Continental shift? An analysis of convergence trends in European real estate equities

European economic and political integration have been recognised as having implications for patterns of performance in national real estate and capital markets and have generated a wide body of research and commentary. In 1999, progress towards monetary integration within the European Union culminated in the introduction of a common currency and monetary policy. This paper investigates the effects of this ‘event’ on the behaviour of stock returns in European real estate companies. A range of statistical tests is applied to the performance of European property companies to test for changes in segmentation, co-movement and causality. The results suggest that, relative to the wider equity markets, the dispersion of performance is higher, correlations are lower, a common contemporaneous factor has much lower explanatory power whilst lead-lag relationships are stronger. Consequently, the evidence of transmission of monetary integration to real estate securities is less noticeable than to general securities. Less and slower integration is attributed to the relatively small size of the real estate securities market and the local and national nature of the majority of the companies’ portfolios.

Structural transformation of graphite by arc-discharge

The formation of novel structures by the passage of an electric current through graphite is described. These structures apparently consist of hollow three-dimensional graphitic shells bounded by curved and faceted planes, typically made up of two graphene layers. The curved structures were frequently decorated with nano-scale carbon particles, or short nanotubes. In some cases, nanotubes were found to be seamlessly connected to the thin shells, indicating that the formation of the shells and the nanotubes is intimately connected. Small nanotubes or nanoparticles were also sometimes found encapsulated inside the hollow structures, while fullerene-like particles were often seen attached to the outside surfaces. With their high surface areas and structural perfection, the new carbon structures may have applications as anodes of lithium ion batteries or as components of composite materials.

Exploiting a hybrid environmental design strategy in the continental climate of Beijing

The built environment in China is required to achieve a 50% reduction in carbon emissions by 2020 against the 1980 design standard. A particular challenge is how to maintain acceptable comfort conditions through the hot humid summers and cold desiccating winters of its continental climate regions. Fully air-conditioned sealed envelopes, often fully glazed, are becoming increasingly common in these regions. Remedial strategies involve technical refinements to the air-handling equipment and a contribution from renewable energy sources in an attempt to achieve the prescribed net reduction in energy use. However an alternative hybrid environmental design strategy is developed in this research project. It exploits observed temperate periods of weeks, days, even hours in duration to free-run an office and exhibition building configured to promote natural stack ventilation when ambient conditions permit and mechanical ventilation when conditions require it, the two modes delivered through the same physical infrastructure. The proposal is modelled in proprietary software and the methodology adopted is described. The challenge is compounded by its first practical application to an existing reinforced concrete frame originally designed to receive a highly glazed envelope. This original scheme is reviewed in comparison. Furthermore the practical delivery of the proposal value engineered out a proportion of the ventilation stacks. The likely consequence of this for the environmental performance of the building is investigated through a sensitivity study.

Pollen-based continental climate reconstructions at 6 and 21 ka: a global synthesis

Subfossil pollen and plant macrofossil data derived from 14C-dated sediment profiles can provide quantitative information on glacial and interglacial climates. The data allow climate variables related to growing season warmth, winter cold, and plant-available moisture to be reconstructed. Continental-scale reconstructions have been made for the mid-Holocene (MH, around 6 ka) and Last Glacial Maximum (LGM, around 21 ka), allowing comparison with palaeoclimate simulations currently being carried out as part of the fifth Assessment Report (AR5) of the Intergovernmental Panel on Climate Change. The synthesis of the available MH and LGM climate reconstructions and their uncertainties, obtained using modern analogue, regression and model-inversion techniques, is presented for four temperature variables and two moisture variables. Reconstructions of the same variables based on surface-pollen assemblages are shown to be accurate and unbiased. Reconstructed LGM and MH climate anomaly patterns are coherent, consistent between variables, and robust with respect to the choice of technique. They support a conceptual model of the controls of Late Quaternary climate change whereby the first-order effects of orbital variations and greenhouse forcing on the seasonal cycle of temperature are predictably modified by responses of the atmospheric circulation and surface energy balance.

Assessing continental-scale risks for generalist and specialist pollinating bee species under climate change

Increased risks of extinction to populations of animals and plants under changing climate have now been demonstrated for many taxa. This study assesses the extinction risks to species within an important genus of pollinating bees (Colletes: Apidae) by estimating the expected changes in the area and isolation of suitable habitat under predicted climatic condition for 2050. Suitable habitat was defined on the basis of the presence of known forage plants as well as climatic suitability. To investigate whether ecological specialisation was linked to extinction risk we compared three species which were generalist pollen foragers on several plant families with three species which specialised on pollen from a single plant species. Both specialist and generalist species showed an increased risk of extinction with shifting climate, and this was particularly high for the most specialised species (Colletes anchusae and C. wolfi). The forage generalist C. impunctatus, which is associated with Boreo-Alpine environments, is potentially threatened through significant reduction in available climatic niche space. Including the distribution of the principal or sole pollen forage plant, when modelling the distribution of monolectic or narrowly oligolectic species, did not improve the predictive accuracy of our models as the plant species were considerably more widespread than the specialised bees associated with them.

Optical characterization of the growth and spatial structure of a substorm onset arc

We present a detailed case study of the characteristics of auroral forms that constitute the first ionospheric signatures of substorm expansion phase onset. Analysis of the optical frequency and along-arc (azimuthal) wave number spectra provides the strongest constraint to date on the potential mechanisms and instabilities in the near-Earth magnetosphere that accompany auroral onset and which precede poleward arc expansion and auroral breakup. We evaluate the frequency and growth rates of the auroral forms as a function of azimuthal wave number to determine whether these wave characteristics are consistent with current models of the substorm onset mechanism. We find that the frequency, spatial scales, and growth rates of the auroral forms are most consistent with the cross-field current instability or a ballooning instability, most likely triggered close to the inner edge of the ion plasma sheet. This result is supportive of a near-Earth plasma sheet initiation of the substorm expansion phase. We also present evidence that the frequency and phase characteristics of the auroral undulations may be generated via resonant processes operating along the geomagnetic field. Our observations provide the most powerful constraint to date on the ionospheric manifestation of the physical processes operating during the first few minutes around auroral substorm onset.

Exploring the climatic impact of the continental vegetation on the Mezosoic atmospheric CO2 and climate history

In this contribution, we continue our exploration of the factors defining the Mesozoic climatic history. We improve the Earth system model GEOCLIM designed for long term climate and geochemical reconstructions by adding the explicit calculation of the biome dynamics using the LPJ model. The coupled GEOCLIM-LPJ model thus allows the simultaneous calculation of the climate with a 2-D spatial resolution, the coeval atmospheric CO2, and the continental biome distribution. We found that accounting for the climatic role of the continental vegetation dynamics (albedo change, water cycle and surface roughness modulations) strongly affects the reconstructed geological climate. Indeed the calculated partial pressure of atmospheric CO2 over the Mesozoic is twice the value calculated when assuming a uniform constant vegetation. This increase in CO2 is triggered by a global cooling of the continents, itself triggered by a general increase in continental albedo owing to the development of desertic surfaces. This cooling reduces the CO2 consumption through silicate weathering, and hence results in a compensating increase in the atmospheric CO2 pressure. This study demonstrates that the impact of land plants on climate and hence on atmospheric CO2 is as important as their geochemical effect through the enhancement of chemical weathering of the continental surface. Our GEOCLIM-LPJ simulations also define a climatic baseline for the Mesozoic, around which exceptionally cool and warm events can be identified.

Impact of atmospheric forcing on Antarctic continental shelf water masses

The Antarctic continental shelf seas feature a bimodal distribution of water mass temperature, with the Amundsen and Bellingshausen Seas flooded by Circumpolar Deep Water that is several degrees Celsius warmer than the cold shelf waters prevalent in the Weddell and Ross Seas. This bimodal distribution could be caused by differences in atmospheric forcing, ocean dynamics, ocean and ice feedbacks, or some combination of these factors. In this study, a highly simplified coupled sea ice–mixed layer model is developed to investigate the physical processes controlling this situation. Under regional atmospheric forcings and parameter choices the 10-yr simulations demonstrate a complete destratification of the Weddell Sea water column in winter, forming cold, relatively saline shelf waters, while the Amundsen Sea winter mixed layer remains shallower, allowing a layer of deep warm water to persist. Applying the Weddell atmospheric forcing to the Amundsen Sea model destratifies the water column after two years, and applying the Amundsen forcing to the Weddell Sea model results in a shallower steady-state winter mixed layer that no longer destratifies the water column. This suggests that the regional difference in atmospheric forcings alone is sufficient to account for the bimodal distribution in Antarctic shelf-sea temperatures. The model prediction of mixed layer depth is most sensitive to the air temperature forcing, but a switch in all forcings is required to prevent destratification of the Weddell Sea water column.

Relationships between human population density and burned area at continental and global scales

We explore the large spatial variation in the relationship between population density and burned area, using continental-scale Geographically Weighted Regression (GWR) based on 13 years of satellite-derived burned area maps from the global fire emissions database (GFED) and the human population density from the gridded population of the world (GPW 2005). Significant relationships are observed over 51.5% of the global land area, and the area affected varies from continent to continent: population density has a significant impact on fire over most of Asia and Africa but is important in explaining fire over < 22% of Europe and Australia. Increasing population density is associated with both increased and decreased in fire. The nature of the relationship depends on land-use: increasing population density is associated with increased burned are in rangelands but with decreased burned area in croplands. Overall, the relationship between population density and burned area is non-monotonic: burned area initially increases with population density and then decreases when population density exceeds a threshold. These thresholds vary regionally. Our study contributes to improved understanding of how human activities relate to burned area, and should contribute to a better estimate of atmospheric emissions from biomass burning.

Aerosol impacts on drizzle properties in warm clouds from ARM Mobile Facility maritime and continental deployments

We have extensively evaluated the response of cloud-base drizzle rate (Rcb; mm day–1) in warm clouds to liquid water path (LWP; g m–2) and to cloud condensation nuclei (CCN) number concentration (NCCN; cm–3), an aerosol proxy. This evaluation is based on a 19-month long dataset of Doppler radar, lidar, microwave radiometers and aerosol observing systems from the Atmospheric Radiation Measurement (ARM) Mobile Facility deployments at the Azores and in Germany. Assuming 0.55% supersaturation to calculate NCCN, we found a power law , indicating that Rcb decreases by a factor of 2–3 as NCCN increases from 200 to 1000 cm–3 for fixed LWP. Additionally, the precipitation susceptibility to NCCN ranges between 0.5 and 0.9, in agreement with values from simulations and aircraft measurements. Surprisingly, the susceptibility of the probability of precipitation from our analysis is much higher than that from CloudSat estimates, but agrees well with simulations from a multi-scale high-resolution aerosol-climate model. Although scale issues are not completely resolved in the intercomparisons, our results are encouraging, suggesting that it is possible for multi-scale models to accurately simulate the response of LWP to aerosol perturbations.