Serial persistence in individual real estate returns in the UK

Persistence of property returns is a topic of perennial interest to fund managers as it suggests that choosing those properties that will perform well in the future is as simple as looking at those that performed well in the past. Consequently, much effort has been expended to determine if such a rule exists in the real estate market. This paper extends earlier studies in US, Australian, and UK markets in two ways. First, this study applies the same methodology originally used in Young and Graff (1996) making the results directly comparable with those in the US and Australian property markets. Second, this study uses a much longer and larger database covering all commercial property data available from the Investment Property Databank (IPD), for the years 1981 to 2002 for as many as 216,758 individual property returns. While the performance results of this study mimic the US and Australian results of greater persistence in the extreme first and fourth quartiles, they also evidence persistence in the moderate second and third quartiles, a notable departure from previous studies. Likewise patterns across property type, location, time, and holding period are remarkably similar leading to the conjecture that behaviors in the practice of commercial real estate investment management are themselves deeply rooted and persistent and perhaps influenced for good or ill by agency effects

Construction management research at the individual-level of analysis: current status, gaps and future directions

Individual-level constructs are seldom taken into consideration in construction management research relating to project performance. This is antithetical to the objectives of properly conceptualizing and contextualizing the research we do because many project performance outcomes, such as the extent of cooperation and level of communication or teamwork are influenced and moderated by individuals’ perceptions, values and behaviour. A brief review of the literature in organizational studies centred on culture, identity, empowerment and trust is offered. These constructs are then explored in relation to project performance issues and outcomes, and it is noted that they are predominantly studied at the project and industry levels. We argue that focusing these constructs at the individual unit of analysis has significant implications for project performance and therefore their effects need to be systematically accounted for in explanations of the success and failure of projects. Far from being prescriptive, the aim is to generate interest and awareness for more focused research at the individual level of analysis in order to add new insights and perspectives to critical performance questions in construction management. To this end, a research agenda is outlined, arguing that construction management research integrating individual-level constructs and broader, macro-contextual issues will help define and enhance the legitimacy of the field.

Cambium non est mutuum: exchange and interest rates in medieval Europe

A major gap in our understanding of the medieval economy concerns interest rates, especially relating to commercial credit. Although direct evidence about interest rates is scattered and anecdotal, there is much more surviving information about exchange rates. Since both contemporaries and historians have suggested that exchange and rechange transactions could be used to disguise the charging of interest in order to circumvent the usury prohibition, it should be possible to back out the interest rates from exchange rates. The following analysis is based on a new dataset of medieval exchange rates collected from commercial correspondence in the archive of Francesco di Marco Datini of Prato, c.1383-1411. It demonstrates that the time value of money was consistently incorporated into market exchange rates. Moreover, these implicit interest rates are broadly comparable to those received from other types of commercial loan and investment. Although on average profitable, the return on any individual exchange and rechange transaction did involve a degree of uncertainty that may have justified their non-usurious nature. However, there were also practical reasons why medieval merchants may have used foreign exchange transactions as a means of extending credit.

Preferência por redistribuição afeta a decisão individual de voto?

Parte dos estudos em economia e ciência política argumenta que preferências por redistribuição são capazes de explicar os diferentes esforços redistributivos ao redor do mundo. É natural pensar que a decisão de voto é o único canal relevante para que esta argumentação seja válida. Este trabalho buscará evidências empíricas de que haja correlação entre preferências por redistribuição e a decisão individual de voto nos Estados Unidos. Primeiro, apresento um modelo teórico que faz ligação entre a identificação partidária do indivíduo com seus interesses próprios e coletivos. Com base neste modelo, serão usados dados do General Social Survey para encontrar tais relações. Nos resultados encontra-se que as preferências por redistribuição estão relacionadas à identificação partidária e, consequentemente, à decisão de voto por redistribuição. Há também alguma evidência de que esta influência esteja crescendo nas últimas décadas.

Show me the money and I will bring you the head: evaluation of the effects of self-interest and anger on whistleblowing

Though many of those who decided to report wrongdoings in their organizations were able to tell their stories (e.g. Bamford, 2014, Armenakis 2004), it is fair to say that there is still much left to uncover. The paper aims to contribute to the literature in three ways. First, it provides preliminary evidence that the wrongdoing linked with individual financial loss leads to higher whistleblowing rate. Secondly, it shows how the experience of anger is related to the higher likelihood to report the wrongdoer but only if the wrongful act is perceived as a cause of one’s financial loss. Finally, the paper establishes first steps for the future development of an experimental procedure that would enable to predict, and measure whistleblowing behavior in the lab environment.

Seleção individual com teste de progênies em crambe (Crambe abyssinica Hochst)

Pós-graduação em Agronomia (Agricultura) - FCA

Generating Interest in Mathematics Using Discussion in the Middle School Classroom

In this action research study of my classroom of 8th grade algebra, I investigated students’ discussion of mathematics and how it relates to interest in the subject. Discussion is a powerful tool in the classroom. By relying too heavily on drill and practice, a teacher may lose any individual student insight into the learning process. However, in order for the discussion to be effective, students must be provided with structure and purpose. It is unrealistic to expect middle school age students to provide their own structure and purpose; a packet was constructed that would allow the students to both show their thoughts and work as a small group toward a common goal. The students showed more interest in the subject in question as they related to the algebra topics being studied. The students appreciated the packets as a way to facilitate discussion rather than as a vehicle for practicing concepts. Students still had a need for practice problems as part of their homework. As a result of this research, it is clear that discussion packets are very useful as a part of daily instruction. While there are modifications that must be made to the original packets to more clearly express the expectations in question, discussion packets will continue to be an effective tool in the classroom.

Loss of interest, depressed mood and impact on the quality of life: Cross-sectional survey

Abstract Background Depressive symptoms and chronic disease have adverse effects on patients' health-related quality of life (H-RQOL). However, little is known about this effect on H-RQOL when only the two core depressive symptoms - loss of interest and depressed mood - are considered. The objective of this study is to investigate H-RQOL in the presence of loss of interest and depressed mood at a general medical outpatient unit. Methods We evaluated 553 patients at their first attendance at a general medical outpatient unit of a teaching hospital. H-RQOL was assessed with the Medical Outcomes Study 36-item Short-Form Health Survey (SF-36). Depressed mood and loss of interest were assessed by the Primary Care Evaluation of Mental Disorders (PRIME-MD)-Patient Questionnaire. A physician performed the diagnosis of chronic diseases by clinical judgment and classified them in 13 possible pre-defined categories. We used multiple linear regression to investigate associations between each domain of H-RQOL and our two core depression symptoms. The presence of chronic diseases and demographic variables were included in the models as covariates. Results Among the 553 patients, 70.5% were women with a mean age of 41.0 years (range 18-85, SD ± 15.4). Loss of interest was reported by 54.6%, and depressed mood by 59.7% of the patients. At least one chronic disease was diagnosed in 59.5% of patients; cardiovascular disease was the most prevalent, affecting 20.6% of our patients. Loss of interest and depressed mood was significantly associated with decreased scores in all domains of H-RQOL after adjustment for possible confounders. The presence of any chronic disease was associated with a decrease in the domain of vitality. The analysis of each individual chronic disease category revealed that no category was associated with a decrease in more than one domain of H-RQOL. Conclusion Loss of interest and depressed mood were associated with significant decreases in H-RQOL. We recommend these simple tests for screening in general practice.

Antecedents and consequences of individual flexibility in project-based organizations

In the last decades, the increasing significance of “projectivization” (Lundin & Steinthórsson, 2003) has stimulated considerable interest in project-based organizations as new economic actors able to introduce a new logic of organizing work and weakening boundaries in favour of networks of collaborations. In these contexts, work is often delegated to project teams. Deciding whom to put on a project team is one of the biggest challenges faced by a project manager; in particular which characteristics rely on to compose and match effective teams. We address this issue, focusing on the individual flexibility (Raudsepp, 1990), as team composition variable that affects project team performance. Thus, the research question investigated is: Is it better to compose project teams with flexible team members or not flexible project team members to achieve higher levels of project performance? The temporary nature of PBOs involves that after achieving the purpose for which team members are enrolled, they are disbanded but their relationships remain, allowing them to be involved in future projects (Starkey, Barnatt & Tempest, 2000). Pre-existing relationships together with the current relationships create a network of relationships that yields some implications for project teams as well as for team members. We address this issue, exploring the following research question: To what extent is the individual flexibility influenced by the network structure? The conceptual framework is used to articulate the research questions investigated with respect to the Television drama serials production. Their project-team organizing combined with their capacity to dissolve and recreate over time make it an interesting field to develop. We contribute to the organizational literature, providing a clear operationalization of individual flexibility construct and its role on affecting project performance. Second, we contribute to the organizational network literature addressing the effects yielded by the network structure-structural holes and network closure- on the individual flexibility.

Seniors in Society. Strategies to Retain Individual Autonomy

The research project on "Seniors in Society. Strategies to Retain Individual Autonomy" (2002 - 2004) is supported by the Grant Agency of the Czech Republic. It's importance is empha-sized by the relevance of social and economic aspects of demographic ageing of the popula-tion and that of fundamental changes associated with the transformation of Czech society. The objectives of the research are (1) to find out seniors' material and social resources sup-porting their relative autonomy in everyday life, (2) to record their personal expectations from state, community, or formal and informal support and aid institutions, respectively, and (3) to uncover their engagement in social interaction and individual experiencing of the integration into social groups. The data acquired become the base for (4) identifying the typologies corre-sponding to the levels of seniors' social integration (i.e. groups of relatives, friends, neighbours, special-interest and professional groups). By applying qualitative methods, we explore (5) strategies of everyday life and coping with life cycle events and crisis within par-ticular types. Special attention is paid to the family background of the seniors, including rela-tives in the vertical line. Specifically, we focus on (6) conditions under which family is capa-ble and willing to help or actually is helping it's oldest members, as well as on their interpre-tation within (7) identified types of the relatives supportive systems.

Chapter Six – Individual Trait Variation and Diversity in Food Webs

In recent years, there has been a renewed interest in the ecological consequences of individual trait variation within populations. Given that individual variability arises from evolutionary dynamics, to fully understand eco-evolutionary feedback loops, we need to pay special attention to how standing trait variability affects ecological dynamics. There is mounting empirical evidence that intra-specific phenotypic variation can exceed species-level means, but theoretical models of multi-trophic species coexistence typically neglect individual-level trait variability. What is needed are multispecies datasets that are resolved at the individual level that can be used to discriminate among alternative models of resource selection and species coexistence in food webs. Here, using one the largest individual-based datasets of a food web compiled to date, along with an individual trait-based stochastic model that incorporates Approximate Bayesian computation methods, we document intra-population variation in the strength of prey selection by different classes or predator phenotypes which could potentially alter the diversity and coexistence patterns of food webs. In particular, we found that strongly connected individual predators preferentially consumed common prey, whereas weakly connected predators preferentially selected rare prey. Such patterns suggest that food web diversity may be governed by the distribution of predator connectivity and individual trait variation in prey selection. We discuss the consequences of intra-specific variation in prey selection to assess fitness differences among predator classes (or phenotypes) and track longer term food web patterns of coexistence accounting for several phenotypes within each prey and predator species.

The distribution of debt across euro area countries : The role of individual characteristics, institutions and credit conditions. National Bank of Belgium Working Paper No. 252, December 2013

The aim of this paper is twofold. First, we present an up-to-date assessment of the differences across euro area countries in the distributions of various measures of debt conditional on household characteristics. We consider three different outcomes: the probability of holding debt, the amount of debt held and, in the case of secured debt, the interest rate paid on the main mortgage. Second, we examine the role of legal and economic institutions in accounting for these differences. We use data from the first wave of a new survey of household finances, the Household Finance and Consumption Survey, to achieve these aims. We find that the patterns of secured and unsecured debt outcomes vary markedly across countries. Among all the institutions considered, the length of asset repossession periods best accounts for the features of the distribution of secured debt. In countries with longer repossession periods, the fraction of people who borrow is smaller, the youngest group of households borrow lower amounts (conditional on borrowing), and the mortgage interest rates paid by low-income households are higher. Regulatory loan-to-value ratios, the taxation of mortgages and the prevalence of interest-only or fixed-rate mortgages deliver less robust results.

U.S. immigration policy and the national interest : the final report and recommendations of the Select Commission on Immigration and Refugee Policy with supplemental views by commissioners.

"Submitted to the Congress and the President of the United States pursuant to Public Law 95-412."

U.S. immigration policy and the national interest /

Originally published March 1981 as U.S. immigration policy ... final report and recommendations of the Select Commission on Immigration and Refugee Policy.

Resources in bilingual education : a preliminary guide to government agency programs of interest to minority language groups.

"This publication was issued by the National Clearinghouse for Bilingual Education pursuant to a contract awarded to InterAmerica Research Associates by the National Institute of Education in cooperation with the Office of Bilingual Education, Department of Health, Education and Welfare."