Required returns for real estate in UK pension fund portfolios

The position of Real Estate within a multi-asset portfolio has received considerable attention recently. Previous research has concentrated on the percentage holding property would achieve given its risk/return characteristics. Such studies have invariably used Modern Portfolio Theory and these approaches have been criticised for both the quality of the real estate data and problems with the methodology itself. The first problem is now well understood, and the second can be addressed by the use of realistic constraints on asset holdings. This paper takes a different approach. We determine the level of return that Real Estate needs to achieve to justify an allocation within the multi asset portfolio. In order to test the importance of the quality of the data we use historic appraisal based and desmoothed returns to examine the sensitivity of the results. Consideration is also given to the Holding period and the imposition of realistic constraints on the asset holdings in order to model portfolios held by pension fund investors. We conclude, using several benchmark levels of portfolio risk and return, that using appraisal based data the required level of return for Real Estate was less than that achieved over the period 1972-1993. The use of desmoothed series can reverse this result at the highest levels of desmoothing although within a restricted holding period Real Estate offered returns in excess of those required to enter the portfolio and might have a role to play in the multi-asset portfolio.

Occasional publishers: producing and marketing books in England 1771–1844

Purpose – To investigate the way in which a series of related printing businesses, owned by members of the Gye and Balne families in Bath and London from 1771 to 1844, selected and marketed their titles when they ventured into book printing and publishing. Design/methodology/approach – The basis of this research is extensive archival research analyzing primary sources, mainly the books and ephemera printed by the various firms, supported by information in contemporary newspapers and journals and in biographies of printers and publishers. Findings – The focus of these businesses was not solely on production but that marketing was also considered, and that there was each title was conceived and produced with a particular market in mind. In doing so it provides evidence of relatively advanced marketing strategies in use before 1850 and thus questions the validity of the four-eras model of marketing history. Research limitations/implications – The available primary sources are limited; while a number of books and other printed items have survived there are no extant accounts, correspondence, or other records for any of the firms that were studied. Originality/value – There has been very little research into the way small businesses during this period approached the marketing of their products. This paper is a potential model for further such historical research and also provides an example of how research into specific companies can illuminate the larger history of marketing, potentially changing the way in which we understand the development of consumer society.

Picture this: how illustrations define dictionaries

Illustrations are an integral part of many dictionaries, but the selection, placing, and sizing of illustrations is often highly conservative, and can appear to reflect the editorial concerns and technological constraints of previous eras. We might start with the question ‘why not illustrate?’, especially when we consider the ability of an illustration to simplify the definition of technical terms. How do illustrations affect the reader’s view of a dictionary as objective, and how illustrations reinforce the pedagogic aims of the dictionary? By their graphic nature, illustrations stand out from the field of text against which they stand, and they can immediately indicate to the reader the level of seriousness or popularity of the book’s approach, or the age-range that it is intended for. And illustrations are expensive to create and can add to printing costs, so it is not surprising that there is much direct and indirect copying from dictionary to dictionary, and simple re-use. This article surveys developments in illustrating dictionaries, considering the difference between distributing individual illustrations through the text of the dictionary and grouping illustrations into larger synoptic illustrations; the graphic style of illustrations; and the role of illustrations in ‘feature-led’ dictionary marketing.

Brill Greek, Adobe Arno Pro, Adobe Text/Brevier Greek typefaces

Typeface design: a series of collaborative projects commissioned by Adobe, Inc. and Brill to develop extensive polytonic Greek typefaces. The two Adobe typefaces can be seen as extension of previous research for the Garamond Premier Pro family (2005), and concludes a research theme started in 1998 with work for Adobe’s Minion Pro Greek. These typefaces together define the state of the art for text-intensive Greek typesetting for wide character set texts (from classical texts, to poetry, to essays, to prose). They serve both as exemplar for other developers, and as vehicles for developing the potential of Greek text typography, for example with the parallel inclusion of monotonic and polytonic characters, detailed localised punctuation options, fluid handling of case-conversion issues, and innovative options such as accented small caps (originally requested by bibliographers, and subsequently rolled out to a general user base). The Brill typeface (for the established academic publisher) has an exceptionally wide character set to cover several academic disciplines, and is intended to differentiate sufficiently from its partner Latin typeface, while maintaining a clear texture in both offset and low-resolution print-on-demand reproduction. This work involved substantial amounts of testing and modifying the design, especially of diacritics, to maintain clarity the readability of unfamiliar words. All together these typefaces form a study in how Greek typesetting meets contemporary typographic requirements, while resonating with historically accurate styles, where these are present. Significant research in printing archives helped to identify appropriate styles, as well as originate variants that are coherent stylistically, even when historical equivalents were absent.

A climate of control: flooding, displacement and planned resettlement in the Lower Zambezi River valley, Mozambique

In recent years, the potential role of planned, internal resettlement as a climate change adaptation measure has been highlighted by national governments and the international policy community. However, in many developing countries, resettlement is a deeply political process that often results in an unequal distribution of costs and benefits amongst relocated persons. This paper examines these tensions in Mozambique, drawing on a case study of flood-affected communities in the Lower Zambezi River valley. It takes a political ecology approach – focusing on discourses of human-environment interaction, as well as the power relationships that are supported by such discourses – to show how a dominant narrative of climate change-induced hazards for small-scale farmers is contributing to their involuntary resettlement to higher-altitude, less fertile areas of land. These forced relocations are buttressed by a series of wider economic and political interests in the Lower Zambezi River region, such dam construction for hydroelectric power generation and the extension of control over rural populations, from which resettled people derive little direct benefit. Rather than engaging with these challenging issues, most international donors present in the country accept the ‘inevitability’ of extreme weather impacts and view resettlement as an unfortunate and, in some cases, necessary step to increase people’s ‘resilience’, thus rationalising the top-down imposition of unpopular social policies. The findings add weight to the argument that a depoliticised interpretation of climate change can deflect attention away from underlying drivers of vulnerability and poverty, as well as obscure the interests of governments that are intent on reordering poor and vulnerable populations.

Promoter analysis and immunolocalisation show that puroindoline genes are exclusively expressed in starchy endosperm cells of wheat grain

The purolindolines are small cysteine-rich proteins which are present in the grain of wheat. They have a major impact on the utilisation of the grain as they are the major determinants of grain texture, which affects both milling and baking properties. Bread and durum wheats were transformed with constructs comprising the promoter regions of the Puroindoline a (Pina) and Puroindoline b (Pinb) genes fused to the uidA (GUS) reporter gene. Nine lines showing 3:1 segregation for the transgene and comprising all transgene/species combinations were selected for detailed analysis of transgene expression during grain development. This showed that transgene expression occurred only in the starchy endosperm cells and was not observed in any other seed or vegetative tissues. The location of the puroindoline proteins in these cells was confirmed by tissue printing of developing grain, using a highly specific monoclonal antibody for detection and an antibody to the aleurone-localised 8S globulin as a control. This provides clear evidence that puroindolines are only synthesised and accumulated in the starchy endosperm cells of the wheat grain.

Controlling market power of vertically integrated firms in electricity networks: demand response of aggregator agents

This article reports the results of an experiment that examined how demand aggregators can discipline vertically-integrated firms - generator and distributor-retailer holdings-, which have a high share in wholesale electricity market with uniform price double auction (UPDA). We initially develop a treatment where holding members redistribute the profit based on the imposition of supra-competitive prices, in equal proportions (50%-50%). Subsequently, we introduce a vertical disintegration (unbundling) treatment with holding-s information sharing, where profits are distributed according to market outcomes. Finally, a third treatment is performed to introduce two active demand aggregators, with flexible interruptible loads in real time. We found that the introduction of responsive demand aggregators neutralizes the power market and increases market efficiency, even beyond what is achieved through vertical disintegration.

Conscience, discretion and the creation of property rights

This paper considers the utility of the concept of conscience or unconscionable conduct as a contemporary rationale for intervention in two principles applied where a person seeks to renege on an informal agreement relating to land: the principle in Rochefoucauld v Boustead; and transfers 'subject to' rights in favour of a claimant. By analysing the concept in light of our current understanding of the nature of judicial discretion and the use of general principles, it responds to arguments that unconscionability is too general a concept on which to base intervention. In doing so, it considers the nature of the discretion that is actually in issue when the court intervenes through conscience in these principles. However, the paper questions the use of constructive trusts as a response to unconscionability. It argues that there is a need, in limited circumstances, to separate the finding of unconscionability from the imposition of a constructive trust. In these limited circumstances, once unconscionability is found, the courts should have a discretion as to the remedy, modelled on that developed in the context of proprietary estoppel. The message underlying this paper is that many of the concerns expressed about unconscionability that have led to suggestions of alternative rationales for intervention can in fact be addressed whilst retaining an unconscionability analysis. Unconscionability remains a preferable rationale for intervention as it provides a common thread that links apparently separate principles and can assist our understanding of their scope.

Molecular design of a discrete chain-folding polyimide for controlled inkjet deposition of supramolecular polymers

A supramolecular polymer based upon two complementary polymer components is formed by sequential deposition from solution in THF, using a piezoelectric drop-on-demand inkjet printer. Highly efficient cycloaddition or ‘click’ chemistry afforded a well-defined poly(ethylene glycol) featuring chain-folding diimide end groups, which possesses greatly enhanced solubility in THF relative to earlier materials featuring random diimide sequences. Blending the new polyimide with a complementary poly(ethylene glycol) system bearing pyrene end groups (which bind to the chain-folding diimide units) overcomes the limited solubility encountered previously with chain-folding polyimides in inkjet printing applications. The solution state properties of the resulting polymer blend were assessed via viscometry to confirm the presence of a supramolecular polymer before depositing the two electronically complementary polymers by inkjet printing techniques. The novel materials so produced offer an insight into ways of controlling the properties of printed materials through tuning the structure of the polymer at the (supra)molecular level.

Paul Renner: the art of typography

The first study, in any language, of this German typographer and type designer. Renner’s work exemplifies central themes in German culture in the first half of the twentieth century. Starting as an artist and book designer in the Munich cultural renaissance, he was an early and prominent member of the Deutscher Werkbund. In the 1920s Renner worked in Frankfurt, one of the centres of socially-engaged modernism; around this time he began work on his enduring typeface, Futura. Moving to Munich, he ran the printing school that included Jan Tschichold among its teachers. In the crisis of 1933 he was detained and then dismissed from his post. Living through the Nazi years in inner emigration, Renner emer­ged as a voice of experience and reason in postwar debates.

History of the monotype corporation

This important new publication charts the history of the British Monotype Corporation in its significant years from 1897 to 1992. Its three sections cover the Corporation’s business history, typeface design history, and the technical history of Monotype’s composing machines. Written and edited by leading business and type industry experts, this is an indispensable reference for typographers and type designers, and for technology and business historians.

Local ownership and UN peacebuilding: discourse versus operationalization

The UN asserts that local ownership boosts the legitimacy and sustainabil- ity of peacebuilding by preserving the principles of self-determination and nonimposition in an activity that can contravene them. At the same time, it also perceives local ownership to imperil the achievement of its operational goals, thus bringing its normative and operational obligations into conflict. This article evaluates the UN’s discourse and operationalization of local ownership, showing that despite the UN’s invocation of ownership dis- course, it operationalizes ownership in restrictive ways that are intended to protect the achievement of operational goals but that consequently limit self-determination and increase imposition. Moreover, because of contra- dictions in the UN’s practices of ownership, it also undercuts its ability to re- alize the very operational goals that it is trying to protect. KEYWORDS: UN peacebuilding, local ownership, discourse vs. practice.

Design (provisional chapter title)

The move of parts of OUP's publishing operation from London to Oxford in the 1970s allowed the creation of a centralised art and design department. Drawing on material in the OUP archives this chapter traces the kinds of work that this department undertook and the subsequent devolution of design activities to publishing divisions. Book design at Oxford is considered both stylistically and in response to technological changes. The relationship with the Printing House and its design standards, the search for standardisation and the need for economy, and the specialist design skills demanded by OUP's publications are recurring themes. Innovations in using overseas suppliers and in the introduction of desktop publishing technology are located in relation the the organization of the design function at OUP and its relationship to editorial policies.The chapter concludes with a consideration of the corporate identity system introduced in 1998, and its relationship to previous manifestations of 'Oxford style'.

A reappraisal of Baskerville's Greek types

Ιn the eighteenth century the printing of Greek texts continued to be central to scholarship and discourse. The typography of Greek texts could be characterised as a continuation of French models from the sixteenth century, with a gradual dilution of the complexity of ligatures and abbreviations, mostly through printers in the Low Countries. In Britain, Greek printing was dominated by the university presses, which reproduced conservatively the continental models – exemplified by Oxford's Fell types, which were Dutch adaptations of earlier French models. Hindsight allows us to identify a meaningful development in the Greek types cut by Alexander Wilson for the Foulis Press in Glasgow, but we can argue that in the middle of the eighteenth century Baskerville was considering Greek printing the typographic environment was ripe for a new style of Greek types. The opportunity to cut the types for a New Testament (in an twin edition that included a generous octavo and a large quarto version) would seem perfect for showcasing Baskerville's capacity for innovation. His Greek type maintained the cursive ductus of earlier models, but abandoned complex ligatures and any hint of scribal flourish. He homogenised the modulation of the letter strokes and the treatment of terminals, and normalised the horizontal alignments of all letters. Although the strokes are in some letters too delicate, the narrow set of the style composes a consistent, uniform texture that is a clean break from contemporaneous models. The argument is made that this is the first Greek typeface that can be described as fully typographic in the context of the technology of the time. It sets a pattern that was to be followed, without acknowledgement, by Richard Porson nearly a century and a half later. The typeface received little praise by typographic historians, and was condemned by Victor Scholderer in his retrospective of Greek typography. A survey of typeface reviews in the surrounding decades establishes that the commentators were mostly reproducing the views of an arbitrary typographic orthodoxy, for which only types with direct references to Renaissance models were acceptable. In these comments we detect a bias against someone considered an arriviste in the scholarly printing establishment, as well as a conservative attitude to typographic innovation.