The marginal benefit of diversification in commercial real estate portfolios

The number of properties to hold to achieve a well-diversified real estate property portfolio presents a puzzle, as the estimated number is considerably higher than that seen in actual portfolios. However, Statman (1987) argues that investors should only increase the number of holdings as long as the marginal benefits of diversification exceed their costs. Using this idea we find that the marginal benefits of diversification in real estate portfolios are so small that investors are probably rational in holding small portfolios, at least as far as the reduction in standard deviation is concerned.

Poverty and livelihood diversification in rural Liberia: exploring the linkages between artisanal diamond mining and smallholder rice production

This paper provides an account of the changing livelihood dynamics unfolding in diamond-rich territories of rural Liberia. In these areas, many farm families are using the rice harvested on their plots to attract and feed labourers recruited specifically to mine for diamonds. The monies accrued from the sales of all recovered stones are divided evenly between the family and hired hands, an arrangement which, for thousands of people, has proved to be an effective short-term buffer against poverty. A deepened knowledge of these dynamics could be an important step towards facilitating lasting development in Liberia’s highly-impoverished rural areas.

Sector, region or function? A MAD reassessment of real estate diversification in Great Britain

This paper re-examines whether it is more advantageous in terms of risk reduction to diversify by sector or region by comparing the performance of the ‘conventional’ regional classification of the UK with one based on modern socio-economic criteria using a much larger real estate data set than any previous study and the MAD portfolio approach. The general conclusion of this analysis is that property market sectors still dominate regions, however defined and so should be the first level of analysis when developing a portfolio diversification strategy. This is in line with previous research. When the performance of Functional groups is compared with the ‘conventional’ administrative regions the results here show that, when functionally based, groupings can in some cases provide greater risk reduction. In addition the underlying characteristics of these functional groups may be much more insightful and acceptable to real estate portfolio managers in considering the assets that a portfolio might contain.

Risk reduction and diversification in UK commercial property portfolios

The issue of diversification in direct real estate investment portfolios has been widely studied in academic and practitioner literature. Most work, however, has been done using either partially aggregated data or data for small samples of individual properties. This paper reports results from tests of both risk reduction and diversification that use the records of 10,000+ UK properties tracked by Investment Property Databank. It provides, for the first time, robust estimates of the diversification gains attainable given the returns, risks and cross‐correlations across the individual properties available to fund managers. The results quantify the number of assets and amount of money needed to construct both ‘balanced’ and ‘specialist’ property portfolios by direct investment. Target numbers will vary according to the objectives of investors and the degree to which tracking error is tolerated. The top‐level results are consistent with previous work, showing that a large measure of risk reduction can be achieved with portfolios of 30–50 properties, but full diversification of specific risk can only be achieved in very large portfolios. However, the paper extends previous work by demonstrating on a single, large dataset the implications of different methods of calculating risk reduction, and also by showing more disaggregated results relevant to the construction of specialist, sector‐focussed funds.

The Tnt1 family member Retrosol copy number and structure disclose retrotransposon diversification in different Solanum species

Eukaryotic genome expansion/retraction caused by LTR-retrotransposon activity is dependent on the expression of full length copies to trigger efficient transposition and recombination-driven events. The Tnt1 family of retrotransposons has served as a model to evaluate the diversity among closely related elements within Solanaceae species and found that members of the family vary mainly in their U3 region of the long terminal repeats (LTRs). Recovery of a full length genomic copy of Retrosol was performed through a PCR-based approach from wild potato, Solanum oplocense. Further characterization focusing on both LTR sequences of the amplified copy allowed estimating an approximate insertion time at 2 million years ago thus supporting the occurrence of transposition cycles after genus divergence. Copy number of Tnt1-like elements in Solanum species were determined through genomic quantitative PCR whereby results sustain that Retrosol in Solanum species is a low copy number retrotransposon (1-4 copies) while Retrolyc1 has an intermediate copy number (38 copies) in S. peruvianum. Comparative analysis of retrotransposon content revealed no correlation between genome size or ploidy level and Retrosol copy number. The tetraploid cultivated potato with a cellular genome size of 1,715 Mbp harbours similar copy number per monoploid genome than other diploid Solanum species (613-884 Mbp). Conversely, S. peruvianum genome (1,125 Mbp) has a higher copy number. These results point towards a lineage specific dynamic flux regarding the history of amplification/activity of Tnt1-like elements in the genome of Solanum species.

Out of Amazonia again and again: episodic crossing of the Andes promotes diversification in a lowland forest flycatcher

Most Neotropical lowland forest taxa occur exclusively on one side of the Andes despite the availability of appropriate habitat on both sides. Almost all molecular phylogenies and phylogenetic analyses of species assemblages (i.e. area cladograms) have supported the hypothesis that Andean uplift during the Late Pliocene created a vicariant barrier affecting lowland lineages in the region. However, a few widespread plant and animal species occurring in lowland forests on both sides of the Andes challenge the generality of this hypothesis. To understand the role of the Andes in the history of such organisms, we reconstructed the phylogeographic history of a widespread Neotropical flycatcher (Mionectes oleagineus) in the context of the other four species in the genus. A molecular phylogeny based on nuclear and mitochondrial sequences unambiguously showed an early basal split between montane and lowland Mionectes. The phylogeographic reconstruction of lowland taxa revealed a complex history, with multiple cases in which geographically proximate populations do not represent sister lineages. Specifically, three populations of M. oleagineus west of the Andes do not comprise a monophyletic clade; instead, each represents an independent lineage with origins east of the Andes. Divergence time estimates suggest that at least two cross-Andean dispersal events post-date Andean uplift.

Patterns of diversification in two species of short-tailed bats (Carollia Gray, 1838): the effects of historical fragmentation of Brazilian rainforests

The small-sized frugivorous bat Carollia perspicillata is an understory specialist and occurs in a wide range of lowland habitats, tending to be more common in tropical dry or moist forests of South and Central America. Its sister species, Carollia brevicauda, occurs almost exclusively in the Amazon rainforest. A recent phylogeographic study proposed a hypothesis of origin and subsequent diversification for C. perspicillata along the Atlantic coastal forest of Brazil. Additionally, it also found two allopatric clades for C. brevicauda separated by the Amazon Basin. We used cytochrome b gene sequences and a more extensive sampling to test hypotheses related to the origin and diversification of C. perspicillata plus C. brevicauda clade in South America. The results obtained indicate that there are two sympatric evolutionary lineages within each species. In C. perspicillata, one lineage is limited to the Southern Atlantic Forest, whereas the other is widely distributed. Coalescent analysis points to a simultaneous origin for C. perspicillata and C. brevicauda, although no place for the diversification of each species can be firmly suggested. The phylogeographic pattern shown by C. perspicillata is also congruent with the Pleistocene refugia hypothesis as a likely vicariant phenomenon shaping the present distribution of its intraspecific lineages. (C) 2011 The Linnean Society of London, Biological Journal of the Linnean Society, 2011, 102, 527-539.

Designing educational tasks for success in industry: a reflection on the evolution of business communication studies in tertiary education

This paper is the result of a "Rip Van Winkle" experience I had concerning the teaching of Business Communication. The paper focuses on the remarkable expansion in the curriculum of the traditional "Business Communication" or "Business Writing" course offered by many tertiary institutions around the world. Based on 25 years of personal observation and experience in a number of educational settings, the paper will trace the increasing sophistication and complexity of the study of business communication from one that covered little more than lessons in the design of hardcopy memos, letters, and reports to one that now covers a broad spectrum of topics such as "emotional intelligence," "intercultural communication," "effective public speaking," as well as the effects of purpose and audience on the design of a wide variety of business communications.

An example of an effective task that involves a number of on the job activities is provided in the form of a ready to use assignment that is applicable in a number of contexts.

Preparing for flexible delivery in industry : learners and their workplaces

This thesis examines the learning preferences and learning strategies of apprentices, and the contexts within which they learn in their workplaces. Since the end of the 1980s Australian vocational education and training (VET) structures and processes have undergone radical change in attempts to develop skills in the workforce that will ensure enterprise, national, and international competitiveness. A major strategy in the national reforms has been the encouragement of flexible delivery as a means through which workplace-based learning can be accessed by a larger number of workers in ways that are cost-efficient, and that reduce the amount of time that workers spend away from their jobs. Although flexible delivery has been championed by governments and industry alike, there has been little attempt to identify the preparedness of either learners or their workplaces for the demands of flexible learning. The thesis examines the economic context for these changes to VET, and also examines the literature available on workplace learning. Additionally, the thesis examines the conceptualisations of flexible delivery that are available in the literature, pointing to the possibility that the wide range of meanings associated with the term ‘flexible delivery’ may result in quite different practices and expectations. The thesis also examines the literature on independent learning and self-directed learning, and explores the concept of ‘client-focused’ flexible delivery. The study of learner preferences uses data collected from apprentices over a period of some years, in the four occupational areas commanding the highest number of apprentices in Australia. These occupational areas are Metals and Machining, Building, Electrical, and Hairdressing. These data on learning preferences are collected using the commercially available Canfield Learning Styles Inventory (CLSI). The data from the sample of 389 apprentices are analysed statistically through analyses of variance, and indicate that variables such as age, gender, and occupational area are related to learning preferences. Apprentices are shown by this analysis to prefer structured programs of instruction that are instructor-led, and to not have a high preference for independent learning or the development of their own learning goals. Additionally, they are shown to have very low preferences for learning through reading, preferring instead to learn through direct hands-on experience. While these characteristics are largely common among the four occupational groups, the Hairdressing apprentices are shown to have a slightly higher preference for independent learning and goal setting. Females are shown to have a higher preference than males for learning qualitative material through reading. Interestingly, the younger apprentices are shown to have a higher preference than the older ones for self-directed learning. Some possibilities for that finding are discussed. The research also shows that the learning preferences displayed by different groups of apprentices in any one program are much the same over time, providing some confidence that data generated from one group of apprentices can be used to make instructional decisions for future groups in the same program. The data are also factor analysed to indicate three major factors underlying apprentice learning preferences. The first factor indicates a Verbal–Non-verbal preference factor, with apprentices clearly preferring to learn through non-verbal means. A second factor is described as Structure–Content, with apprentices showing a preference for learning from structured programs in a structured environment. A third factor, Self-directed–Social preference, indicates apprentices preferring to learn through socially mediated presentations and contexts rather than through more independent forms of learning. Qualitative data are also generated through interviewing eight apprentices, and focusing on the learning strategies they employ while constructing knowledge in the workplace. That component of the research uses a modification of the Marland, Patching and Putt (1992a, 1992b) stimulated recall technique, and a set of learning strategies derived from the work of O’Malley and Chamot (1990) and Billett (1996a). The eight apprentices are drawn from the Metals and Machining, Electrical, and Hairdressing trades. The findings indicate that the learning strategies most often used by apprentices in the workplace are those associated with the construction of knowledge that is structured and provided by the instructor or learning program, and those that include social mediation of learning. Additionally, the strategies associated with demonstration and hands-on practice are most favoured. The qualitative data are confirmatory of the quantitative data. The research also indicates, through the apprentice interviews, that support for apprentice’s learning in their workplace is typically unplanned and haphazard. Their experience was sometimes characterised by a reluctance on the part of the workplace to acknowledge learning needs such as trialling and practice of new knowledge, or pro-actively seeking understanding from other more skilled workers. The learning preferences and learning strategies findings for apprentices, coupled with the findings of typically poor or unplanned support in the workplace, indicate that effective flexible delivery of training to apprentices in the workplace provides a number of challenges. These challenges, it is argued, demand strategies to be developed and implemented to prepare both learners and workplaces for effective engagement with flexible delivery. Using as a theoretical framework Kember’s (1995) two-dimensional model of open learning for adults, the thesis integrates the findings into a proposed two-dimensional model of learner and workplace preparedness for flexible delivery. The model provides for a Learner Development Space, a Workplace Development Space, and a Strategy Space. Within the Learner Development Space, focuses for the development of learner preparedness are identified in terms of self-directed learning, skills developments, and effective participation in a community of practice. Focuses for workplace development identified in the Workplace Development Space are those associated with development of training policies, training structures, and trainer skills and abilities. The Strategy Space then provides detail of seventy-nine specific strategies developed to enhance learner and workplace preparedness within each of the focuses identified.