Is there a “case for property” all the time?

The “case for property” in the mixed-asset portfolio is a topic of continuing interest to practitioners and academics. Such an analysis typically is performed over a fixed period of time and the optimum allocation to property inferred from the weight assigned to property through the use of mean-variance analysis. It is well known, however, that the parameters used in the portfolio analysis problem are unstable through time. Thus, the weight proposed for property in one period is unlikely to be that found in another. Consequently, in order to assess the case for property more thoroughly, the impact of property in the mixed-asset portfolio is evaluated on a rolling basis over a long period of time. In this way we test whether the inclusion of property significantly improves the performance of an existing equity/bond portfolio all of the time. The main findings are that the inclusion of direct property into an existing equity/bond portfolio leads to increase or decreases in return, depending on the relative performance of property compared with the other asset classes. However, including property in the mixed-asset portfolio always leads to reductions in portfolio risk. Consequently, adding property into an equity/bond portfolio can lead to significant increases in risk-adjusted performance. Thus, if the decision to include direct property in the mixed-asset portfolio is based upon its diversification benefits the answer is yes, there is a “case for property” all the time!

Not all sigmodontine rodents in the sugarcane fields in costal Veracruz, Mexico, are pests

Rats and mice have traditionally been considered one of the most important pests of sugarcane. However, "control" campaigns are rarely specific to the target species, and can have an effect on local wildlife, in particular non-pest rodent species. The objective of this study was to distinguish between rodent species that are pests and those that are not, and to identify patterns of food utilization by the rodents in the sugarcane crop complex. Within the crop complex, subsistence crops like maize, sorghum, rice, and bananas, which are grown alongside the sugarcane, are also subject to rodent damage. Six native rodent species were trapped in the Papaloapan River Basin of the State of Veracruz; the cotton rat (Sigmodon hispidus), the rice rat (Oryzomys couesi), the small rice rat (O. chapmani), the white footed mouse (Peromyscus leucopus), the golden mouse (Reithrodontomys sumichrasti), and the pigmy mouse (Baiomys musculus). In a stomach content analysis, the major food components for the cotton rat, the rice rat and the small rice rat were sugarcane (4.9 to 30.1 %), seed (2.7 to 22.9%), and vegetation (0.9 to 29.8%); while for the golden mouse and the pigmy mouse the stomach content was almost exclusively seed (98 to 100%). The authors consider the first three species to be pests of the sugarcane crop complex, while the last two species are not.

Vocabulary is important for some, but not all reading skills

Although there is evidence for a close link between the development of oral vocabulary and reading comprehension, less clear is whether oral vocabulary skills relate to the development of word-level reading skills. This study investigated vocabulary and literacy in 81 children aged 8 to 10 years. In regression analyses, vocabulary accounted for unique variance in exception word reading and reading comprehension, but not text reading accuracy, decoding, or regular word reading. Consistent with these data, children with poor reading comprehension exhibited oral vocabulary weaknesses and read fewer exception words correctly. These findings demonstrate that oral vocabulary is associated with some, but not all, reading skills. Results are discussed in terms of current models of reading development.

Where Does All the Knowledge Go in Small Knowledge-intensive Professional Service Firms?

Small knowledge-intensive professional service firms are becoming increasingly important agents of innovation in construction. There is thus an urgent need to better understand the nature and process of innovation in such firms. First, this paper presents a review of the relevant literature. It is concluded that this literature is often not appropriate for SKIPSFs, as it neglects the critical role of knowledge and knowledge workers in innovation within SKIPSFs. Second, a knowledge-based innovation model is presented as a holistic, system-oriented framework to better investigate how the SKIPSFs create, manage and exploit innovation. This model is to be tested with case study research.