Private climate change reporting: a discourse of risk and opportunity

Purpose – This paper aims to explore the nature of the emerging discourse of private climate change reporting, which takes place in one-on-one meetings between institutional investors and their investee companies. Design/methodology/approach – Semi-structured interviews were conducted with representatives from 20 UK investment institutions to derive data which was then coded and analysed, in order to derive a picture of the emerging discourse of private climate change reporting, using an interpretive methodological approach, in addition to explorative analysis using NVivo software. Findings – The authors find that private climate change reporting is dominated by a discourse of risk and risk management. This emerging risk discourse derives from institutional investors' belief that climate change represents a material risk, that it is the most salient sustainability issue, and that their clients require them to manage climate change-related risk within their portfolio investment. It is found that institutional investors are using the private reporting process to compensate for the acknowledged inadequacies of public climate change reporting. Contrary to evidence indicating corporate capture of public sustainability reporting, these findings suggest that the emerging private climate change reporting discourse is being captured by the institutional investment community. There is also evidence of an emerging discourse of opportunity in private climate change reporting as the institutional investors are increasingly aware of a range of ways in which climate change presents material opportunities for their investee companies to exploit. Lastly, the authors find an absence of any ethical discourse, such that private climate change reporting reinforces rather than challenges the “business case” status quo. Originality/value – Although there is a wealth of sustainability reporting research, there is no academic research on private climate change reporting. This paper attempts to fill this gap by providing rich interview evidence regarding the nature of the emerging private climate change reporting discourse.

Fireball models for flares in AE Aquarii

We examine the flaring behaviour of the cataclysmic variable AE Aqr in the context of the `magnetic propeller' model for this system. The flares are thought to arise from collisions between high-density regions in the material expelled from the system after interaction with the rapidly rotating magnetosphere of the white dwarf. We calculate the first quantitative models for the flaring and calculate the time-dependent emergent optical spectra from the resulting hot, expanding ball of gas. We compare the results under different assumptions to observations and derive values for the mass, length-scale and temperature of the material involved in the flare. We see that the fits suggest that the secondary star in this system has Population II composition.

REVIEW: Fireballs, Flares and Flickering

We review our understanding of the prototype ``Propeller'' system AE Aqr and we examine its flaring behaviour in detail. The flares are thought to arise from collisions between high density regions in the material expelled from the system after interaction with the rapidly rotating magnetosphere of the white dwarf. We show calculations of the time-dependent emergent optical spectra from the resulting hot, expanding ball of gas and derive values for the mass, lengthscale and temperature of the material involved. We see that the fits suggest that the secondary star in this system has reduced metal abundances and that, counter-intuitively, the evolution of the fireballs is best modelled as isothermal.

Fireballs in AE Aquarii

AE Aqr is an unusual cataclysmic variable star exhibiting bizarre phenomena that can now be interpreted in the context of a magnetic propeller that throws gas out of the binary system.

Construction contracts: law and management. 4th edition

This is a fully revised edition of the UK’s leading textbook on the law governing construction contracts and the management and administration of those contracts. Although the legal principles involved are an aspect of general contract law, the practical and commercial complexities of the construction industry have increasingly made this a specialist area. This new edition has been brought up to date with recent cases and developments in the law as it stands at March 2007. The basic approach of the book has been retained. Rather than provide a commentary on standard-form contracts, our approach is to introduce the general principles that underlie contracts in construction, illustrating them by reference to the most important standard forms currently in use. Some of the common standard-form contracts have been revised since the previous edition, and the text has been revised to take account of these changes. Practitioners (consultants, builders, clients and lawyers) will find this an extremely useful source of reference, providing in-depth explanations for all of the features found in contemporary construction contracts, with reasons. A unique feature of this book is the way that it brings together the relevant principles of law with the practical issues arising in construction cases. It is a key text for construction undergraduates and postgraduates as well as for those taking the RIBA Part III and CIOB Part II examinations.

Organizing for sustainable procurement: theories, institutions and practice

That construction procurement needs to be re-organized to make it more sustainable implies that there is a problem with the current situation. Starting from this assumption, an overview of construction procurement sets the scene for a discussion of some recent developments relating to organizational frameworks for sustainable construction procurement. Emergent theories dealing with sustainable procurement are considered. There is a plethora of standards and guidance documents for organizing sustainable procurement, originating from a variety of organizations involved. These considerations form the context for approaches being used in practice to achieve sustainable procurement. The Chapter concludes with reflections on why current approaches are insufficient. It seems difficult to persuade clients to spend less money over the life cycle of their buildings. Future directions needed to translate sustainable procurement from rhetoric to reality include the development of suitable incentives and appropriate organizational structures.

Sustaining growth and profits in a rapidly changing world - a Chinese perspective

The aim of this paper is to stimulate discussion about how Chinese construction and professional service companies can best equip themselves and grow sustainably and profitably in a rapidly changing world. It identifies some of the issues and risks faced by Chinese construction and professional service companies operating domestically and overseas. China has experienced a period of rapid economic growth which is also reflected in the annual construction output. China’s population is the largest in the world, but the demographic profile is changing with an ageing population and a changing dependency ratio. The population is urbanising at a fast rate, putting pressure on housing, and infrastructure. The government must plan for the future and the construction sector must be involved in that planning. The paper considers the drivers shaping China’s construction market, how companies are responding by embracing change and internationalising by seeking to exploit their skills overseas. The drivers are globalisation, urbanisation, demographic change, sustainability, safety and health, and the evolution of professional services as a core part of construction activity. Clients/owners are driving change by demanding more certainty and more sustainable projects.

Building the web: the Internet and the property profession

The report examines the development of the Internet and Intranets in the world of business and commerce, drawing on previous literature and research. The new technology is explained, and key issues examined, such as the impact of the Internet on the surveyor's role as 'information broker' and its likely effect on clients' property requirements. The research is based on an analysis of 261 postal questionnaire responses and eight case study interviews from a sample of general practice and quantity surveying practices and corporates. For the first time the property profession is examined in detail and the key drivers, barriers and benefits of Internet use are identified for a range of different sized organisations.

Evolution and change in the serviced office sector: a decade later

With particular reference to its role in the corporate real estate supply chain, this paper focuses on how the serviced office sector in the UK has evolved and changed over the last decade. A qualitative research approach involving 21 semi-structured interviews with corporate clients of serviced office operators was used to address a number of issues regarding the perceptions of users of serviced offices. It is concluded that the serviced office sector has become an established sector of the UK’s commercial real estate market providing an essential product for many corporate organisations. The serviced office sector has been relatively nimble and a range of operational models have emerged. It was found that corporate organisations use serviced office space and services in order to align workforce change with portfolio change, to transfer risk, for short-term project space, as temporary overflow space, to pilot a new location, to become familiar with a specific geographical marketplace or simply to gain an initial presence in an area.

The dilemma of scope and scale for construction professional service firms

Construction professional service (CPS) firms sell expertise and provide innovative solutions for projects founded on their knowledge, experience, and technical competences. Large CPS firms seeking to grow will often seek new opportunities in their domestic market and overseas by organic or inorganic growth through mergers, alliances, and acquisitions. Growth can also come from increasing market penetration through vertical, horizontal, and lateral diversification. Such growth, hopefully, leads to economies of scope and scale in the long term, but it can also lead to diseconomies, when the added cost of integration and the increased complexity of diversification no longer create tangible and intangible benefits. The aim of this research is to investigate the key influences impacting on the growth in scope and scale for large CPS firms. Qualitative data from the interviews were underpinned by secondary data from CPS firms’ annual reports and analysts’ findings. The findings showed five key influences on the scope and scale of a CPS firm: the importance of growth as a driver; the influence of the ownership of the firm on the decision for growth in scope and scale; the optimization of resources and capabilities; the need to serve changing clients’ needs; and the importance of localization. The research provides valuable insights into the growth strategies of international CPS firms. A major finding of the research is the influence of ownership on CPS firms’ growth strategies which has not been highlighted in previous research.

The interaction between the physical environments and people

Buildings affect people in various ways. They can help us to work more effectively; they also present a wide range of stimuli for our senses to react to. Intelligent buildings are designed to be aesthetic in sensory terms not just visually appealing but ones in which occupants experience delight, freshness, airiness, daylight, views out and social ambience. All these factors contribute to a general aesthetic which gives pleasure and affects one’s mood. If there is to be a common vision, it is essential for architects, engineers and clients to work closely together throughout the planning, design, construction and operational stages which represent the conception, birth and life of the building. There has to be an understanding of how patterns of work are best suited to a particular building form served by appropriate environmental systems. A host of technologies are emerging that help these processes, but in the end it is how we think about achieving responsive buildings that matters. Intelligent buildings should cope with social and technological changes and also be adaptable to short-term and long-term human needs. We live through our senses. They rely on stimulation from the tasks we are focused on; people around us but also the physical environment. We breathe air and its quality affects the olfactory system; temperature is felt by thermoreceptors in the skin; sound enters our ears; the visual scene is beheld by our eyes. All these stimuli are transmitted along the sensory nervous system to the brain for processing from which physiological and psychological reactions and judgments are formed depending on perception, expectancies and past experiences. It is clear that the environmental setting plays a role in this sensory process. This is the essence of sensory design. Space plays its part as well. The flow of communication is partly electronic but also largely by people meeting face to face. Our sense of space wants different things at different times. Sometimes privacy but other times social needs have to be satisfied besides the organizational requirement to have effective human communications throughout the building. In general if the senses are satisfied people feel better and work better.

Bound Variable, Split Antecedent and Ellipsis Interpretations in L2 Portuguese: Implications for L2 Acquisition Theories.

Recently, in light of minimalist assumptions, some partial UG accessibility accounts to adult second language acquisition have made a distinction between the post-critical period ability to acquire new features based on their LF-interpretability (i.e. interpretable vs. uninterpretable features) (HAWKINS, 2005; HAWKINS; HATTORI, 2006; TSIMPLI; MASTROPAVLOU, 2007; TSIMPLI; DIMITRAKOPOULOU, 2007). The Interpretability Hypothesis (TSIMPLI; MASTROPAVLOU, 2007; TSIMPLI; DIMITRAKOPOULOU, 2007) claims that only uninterpretable features suffer a post-critical period failure and, therefore, cannot be acquired. Conversely, Full Access approaches claim that L2 learners have full access to UG’s entire inventory of features, and that L1/L2 differences obtain outside the narrow syntax. The phenomenon studied herein, adult acquisition of the Overt Pronoun Constraint (OPC) (MONTALBETTI, 1984) and inflected infinitives in nonnative Portuguese, challenges the Interpretability hypothesis insofar as it makes the wrong predictions for what is observed. The present data demonstrate that advanced learners of L2 Portuguese acquire the OPC and the syntax and semantics of inflected infinitives with native-like accuracy. Since inflected infinitives require the acquisition of new uninterpretable φ-features, the present data provide evidence in contra Tsimpli and colleagues’ Interpretability Hypothesis.

The use and impacts of bank support on UK small and medium-sized enterprises

This article examines an under-investigated area in relationship banking, i.e. the use of bank advice and support and its impacts on the financial conditions of small and medium-sized enterprises (SMEs). The findings indicate that the characteristics of businesses and entrepreneurs, among other factors, have determinant effects on the use of bank support by SMEs when they make financial decisions. SMEs can alleviate the severity of their financial problems significantly by using bank support more fully, through developing long-term relationships with banks as primary network partners. The article further recognises the value of advice from banks as a substitute for entrepreneurial human capital, especially when bankers use private information to determine the nature and level of financial and non-financial assistance that they are prepared to supply to their clients.

Incorporation of different and changing client interests in the course of a project

There is a widespread assumption that clients’ expectations should be accommodated during a building project. However, there may be conflicting expectations within a client organization and these may change over time in the course of a project. Actor-Network Theory (ANT) is used to study the incorporation of client expectations into the on-going development of a building project. To illustrate this, negotiations over a particular decision, namely the location of a building on one university campus was analysed. Negotiations went through a number of stages, involving a master plan architect, members of the public, campus maps and the Vice Chancellor. An ANT analysis helped to trace diverse actors' interests in a series of discussions and how these interests conflict with each other as one option was chosen over another. The analysis revealed new client interests in each negotiation process. Also, the prioritisation of client interests changed over time. The documentation of diverse and dynamic client interests especially contributes to the understanding of how some client interests fail to be incorporated in decision-making processes