolitate a comparison between the PV and the CSP systems. Last but not leats, there will be a determination of the system which performs better in each case study.

Arctic Tourism: Realities & Possibilities

This paper addresses human capital in the Arctic in relation to tourism. More specifically, with an ever-increasing number oftourists recognizing the attractiveness of the Arctic, tour companies are increasingly recognizing the opportunities. The media(typically southern media) sells the image, either before or after the tourists arrive, and communities are often left to deal with therepercussions – whether those are social, economic, environmental, or the like. Many of the repercussions are negative; however,even when perceived as positive they can create tensions within small communities and showcase a variety of capacity issues.This paper focuses on the realities and possibilities of tourism in the Arctic. It offers an up-to-date descriptive overview of tourismnumbers and valuations. In addition, ‘realities’ also focuses on the current suite of challenges and ‘possibilities’ addresses criticalquestions that need to be asked as tourism grows. We are in an uncertain age and academic critique of the Arctic tourismphenomenon is growing as quickly as the numbers. This paper is almost fully circumpolar in outlook, written by individuals fromthose jurisdictions, and aims to intersect with other sectors active in the Arctic.