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.

Beyond the technical: a snapshot of energy and buildings research

The past decade has witnessed a sharp increase in published research on energy and buildings. This paper takes stock of work in this area, with a particular focus on construction research and the analysis of non-technical dimensions. While there is widespread recognition as to the importance of non-technical dimensions, research tends to be limited to individualistic studies of occupants and occupant behavior. In contrast, publications in the mainstream social science literature display a broader range of interests, including policy developments, structural constraints on the diffusion and use of new technologies and the construction process itself. The growing interest of more generalist scholars in energy and buildings provides an opportunity for construction research to engage a wider audience. This would enrich the current research agenda, helping to address unanswered problems concerning the relatively weak impact of policy mechanisms and new technologies and the seeming recalcitrance of occupants. It would also help to promote the academic status of construction research as a field. This, in turn, depends on greater engagement with interpretivist types of analysis and theory building, thereby challenging deeply ingrained views on the nature and role of academic research in construction.

Place making in Hellenistic Athens: beyond decline and foreign patronage

The study of cities is integral to the study of the Hellenistic Age, the period bounded by the deaths of two legendary rulers: Alexander in 323 BC and Kleopatra in 30 BC. Modern scholarship has followed in the footsteps of Johann-Gustav Droysen, who coined the term 'Hellenistic' in the nineteenth century and associated it with the diffusion of Greek culture through the founding of new cities in the East by Alexander and his successors. Hellenistic Athens, traditionally discussed under the rubric of its Classical legacy and/or in contrast with thriving cities, such as Pergamon, has been presented as a backwater exemplifying the demise of the 'polis'. My objective in this paper is to criticise these negative sentiments by exploring how the built environment of Hellenistic Athens could potentially become an indicator of city vitality.

Beyond the "liberal peace"

The article critically reviews the contributions to the understanding of contemporary peacebuilding practices of several recent contributions to the peacebuilding literature, including the 2011 World Development Report. It examines some of the conceptual problems with recent criticisms of the "liberal peace", and proposes that the concept of "liberal peace" should be abandonned as it lacks any analytical purchase.

Non-display uses of digital works: Google Books and beyond

With the advent of mass digitization projects, such as the Google Book Search, a peculiar shift has occurred in the way that copyright works are dealt with. Contrary to what has so far been the case, works are turned into machine-readable data to be automatically processed for various purposes without the expression of works being displayed to the public. In the Google Book Settlement Agreement, this new kind of usage is referred to as ‘non-display uses’ of digital works. The legitimacy of these uses has not yet been tested by Courts and does not comfortably fit in the current copyright doctrine, plainly because the works are not used as works but as something else, namely as data. Since non-display uses may prove to be a very lucrative market in the near future, with the potential to affect the way people use copyright works, we examine non-display uses under the prism of copyright principles to determine the boundaries of their legitimacy. Through this examination, we provide a categorization of the activities carried out under the heading of ‘non-display uses’, we examine their lawfulness under the current copyright doctrine and approach the phenomenon from the spectrum of data protection law that could apply, by analogy, to the use of copyright works as processable data.

Beyond a constructivist curriculum : a critique of competing paradigms in music education

The distinction between learning to perform on an instrument or voice and learning music in a wider sense is one that is made in many countries, and is especially pertinent in England in the context of recent policy developments. This article argues that, whilst this distinction has come to represent curricula based on the opposing paradigms of behaviourist and constructivist approaches to learning, this opposition does not necessarily extend to the pedagogy through which the curricula are taught. A case study of the National Curriculum in England highlights the characteristics of a curriculum based on constructivist principles, along with the impact this has when taught in a behaviourist way. It is argued that conceiving the curriculum in terms of musical competencies and pedagogy in terms of musical understanding would provide a basis for greater continuity and higher quality in the music education experienced by young people.

Beyond the computer: changing medium from digital to physical

How can organizations use digital infrastructure to realise physical outcomes? The design and construction of London Heathrow Terminal 5 is analysed to build new theoretical understanding of visualization and materialization practices in the transition from digital design to physical realisation. In the project studied, an integrated software solution is introduced as an infrastructure for delivery. The analyses articulate the work done to maintain this digital infrastructure and also to move designs beyond the closed world of the computer to a physical reality. In changing medium, engineers use heterogeneous trials to interrogate and address the limitations of an integrated digital model. The paper explains why such trials, which involve the reconciliation of digital and physical data through parallel and iterative forms of work, provide a robust practice for realizing goals that have physical outcomes. It argues that this practice is temporally different from, and at times in conflict with, building a comprehensive dataset within the digital medium. The paper concludes by discussing the implications for organizations that use digital infrastructures in seeking to accomplish goals in digital and physical media.

Human rights and mortgage repossession: beyond property law using Article 8

Following the Supreme Court decisions in Manchester CC v Pinnock and Hounslow CC v Powell, this article examines the possible impact of Article 8 of the European Convention on Human Rights and Fundamental Freedoms upon protection of the home in creditor repossession proceedings. The central argument advanced is that, although occupiers may not all be protected through property law, they may enjoy an independent right to respect for their home under Article 8, which should be acknowledged in the legal frameworks governing creditor's enforcement rights against the home. The article suggests that the most common creditor enforcement route, through mortgage repossession proceedings, falls short in this regard. It takes as its primary focus the treatment of children in such proceedings to provide an example of the potential for a human rights-based property protection heralded by these two Supreme Court decisions.

Beyond arousal and valence: the importance of the biological versus social relevance of emotional stimuli

The present study addressed the hypothesis that emotional stimuli relevant to survival or reproduction (biologically emotional stimuli) automatically affect cognitive processing (e.g., attention, memory), while those relevant to social life (socially emotional stimuli) require elaborative processing to modulate attention and memory. Results of our behavioral studies showed that (1) biologically emotional images hold attention more strongly than do socially emotional images, (2) memory for biologically emotional images was enhanced even with limited cognitive resources, but (3) memory for socially emotional images was enhanced only when people had sufficient cognitive resources at encoding. Neither images’ subjective arousal nor their valence modulated these patterns. A subsequent functional magnetic resonance imaging study revealed that biologically emotional images induced stronger activity in the visual cortex and greater functional connectivity between the amygdala and visual cortex than did socially emotional images. These results suggest that the interconnection between the amygdala and visual cortex supports enhanced attention allocation to biological stimuli. In contrast, socially emotional images evoked greater activity in the medial prefrontal cortex (MPFC) and yielded stronger functional connectivity between the amygdala and MPFC than did biological images. Thus, it appears that emotional processing of social stimuli involves elaborative processing requiring frontal lobe activity.

Beyond behaviour: is social anxiety low in Williams syndrome

Individuals with Williams syndrome (WS) exhibit striking social behaviour that may be indicative of abnormally low social anxiety. The present research aimed to determine whether social anxiety is unusually low in WS and to replicate previous findings of increased generalised anxiety in WS using both parent and self report. Fifteen individuals with WS aged 12-28 years completed the Spence Children’s Anxiety Scale (SCAS) and the Children’s Automatic Thoughts Scale (CATS). Their responses were compared to clinically anxious and community comparison groups matched on mental age. The findings suggest that WS is not associated with unusually low social anxiety but that generalised anxiety symptoms and physical threat thoughts are increased in WS, relative to typically developing children.