Systematic property risk: quantifying UK property betas 1983-2005

The increased frequency in reporting UK property performance figures, coupled with the acceptance of the IPD database as the market standard, has enabled property to be analysed on a comparable level with other more frequently traded assets. The most widely utilised theory for pricing financial assets, the Capital Asset Pricing Model (CAPM), gives market (systematic) risk, beta, centre stage. This paper seeks to measure the level of systematic risk (beta) across various property types, market conditions and investment holding periods. This paper extends the authors’ previous work on investment holding periods and how excess returns (alpha) relate to those holding periods. We draw on the uniquely constructed IPD/Gerald Eve transactions database, containing over 20,000 properties over the period 1983-2005. This research allows us to confirm our initial findings that properties held over longer periods perform in line with overall market performance. One implication of this is that over the long-term performance may be no different from an index tracking approach.

Holding periods and investment performance: analysing UK office returns 1983-2003

Drawing on a unique database of office properties constructed for Gerald Eve by IPD, this paper examines the holding periods of individual office properties sold between 1983 and 2003. It quantifies the holding periods of sold properties and examines the relationship between the holding period and investment performance. Across the range of holding periods, excess returns (performance relative to the market) are evenly distributed. There are as many winners as there are losers. The distribution of excess returns over different holding periods is widely spread with the risk of under-performance greater over short holding periods. Over the longer term, excess performance is confined to a narrow range and individual returns are more likely to perform in line with the market as a whole.

Stomatal conductance and not stomatal density determines the long-term reduction in leaf transpiration of poplar in elevated CO2

Using a free-air CO2 enrichment (FACE) experiment, poplar trees (Populus · euramericana clone I214) were exposed to either ambient or elevated [CO2] from planting, for a 5-year period during canopy development, closure, coppice and re-growth. In each year, measurements were taken of stomatal density (SD, number mm2) and stomatal index (SI, the proportion of epidermal cells forming stomata). In year 5, measurements were also taken of leaf stomatal conductance (gs, lmol m2 s1), photosynthetic CO2 fixation (A, mmol m2 s1), instantaneous water-use efficiency (A/E) and the ratio of intercellular to atmospheric CO2 (Ci:Ca). Elevated [CO2] caused reductions in SI in the first year, and in SD in the first 2 years, when the canopy was largely open. In following years, when the canopy had closed, elevated [CO2] had no detectable effects on stomatal numbers or index. In contrast, even after 5 years of exposure to elevated [CO2], gs was reduced, A/E was stimulated, and Ci:Ca was reduced relative to ambient [CO2]. These outcomes from the long-term realistic field conditions of this forest FACE experiment suggest that stomatal numbers (SD and SI) had no role in determining the improved instantaneous leaf-level efficiency of water use under elevated [CO2]. We propose that altered cuticular development during canopy closure may partially explain the changing response of stomata to elevated [CO2], although the mechanism for this remains obscure.

From hieroglyphics to Isotype: a visual autobiography (Otto Neurath)

Otto Neurath (1882–1945) wrote From hieroglyphics to Isotype during the last two years of his life and this is the first publication of the text in full, carefully edited from the original manuscripts. He called it a 'visual autobiography', in which he documents the importance of visual material to him from his earliest years to his professional activity with the picture language of Isotype. Neurath draws clear links between the stimulus he received as a boy from illustrated books, toys and exhibitions to the considered work in visual education that occupied him for the last two decades of his life. This engaging and informal account gives a rich picture of Central European culture around the turn of the twentieth century, seen through the eyes of Neurath's insatiable intelligence, as well as a detailed exposition of the technique of Isotype, a milestone of modern graphic design. This edition includes the numerous illustrations intended by Neurath to accompany his text, and is completed by an extensive appendix showing examples from the rich variety of graphic material that he collected.

Utilizing Remote Sensing Imagery to Monitor Vegetation Change within World Heritage Sites

ABSTRACT World Heritage sites provide a glimpse into the stories and civilizations of the past. There are currently 1007 unique World Heritage properties with 779 being classified as cultural sites, 197 as natural sites, and 31 falling into the categories of both cultural and natural sites (UNESCO & World Heritage Centre, 1992-2015). However, of these 1007 World Heritage sites, at least 46 are categorized as in danger and this number continues to grow. These unique and irreplaceable sites are exceptional because of their universality. Consequently, since World Heritage sites belong to all the people of the world and provide inspiration and admiration to all who visit them, it is our responsibility to help preserve these sites. The key form of preservation involves the individual monitoring of each site over time. While traditional methods are still extremely valuable, more recent advances in the field of geographic and spatial technologies including geographic information systems (GIS), laser scanning, and remote sensing, are becoming more beneficial for the monitoring and overall safeguarding of World Heritage sites. Through the employment and analysis of more accurately detailed spatial data, World Heritage sites can be better managed. There is a strong urgency to protect these sites. The purpose of this thesis is to describe the importance of taking care of World Heritage sites and to depict a way in which spatial technologies can be used to monitor and in effect preserve World Heritage sites through the utilization of remote sensing imagery. The research conducted in this thesis centers on the Everglades National Park, a World Heritage site that is continually affected by changes in vegetation. Data used include Landsat satellite imagery that dates from 2001-2003, the Everglades' boundaries shapefile, and Google Earth imagery. In order to conduct the in-depth analysis of vegetation change within the selected World Heritage site, three main techniques were performed to study changes found within the imagery. These techniques consist of conducting supervised classification for each image, incorporating a vegetation index known as Normalized Vegetation Index (NDVI), and utilizing the change detection tool available in the Environment for Visualizing Images (ENVI) software. With the research and analysis conducted throughout this thesis, it has been shown that within the three year time span (2001-2003), there has been an overall increase in both areas of barren soil (5.760%) and areas of vegetation (1.263%) with a decrease in the percentage of areas classified as sparsely vegetated (-6.987%). These results were gathered through the use of the maximum likelihood classification process available in the ENVI software. The results produced by the change detection tool which further analyzed vegetation change correlate with the results produced by the classification method. As well, by utilizing the NDVI method, one is able to locate changes by selecting a specific area and comparing the vegetation index generated for each date. It has been found that through the utilization of remote sensing technology, it is possible to monitor and observe changes featured within a World Heritage site. Remote sensing is an extraordinary tool that can and should be used by all site managers and organizations whose goal it is to preserve and protect World Heritage sites. Remote sensing can be used to not only observe changes over time, but it can also be used to pinpoint threats within a World Heritage site. World Heritage sites are irreplaceable sources of beauty, culture, and inspiration. It is our responsibility, as citizens of this world, to guard these treasures.

Dinâmica de institucionalização de práticas sociais: estudo da responsabilidade social no campo das organizações bancárias

The scope of this theses is to understand the dynamics of the institutionalization of Corporate Social Responsibility (CSR) within the Field of Banking Organizations in Brazil. Using the social analysis model put forward by Boltanski and Chiapello (1999) and reverting to the conceptual basis of the institutional approach and using Bourdieu¿s notion of interest (1996), we arrive at an analytical model that enabled us to assess CSR as part of a movement of displacement of capitalism. The theory we propose here is that with the institutionalization of CSR, actions are justified in terms of the common good, being legitimized by structural confirmations and arrangements and, at the same time, heeding the inherent interests of the Field. The means used for comprehension of the dynamics of the institutionalization of CSR were: (1) the analysis of the construction of the phenomenon of CSR, which enabled us to identify critical factors and events, leaders in Brazil and associated ratification of the institutionalization of this social practice; (2) the description of the Field of Banking Organizations and the identification of the elements of its CSR in History, which are essential steps for understanding the justifications for insertion of the Field in the movement towards CSR; (3) the identification of key players in the institutionalization of the social practice within the Field, as well as the categorization of practical actions considered socially responsible to be found in the organizations researched, analyzing them in terms of justifications and interests; (4) the analysis of the dissemination and sedimentation of structural arrangements linked to CSR in the organizations of the Field, such as specific areas created to deal with CSR, social reports and organizational websites. The field research assessed some 30 organizations and included documentary analysis and interviews. We noted that, from being a marginal and isolated action, over the course of the past decade CSR has become a structured action in banking organizations, while at the same time becoming transformed into a social value, capable of contributing to the legitimacy of the Field. In this respect, research showed that retail banks are those that are inserted in the movement towards CSR, which ratifies the thesis of the phenomenon as displacement of capitalism.

Brazil’s electorate : still polarised but in a new way

Back in November, we wrote about an analysis of tweets in Brazil that illustrated the extreme polarisation of the country’s voters on the eve of the presidential election on October 26. A striking image (seen in miniature on the left) generated by Marco Aurélio Ruediger and colleagues at the Fundação Getúlio Vargas, an educational institution in Rio de Janeiro, showed voters on each side of the two-way race talking exclusively among themselves and almost never to each other.

Utilização de resíduo lignocelulósico na obtenção de chapa de madeira aglomerada homogênea e compósito reforçado com fibra de vidro-E

This research is about the use of the coconut´s endocarp (nucifera linn) and the waste of derivatives of wood and furniture as raw material to technological use. In that sense, the lignocellulosic waste is used for manufacture of homogeneous wood sheet agglomerate (LHWS) and lignocellulosic load which take part of a polymeric composite with fiber glass E (GFRP-WC). In the manufacturing of the homogeneous wood sheet agglomerate (LHWS), it was used mamona´s resin as waste s agglutinating element. The plates were taken up in a hydraulic press engine, heated, with temperature control, where they were manufactured for different percentage of waste wood and coconuts nucífera linn. Physical tests were conducted to determine the absorption of water, density, damp grade (in two hours and twenty-four hours), swelling thickness (in two hours and twenty-four hours), and mechanical tests to evaluate the parallel tensile strength (internal stick) and bending and the static (steady) flexural. The physical test´s results indicate that the LHWS can be classified as bonded wood plate of high-density and with highly water resistant. In the mechanical tests it was possible to establish that LHWS presents different characteristics when submitted to uniaxial tensile and to the static (steady) flexural, since brittle and elasticity module had a variation according to the amount of dry endocarp used to manufacture each trace of LHWS. The GFRP-WC was industrially manufactured by a hand-lay-up process where the fiber glass E was used as reinforcement the lignocellulósic´s waste as load. The matrix was made with ortofitalic unsaturated polyester resin. Physical and mechanical tests were performed in presence of saturated humidity and dry. The results indicated good performance of the GFRP-WC, as traction as in flexion in three points. The presence of water influenced the modules obtained in the flexural and tensile but there were no significant alteration in the properties analyzed. As for the fracture, the analysis showed that the effects are more harmful in the presence of damp, under the action of loading tested, but despite this, the fracture was well defined starting in the external parts and spreading to the internal regions when one when it reaches the hybrid load

Compósitos poliméricos a base de fibras de licuri: efeitos da hibridização e do envelhecimento ambiental acelerado

The gradual replacement of conventional materials by the ones called composite materials is becoming a concern about the response of these composites against adverse environmental conditions, such as ultraviolet radiation, high temperature and moist. Also the search for new composite using natural fibers or a blend of it with synthetic fibers as reinforcement has been studied. In this sense, this research begins with a thorough study of microstructural characterization of licuri fiber, as a proposal of alternative reinforcement to polymeric composites. Thus, a study about the development of two composite laminates was done. The first one, involving only the fiber of licuri and the second comprising a hybrid composite based of fiber glass E and the fiber of licuri, in order to know the performance of the fiber when of fiber across the hybridization process. The laminates were made in the form of plates using the tereftálica ortho-polyester resin as matrix. The composite laminate made only by licuri fiber had two reinforcing fabric layers of unidirectional licuri and the hybrid composite had two reinforcing layers of unidirectional licuri fabric and three layers of fiber short glass-E mat. Finally, both laminates was exposed to aging acceleration in order to study the influence of environmental degradation involving the mechanical properties and fracture characteristics thereof. Regarding the mechanical properties of composites, these were determined through uniaxial tensile tests, uniaxial compression and three bending points for both laminates in original state, and uniaxial tensile tests and three bending points after accelerated aging. As regards the study of structural degradation due to aging of the laminates, it was carried out based on microscopic analysis and microstructure, as well as measuring weight loss. The characteristics of the fracture was performed by macroscopic and microscopic (optical and SEM) analysis. In general, the laminated composites based on fiber licuri showed some advantages in their responses to environmental aging. These advantages are observed in the behavior related to stiffness as well as the microstructural degradation and photo-oxidation processes. However, the structural integrity of this laminate was more affected in case the action of uniaxial tensile loads, where it was noted a lower rate of withholding his last resistance property

Plásticos reforçados a base de tecidos híbridos: efeitos da anisotropia e geometria normativa na caracterização mecânica e da fratura

As most current studies, reinforced plastics have been, in recent years, a viable alternative in building structural elements of medium and large, since the lightness accompanied by high performance possible. The design of hybrid polymer composites (combination of different types of reinforcements) may enable structural applications thereof, facing the most severe service conditions. Within this class of composite materials, reinforced the underlying tissues hybrid high performance are taking space when your application requires high load bearing and high rigidity. The objective of this research work is to study the challenges in designing these fabrics bring these materials as to its mechanical characterization and fracture mechanisms involved. Some parameters associated with the process and / or form of hybridization stand out as influential factors in the final performance of the material such as the presence of anisotropy, so the fabric weave, the process of making the same, normative geometry of the specimens, among others. This sense, four laminates were developed based hybrid reinforcement fabrics involving AS4 carbon fiber, kevlar and glass 49-E as the matrix epoxy vinyl ester resin (DERAKANE 411-350). All laminates were formed each with four layers of reinforcements. Depending on the hybrid fabric, all the influencing factors mentioned above have been studied for laminates. All laminates were manufactured industrially used being the lamination process manual (hand-lay-up). All mechanical characterization and study of the mechanism of fracture (fracture mechanics) was developed for laminates subjected to uniaxial tensile test, bending in three and uniaxial compression. The analysis of fracture mechanisms were held involving the macroscopic, optical microscopy and scanning electron microscopy