Geographical concentration in the institutional market for office property in England and Wales

This paper examines the regional investment practices of institutional investors in the commercial real estate office market in 1998 and 2003 in England and Wales. Consistent with previous studies in the US the findings show that investors concentrate their holdings in a few (urban) areas and that this concentration has become more pronounced as investors have rationalised their portfolio holdings. The findings also indicate that office investment does not fully correlate with the UK urban hierarchy, as measured by population, but is focused on urban areas with high service sector employment. Finally, the pre-eminence of the City of London and and West End office markets as the key focus of institutional investment is confirmed.

Fluoride concentration of some brands of fermented milks available in the market

Objectives: To evaluate the fluoride ion concentration in some fermented milks present in the market. Methods: Three brands of 6 fermented milks (Parmalat®-uva, Chamyto®, Paulista®, Batavito®, Yakult®, Vigor Club®) were analyzed. Fluoride concentration was evaluated after facilitated microdiffusion by HDMS. Results: Parmalat® products ranged from 0.022 μgF/g to 0.031 μgF/g, Chamyto® from 0.228 μgF/g to 0.272 μgF/g, Paulista® from 0.182 μgF/g to 0.220 μgF/g, Batavito® from 0.028 μgF/g to 0.030 μgF/g, Yakult® from 0.115 μgF/g to 0.206 μgF/g and Vigor Club® from 0.808 μgF/g to 1.171 μgF/g. Conclusions: The presence of fluoride could be observed in all of the fermented milks analyzed which can contribute with the total fluoride daily intake.

Determinants of ownership concentration in the Chilean stock market

Includes bibliography.

Market shares, concentration, and competition in manufacturing industries /

Bibliography: p. 43-47.

Privatization and competition in the delivery of local services: An empirical examination of the dual market hypothesis

This paper empirically analyses the hypothesis of the existence of a dual market for contracts in local services. Large firms that operate on a national basis control the contracts for delivery in the most populated and/or urban municipalities, whereas small firms that operate at a local level have the contracts in the least populated and/or rural municipalities. The dual market implies the high concentration and dominance of major firms in large municipalities, and local monopolies in the smaller ones. This market structure is harmful to competition for the market as the effective number of competitors is low across all municipalities. Thus, it damages the likelihood of obtaining cost savings from privatization.

Concentration and self-censorship in commercial media

Within a simple model of non-localized, Hotelling-type competitionamong arbitrary numbers of media outlets we characterize qualityand content of media under different ownership structures. Assumingadvertising-sponsored, profit-maximizing outlets, we show that (i) topicssensitive to advertisers can be underreported (self-censored) by alloutlets in the market, (ii) self-censorship increases with the concentrationof ownership, (iii) adding outlets, while keeping the number ofowners fixed, may even increase self-censorship; the latter result relieson consumers' most preferred outlets being potentially owned by thesame media companies. We argue that externalities resulting fromself-censorship could be empirically large.

Quality of propolis commercialized in the informal market

The purpose of this research was to evaluate the quality of propolis produced and commercialized informally in São Paulo State through physicochemical analyses of ethanolic extracts of propolis (EEP). Thus, 40 samples of in nature propolis, provided by beekeepers from 32 towns, were analyzed. The EEP were prepared in a proportion of 30% (w/v), and the physicochemical tests were performed according to the Technical Regulation of Propolis Identity and Quality. The pH of each EEP sample was also evaluated. Regarding the dry extract, it was observed that 80% of the samples meet the minimum requirements established by the Brazilian legislation. With regard to the oxidizing property, 67.5% of EEP were below the maximum time allowed for oxidation. With regard to the solubility in lead acetate, 97.5% of the samples showed positive results, whereas no sample produced a negative result in terms of solubility in sodium hydroxide. Regarding the concentration of flavonoids, 95% of the samples produced results consistent with the minimum value allowed, and regarding the phenolic compounds, all samples were in accordance with the legislation. The EEP pH was slightly acidic. Therefore, it can be concluded that most EEP is consistently in accordance with the Brazilian legislation, which suggests that good quality propolis is produced by those beekeepers.

Concentration in the ownership of plant variety rights: Some implications for developing countries

This paper explores concentration levels in the ownership of intellectual property rights over plant varieties worldwide. An analysis of data for 30 UPOV member-countries shows a high degree of concentration in the ownership of plant variety rights for six major crops at the national level in the developed world. Much of this concentration has arisen owing to the rapid consolidation of the seed industry through mergers and acquisitions, especially in the 1990s. A high degree of concentration in the ownership of plant variety rights, in combination with recent efforts to strengthen plant variety protection regimes, is likely to have significant effects on the prospects for future innovation in plant breeding and the distribution of market power between companies. For developing countries, concentration in intellectual property right ownership may have important implications for the structure of domestic seed industries and access to protected varieties and associated plant breeding technologies. These implications for developing countries are likely to become apparent in the context of the rapid spread of plant variety protection and access legislation, emerging changes in the international exchange regime for plant material and liberalised investment policies permitting foreign investment in the seeds sector.

Concentration in ownership of plant variety rights: some implications for developing countries

This paper explores concentration levels in the ownership of intellectual property rights over plant varieties worldwide. An analysis of data for 30 UPOV member-countries shows a high degree of concentration in the ownership of plant variety rights for six major crops at the national level in the developed world. Much of this concentration has arisen owing to the rapid consolidation of the seed industry through mergers and acquisitions, especially in the 1990s. A high degree of concentration in the ownership of plant variety rights, in combination with recent efforts to strengthen plant variety protection regimes, is likely to have significant effects on the prospects for future innovation in plant breeding and the distribution of market power between companies. For developing countries, concentration in intellectual property right ownership may have important implications for the structure of domestic seed industries and access to protected varieties and associated plant breeding technologies. These implications for developing countries are likely to become apparent in the context of the rapid spread of plant variety protection and access legislation, emerging changes in the international exchange regime for plant material and liberalised investment policies permitting foreign investment in the seeds sector. (C) 2003 Elsevier Ltd. All rights reserved.

International financial centres, office market rents and volatility

Despite continuing developments in information technology and the growing economic significance of the emerging Eastern European, South American and Asian economies, international financial activity remains strongly concentrated in a relatively small number of international financial centres. That concentration of financial activity requires a critical mass of office occupation and creates demand for high specification, high cost space. The demand for that space is increasingly linked to the fortunes of global capital markets. That linkage has been emphasised by developments in real estate markets, notably the development of global real estate investment, innovation in property investment vehicles and the growth of debt securitisation. The resultant interlinking of occupier, asset, debt and development markets within and across global financial centres is a source of potential volatility and risk. The paper sets out a broad conceptual model of the linkages and their implications for systemic market risk and presents preliminary empirical results that provide support for the model proposed.

Re-thinking commercial real estate market segmentation

Investments in direct real estate are inherently difficult to segment compared to other asset classes due to the complex and heterogeneous nature of the asset. The most common segmentation in real estate investment analysis relies on property sector and geographical region. In this paper, we compare the predictive power of existing industry classifications with a new type of segmentation using cluster analysis on a number of relevant property attributes including the equivalent yield and size of the property as well as information on lease terms, number of tenants and tenant concentration. The new segments are shown to be distinct and relatively stable over time. In a second stage of the analysis, we test whether the newly generated segments are able to better predict the resulting financial performance of the assets than the old dichotomous segments. Applying both discriminant and neural network analysis we find mixed evidence for this hypothesis. Overall, we conclude from our analysis that each of the two approaches to segmenting the market has its strengths and weaknesses so that both might be applied gainfully in real estate investment analysis and fund management.