La política exterior de George W. Bush (Coyuntura)

Este artículo reflexiona acerca de la política exterior de George W. Bush, partiendo del argumento de que no son significativas las diferencias que han caracterizado en el pasado la política exterior de los demócratas y republicanos, y no hay razones para pensar que lo sean en el futuro. El autor señala que ambos partidos definen su política exterior dentro de parámetros flexibles, y anticipa algunas actitudes que la nueva administración estadounidense podría adoptar en materia de política exterior, con énfasis en las relaciones con América Latina, especialmente en los temas del ALCA y Plan Colombia.

Systematic property risk: quantifying UK property betas 1983-2005

The increased frequency in reporting UK property performance figures, coupled with the acceptance of the IPD database as the market standard, has enabled property to be analysed on a comparable level with other more frequently traded assets. The most widely utilised theory for pricing financial assets, the Capital Asset Pricing Model (CAPM), gives market (systematic) risk, beta, centre stage. This paper seeks to measure the level of systematic risk (beta) across various property types, market conditions and investment holding periods. This paper extends the authors’ previous work on investment holding periods and how excess returns (alpha) relate to those holding periods. We draw on the uniquely constructed IPD/Gerald Eve transactions database, containing over 20,000 properties over the period 1983-2005. This research allows us to confirm our initial findings that properties held over longer periods perform in line with overall market performance. One implication of this is that over the long-term performance may be no different from an index tracking approach.

The seaweed flora of Admiralty Bay, King George Island, Antarctic

Admiralty Bay is located on the western side of King George Island. Although several research teams of different nationalities have carried out surveys in the region for decades, there are only two publications dealing with the seaweed flora of the bay. Here, we report on a taxonomic survey of the seaweeds we collected during the 25th Brazilian Antarctic Expedition (December 2006/November 2007). We discovered 42 species (21 Rhodophyta, 14 Phaeophyceae, and 7 Chlorophyta), corresponding to an increase of about 31% in the seaweed biodiversity hitherto known for the region. Considering that the Antarctic Peninsula, adjacent to King George Island seems to be one of the most rapidly warming spots on the planet, this kind of survey may provide a valuable tool for detecting eventual changes in seaweed biodiversity.