The case for REITs in the mixed-asset portfolio in the short and long run

The poor performance of the Stock Market in the US up to the middle of 2003 has meant that REITs are increasingly been seen as an attractive addition to the mixed-asset portfolio. However, there is little evidence to indicate the consistency of the role REITs should play a role in the mixed-asset portfolio over different investment horizons. The results highlight that REITs do play a significant role over both different time horizons and holding periods. The findings show that REITs attractiveness as a diversification asset increase as the holding period increases. In addition, their diversification qualities span the entire efficient frontier, providing return enhancement properties at the lower end, switching to risk reduction qualities at the top end of the frontier.

Real estate in the mixed-asset portfolio: the question of consistency

The recent poor performance of the equity market in the UK has meant that real estate is increasingly been seen as an attractive addition to the mixed-asset portfolio. However, determining whether the good return enjoyed by real estate is a temporary or long-term phenomenon is a question that remains largely unanswered. In other words, there is little or no evidence to indicate whether real estate should play a consistent role in the mixed-asset portfolio over short- and long-term investment horizons. Consistency in this context refers to the ability of an asset to maintain a positive allocation in an efficient portfolio over different holding periods. Such consistency is a desirable trait for any investment, but takes on particular significance when real estate is considered, as the asset class is generally perceived to be a long-term investment due to illiquidity. From an institutional investor’s perspective, it is therefore crucial to determine whether real estate can be reasonably expected to maintain a consistent allocation in the mixed-asset portfolio in both the short and long run and at what percentage. To address the question of consistency the allocation of real estate in the mixed-asset portfolio was calculated over different holding periods varying from 5- to 25-years.

Conformational studies of mixed-ligand copper(II) chelates. Crystal and molecular structure of (N,N-dimethyl-N′-ethyl-1,2-diaminoethane-(1-phenyl-1,3,-butanedionato)copper(II) perchlorate

The IR and ligand field spectra and the structure of the mixed-ligand compound [N,N-dimethyl-N′-ethyl-1,2-diaminoethane(1-phenyl-1,3-butanedionato)(perchlorato)copper(II)]), [Cu(dmeen)bzac(OClO3)], are reported. The structure was determined by single crystal X-ray diffraction analysis (triclinic, space group ). The structure is square pyramidal with the apical position occupied by one oxygen of the tetrahedral perchlorato group (distance from copper 2.452(5) Å). The plane of the phenyl ring is tilted forming an angle of 16.72(14)° with the plane of the β-dionato moiety. The nitrogenous base adopts the gauche conformation with torsional angle of 108.72(14)°. The ethyl group is cis oriented relative to the phenyl group, occupying the equatorial position with the vector of the carbon-nitrogen bond forming an angle of 143.9(3)° with the CuNN plane. The interactions of the adjacent axial hydrogen with an oxygen of the perchlorato group result in hydrogen bond formation. The IR spectra reveal that in the solid state the Br− or Cl− displace easily the ClO4− group. The shifts in the ligand field spectra indicate that polar solvents participate in donor-acceptor interactions with the metal centre along an axis perpendicular to the CuN2O2 plane.

Influence of hydrogen bonding in the structure of mixed-ligand copper(II) chelates. Spectra and structure of [aquo((2,2'-dipyridylamine)-(3-chloro-2,4-pentanedionato)copper(II)] nitrate

The IR, the ligand field spectra and the crystal structure of the mixed-ligand compound [(aquo)2,2P1 , a = 8.718(5), b = 9.407(5), c = 13.484 (7) Å, = 94.17(4)°, = 105.12(5)°, = 119.75(5)°, Z = 2, R = 0.0332, R W = 0.0869).

Meteorological phenomena in Western classical orchestral music

Depictions of the weather are common throughout the arts. Unlike in the visual arts, however, there has been little study of meteorological inspiration in music. This article catalogues and analyzes the frequencies with which weather is depicted in a sample of classical orchestral music. The depictions vary from explicit mimicry using traditional and specialized orchestral instruments, through to subtle suggestions. It is found that composers are generally influenced by their own environment in the type of weather they choose to represent. As befits the national stereotype, British composers seem disproportionately keen to depict the UK's variable weather patterns and stormy coastline

'John James' and 'The White Stones' p. 71: Music, rhyme, and home

An essay relating 'The Dragon House' by John James to 'Thoughts on the Esterhazy Court Uniform' by J. H. Prynne

Simultaneous bridge-localized and mixed-valence character in diruthenium radical cations featuring diethynylaromatic bridging ligands

A series of bimetallic ruthenium complexes [{Ru(dppe)Cp*}2(μ-C≡CArC≡C)] featuring diethynylaromatic bridging ligands (Ar = 1,4-phenylene, 1,4-naphthylene, 9,10-anthrylene) have been prepared and some representative molecular structures determined. A combination of UV–vis–NIR and IR spectroelectrochemical methods and density functional theory (DFT) have been used to demonstrate that one-electron oxidation of compounds [{Ru(dppe)Cp*}2(μ-C≡CArC≡C)](HC≡CArC≡CH = 1,4-diethynylbenzene; 1,4-diethynyl-2,5-dimethoxybenzene; 1,4-diethynylnaphthalene; 9,10-diethynylanthracene) yields solutions containing radical cations that exhibit characteristics of both oxidation of the diethynylaromatic portion of the bridge, and a mixed-valence state. The simultaneous population of bridge-oxidized and mixed-valence states is likely related to a number of factors, including orientation of the plane of the aromatic portion of the bridging ligand with respect to the metal d-orbitals of appropriate π-symmetry.

Nostalgia, music and the television past revisited in American dreams

The 1960s-set NBC family drama American Dreams presents not just the recent American past but its musical television as well. This paper examines how the show’s recreation of and interaction with the music show American Bandstand ties together the divergent experiences of a turbulent decade. American Dreams’ reshooting and appropriation of original broadcast footage is intricately interwoven with dramatic action allowing for new layers of commentary and meaning to be read across the music and image relationship. Through intercutting and juxtaposition, its use of music performance goes beyond the regressive recycling of images of nostalgia, as critiqued by Jameson and other theorists of postmodernity, to engage political and social debates through a complex web of reference, reproduction and commentary, presenting a politicised reading of the 1960s that problematises these charges of nostalgia texts as apolitical and ‘historicist’.

Determination of turbulent heat fluxes using a large aperture scintillometer over undulating mixed agricultural terrain

Scintillometry is an established technique for determining large areal average sensible heat fluxes. The scintillometer measurement is related to sensible heat flux via Monin–Obukhov similarity theory, which was developed for ideal homogeneous land surfaces. In this study it is shown that judicious application of scintillometry over heterogeneous mixed agriculture on undulating topography yields valid results when compared to eddy covariance (EC). A large aperture scintillometer (LAS) over a 2.4 km path was compared with four EC stations measuring sensible (H) and latent (LvE) heat fluxes over different vegetation (cereals and grass) which when aggregated were representative of the LAS source area. The partitioning of available energy into H and LvE varied strongly for different vegetation types, with H varying by a factor of three between senesced winter wheat and grass pasture. The LAS derived H agrees (one-to-one within the experimental uncertainty) with H aggregated from EC with a high coefficient of determination of 0.94. Chronological analysis shows individual fields may have a varying contribution to the areal average sensible heat flux on short (weekly) time scales due to phenological development and changing soil moisture conditions. Using spatially aggregated measurements of net radiation and soil heat flux with H from the LAS, the areal averaged latent heat flux (LvELAS) was calculated as the residual of the surface energy balance. The regression of LvELAS against aggregated LvE from the EC stations has a slope of 0.94, close to ideal, and demonstrates that this is an accurate method for the landscape-scale estimation of evaporation over heterogeneous complex topography.