Hedging effectiveness of total returns swaps: application to the Japanese market

The development of the real estate swap market offers many opportunities for investors to adjust the exposure of their portfolios to real estate. A number of OTC transactions have been observed in markets around the world. In this paper we examine the Japanese commercial real estate market from the point of view of an investor holding a portfolio of properties seeking to reduce the portfolio exposure to the real estate market by swapping an index of real estate for LIBOR. This paper explores the practicalities of hedging portfolios comprising small numbers of individual properties against an appropriate index. We use the returns from 74 properties owned by Japanese Real Estate Investment Trusts over the period up to September 2007. The paper also discusses and applies the appropriate stochastic processes required to model real estate returns in this application and presents alternative ways of reporting hedging effectiveness. We find that the development of the derivative does provide the capacity for hedging market risk but that the effectiveness of the hedge varies considerably over time. We explore the factors that cause this variability.

Partnership in the provision of recreational access: the reconstruction of the public interest in private land in England and Wales

This paper examines the evolution of public rights of access to private land in England and Wales. Since the Eighteenth Century the administration and protection of these rights has been though a form of public/private partnership in which the judiciary, while maintaining the dominance of private property, have safeguarded de facto public access by refusing consistently to punish simple trespass. While this situation has been modified, principally by post-World War II legislation, to allow for some formalisation of access arrangements and consequent compensation to landowners in areas of high recreational pressure and low legal accessibility, recent policy initiatives suggest that the balance of the partnership has now shifted in favour of landowners. In particular, the new access payment schemes, developed by the UK Government in response to the European Commission's Agri-Environment Regulations, identify the landowner as the beneficiary of the partnership, financed by tax revenue and justified on the spurious basis of improved 'access provision'. As such the State, as the former upholder of citizen rights, now assumes the duplicitous position of underwriting private property ownership through the commodification of access, while proclaiming a significant improvement in citizens' access rights.

Recreational access to private land in England and Wales: public good; private interest

Since the Eighteenth Century the protection of public recreational access to private land has been maintained by the state through a mixture of legal rights of passage and the safeguarding of certain de facto access rights. While this situation has been modified in the last fifty years to facilitate some formalisation of access arrangements and landowner compensation in areas of high recreational pressure and low legal accessibility, recent policies indicate that a shift from public to private rights is underway. At the core of this paradigm shift are the new access payment schemes introduced as part of the restructuring of the European Common Agricultural Policy. Under these schemes landowners are now paid for 'supplying' recreational access, with the state, as the former upholder of citizen rights, now assuming the duplicitous position of further underwriting private property ownership through the effective commodification of access, while simultaneously proclaiming significant improvements in citizens' access rights.

Estimating regional benefits of reducing targeted pollutants: An application to agricultural effects on water quality and the value of recreational fishing

The general focus of this paper is the regional estimation of marginal benefits of targeted water pollution abatement to instream uses. Benefit estimates are derived from actual consumer choices of recreational fishing activities and the implied expenditures for various levels of water quality. The methodology is applied to measuring the benefits accruing to recreational anglers in Indiana from the abatement of pollutants that are by-products of agricultural crop production.

Surviving Objects

Surviving Objects (2012) is a devised multi-media practice-as-research performance based on extensive interviews conducted with my elderly mother and recorded on a hand-held device. Our conversations concern her experiences as a child refugee following violent deportation by the Soviet Army from Eastern Poland to Siberia (1941), and her subsequent route, via Persia, to a British-run refugee camp in Northern Rhodesia, where she remained for 6 years before arriving in the UK. In order to aid my mother’s reflections, our recorded conversations focus on the objects remaining from that period in her life – my ‘inheritance’. The material presence of this handful of objects is central to the ninety-minute performance. Surviving Objects constitutes my attempt to locate a theatrical form through which to root/re-route this engagement with my mother’s marginalised voice. The end-on performance haptically navigates themes of intimacy and failing memory – navigates, indeed, my constantly shifting relationship with my mother. It searches for new cross-medial pathways along which her experience, and my experience of her, can play-out. Surviving Objects involves: 1. live performance (two silent female actors handling/presenting my mother’s objects); 2. Film (two synchronously-playing, large-scale projections exploring the objects by means of a highly-magnifying macro lens); 3. Pre-recorded sound (my mother’s voice, taken from our recorded interviews, which were conducted in Polish, with my own verbal contribution meticulously editorially excised from those conversations); 4. My translation of her stories (appearing periodically as written text that ‘overlays’ - rather than sub- or surtitles - the projected imagery).

Interactive sensory objects for improving access to heritage

In this project we explore how to enhance the experience and understanding of cultural heritage in museums and heritage sites by creating interactive multisensory objects collaboratively with artists, technologists and people with learning disabilities. We focus here on workshops conducted during the first year of a three year project in which people with learning disabilities each constructed a 'sensory box' to represent their experiences of Speke Hall, a heritage site in the UK. The box is developed further in later workshops which explore aspects of physicality and how to appeal to the entire range of senses, making use of Arduino technology and basic sensors to enable an interactive user experience.

Language and thought in bilinguals: the case of grammatical number and nonverbal classification preferences

Recent research shows that speakers of languages with obligatory plural marking (English) preferentially categorize objects based on common shape, whereas speakers of nonplural-marking classifier languages (Yucatec and Japanese) preferentially categorize objects based on common material. The current study extends that investigation to the domain of bilingualism. Japanese and English monolinguals, and Japanese–English bilinguals were asked to match novel objects based on either common shape or color. Results showed that English monolinguals selected shape significantly more than Japanese monolinguals, whereas the bilinguals shifted their cognitive preferences as a function of their second language proficiency. The implications of these findings for conceptual representation and cognitive processing in bilinguals are discussed.

Universal and language-specific patterns of categorisation

Previous work on object classification preferences shows that speakers of languages that lack morphological plural marking (like Yucatec and Japanese) display a tendency to match objects by common material, while speakers of languages with morphological plural marking (like English) display a tendency to match objects by common shape. The present paper compares categorisation preferences of English and Japanese speakers with those of Greek speakers. Greek resembles English in that it has morphological plural marking, but contrasts with English in that mass nouns typically do not resist pluralization. Results show that all groups distinguish significantly between countable objects and non-countable substances, but the degree to which they do this differs and conforms to language-specific grammatical patterns. It is argued that the effects of grammatical structure on categorisation preferences are finer-grained than earlier studies have assumed, thus providing a more precise account of the extent and nature of linguistic influence on cognition.

Anticipatory objects and uncertain imminence: cattle grids, landscape and the presencing of climate change on the Lizard Peninsula, UK

In this paper we show how a seemingly unremarkable object – a cattle grid – has come to presence climate change in partial and contingent ways on the Lizard Peninsula, Cornwall, UK. We identify the cattle grid as an ‘anticipatory object’ through which conservation organisations seek to manage the future and adapt to climate change, but which at the same time presences that unthought-of future for others in the landscape. We explore the ways in which the cattle grid acts to presence something that is not only absent – climate change – but has uncertain imminence. We investigate the ways in which the cattle grid make climate relevant as an embodied and experiential process, a physical and intellectual artefact, and the means to imagine climate and the ways it might change. Drawing upon interpretative approaches informed by theorisations of materiality, presence and absence to understand climate change as a social phenomenon, we go beyond a consideration of this ordinary object defined by its function to consider how the object is experienced, the processes and practices through which people relate to it, and the ways in which social meaning accumulates around it. The empirical basis for this argument is provided by in-depth interviews with local representatives of Natural England, residents and farmers.