Means, motive and opportunity? Disentangling client influence on performance measurement appraisals

This paper investigates the extent to which clients were able to influence performance measurement appraisals during the downturn in commercial property markets that began in the UK during the second half of 2007. The sharp change in market sentiment produced speculation that different client categories were attempting to influence their appraisers in different ways. In particular, it was recognised that the requirement for open-ended funds to meet redemptions gave them strong incentives to ensure that their asset values were marked down to market. Using data supplied by Investment Property Databank, we demonstrate that, indeed, unlisted open ended funds experienced sharper drops in capital values than other fund types in the second half of 2007, after the market turning point. These differences are statistically significant and cannot simply be explained by differences in portfolio composition. Client influence on appraisal forms one possible explanation of the results observed: the different pressures on fund managers resulting in different appraisal outcomes.

Explaining deviations from NAV in UK property companies: rationality and sentimentality

One of the most vexing issues for analysts and managers of property companies across Europe has been the existence and persistence of deviations of Net Asset Values of property companies from their market capitalisation. The issue has clear links to similar discounts and premiums in closed-end funds. The closed end fund puzzle is regarded as an important unsolved problem in financial economics undermining theories of market efficiency and the Law of One Price. Consequently, it has generated a huge body of research. Although it can be tempting to focus on the particular inefficiencies of real estate markets in attempting to explain deviations from NAV, the closed end fund discount puzzle indicates that divergences between underlying asset values and market capitalisation are not a ‘pure’ real estate phenomenon. When examining potential explanations, two recurring factors stand out in the closed end fund literature as often undermining the economic rationale for a discount – the existence of premiums and cross-sectional and periodic fluctuations in the level of discount/premium. These need to be borne in mind when considering potential explanations for real estate markets. There are two approaches to investigating the discount to net asset value in closed-end funds: the ‘rational’ approach and the ‘noise trader’ or ‘sentiment’ approach. The ‘rational’ approach hypothesizes the discount to net asset value as being the result of company specific factors relating to such factors as management quality, tax liability and the type of stocks held by the fund. Despite the intuitive appeal of the ‘rational’ approach to closed-end fund discounts the studies have not successfully explained the variance in closed-end fund discounts or why the discount to net asset value in closed-end funds varies so much over time. The variation over time in the average sector discount is not only a feature of closed-end funds but also property companies. This paper analyses changes in the deviations from NAV for UK property companies between 2000 and 2003. The paper present a new way to study the phenomenon ‘cleaning’ the gearing effect by introducing a new way of calculating the discount itself. We call it “ungeared discount”. It is calculated by assuming that a firm issues new equity to repurchase outstanding debt without any variation on asset side. In this way discount does not depend on an accounting effect and the analysis should better explain the effect of other independent variables.

The death of Osama bin Laden - the end of Al-Qaeda's Pan-Islamic ambition?

This paper evaluates the implications of Osama bin Ladin’s death for the future of al-Qaeda’s global jihad. It critically examines the debate as to the make-up of the group and identifies bin Ladin’s primary role as chief ideologue advocating a defensive jihad to liberate the umma. The rationale and appeal of bin Ladin’s message and Muslims’ reaction to both his statements and al-Qaeda’s increasing use of sectarian violence are assessed in the context of Pan-Islam as political ideology. The paper concludes that while the ideal of Islamic unity and the sentiment of Muslim solidarity are unlikely to vanish, al-Qaeda’s violent jihad has not only failed to achieve these goals but has worked against it, thereby confining it to the political margins.

An investigation of the effect of eco-labeling on office occupancy rates

This paper investigates the extent to which clients were able to influence performance measurement appraisals during the downturn in commercial property markets that began in the UK during the second half of 2007. The sharp change in market sentiment produced speculation that different client categories were attempting to influence their appraisers in different ways. In particular, it was recognised that the requirement for open-ended funds to meet redemptions gave them strong incentives to ensure that their asset values were marked down to market. Using data supplied by Investment Property Databank, we demonstrate that, indeed, unlisted open ended funds experienced sharper drops in capital values than other fund types in the second half of 2007, after the market turning point. These differences are statistically significant and cannot simply be explained by differences in portfolio composition. Client influence on appraisal forms one possible explanation of the results observed: the different pressures on fund managers resulting in different appraisal outcomes.

TRCM: a methodology for temporal analysis of evolving concepts in Twitter

The Twitter network has been labelled the most commonly used microblogging application around today. With about 500 million estimated registered users as of June, 2012, Twitter has become a credible medium of sentiment/opinion expression. It is also a notable medium for information dissemination; including breaking news on diverse issues since it was launched in 2007. Many organisations, individuals and even government bodies follow activities on the network in order to obtain knowledge on how their audience reacts to tweets that affect them. We can use postings on Twitter (known as tweets) to analyse patterns associated with events by detecting the dynamics of the tweets. A common way of labelling a tweet is by including a number of hashtags that describe its contents. Association Rule Mining can find the likelihood of co-occurrence of hashtags. In this paper, we propose the use of temporal Association Rule Mining to detect rule dynamics, and consequently dynamics of tweets. We coined our methodology Transaction-based Rule Change Mining (TRCM). A number of patterns are identifiable in these rule dynamics including, new rules, emerging rules, unexpected rules and ?dead' rules. Also the linkage between the different types of rule dynamics is investigated experimentally in this paper.

Are investors guided by the news disclosed by companies or by journalists?

Most previous studies demonstrating the influential role of the textual information released by the media on stock market performance have concentrated on earnings-related disclosures. By contrast, this paper focuses on disposal announcements, so that the impacts of listed companies’ announcements and journalists’ stories can be compared concerning the same events. Consistent with previous findings, negative words, rather than those expressing other types of sentiment, statistically significantly affect adjusted returns and detrended trading volumes. However, extending previous studies, the results of this paper indicate that shareholders’ decisions are mainly guided by the negative sentiment in listed companies’ announcements rather than that in journalists’ stories. Furthermore, this effect is restricted to the announcement day. The average market reaction–measured by adjusted returns–is inversely related only when the announcements are ignored by the media, but the dispersion of market reaction–measured by detrended trading volume–is positively affected only when announcements are followed up by journalists.

How Islamic is al-Qaeda? The politics of Pan-Islam and the challenge of modernisation

This article investigates the contested ideology of al-Qaeda through an analysis of Osama bin Ladin’s writings and public statements issued between 1994 and 2011, set in relation to the development of Islamic thought and changing socio-political realities in the late nineteenth and twentieth centuries. Challenging popular conceptions of Wahhabism and the “Salafi jihad”, it reveals an idealistic, Pan-Islamic sentiment at the core of his messages that is not based on the main schools of Islamic theology, but is the result of a crisis of meaning of Islam in the modern world. Both before and after the death of al-Qaeda’s iconic leader, the continuing process of religious, political and intellectual fragmentation of the Muslim world has led to bin Ladin’s vision for unity being replaced by local factions and individuals pursuing their own agendas in the name of al-Qaeda and Islam.

In the mood: the dynamics of collective sentiments on Twitter

We study the relationship between the sentiment levels of Twitter users and the evolving network structure that the users created by @-mentioning each other. We use a large dataset of tweets to which we apply three sentiment scoring algorithms, including the open source SentiStrength program. Specifically we make three contributions. Firstly we find that people who have potentially the largest communication reach (according to a dynamic centrality measure) use sentiment differently than the average user: for example they use positive sentiment more often and negative sentiment less often. Secondly we find that when we follow structurally stable Twitter communities over a period of months, their sentiment levels are also stable, and sudden changes in community sentiment from one day to the next can in most cases be traced to external events affecting the community. Thirdly, based on our findings, we create and calibrate a simple agent-based model that is capable of reproducing measures of emotive response comparable to those obtained from our empirical dataset.

A new Home, far from Home : The assimilation process of women involved in intercultural marriages based on Internet meeting

The internet has revolutionized the way we socialize, and as a consequence the way to love. The new communication technologies have facilitated intercultural relationships. Nowadays family relations are one of the major factors in immigration to European countries. Family relations means persons who arrive as family dependents and in accordance with laws regulating family reunification. This thesis aims to apply the classical assimilation theory stated by Milton Gordon (1964), which formulates a series of assimilation stages through which an individual must pass in order to be completely assimilated. In accordance with this theory, marriage is the final phase for a newcomer to fully incorporate into the host society. Thus, based on this presumption and other contemporary theories, the present study has analysed how women who get involved in intercultural marriages based on internet meeting experience these assimilation stages and evaluated the resources used by respondents to incorporate themselves into Swedish society.The main goal of the study was to determine if jumping to the last stage of assimilation does assure the incorporation in the social or/and labour spheres and the findings demonstrate that even though husbands are a valuable resource for assimilation, several cultural issues in Swedish society make it difficult to assure success for the newcomers.On the other hand, Sweden is a country with a strong national sentiment and the assimilation of immigrants still is an important issue to deal with. The Swedish Integration Board has disappeared and major projects for integration have been left in the hands of the municipalities or the Migration Board, institutions that still do not know how to deal with this dilemma.

Théâtre du Grand-Guignol : Les mécanismes de la peur dans deux pièces du théâtre médical d’André de Lorde et Alfred BinetL’Obsession et Une leçon à la Salpêtrière .

Le Grand-Guignol n’a reçu que peu d’attention critique sérieuse jusqu’à la fin des années 1980. Ce petit théâtre a pendant 65 ans, de 1897 à 1962, offert des pièces d’un genre nouveau mêlant terreur, violence et souvent érotisme. Le succès était au rendez-vous et le Théâtre du Grand-Guignol est longtemps resté une attraction incontournable de Paris. Les pièces choisies pour ce mémoire sont issues de ce répertoire et ont cela de particulier qu’elles ont été écrites en collaboration entre un écrivain, André de Lorde, et un psychologue, Alfred Binet. Malgré leurs différences, ces pièces ont une constante, un point commun : elles suscitent toutes la peur chez le spectateur. C’est précisément la façon dont Binet et de Lorde établissent cette peur à travers leurs pièces qui sera l’objet d’étude de ce mémoire. Ce mémoire se limite à l’analyse de deux œuvres en particulier : L’Obsession, et Une leçon à la Salpêtrière. Appréhender la notion de peur dans une œuvre théâtrale impose de réfléchir non seulement aux thèmes développés mais également à la construction dramatique du récit et à sa mise en scène. Dans le cas spécifique d’une pièce Grand-Guignol, il y aura une dimension supplémentaire à inclure : ce que l’on peut appeler « l’expérience Grand-Guignol ». De quelles façons le fait même d’aller voir une pièce dans ce théâtre participait-il à l’anticipation et au sentiment de peur nécessaire à l’efficacité des pièces ?  Après un bref rappel de l’histoire du Grand-Guignol, les causes externes comme le quartier de Montmartre, mais aussi les habiles coups publicitaires des premiers directeurs artistiques ainsi que la configuration du théâtre lui-même sont étudiées pour montrer comment elles ont largement contribué à créer un véritable mythe autour du Grand-Guignol. Dans la deuxième partie, une analyse spécifique des deux pièces mentionnées précédemment est faite. Les questions suivantes ont été posées : sur quels thèmes pouvaient bien jouer les auteurs pour toucher leur public ? En quoi ces thèmes reflétaient-ils les peurs de l’époque, c’est-à-dire de la « Belle Epoque » ? Dans la dernière partie, une analyse textuelle et scénique a été faite au cours de laquelle il a été tenté de comprendre comment les auteurs provoquent et entretiennent la peur et l’angoisse à travers à la fois la construction dramatique des pièces et leurs jeux de scène.

Klimatförändringar på vita duken. : Passiviserande underhållning eller mobilisering.

Vid en tillbakablick på de senaste 25 års spelfilmer kan man se hur ett växande klimathot funnits med som en berättelseingrediens i ett antal spelfilmer från Hollywood mainstreamfåra. (Axelson 2008). År 2004 kom katastroffilmen The Day after Tomorrow som gjordes till objekt för en brittisk publikstudie. I denna studie analyserar forskargruppen hur The Day After Tomorrow påverkade publikens tankar kring klimatförändringar (Lowe et al. 2006). Den irländske forskaren Pat Brereton har initierat ett projekt inom HERA (Humanities in the European Research Area) med ett forskningsfokus på hur medier och film bidragit till ett ekologiskt paradigm som enligt Brereton, långsamt växer sig allt starkare hos den europeiska allmänheten (Brereton 2008). I mitt paper vill jag diskutera Breretons hypotes om ett ökande ekologiskt sentiment under framväxt hos en europeisk allmänhet över tid och hur denna hypotes bör underkastas en kritisk diskussion utifrån ett receptionsperspektiv. Vad säger existerande publikorienterad receptionsforskning om på vilket sätt klimatförändringar gestaltade på film kan ha förmågan att beröra processer relaterade till människors teoretiska övertygelser om tillvaron, grundläggande värderingar samt en livsåskådningsmässig grundhållning (Lowe et al. 2006, Axelson 2008)?

La formation d’une identité à l’intersection du genre, de l’ethnie et de la classe : Une analyse intersectionnelle de L’Amant de Marguerite Duras

Dans ce mémoire, nous nous sommes servies d’une méthode thématique pour faire une analyseintersectionnelle de L’Amant de Marguerite Duras. Le but était d’étudier la manière complexedont les différentes structures de domination interagissent l’une avec l’autre dans une sociétécoloniale. L’étude a été concentrée sur la recherche d’une identité personnelle effectuée par leprotagoniste féminin et nous avons voulu savoir comment cette recherche est influencée par lesstructures de genre, d’ethnie et de classe.Notre conclusion est que l’appartenance à la catégorie « blanche et pauvre » donne auprotagoniste un sentiment d’aliénation vis-à-vis de la communauté colonisatrice blanche. Cettealiénation l’aide à s’opposer à certaines normes, par exemple le manque de liberté sociale etsexuelle de la femme, en même temps que son comportement peut parfois être interprété commeune confirmation des rôles racistes existant dans la colonie. Néanmoins, nous voulons soulignerque c’est la façon dont l’amant chinois a été décrit qui est troublante, plutôt que lecomportement du protagoniste féminin.

Prospects for Developing Countries

While developing countries generally shared the sentiment that they were going to suffer from the effects of climate change policy, evidence to the contrary has emerged during the short time since the Kyoto Protocol’s entry into force. Defying expectations that developing nations could only lose from climate change policy, Brazil has shown that it is actually quite possible to benefit significantly from these policies. Brazil has been proactive in developing the infrastructure to become involved in climate change negotiations, as well as using policy tools such as the CDM. Its actions have resulted in significant economic, developmental, and environmental benefits. The case of Brazil allows for some insight into how other countries with similar developmental profiles —specifically China and India—stand to benefit from climate change policy, and how these benefits will translate into policy for future climate negotiations.

Espelhos partidos : leituras e releituras da lenda heróica dos atridas

O trabalho foi desenvolvido analisando-se a lenda heróica da família dos Atridas, através da trilogia grega Orestéia, de Ésquilo, relacionando-a com Les mouches, de Sartre, e com Électre, de Giraudoux, comparando-as também com as duas Electra, a de Sófocles e a de Eurípides, partindo da análise do “texto como produtividade”, segundo Roland Barthes, que trabalha a reescritura do texto realizada pelo leitor. Os textos escolhidos foram produzidos e encenados em momentos de guerra ou de sua iminência e, através do estudo dos ordenamentos jurídicos vigentes em cada época, foi possível comprovar que, na Atenas do século V, ocorre a construção do conceito de responsabilidade individual, superando-se a imposição da punição aos familiares e à descendência do criminoso, enquanto que na França ocupada pelo exército nazista ocorre o inverso: a responsabilidade pelos assassinatos cometidos pela Resistência é atribuída a toda a comunidade. Confrontamos as relações de poder engendradas e expostas nos textos, refletindo as que estavam ocorrendo no contexto histórico-político, concluindo que a tragédia grega se inseriu como mediadora da realidade político-social da polis, ao contrário das releituras francesas, que tinham uma inserção periférica na sociedade francesa de 1937 a 1944. É em busca de um sentimento de continuidade e de transcendência que ocorre o retorno às tragédias gregas e às suas releituras, visto que narram lendas heróicas que relembram, mesmo ao homem do século XXI, sua mortalidade e sua incapacidade de prever os desdobramentos de suas ações.