Liquidity and the drivers of search, due diligence and transaction times for UK commercial real estate investments

Trading commercial real estate involves a process of exchange that is costly and which occurs over an extended and uncertain period of time. This has consequences for the performance and risk of real estate investments. Most research on transaction times has occurred for residential rather than commercial real estate. We study the time taken to transact commercial real estate assets in the UK using a sample of 578 transactions over the period 2004 to 2013. We measure average time to transact from a buyer and seller perspective, distinguishing the search and due diligence phases of the process, and we conduct econometric analysis to explain variation in due diligence times between assets. The median time for purchase of real estate from introduction to completion was 104 days and the median time for sale from marketing to completion was 135 days. There is considerable variation around these times and results suggest that some of this variation is related to market state, type and quality of asset, and type of participants involved in the transaction. Our findings shed light on the drivers of liquidity at an individual asset level and can inform models that quantify the impact of uncertain time on market on real estate investment risk.

Trees for development? Articulating the ambiguities of power, authority and legitimacy in governing Ghana’s mineral rich forests

The growth of mining activities in Africa in the last decade has coincided with increased attention on the fate of the continent’s forests, specifically in the contexts of livelihoods and climate change. Although mining has serious environmental impacts, scant attention has been paid to the processes which shape decision-making in contexts where minerals and forests overlap. Focussing on the illustrative case of Ghana, this paper articulates the dynamics of power, authority and legitimacy of private companies, traditional authorities and key state institutions in governing mining activities in forests. The analysis highlights how mining companies and donors promote a neoliberal model of resource management which entrenches their ability to benefit from mineral exploitation and marginalises the role of state institutions and traditional authorities in decision-making. This subsequently erodes state authority and legitimacy and compounds the contested nature of traditional authorities’ legitimacy. A more nuanced examination of foundational governance questions concerning the relative role of the state, traditional authorities and private interests is needed.

Long-run restrictions and survey forecasts of output, consumption and investment

We consider the extent to which long-horizon survey forecasts of consumption, investment and output growth are consistent with theory-based steady-state values, and whether imposing these restrictions on long-horizon forecasts will enhance their accuracy. The restrictions we impose are consistent with a two-sector model in which the variables grow at different rates in steady state. The restrictions are imposed by exponential-tilting of simple auxiliary forecast densities. We show that imposing the consumption-output restriction yields modest improvements in the long-horizon output growth forecasts, and larger improvements in the forecasts of the cointegrating combination of consumption and output: the transformation of the data on which accuracy is assessed plays an important role.

'The house of books': libraries and archives in Ancient Egypt

In 1957, John Sperry Jr. published an article in Libri entitled “Egyptian libraries: a survey of the evidence.” Some 55 years on, this article revisits the subject, taking into account research undertaken in the field of Egyptology over the last half a century. Based on an extended essay written for the online Certificate in Egyptology course at the University of Manchester, this article considers the evidence for the existence of “institutional” (that is, created for the use and functioning of the state) libraries and archives in Ancient Egypt throughout the dynastic period (c.3500−30 B.C.); their history, purpose and, to some extent, their administration. It also considers an aspect not explored in Sperry’s article, that of “private” libraries in Ancient Egypt (texts collected by an individual for their own personal use). Whilst estimated literacy levels within the general population precluded the widespread collection of texts for personal edification, there is evidence to suggest that private libraries were present in Ancient Egypt. The article concludes with a brief assessment of the legacy of these ancient libraries and their influence on the creation of the Library of Alexandria, in both its ancient and modern manifestations.

Dynamical properties of S-gap shifts and other shift spaces

We study the dynamical properties of certain shift spaces. To help study these properties we introduce two new classes of shifts, namely boundedly supermultiplicative (BSM) shifts and balanced shifts. It turns out that any almost specified shift is both BSM and balanced, and any balanced shift is BSM. However, as we will demonstrate, there are examples of shifts which are BSM but not balanced. We also study the measure theoretic properties of balanced shifts. We show that a shift space admits a Gibbs state if and only if it is balanced. Restricting ourselves to S-gap shifts, we relate certain dynamical properties of an S-gap shift to combinatorial properties from expansions in non-integer bases. This identification allows us to use the machinery from expansions in non-integer bases to give straightforward constructions of S -gap shifts with certain desirable properties. We show that for any q∈(0,1) there is an S-gap shift which has the specification property and entropy q . We also use this identification to address the question, for a given q∈(0,1), how many S-gap shifts exist with entropy q? For certain exceptional values of q there is a unique S-gap shift with this entropy.

Intraindividual relations between achievement goals and discrete achievement emotions: an experience sampling approach

Theories on the link between achievement goals and achievement emotions focus on their within-person functional relationship (i.e., intraindividual relations). However, empirical studies have failed to analyze these intraindividual relations and have instead examined between-person covariation of the two constructs (i.e., interindividual relations). Aiming to better connect theory and empirical research, the present study (N = 120 10th grade students) analyzed intraindividual relations by assessing students’ state goals and emotions using experience sampling (N = 1,409 assessments within persons). In order to replicate previous findings on interindividual relations, students’ trait goals and emotions were assessed using self-report questionnaires. Despite being statistically independent, both types of relations were consistent with theoretical expectations, as shown by multi-level modeling: Mastery goals were positive predictors of enjoyment and negative predictors of boredom and anger; performance-approach goals were positive predictors of pride; and performance-avoidance goals were positive predictors of anxiety and shame. Reasons for the convergence of intra- and interindividual findings, directions for future research, and implications for educational practice are discussed.

Cognition and anxiety are regulated by thyroid hormone signaling

Anxiety and cognition are both linked to deficits in thyroid hormone concentrations in humans and in rodent models. Both processes have also been shown to be affected by the loss of the thyroid hormone receptors (TR) or by mutant transgenic TRs. Specifically, the unbalanced action of the unliganded TRα1 is thought to be important in the memory deficit and extreme anxiety seen in transgenic mice. The contribution of TRβ is less well defined and the molecular mechanisms that underlie these deficits are also unknown. We review the literature that demonstrates the importance of the thyroid hormone (TH) and the TR in these processes and focus on the mechanisms, in particular adult hippocampal neurogenesis in the dentate gyrus, that might be important in mediating both state anxiety and cognition by thyroid hormone.

Floristic inventory of cerrado at Pedregulho, Sao Paulo State, Brazil

Pedregulho municipality in the far northeastern region of Sao Paulo state has fragments of cerrado vegetation thought to be floristically distinct from other cerrado remmants in the state. In this study, a floristic survey was carried out at Pedregulho, focusing on two geologically distinct regions: Furnas do Bom Jesus State Park and the Estreito district. In each region, 50x50 m plots were set up for a total sample area of 1 hectare, where 65 families and 379 angiosperm species were recorded. Collecting efforts in adjacent areas resulted in a total of 71 families and 443 species. The two study areas had low floristic similarity. Geographic species distribution was analyzed and eight patterns were defined for those species restricted to the Pedregulho region in Sao Paulo.

Leishmania spp. in Didelphis albiventris and Micoureus paraguayanus (Didelphimorphia: Didelphidae) of Brazil

Leishmaniasis is kept in nature by the participation of several animal species. This study evaluated the presence of Leishmania spp. in skin samples of free-ranging marsupials Micoureus paraguayanus (n = 95) and Didelphis albiventris (n = 191), captured in Morro do Diabo State Park and in sections of its surrounding forest, in the region of Pontal do Paranapanema, Sao Paulo State, Brazil. The samples were tested for the presence of kDNA of Leishmania spp. by polymerase chain reaction (PCR) and by real time PCR (qPCR). All samples from D. albiventris tested by PCR were negative for the presence of kDNA of Leishmania spp. However, when tested by qPCR, the positivity was 1.6%. A positivity of 7.4% by PCR and 11.6% by qPCR was observed for M. paraguayanus. Sixty-four per cent (9/14) of positive animals were limited to the same forest fragment. Presence of Leishmania (Leishmania) amazonensis and Leishmania (Viannia) braziliensis was detected in M. paraguayanus samples. While D. albiventris is the most studied marsupial species due to its urban habits, other marsupial species such as M. paraguayanus can be potential reservoirs of Leishmania spp. and should also be studied. (C) 2010 Elsevier B.V. All rights reserved.

Microstructural, structural and dielectric properties of Er(3+)-modified BaTi(0.85)Zr(0.15)O(3) ceramics

The (micro)structural and electrical properties of undoped and Er(3+)-doped BaTi(0.85)Zr(0.15)O(3) ceramics were studied in this work for both nominal Ba(2+) and Ti(4+) substitution formulations. The ceramics were produced from solid-state reaction and sintered at 1400 degrees C for 3 h. For those materials prepared following the donor-type nominal Ba(1-x)Er(x)(Ti(0.85)Zr(0.15))O(3) composition, especially, Er(3+) however showed a preferential substitution for the (Ti,Zr)(4+) lattice sites. This allowed synthesis of a finally acceptor-like, highly resistive Ba(Ti,Zr,Er)O(3-delta)-like system, with a solubility limit below but close to 3 cat.% Er(3+). The overall phase development is discussed in terms of the amphoteric nature of Er(3+), and appears to mainly or, at least, partially also involve a minimization of stress effects from the ion size mismatch between the dopant and host cations. Further results presented here include a comparative analysis of the behavior of the materials` grain size, electrical properties and nature of the ferroelectric-to-paraelectric phase transition upon variation of the formulation and Er(3+) content. (C) 2008 Elsevier Ltd. All rights reserved.

Renal ischemia in rats: Mitochondria function and laser autofluorescence

Ischemia-reperfusion injury is the major cause of organ dysfunction or even nonfunction following transplantation. It can attenuate the long-term survival of transplanted organs. To evaluate the severity of renal ischemia injury determined by histology, we applied laser(442 nm and 532 nm) induced fluorescence (LIF), mitochondria respiration, and membrane swelling to evaluate 28 Wistar rats that underwent left kidney warm ischemia for 20, 40, 60, or 80 minutes. LIF performed before ischemia (control) was repeated at 20, 40, 60, and 80 minutes thereafter. We harvested left kidney tissue samples immediately after LIF determination for histology and mitochondrial analyses: state 3 and 4 respiration, respiration control rate (RCR), and membrane swelling. The association of optic spectroscopy with histological damage showed: LIF, 442 nm (r(2) = 0.39, P < .001) and 532 nm, (r(2) = 0.18, P = .003); reflecting laser/fluorescence-induced, 442 nm (r(2) = 0.20, P = .002) and 532 nm (r(2) = 0.004, P = .67). The associations between mitochondria function and tissue damage were: state 3 respiration (r(2) = 0.43, P = .0004), state 4 respiration (r(2) = 0.03, P = 0.38), RCR (r(2) = 0.28, P = .007), and membrane swelling (r(2) = 0.02, P = .43). The intensity of fluorescence emitted by tissue excited by laser, especially at a wave length of 442 nm, was determined in real time. Mitochondrial state 3 respiration and respiratory control ratio also exhibited good correlations with the grade of ischemic tissue damage.

Spectroscopic and structural studies of bis[isopropoxy(thiocarbonyl)]sulfide, [(CH(3))(2)CHOC(S)](2)S

Structural and conformational properties of the molecule bis[isopropoxy(thiocarbonyl)]sulfide, [(CH(3))(2)CHOC(S)](2)S, have been studied by vibrational spectroscopy (IR and Raman) and quantum chemical calculations (HF and B3LYP with 6-31+G* basis sets). The crystal and molecular structure of the title compound was determined by X-ray diffraction methods. It crystallizes in the monoclinic C2/c space group with a = 8.4007(4), b = 13.5936(5), c = 10.3648(5) angstrom, beta = 106.024(4)degrees and Z = 4 molecules per unit cell. The molecules are sited on a crystallographic twofold axis passing through the sulphide atom and arranged in layers perpendicular to the b-axis. The solid state IR and Raman spectra of the compound give no sign of any other rotamer. (C) 2009 Elsevier B.V. All rights reserved.

Lipid, fatty acid, protein, amino acid and ash contents in four Brazilian red algae species

Four species of marine benthic algae (Laurencia filiformis, L. intricata, Gracilaria domingensis and G. birdiae) that belong to the phylum Rhodophyta were collected in Espirito Santo State, Brazil and investigated concerning their biochemical composition (fatty acid, total lipid, soluble proteins, amino acid and ash). The total content of lipid (% dry weight) ranged from 1.1% to 6.2%: fatty acid from 0.7% to 1.0%: soluble protein from 4.6% to 18.3%, amino acid from 6.7% to 11.3% and ash from 22.5% to 38.4%. judging from their composition, the four species of algae appear to be potential sources of dietary proteins, amino acids, lipids and essential fatty acids for humans and animals. (C) 2009 Elsevier Ltd. All rights reserved.

The end of the cold war and the causes of Soviet collapse

"In 1985, Mikhail Gorbachev ascended to power in the USSR. In selecting a young reformer to the position of general secretary, the politburo had recognised the pressing need to revitalise the Soviet Union. To this end, the leadership imposed a series of reforms aimed at reinvigorating the Soviet economy and society, of which the shifts in foreign policy were the most radical and wide-ranging. Yet, the culmination of the reform process was not Soviet reinvigoration, but the rapid collapse of the USSR. The End of the Cold War and the Causes of Soviet Collapse examines the role played by this foreign policy reform process in the breakdown of Soviet power. Nick Bisley uses a historical sociological theory of the state to analyse the influence of foreign policy alongside the other domestic factors which shaped the development, functioning and failure of the Soviet state.
He concludes that the international confrontation was an important structural element of Soviet state rule and that the end of the confrontation contributed to the destabilisation of the state in the late 1980s. Moreover, he shows that international factors are fundamental to the functioning of modern states and that international and domestic orders shape one another in vital ways."--BOOK JACKET.

School health policies and practices in Victoria- a comparison involving socio-economic status

Issue addressed: Health programs have been part of the responsibility of Victorian school education for 90 years. Yet rarely have there been studies to identify what is happening in school health promotion, or what the differences between schools might be, particularly in relation to the socioeconomic status of the school community and whether the school is in a metropolitan or regional area. Methods: In 1997 all Victorian schools (primary and secondary) in the State, Catholic and Independent systems were sent questionnaires in order to promote broader awareness about health promotion, and to identify what health programs, policies and activities the schools believed existed within their school community. A response rate of 43% was achieved, and results were collated under the six domains of the Health Promoting School model as outlined by the Western Pacific Regional Office of the World Health Organisation. Data analysed in this paper compared highest versus lowest quartiles for socioeconomic status (SES), and schools in metropolitan Melbourne versus regional areas. Results: Most differences between schools based on socioeconomic status occurred in secondary schools and were related mainly to environmental policies and practices, use of back packs, the presence of safety policies, involvement of parents in school activities and the provision of services for mental and social health needs. All differences were in favour of the highest SES quartile schools. Environmental policies and procedures, and school-based health and welfare services were present more often in metropolitan schools than in regional and rural schools. Conclusion: Although there were notable differences between schools, the audit results pointed to more similarities than differences between schools in the highest and lowest SES quartiles for health-related policies and practices; there were even fewer differences between metropolitan and non-metropolitan schools. So what: Regardless of the actual advantages and disadvantages schools experience with respect to location or socioeconomic status, it is important to understand that school staff perceive that they can and do have reasonably comprehensive health policies, procedures and practices to address health issues. Nevertheless, clear differences between schools did emerge in certain health areas and findings will assist policy making and the allocation of limited resources.