Style analysis in real estate markets: beyond the sectors and regions dichotomy

While style analysis has been studied extensively in equity markets, applications of this valuable tool for measuring and benchmarking performance and risk in a real estate context are still relatively new. Most previous real estate studies on this topic have identified three investment categories (rather than styles): sectors, administrative regions and economic regions. However, the low explanatory power reveals the need to extend this analysis to other investment styles. We identify four main real estate investment styles and apply a multivariate model to randomly generated portfolios to test the significance of each style in explaining portfolio returns. Results show that significant alpha performance is significantly reduced when we account for the new investment styles, with small vs. big properties being the dominant one. Secondly, we find that the probability of obtaining alpha performance is dependent upon the actual exposure of funds to style factors. Finally we obtain that both alpha and systematic risk levels are linked to the actual characteristics of portfolios. Our overall results suggest that it would be beneficial for real estate fund managers to use these style factors to set benchmarks and to analyze portfolio returns.

Climate change: dichotomy of drought and deluge

Freshwater deficits and heavy rainfall have been projected to intensify in a warming climate. An analysis of hydrological data suggests that past changes in wet and dry extremes were more complex than a simple amplification of existing patterns.

The bio-economy and the competition state : transcending the dichotomy between coordinated and liberal market economies

This article examines the role of the state in the emerging bio-economy. The starting point is that state interventions, including supportive regulatory arrangements and the shaping of public attitudes, constitute core assets in the evolution of bio-industrial complexes. Public policy in the bio-economy, across advanced industrial countries, is well captured by the “competition state” concept. This type of state takes different forms, analogously with the historical variants of the Keynesian welfare state. The article compares patterns of governance of the biotechnology sector in Finland and Sweden, the USA and the UK, and Australia. It is concluded that the bio-industry sector does not fit with the “models of capitalism” paradigm which postulates coherence within, and systemic divergences between, national models of economic governance. The bio-economy displays trends toward convergence, in particular mounting public investments in health care and in research and development. On the other hand, countries differ in their approach to market regulation, industrial support, and ethical restrictions. These differences do not follow the dichotomy between “liberal” and “coordinated” models of capitalism.

Factors affecting the site of investment, and the reliance on savings for arctic breeders : the capital–income dichotomy revisited

The extent to which migratory birds that breed in the Arctic and winter in southern biomes rely on residual body stores for reproduction is unresolved. The short arctic summer and the limited availability of food early in the season constrain the time available for successful reproduction. Birds that are able to bring sufficient endogenous reserves to the breeding ground to meet, at least partially, the demands of egg-laying can initiate clutch production soon after arrival, thereby shortening the length of the breeding season and improving the chances of reproductive success. The amount of reserves available will be influenced by body size, the increased energetic and predation costs associated with carrying large stores, distances between staging sites and the location of the breeding grounds within the Arctic. Birds need not fly directly to the breeding grounds from the established temperate staging sites. Extensive feeding by migrants may occur in the Arctic, even within a few kilometres of the breeding sites as the birds track the retreating snowline. Irrespective of their size, birds are thus able to store some resources necessary for egg laying at local or regional scales. It is thus important to make a distinction between local capital and distant capital breeding. The extent to which a bird is characterized as a distant capital, local capital, or an income breeder not only varies between species, but also between individuals and seasons.

Uniform exponential dichotomy and continuity of attractors for singularly perturbed damped wave equations

For eta >= 0, we consider a family of damped wave equations u(u) + eta Lambda 1/2u(t) + au(t) + Lambda u = f(u), t > 0, x is an element of Omega subset of R-N, where -Lambda denotes the Laplacian with zero Dirichlet boundary condition in L-2(Omega). For a dissipative nonlinearity f satisfying a suitable growth restrictions these equations define on the phase space H-0(1)(Omega) x L-2(Omega) semigroups {T-eta(t) : t >= 0} which have global attractors A(eta) eta >= 0. We show that the family {A(eta)}(eta >= 0), behaves upper and lower semi-continuously as the parameter eta tends to 0(+).

Countering the urbanist agenda in variationist sociolinguistics: dialect contact, demographic change and the rural-urban dichotomy

In variational linguistics, the concept of space has always been a central issue. However, different research traditions considering space coexisted for a long time separately. Traditional dialectology focused primarily on the diatopic dimension of linguistic variation, whereas in sociolinguistic studies diastratic and diaphasic dimensions were considered. For a long time only very few linguistic investigations tried to combine both research traditions in a two-dimensional design – a desideratum which is meant to be compensated by the contributions of this volume. The articles present findings from empirical studies which take on these different concepts and examine how they relate to one another. Besides dialectological and sociolinguistic concepts also a lay perspective of linguistic space is considered, a paradigm that is often referred to as “folk dialectology”. Many of the studies in this volume make use of new computational possibilities of processing and cartographically representing large corpora of linguistic data. The empirical studies incorporate findings from different linguistic communities in Europe and pursue the objective to shed light on the inter-relationship between the different concepts of space and their relevance to variational linguistics.

Maintaining distances with the engineer: patterns of coexistence in plant communities beyond the patch-bare dichotomy

Two-phase plant communities with an engineer conforming conspicuous patches and affecting the performance and patterns of coexisting species are the norm under stressful conditions. To unveil the mechanisms governing coexistence in these communities at multiple spatial scales, we have developed a new point-raster approach of spatial pattern analysis, which was applied to a Mediterranean high mountain grassland to show how Festuca curvifolia patches affect the local distribution of coexisting species. We recorded 22 111 individuals of 17 plant perennial species. Most coexisting species were negatively associated with F. curvifolia clumps. Nevertheless, bivariate nearest-neighbor analyses revealed that the majority of coexisting species were confined at relatively short distances from F. curvifolia borders (between 0-2 cm and up to 8 cm in some cases). Our study suggests the existence of a fine-scale effect of F. curvifolia for most species promoting coexistence through a mechanism we call 'facilitation in the halo'. Most coexisting species are displaced to an interphase area between patches, where two opposite forces reach equilibrium: attenuated severe conditions by proximity to the F. curvifolia canopy (nutrient-rich islands) and competitive exclusion mitigated by avoiding direct contact with F. curvifolia.