The cyclical behaviour of sector and regional diversification benefits: 1987-2002

This paper investigates the time series behaviour of the relative benefits of sector and regional diversification strategies, using the notion of cross-sectional dispersion introduced by Solnik and Roulet (2000). Using monthly data over the period 1987:1 to 2002:12, four sector and four regional classifications are examined in the UK. The results indicate that sector and regional dispersion indices are highly time varying and so dwarf any lower frequency cyclical components that may be present. Nonetheless, periods of high dispersion are closely followed by periods of low dispersion, suggestive of cyclical behaviour of sector and regional diversification benefits. Then, using the HP-filter we isolated the cyclical component of the various dispersion indices and found that the sector dispersion indices are generally above the regional dispersion indices. This implies that a sector diversification strategy is likely to offer greater risk reduction benefits than a regional diversification approach. Nonetheless, we find that in some periods, certain regional diversification strategies are of equal or greater benefit than certain sector approaches. The results also appear to be quite sensitive to the classifications of sectors and regions. Hence, the appropriate definition of sectors and regions can have important implications for sector and regional diversification strategies.

Changes in the relative importance of sector and regional factors: 1987-2002

A stylised fact in the real estate portfolio diversification literature is that sector (property-type) effects are relatively more important than regional (geographical) factors in determining property returns. Thus, for those portfolio managers who follow a top-down approach to portfolio management, they should first choose in which sectors to invest and then select the best properties in each market. However, the question arises as to whether the dominance of the sector effects relative to regional effects is constant. If not property fund managers will need to take account of regional effects in developing their portfolio strategy. Using monthly data over the period 1987:1 to 2002:12 for a sample of over 1000 properties the results show that the sector-specific factors dominate the regional-specific factors for the vast majority of the time. Nonetheless, there are periods when the regional factors are of equal or greater importance than the sector effects. In particular, the sector effects tend to dominate during volatile periods of the real estate cycle; however, during calmer periods the sector and regional effects are of equal importance. These findings suggest that the sector effects are still the most important aspect in the development of an active portfolio strategy.

Changes in the relative importance of sector and regional Factors: 1987-2002

A stylised fact in the real estate portfolio diversification literature is that sector (property-type) effects are relatively more important than regional (geographical) factors in determining property returns. Thus, for those portfolio managers who follow a top-down approach to portfolio management, they should first choose in which sectors to invest and then select the best properties in each market. However, the question arises as to whether the dominance of the sector effects relative to regional effects is constant. If not property fund managers will need to take account of regional effects in developing their portfolio strategy. We find the results show that the sector-specific factors dominate the regional-specific factors for the vast majority of the time. Nonetheless, there are periods when the regional factors are of equal or greater importance than the sector effects. In particular, the sector effects tend to dominate during volatile periods of the real estate cycle; however, during calmer periods the sector and regional effects are of equal importance. These findings suggest that the sector effects are still the most important aspect in the development of an active portfolio strategy.

June 1987 GISMOS experiment: Preliminary report on high time resolution, multi-radar measurements

Data collected by ground magnetometers and high latitude radars during a small isolated substorm are discussed in terms of the global changes in convection during the substorm. This substorm was observed during the international GISMOS (Global Ionospheric Simultaneous Measurements of Substorms) Experiment of 1 – 5 June 1987 and the array of observations discussed here span the night sector from approximately dusk to dawn. The substorm, observed by the Sondrestrom radar and auroral and midlatitude magnetometers is associated with a polar cap contraction observed near dusk by the EISCAT radar.

Fackskolan för huslig ekonomi. En möjlighet till utbild­ning och kvinnoemancipation för de ogifta borgarflick­orna. : En social rekryteringsstudie av lärarinnekandidater till fackskolan för huslig ekonomi i Upp­sala, 1895-1910.

Jag har med denna uppsats velat undersöka betydelsen av Fackskolan för huslig ekonomi i Uppsala,(FHE), för de ogifta borgarflickornas emancipation vad beträffar utbildningsmöjlig­heter. Detta har jag gjort genom att undersöka den sociala re­kryteringen, där de rekryterade flickornas fäders yr­ken, samt en geografisk fördelning har upptecknats, från tiden då skolan grundades, 1895 och fram till 1910. Det undersökta materi­alet, som är matriklar för rekryterade hushållslärarinnor på FHE, är arkivmaterial som lagras på Landsarkivet i Uppsala, där FHE är arkivbildare.   Undersökningen visar att ca 65 % av eleverna var av medelklassfamilj, vilket vid jämförelse överrensstämmer med andra liknande skolor. Blanda annat visar min jämförande undersökning med Folkskollärarinneseminariet i Falun, (FFS), detta. Det som utmärker FHE är dock det höga antalet elever som kom från akademiker-och överklasshem, ca.30 % och det låga antalet med arbetarbakgrund,(2-4%), vilket visar på att skolan hade en övervägande borgerlig profil.

1987 Yearbook

TOC: Clubs & Organizations…18 / Current Events & Music…30 / Faculty & Staff…33 / Activities & Events… / Honors & Graduation…65 / Graduates…75 / Yearbook Credits…111 / A Thank You…112 YEARBOOK COMMITTEE: Project Director, Vincent Banrey; Asst. Project Director, Catherine Whan; Editors (1986): Maricruz Saunders; (1987): Juan Jimenez, GloryAnn Torres; LAYOUT DESIGNERS: Vincent Banrey, Stephanie Bowen, Yvonne Brown, Jacqui Fernandez, Milton Ferreira, Omar Harris, Cornelius Huskins, Juan Jimenez, Wayne Keane, Richard Massie, Victoria Pamias, Richard Provost, Maricruz Saunders, GloryAnn Torres, Pedro Torres, Joan Walker, Catherine Whan. PHOTOGRAPHERS: John Carrero, Young Baek Choi, Randy Fader-Smith, Milton Ferreira, Roger Ince, Juan Jimenez, Umoja Kwanguvu, Seymour Lerman, Clinton Linton, Richard Provost, Jaidee amsinghani, Maricruz Saunders, Frank Tocco, GloryAnn Torres, Catherine Whan, Alan Young. ARTISTS: Cover Design: Madeline Vega; Endsheets: Oscar "DJ Ozzie" Ramirez; Division Pages: Jose Marti; International LaGuardia: Jacqui Fernandez; Illustrations: Richard Massie, Jacqui Fernandez, Madeline Vega. WRITERS: Yasmin Ahmed, Vincent Banrey, Warren Gardner, Juan Jimenez, Umoja Kwanguvu, Luis Merchant, Victoria Pamias, Richard Provost, Christiana Somerville, GloryAnn Torres, Joan Walker, Catherine Whan. SIGNIFICANT OTHERS: Word Processing: Blanca Arbito, Edward Hollins, Catherine Whan. Vincent Banrey Spread: developed by Blanca Arbito, Edward Hollins and GloryAnn Torres, Jacqui Fernandez, Catherine Whan. Creative Consultant: Edward Hollins. Promotions: George Condors. SPECIAL THANKS TO: Frank and Seymour of Classic Studios; Chuck Lindsey, Photo Workshop Instructor; Ted Schiffman of Taylor Publishing Co.; Dan Horn and Thurston Reyes of LaGuardia Theatre; and the Recreation staff. ALAN BERMAN IN MEMORIAM: Sketch, Tom Fink; Alan Speaking, Brian Gallagher; Remembering Dr. Alan Berman, Tuzyline Allan.