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.

Fetal programming effects of testosterone on the reward system and behavioral approach tendencies in humans

BACKGROUND: Sex differences are present in many neuropsychiatric conditions that affect emotion and approach-avoidance behavior. One potential mechanism underlying such observations is testosterone in early development. Although much is known about the effects of testosterone in adolescence and adulthood, little is known in humans about how testosterone in fetal development influences later neural sensitivity to valenced facial cues and approach-avoidance behavioral tendencies. METHODS: With functional magnetic resonance imaging we scanned 25 8-11-year-old children while viewing happy, fear, neutral, or scrambled faces. Fetal testosterone (FT) was measured via amniotic fluid sampled between 13 and 20 weeks gestation. Behavioral approach-avoidance tendencies were measured via parental report on the Sensitivity to Punishment and Sensitivity to Rewards questionnaire. RESULTS: Increasing FT predicted enhanced selectivity for positive compared with negatively valenced facial cues in reward-related regions such as caudate, putamen, and nucleus accumbens but not the amygdala. Statistical mediation analyses showed that increasing FT predicts increased behavioral approach tendencies by biasing caudate, putamen, and nucleus accumbens but not amygdala to be more responsive to positive compared with negatively valenced cues. In contrast, FT was not predictive of behavioral avoidance tendencies, either through direct or neurally mediated paths. CONCLUSIONS: This work suggests that testosterone in humans acts as a fetal programming mechanism on the reward system and influences behavioral approach tendencies later in life. As a mechanism influencing atypical development, FT might be important across a range of neuropsychiatric conditions that asymmetrically affect the sexes, the reward system, emotion processing, and approach behavior.

Classed femininity, performativity, and camp in British structured reality programming

This article explores the representations and tonal qualities of British “structured reality” programming. Focusing on The Only Way Is Essex and Made in Chelsea, it investigates their glocalizing of the model established by MTV’s Laguna Beach and The Hills. It argues that while they blur boundaries between docusoap, drama, and soap opera, the British programs also recognize and foreground issues of construction for their reality TV-literate youth audience. It suggests the programs play a key role in their respective channel identities and the ideologies of British youth television, connecting to larger issues of class, gender, and taste. This is articulated through their regional and classed femininities, with the article exploring how the programs draw on classed ideologies surrounding “natural” and “excessive” femininities and of the role of this in their engagement with construction and camp play. This play contributes to the tonal shift offered by the British programs, mixing the melodrama of the MTV programs with a knowing, at times comic edge that can tip into mockery. In doing so, the programs offer their audience a combination of performative self-awareness and emotional realism that situates them clearly within British youth television

Islamic mutual funds' financial performance and international investment style: evidence from 20 countries

We pursue the first large-scale investigation of a strongly growing mutual fund type: Islamic funds. Based on an unexplored, survivorship bias-adjusted data set, we analyse the financial performance and investment style of 265 Islamic equity funds from 20 countries. As Islamic funds often have diverse investment regions, we develop a (conditional) three-level Carhart model to simultaneously control for exposure to different national, regional and global equity markets and investment styles. Consistent with recent evidence for conventional funds, we find Islamic funds to display superior learning in more developed Islamic financial markets. While Islamic funds from these markets are competitive to international equity benchmarks, funds from especially Western nations with less Islamic assets tend to significantly underperform. Islamic funds’ investment style is somewhat tilted towards growth stocks. Funds from predominantly Muslim economies also show a clear small cap preference. These results are consistent over time and robust to time varying market exposures and capital market restrictions.

The look: style, technology and televisuality in the New Who

This chapter explores the distinctive qualities of the Matt Smith era Doctor Who, focusing on how dramatic emphases are connected with emphases on visual style, and how this depends on the programme's production methods and technologies. Doctor Who was first made in the 1960s era of live, studio-based, multi-camera television with monochrome pictures. However, as technical innovations like colour filming, stereo sound, CGI and post-production effects technology have been routinely introduced into the programme, and now High Definition (HD) cameras, they have given Doctor Who’s creators new ways of making visually distinctive narratives. Indeed, it has been argued that since the 1980s television drama has become increasingly like cinema in its production methods and aesthetic aims. Viewers’ ability to view the programme on high-specification TV sets, and to record and repeat episodes using digital media, also encourage attention to visual style in television as much as in cinema. The chapter evaluates how these new circumstances affect what Doctor Who has become and engages with arguments that visual style has been allowed to override characterisation and story in the current Doctor Who. The chapter refers to specific episodes, and frames the analysis with reference to earlier years in Doctor Who’s long history. For example, visual spectacle using green-screen and CGI can function as a set-piece (at the opening or ending of an episode) but can also work ‘invisibly’ to render a setting realistically. Shooting on location using HD cameras provides a rich and detailed image texture, but also highlights mistakes and especially problems of lighting. The reduction of Doctor Who’s budget has led to Steven Moffat’s episodes relying less on visual extravagance, connecting back both to Russell T. Davies’s concern to show off the BBC’s investment in the series but also to reference British traditions of gritty and intimate social drama. Pressures to capitalise on Doctor Who as a branded product are the final aspect of the chapter’s analysis, where the role of Moffat as ‘showrunner’ links him to an American (not British) style of television production where the preservation of format and brand values give him unusual power over the look of the series.

Teaching programming to beginners in a massive open online course

The University of Reading’s first Massive Open Online Course (MOOC) “Begin Programming: Build your first mobile game” (#FLMobiGame) was offered in Autumn 2013 on the FutureLearn platform. This course used a simple Android game framework to present basic programming concepts to complete beginners. The course attracted wide interest from all age groups. The course presented opportunities and challenges to both participants and educators. While some participants had difficulties accessing content some others had trouble grasping the concepts and applying them in a real program. Managing forums was cumbersome with the limited facilities supported by the Beta-platform. A healthy community was formed around the course with the support of social media. The case study reported here is part of an ongoing research programme exploring participants’ MOOC engagement and experience using a grounded, ethnographical approach.

The spaces of the Wednesday Play (BBC TV 1964–1970): production, technology and style

The BBC television drama anthology The Wednesday Play, broadcast from 1964-70 on the BBC1 channel, was high-profile and often controversial in its time and has since been central to accounts of British television’s ‘golden age’. This article demonstrates that production technologies and methods were more diverse at that time than is now acknowledged, and that The Wednesday Play dramas drew both approving but also very critical responses from contemporary viewers and professional reviewers. This article analyses the ways that the physical spaces of production for different dramas in the series, and the different technologies of shooting and recording that were adopted in these production spaces, are associated with but do not determine aesthetic style. The adoption of single-camera location filming rather than the established production method of multi-camera studio videotaping in some of the dramas in the series has been important to The Wednesday Play’s significance, but each production method was used in different ways. The dramas drew their dramatic forms and aesthetic emphases from both theatre and cinema, as well as connecting with debates about the nature of drama for television. Institutional and regulatory frameworks such as control over staff working away from base, budgetary considerations and union agreements also impacted on decisions about how programmes were made. The article makes use of records from the BBC Written Archives Centre, as well as published scholarship. By placing The Wednesday Play in a range of overlapping historical contexts, its identity can be understood as transitional, differentiated and contested.

Style and substance: some metal figurines from south-west Britain

A hoard found in Southbroom, Devizes in 1714 contained a group of copper-alloy figurines executed in both classical and local styles and depicting deities belonging to the Graeco-Roman and Gallo-Roman pantheons. The deities in a local style appear to form part of a larger tradition of figurines, predominantly found in the South-West, which are characterised both by a similar artistic style and by the use of Gallo-Roman symbolism and deities, such as the torc, ram-horned snake, carnivorous dog and Sucellus. The unique composition of the hoard in comparison with other hoards of similar date provides insights into the beliefs of Roman Britain.

Facts, scope, style: a guide to writing papers for IEEE transactions on consumer electronics

In a previous article, I wrote a brief piece on how to enhance papers that have been published at one of the IEEE Consumer Electronics (CE) Society conferences to create papers that can be considered for publishing in IEEE Transactions on Consumer Electronics (T-CE) [1]. Basically, it included some hints and tips to enhance a conference paper into what is required for a full archival journal paper and not fall foul of self-plagiarism. This article focuses on writing original papers specifically for T-CE. After three years as the journal’s editor-in-chief (EiC), a previous eight years on the editorial board, and having reviewed some 4,000 T-CE papers, I decided to write this article to archive and detail for prospective authors what I have learned over this time. Of course, there are numerous articles on writing good papers—some are really useful [2], but they do not address the specific issues of writing for a journal whose topic (scope) is not widely understood or, indeed, is often misunderstood.

Virtualization for cost-effective teaching of assembly language programming

A virtual system that emulates an ARM-based processor machine has been created to replace a traditional hardware-based system for teaching assembly language. The proposed virtual system integrates, in a single environment, all the development tools necessary to deliver introductory or advanced courses on modern assembly language programming. The virtual system runs a Linux operating system in either a graphical or console mode on a Windows or Linux host machine. No software licenses or extra hardware are required to use the virtual system, thus students are free to carry their own ARM emulator with them on a USB memory stick. Institutions adopting this, or a similar virtual system, can also benefit by reducing capital investment in hardware-based development kits and enable distance learning courses.

Microliths and maritime mobility: a continental European-style Late Mesolithic flint from the Isles of Scilly

Once Britain had become separated from the European mainland in the seventh millennium BC, Mesolithic stone tool traditions on opposite sides of the newly formed Channel embarked upon different directions of development. Patterns of cross-Channel contact have been difficult to decipher in this material, prior to the expansion of farming (and possibly farmers) from northern France at the beginning of the fourth millennium BC. Hence the discovery of Late Mesolithic microliths of apparently Belgian affinity at the western extremity of southern Britain in the Isles of Scilly comes as something of a surprise. The find is described here in detail, along with alternative scenarios that might explain it. The article is followed by a series of comments, with a closing reply from the authors.

A Lateglacial archaeological site in the far north-west of Europe at Rubha Port an t-Seilich, Isle of Islay, western Scotland: Ahrensburgian-style artefacts, absolute dating and geoarchaeology

The exact pattern, process and timing of the human re-colonization of northern Europe after the end of the last Ice Age remain controversial. Recent research has provided increasingly early dates for at least pioneer explorations of latitudes above 54°N in many regions, yet the far north-west of the European landmass, Scotland, has remained an unexplained exception to this pattern. Although the recently described Hamburgian artefacts from Howburn and an assemblage belonging to the arch-backed point complex from Kilmelfort Cave have established at least a sporadic human presence during earlier stages of the Lateglacial Interstadial, we currently lack evidence for Younger Dryas/Greenland Stadial 1 (GS-1) activity other than rare stray finds that have been claimed to be of Ahrensburgian affiliation but are difficult to interpret in isolation. We here report the discovery of chipped stone artefacts with technological and typological characteristics similar to those of the continental Ahrensburgian at a locality in western Scotland. A preliminary analysis of associated tephra, pollen and phytoliths, along with microstratigraphic analysis, suggest the artefacts represent one or more episodes of human activity that fall within the second half of GS-1 and the Preboreal period