The cyclical relations between traded property stock prices and aggregate time-series

This paper examines the cyclical regularities of macroeconomic, financial and property market aggregates in relation to the property stock price cycle in the UK. The Hodrick Prescott filter is employed to fit a long-term trend to the raw data, and to derive the short-term cycles of each series. It is found that the cycles of consumer expenditure, total consumption per capita, the dividend yield and the long-term bond yield are moderately correlated, and mainly coincident, with the property price cycle. There is also evidence that the nominal and real Treasury Bill rates and the interest rate spread lead this cycle by one or two quarters, and therefore that these series can be considered leading indicators of property stock prices. This study recommends that macroeconomic and financial variables can provide useful information to explain and potentially to forecast movements of property-backed stock returns in the UK.

Individual assets, market structure and the drivers of return

Much UK research and market practice on portfolio strategy and performance benchmarking relies on a sector‐geography subdivision of properties. Prior tests of the appropriateness of such divisions have generally relied on aggregated or hypothetical return data. However, the results found in aggregate may not hold when individual buildings are considered. This paper makes use of a dataset of individual UK property returns. A series of multivariate exploratory statistical techniques are utilised to test whether the return behaviour of individual properties conforms to their a priori grouping. The results suggest strongly that neither standard sector nor regional classifications provide a clear demarcation of individual building performance. This has important implications for both portfolio strategy and performance measurement and benchmarking. However, there do appear to be size and yield effects that help explain return behaviour at the property level.

Working with legal pluralism: widowhood, property inheritance and poverty alleviation in urban Senegal

This article explores the role of women's inheritance and ownership of property in urban Senegal. It shows how being able to inherit and own property promotes the economic and emotional security of widows and their children in urban areas, and discusses the challenges posed by legal pluralism in working on poverty alleviation and social protection in the city.

The persistence of distance: a gravity model of European cross-border real estate development flows

Purpose – This paper aims to investigate the scale and drivers of cross-border real estate development in Western Europe and Central and Eastern Europe. Design/methodology/approach – Placing cross-border real estate development within the framework of foreign direct investment (FDI), conceptual complexities in characterizing the notional real estate developer are emphasized. Drawing upon a transaction database, this paper proxies cross-border real estate development flows with asset sales by developers. Findings – Much higher levels of market penetration by international real estate developers are found in the less mature markets of Central and Eastern Europe. Analysis suggests a complex range of determinants with physical distance remaining a consistent barrier to cross-border development flows. Originality/value – This analysis adds significant value in terms of understanding cross-border real estate development flows. In this study, a detailed examination of the issues based on a rigorous empirical analysis through gravity modelling is offered. The gravity framework is one of the most confirmed empirical regularities in international economics and commonly applied to trade, FDI, migration, foreign portfolio investment inter alia. This paper assesses the extent to which it provides useful insights into the pattern of cross-border real estate development flows.

Liquidity and the drivers of search, due diligence and transaction times for UK commercial real estate investments

Trading commercial real estate involves a process of exchange that is costly and which occurs over an extended and uncertain period of time. This has consequences for the performance and risk of real estate investments. Most research on transaction times has occurred for residential rather than commercial real estate. We study the time taken to transact commercial real estate assets in the UK using a sample of 578 transactions over the period 2004 to 2013. We measure average time to transact from a buyer and seller perspective, distinguishing the search and due diligence phases of the process, and we conduct econometric analysis to explain variation in due diligence times between assets. The median time for purchase of real estate from introduction to completion was 104 days and the median time for sale from marketing to completion was 135 days. There is considerable variation around these times and results suggest that some of this variation is related to market state, type and quality of asset, and type of participants involved in the transaction. Our findings shed light on the drivers of liquidity at an individual asset level and can inform models that quantify the impact of uncertain time on market on real estate investment risk.

The horizontal spread of a vertical malady: cosmopolitanism and history in Pernambuco’s recent cinematic sensation

Brazil’s recent cinematic sensation, O som ao redor/Neighboring Sounds (Kleber Mendonça Filho, 2012), displays an effective integration of form and content, as exemplified by its vertical figuration that crystallizes the devastating effects of property development and global capitalism. This chapter will attempt to unravel a two-way drive within this vertical motif: a movement off the ground, resulting in global cosmopolitanism; and another into the ground, in search of the social history and film history at its base. As I hope to demonstrate, despite the characters’ late postmodernist disconnect from local context and history, O som ao redor offers a perspicacious insight into regional and national history that contributes an original and exciting addition to Brazilian and world cinema.

Biochemical and biophysical properties of a highly active recombinant arginase from Leishmania (Leishmania) amazonensis and subcellular localization of native enzyme

Arginase (L-arginine amidinohydrolase, E.C. 3.5.3.1) is a metalloenzyme that catalyses the hydrolysis Of L-arginine to L-ornithine and urea. In Leishmania spp., the biological role of the enzyme may be involved in modulating NO production upon macrophage infection. Previously, we cloned and characterized the arginase gene from Leishmania (Leishmania) amazonensis. In the present work, we successfully expressed the recombinant enzyme in E. coli and performed biochemical and biophysical characterization of both the native and recombinant enzymes. We obtained K-M and V-max. values of 23.9(+/- 0.96) mM and 192.3 mu mol/min mg protein (+/- 14.3), respectively, for the native enzyme. For the recombinant counterpart, K-M was 21.5(+/- 0.90) mM and V-max was 144.9(+/- 8.9) mu mol/min mg. Antibody against the recombinant protein confirmed a glycosomal cellular localization of the enzyme in promastigotes. Data from light scattering and small angle X-ray scattering showed that a trimeric state is the active form of the protein. We determined empirically that a manganese wash at room temperature is the best condition to purify active enzyme. The interaction of the recombinant protein with the immobilized nickel also allowed us to confirm the structural disposition of histidine at positions 3 and 324. The determined structural parameters provide substantial data to facilitate the search for selective inhibitors of parasitic sources of arginase, which could subsequently point to a candidate for leishmaniasis therapy. (c) 2008 Elsevier B.V. All rights reserved.

The “Lunatic Fringe” -- Barry Goldwater and the Conservative Revolution of the 1960s --

How did conservatives, who had become effectively ostracized by their party following the Great Depression and the societal reforms of the New Deal, regain leverage within the GOP during the 1960s? My hypothesis is two-fold. First, I contend that a small group of conservative activists led by F. Clifton White, in spite of a dearth of resources and manpower, managed to infiltrate Republican infrastructure and “hijack” the delegate- selection process. The distinctly conservative and recalcitrant disposition of the Goldwater delegates demonstrates that these activists succeeded. Second, I argue that in addition to temporarily overpowering the national convention in 1964, conservatives thereafter retained control of the party insofar as subsequent GOP candidates were obliged to garner the support of conservative pockets of the country in order to win the presidential nomination. The resulting rightward shift of the Republican Party following the 1960s is a direct corollary of the conservative takeover outlined in this study.

On Rememberance of Things Past: Woodstock and the Counterculture

The natural disposition of mankind is to want Utopia. In literature from the very beginning, from our most primitive to our most sophisticated verses, from the pens of atheists to acolytes, the human spirit has always scratched out, searched, even longed, for Utopias. When Utopias can somehow be linked to a political entity, the subsequent delirium from would-be followers numbers millions.

COMBUSTION and PYROLYSIS of A SLUDGE FROM WASTEWATER TREATMENT PLANT

The possibility of thermal treatment plants of municipal wastewater is an alternative solution for the final disposition of the sludge produced on small cities as Barueri, a small town of São Paulo State, Brazil. Combustion and pyrolysis of that municipal waste, occurring respectively in air and nitrogen, have been studied by thermogravimetry (TG) and differential thermal analysis (DTA). The main steps of each case were analyzed and Kissinger plots were used to estimate respective activation energies. DTG peaks are more indicated to represent the condition of maximum reaction rates than DTA peaks.

Leaf anatomy of rubber-tree clones

A seringueira é uma planta de fácil reconhecimento por ser lenhosa, de porte mediano a grande, que apresenta um padrão característico de desfolha e reenfolhamento e, sobretudo, pela produção de látex. O objetivo do trabalho foi efetuar um estudo anatômico e morfológico foliar, comparando os clones RRIM 600 e GT 1 de seringueira &91;Hevea brasiliensis (Wild. ex Adr. de Juss.) Muell.- Arg&93;, desenvolvidos sob as mesmas condições edáficas e climáticas, para obtenção de informações que possam fornecer subsídios para correlações com dados fisiológicos e também diferenciar os clones em relação ao conteúdo de fibras, espessamento de tecidos do parênquima paliçádico e do parênquima lacunoso, caracterização anatômica do pecíolo, número e tamanho de estômatos e fornecer dados referentes a morfologia foliolar. Foram realizadas secções transversais na região do mesófilo, nervura central e pecíolo, seguindo-se os métodos usuais de preparação de lâminas permanentes. Foram realizadas análises biométricas de extensões de tecidos dos parênquimas paliçádico e lacunoso e contagem do número de células do parênquima lacunoso. Paralelamente foram realizadas análises biométricas para aferições de estômatos. Não houve diferenças para a altura das células epidérmicas, altura e número de camadas do parênquima lacunoso e para o comprimento e para a maior largura do limbo foliolar. Porém houve variação para a espessura das células do parênquima paliçádico, sendo que GT 1 apresentou maior espessura em relação a RRIM 600. GT1 apresentou maior número de estômatos em relação a RRIM 600, porém com menor tamanho. GT1 apresentou maior diâmetro da nervura central da folha e do pecíolo e maior quantidade de fibras de esclerênquima que RRIM 600.

Simultaneous analysis of the enantiomers of verapamil and norverapamil in rat plasma by liquid chromatography tandem mass spectrometry

An enantioselective micromethod for the simultaneous analysis of verapamil (VER) and norverapamil (NOR) in plasma was developed, validated and applied to the study of the kinetic disposition of VER and NOR after the administration of a single oral dose of racemic-VER to rats. VER, NOR and the internal standard (paroxetine) were extracted from only 100-mu L plasma samples using n-hexane and the enantiomers were resolved on a Chiralpak AD column using n-hexane:isopropanol: ethanol: diethyl ami ne (88:6:6:0.1) as the mobile phase. The analyses were performed in the selected reaction monitoring mode. Transitions 456 > 166 for VER enantiomers, 441 > 166 for NOR enantiomers and 330 > 193 for the internal standard were monitored and the method had a total chromatographic run time of 12 min. The method allows the determination of VER and NOR enantiomers at plasma levels as low as 1.0 ng/mL. Racemic VER hydrochloride (10 mg/kg) was given to male Wistar rats by gavage and blood samples were collected from 0 to 6.0 h(n = 6 at each time point). The concentration of (-)-(S)-VER was three folds higher than (+)-(R)-VER, with an AUC ratio (-)/(+) of 2.66. Oral clearance values were 12.17 and 28.77 L/h/kg for (-)-(S)-VER and (+)-(R)-VER, respectively. The pharmacokinetic parameters of NOR were not shown to be enantioselective. (c) 2007 Elsevier B.V. All rights reserved.

Influence of N-Hexane Inhalation on the Enantioselective Pharmacokinetics and Metabolism of Verapamil in Rats

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

The Rechtslehre doctrine and Kant's philosophy of history

The text is divided in two phases. In the first phase, consisting of three parts, the main concepts of Kant's Doctrine of Right are considered in a comprehensive approach related to: the issue of the relations between natural right and positive right, problem closely connected to that of the relations between natural state and civil state, private right and public right; to the doctrine of property and its connection with political right. on treating the right in its several types, we intend to appoint the practical reasoning as a background of the Doctrine. In the second phase, concerning its last section, the consideration on the presence of the practical reasoning into the right is placed before some specificities of Kant's phylosophy of history, with the intent of establishing the possible relation between Rechtslehre and that philosophy.