The effect of drying and urea treatment on nutritional and anti-nutritional components of browses collected during wet and dry seasons

Fibre, crude protein and tannin concentrations were measured in browse species from the semi-arid region of Northeast Brazil during the dry and wet seasons. The effects of oven-, sun- and shade-drying and of urea treatment were also determined. Crude protein (CP) content varied from 103 to 161 g/kg dry matter (DM) and the browses had similar CP content in the two seasons (during 2002) (102-161 and 107-153 g/kg DM in the wet and dry seasons, respectively). Total tannin concentrations ranged from 13 to 201 g/kg DM amongst the browses and were higher in the dry season. A 30-d treatment with urea reduced extractable tannins significantly (P < 0.05). The urea treatment was also most effective at reducing the in vitro effects of tannins compared to the other drying treatments. This was demonstrated by measuring the effect of polyethylene glycol (PEG) on gas production. Addition of PEG increased gas production of oven- (81.4%), sun- (78.5%) and shade-dried (76.7%) samples much more compared to urea treated samples (10.9%). (c) 2005 Elsevier B.V. All rights reserved.

Timing and the holding periods of institutional real estate

Literature on investors' holding periods for securities suggests that high transaction costs are associated with longer holding periods. Return volatility, by contrast, is associated with shorter holding periods. In real estate, high transaction costs and illiquidity imply longer holding periods. Research on depreciation and obsolescence suggests that there might be an optimal holding period. Sales rates and holding periods for U.K. institutional real estate are analyzed, using a proportional hazards model, over an 18-year period. The results show longer holding periods than those claimed by investors, with marked differences by type of property and over time. The results shed light on investor behavior.

Factors controlling the distribution of ozone in the West African lower troposphere during the AMMA (African Monsoon Multidisciplinary Analysis) wet season campaign

Ozone and its precursors were measured on board the Facility for Airborne Atmospheric Measurements (FAAM) BAe 146 Atmospheric Research Aircraft during the monsoon season 2006 as part of the African Monsoon Multidisciplinary Analysis (AMMA) campaign. One of the main features observed in the west African boundary layer is the increase of the ozone mixing ratios from 25 ppbv over the forested area (south of 12 degrees N) up to 40 ppbv over the Sahelian area. We employ a two-dimensional ( latitudinal versus vertical) meteorological model coupled with an O-3-NOx-VOC chemistry scheme to simulate the distribution of trace gases over West Africa during the monsoon season and to analyse the processes involved in the establishment of such a gradient. Including an additional source of NO over the Sahelian region to account for NO emitted by soils we simulate a mean NOx concentration of 0.7 ppbv at 16 degrees N versus 0.3 ppbv over the vegetated region further south in reasonable agreement with the observations. As a consequence, ozone is photochemically produced with a rate of 0.25 ppbv h(-1) over the vegetated region whilst it reaches up to 0.75 ppbv h(-1) at 16 degrees N. We find that the modelled gradient is due to a combination of enhanced deposition to vegetation, which decreases the ozone levels by up to 11 pbbv, and the aforementioned enhanced photochemical production north of 12 degrees N. The peroxy radicals required for this enhanced production in the north come from the oxidation of background CO and CH4 as well as from VOCs. Sensitivity studies reveal that both the background CH4 and partially oxidised VOCs, produced from the oxidation of isoprene emitted from the vegetation in the south, contribute around 5-6 ppbv to the ozone gradient. These results suggest that the northward transport of trace gases by the monsoon flux, especially during nighttime, can have a significant, though secondary, role in determining the ozone gradient in the boundary layer. Convection, anthropogenic emissions and NO produced from lightning do not contribute to the establishment of the discussed ozone gradient.

Trends in the start of the wet season over Africa

A quarter of a century of daily rainfall data from the Global Telecommunications System are used to define the temporal and spatial variability of the start of the wet season over Africa and surrounding extreme south of Europe and parts of the Middle East. From 1978 to 2002, the start of the wet season arrived later in the year for the majority of the region, as time progressed. In some parts of the continent, there was an annual increase in the start date of up to 4 days per year. On average, the start of the wet season arrived 9–21 days later from 1978 to 2002, depending on the threshold used to define the start of the rains (varying from 10–30 mm over 2 days, with no dry period in the following 10 days). It is noted that the inter-annual variability of the start of the wet season is high with the range of start dates varying on average from 116 to 142 days dependent on the threshold used to determine the start date. These results may have important implications for agriculturists on all levels (from the individual farmer to those responsible for regional food supply), as knowledge of potential future climate changes starts to play an increasingly important role in the agricultural decision-making process, such as sowing and harvesting times.

A step toward the wet surface chemistry of glycine and alanine on Cu{110}: destabilization and decomposition in the presence of near-ambient water vapor

The coadsorption of water with organic molecules under near-ambient pressure and temperature conditions opens up new reaction pathways on model catalyst surfaces that are not accessible in conventional ultrahigh-vacuum surfacescience experiments. The surface chemistry of glycine and alanine at the water-exposed Cu{110} interface was studied in situ using ambient-pressure photoemission and X-ray absorption spectroscopy techniques. At water pressures above 10-5 Torr a significant pressure-dependent decrease in the temperature for dissociative desorption was observed for both amino acids, accompanied by the appearance of a newCN intermediate, which is not observed for lower pressures. The most likely reaction mechanisms involve dehydrogenation induced by O and/or OH surface species resulting from the dissociative adsorption of water. The linear relationship between the inverse decomposition temperature and the logarithm of water pressure enables determination of the activation energy for the surface reaction, between 213 and 232 kJ/mol, and a prediction of the decomposition temperature at the solidliquid interface by extrapolating toward the equilibrium vapor pressure. Such experiments near the equilibrium vapor pressure provide important information about elementary surface processes at the solidliquid interface, which can be retrieved neither under ultrahigh vacuum conditions nor from interfaces immersed in a solution.

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.

The impact of real estate on the mixed-asset portfolio in periods of financial stress

The case for holding real estate in the mixed-asset portfolio is typically made on its stabilising effect as a result of its diversification benefits. However, portfolio diversification often fails when it is most needed, i.e. during periods of financial stress. In these periods, the variability of returns for most asset classes increases thus reducing the stabilising effect of a diversified portfolio. This paper applies the approach of Chow et al (1999) to the US domestic mixed-asset portfolio to establish whether real estate, represented by REITs, is especially useful in times of financial stress. To this end monthly returns data on five assets classes: large cap stocks, small cap stocks, long dated government bonds, cash (T-Bills) and real estate (REITs) are evaluated over the period January 1972 to December 2001. The results indicate that the inclusion of REITs in the mixed-asset portfolio can lead to increases or decreases in returns depending on the asset class replaced and whether the period is one of calm or stress. However, the inclusion of REITs invariably leads to reductions in portfolio risk that are greater than any loss in return, especially in periods of financial stress. In other words, REITs acts as a stabilising force on the mixed-asset portfolio when it is most needed, i.e. in periods of financial stress.

Timing and the holding periods of institutional real estate

The literature on investors’ holding periods for equities and bonds suggest that high transaction costs are associated with longer holding periods. Return volatility, by contrast, is associated with short-term trading and hence shorter holding periods. High transaction costs and the perceived illiquidity of the real estate market leads to an expectation of longer holding periods. Further, work on depreciation and obsolescence might suggest that there is an optimal holding period. However, there is little empirical work in the area. In this paper, data from the Investment Property Databank are used to investigate sales rate and holding period for UK institutional real estate between 1981 and 1994. Sales rates are investigated using the Cox proportional hazards framework. The results show longer holding periods than those claimed by investors. There are marked differences by type of property and sales rates vary over time. Contemporaneous returns are positively associated with an increase in the rate of sale. The results shed light on investor behaviour.

Humid periods in southern Arabia: windows of opportunity for modern human dispersal.

Arabia is a key area for the dispersal of anatomically modern humans (AMH, Homo sapiens) out of Africa. Given its modern hostile environment, the question of the timing of dispersal is also a question of climatic conditions. Fresh water and food were crucial factors facilitating AMH expansions into Arabia. By dating relict lake deposits, four periods of lake formation were identified: one during the early Holocene and three during the late Pleistocene centered ca. 80, ca. 100, and ca. 125 ka. Favorable environmental conditions during these periods allowed AMH to migrate across southern Arabia. Between ca. 75 and 10.5 ka, arid conditions prevailed and turned southern Arabia into a natural barrier for human dispersal. Thus, expansion of AMH through the southern corridor into Asia must have taken place before 75 ka, possibly in multiple dispersals.

Holocene and Pleistocene pluvial periods in Yemen, Southern Arabia

Arabia is an important potential pathway for the dispersal of Homo sapiens (“out of Africa”). Yet, because of its arid to hyper-arid climate humans could only migrate across southern Arabia during pluvial periods when environmental conditions were favorable. However, knowledge on the timing of Arabian pluvial periods prior to the Holocene is mainly based on a single and possibly incomplete speleothem record from Hoti Cave in Northern Oman. Additional terrestrial records from the Arabian Peninsula are needed to confirm the Hoti Cave record. Here we present a new speleothem record from Mukalla Cave in southern Yemen. The Mukalla Cave and Hoti Cave records clearly reveal that speleothems growth occurred solely during peak interglacial periods, corresponding to Marine Isotope Stages (MIS) 1 (early to mid-Holocene), 5.1, 5.3, 5.5 (Eemian), 7.1, 7.5 and 9. Of these humid periods, highest precipitation occurred during MIS 5.5 and lowest during early to middle Holocene.

Photosynthetic activity and early growth of four Cacao genotypes as influenced by different shade regimes under West African dry and wet season conditions

The physiological performance of four cacao clones was examined under three artificial shade regimes over the course of a year in Ghana. Plants under light shade had significantly higher photosynthetic rates in the rainy seasons whereas in the dry season there was a trend of higher photosynthetic rates under heavy shade. The results imply that during the wet seasons light was the main limiting factor to photosynthesis whereas in the dry season vapour pressure deficit was the major factor limiting photosynthesis through stomatal regulation. Leaf area was generally lower under heavier shade but the difference between shade treatments varied between clones. Such differences in leaf area allocation appeared to underlie genotypic differences in final biomass production in response to shade. The results suggest that shade for young cacao should be provided based on the current ambient environment and genotype.