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.

Development of a light scatter sensor technology for on-line monitoring of milk coagulation and whey separation

The objective of this study was to investigate a novel light backscatter sensor, with a large field of view relative to curd size, for continuous on-line monitoring of coagulation and syneresis to improve curd moisture content control. A three-level, central composite design was employed to study the effects of temperature, cutting time, and CaCl2 addition on cheese making parameters. The sensor signal was recorded and analyzed. The light backscatter ratio followed a sigmoid increase during coagulation and decreased asymptotically after gel cutting. Curd yield and curd moisture content were predicted from the time to the maximum slope of the first derivative of the light backscatter ratio during coagulation and the decrease in the sensor response during syneresis. Whey fat was affected by coagulation kinetics and cutting time, suggesting curd rheological properties at cutting are dominant factors determining fat losses. The proposed technology shows potential for on-line monitoring of coagulation and syneresis. 2007 Elsevier Ltd. All rights reserved..

On-line prediction of cheese making using backscatter of near infrared indices light

The potential of a fibre optic sensor, detecting light backscatter in a cheese vat during coagulation and syneresis, to predict curd moisture, fat loses and curd yield was examined. Temperature, cutting time and calcium levels were varied to assess the strength of the predictions over a range of processing conditions. Equations were developed using a combination of independent variables, milk compositional and light backscatter parameters. Fat losses, curd yield and curd moisture content were predicted with a standard error of prediction (SEP) of +/- 2.65 g 100 g(-1) (R-2 = 0.93), +/- 0.95% (R-2 = 0.90) and +/- 1.43% (R-2 = 0.94), respectively. These results were used to develop a model for predicting curd moisture as a function of time during syneresis (SEP = +/- 1.72%; R-2 = 0.95). By monitoring coagulation and syneresis, this sensor technology could be employed to control curd moisture content, thereby improving process control during cheese manufacture. (c) 2007 Elsevier Ltd. All rights reserved..

Influence of curd cutting programme and stirring speed on the prediction of syneresis indices in cheese-making using NIR light backscatter

An NIR reflectance sensor, with a large field of view and a fibre-optic connection to a spectrometer for measuring light backscatter at 980 nm, was used to monitor the syneresis process online during cheese-making with the goal of predicting syneresis indices (curd moisture content, yield of whey and fat losses to whey) over a range of curd cutting programmes and stirring speeds. A series of trials were carried out in an 11 L cheese vat using recombined whole milk. A factorial experimental design consisting of three curd stirring speeds and three cutting programmes, was undertaken. Milk was coagulated under constant conditions and the casein gel was cut when the elastic modulus reached 35 Pa. Among the syneresis indices investigated, the most accurate and most parsimonious multivariate model developed was for predicting yield of whey involving three terms, namely light backscatter, milk fat content and cutting intensity (R2 = 0.83, SEy = 6.13 g/100 g), while the best simple model also predicted this syneresis index using the light backscatter alone (R2 = 0.80, SEy = 6.53 g/100 g). In this model the main predictor was the light backscatter response from the NIR light back scatter sensor. The sensor also predicted curd moisture with a similar accuracy.

Development of colour and firmness in strawberry crops is UV light sensitive, but colour is not a good predictor of several quality parameters

BACKGROUND: Strawberry (Fragaria × ananassa Duchesne var. Elsanta) plants were grown in polytunnels covered with three polythene films that transmitted varying levels of ultraviolet (UV) light. Fruit were harvested under near-commercial conditions and quality and yield were measured. During ripening, changes in the colour parameters of individual fruit were monitored, and the accuracy of using surface colour to predict other quality parameters was determined by analysing the correlation between colour and quality parameters within UV treatments. RESULTS: Higher exposure to UV during growth resulted in the fruit becoming darker at harvest and developing surface colour more quickly; fruit were also firmer at harvest, but shelf life was not consistently affected by the UV regime. Surface colour measurements were poorly correlated to firmness, shelf life or total phenolics, anthocyanins and ellagic acid contents. CONCLUSION: Although surface colour of strawberry fruits was affected by the UV regime during growth, and this parameter is an important factor in consumer perception, we concluded that the surface colour at the time of harvest was, contrary to consumer expectations, a poor indicator of firmness, potential shelf life or anthocyanin content. Copyright © 2011 Society of Chemical Industry

Does regional infrastructure investment stimulate extra housing and commercial building supply? Long-run evidence across the English regions

This paper uses long-term regional construction data to investigate whether increases infrastructure investment in the English regions leads to subsequent rises in housebuilding and new commercial property, using time series modeling. Both physical (roads and harbours) and social infrastructure (education and health) impacts are investigated across nine regions in England. Significant effects for physical infrastructure are found across most regions and, also, some evidence of a social infrastructure effect. The results are not consistent across regions, which may be due to geographical differences and to network and diversionary effects. However, the results do suggest that infrastructure does have some impact but follows differential lag structures. These results provide a test of the hypothesis of the economic benefits of infrastructure investment in an approach that has not been used before.