Is there a place for property in the multi-asset portfolio?

The case for property has typically rested on the application of modern portfolio theory (MPT), in that property has been shown to offer increased diversification benefits within a multi asset portfolio without hurting portfolio returns especially for lower risk portfolios. However this view is based upon the use of historic, usually appraisal based, data for property. Recent research suggests strongly that such data significantly underestimates the risk characteristics of property, because appraisals explicitly or implicitly smooth out much of the real volatility in property returns. This paper examines the portfolio diversification effects of including property in a multi-asset portfolio, using UK appraisal based (smoothed) data and several derived de-smoothed series. Having considered the effects of de-smoothing, we then consider the inclusion of a further low risk asset (cash) in order to investigate further whether property's place in a low risk portfolio is maintained. The conclusions of this study are that the previous supposed benefits of including property have been overstated. Although property may still have a place in a 'balanced' institutional portfolio, the case for property needs to be reassessed and not be based simplistically on the application of MPT.

A double-decker bus, an elephant and 300 Girl Guides: analyzing 'space' and 'place' in Blue Peter

This article draws upon Karen Lury's definitions of 'space' and 'place' in relation to the BBC children's programme Blue Peter (1958–present). Through an analysis of the Blue Peter studio over the past 53 years, Amanda Beauchamp highlights its evolution from a 'space' to a 'place' within the history of children's television. Her article considers how the Blue Peter studio's 'infinite nature' was achieved, alongside the role it played in creating the programme institution. She addresses the impact of major changes in the studio layout since 2005, when the studio went from being 'tardis-like' to a 'cosy cubbyhole'. Amanda concludes by questioning the impact that this change has had on programme identity and whether the 'place' that pre-2005 Blue Peter took 47 years to create has been compromised.

The place of diversity within history and the challenge of policy and curriculum

This article is a position paper which examines the political and public discourse around the areas of diversity and social cohesion, and history teaching. It examines the nature of these discourses and shows how they are in tension. Although discourse around diversity often has a focus on mutual understanding and finding areas of commonality, the discourse around history often focuses on the need to provide a sense of identity through a national story. By focusing on a discussion about the purposes of history, rather than merely on debates about content, it is suggested that these discourses can be brought more closely into line and produce a more productive line of policy debate.

Investigating the value dairy farmers place on a reduction of lameness in their herds using a willingness to pay approach

A survey was conducted to elicit dairy farmers’ willingness to pay (WTP) to reduce the prevalence of lameness in their herds. A choice experiment questionnaire was administered using face-to-face interviews of 163 farmers in England and Wales. Whole herd lameness assessments by trained researchers recorded a mean lameness prevalence of nearly 24% which was substantially higher than that estimated by farmers. Farmers’ responses to a series of attitudinal questions showed that they strongly agreed that cows can suffer a lot of pain from lameness and believed that they could reduce lameness in their herds. Farmers’ mean WTP to avoid lameness amounted to UK£411 per lame cow but with considerable variation across the sample. Median WTP of UK£249 per lame cow was considered a better measure of central tendency for the sample. In addition, the survey found that farmers had a substantial WTP to avoid the inconvenience associated with lameness control (a median value of UK£97 per lame cow) but that they were generally prepared to incur greater inconvenience if it reduced lameness. The study findings suggest that farmers need a better understanding of the scale and costs of lameness in their herds and the benefits of control. To encourage action, farmers need to be convinced that lameness control measures perceived as inconvenient will be cost effective.