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.

The Cold War and its aftermath in the Americas: the search for a synthetic interpretation of U.S. policy

More than two decades have passed since the fall of the Berlin Wall and the transfer of the Cold War file from a daily preoccupation of policy makers to a more detached assessment by historians. Scholars of U.S.-Latin American relations are beginning to take advantage both of the distance in time and of newly opened archives to reflect on the four decades that, from the 1940s to the 1980s, divided the Americas, as they did much of the world. Others are seeking to understand U.S. policy and inter-American relations in the post-Cold War era, a period that not only lacks a clear definition but also still has no name. Still others have turned their gaze forward to offer policies in regard to the region for the new Obama administration. Numerous books and review essays have addressed these three subjects—the Cold War, the post-Cold War era, and current and future issues on the inter-American agenda. Few of these studies attempt, however, to connect the three subjects or to offer new and comprehensive theories to explain the course of U.S. policies from the beginning of the twentieth century until the present. Indeed, some works and policy makers continue to use the mind-sets of the Cold War as though that conflict were still being fought. With the benefit of newly opened archives, some scholars have nevertheless drawn insights from the depths of the Cold War that improve our understanding of U.S. policies and inter-American relations, but they do not address the question as to whether the United States has escaped the longer cycle of intervention followed by neglect that has characterized its relations with Latin America. Another question is whether U.S. policies differ markedly before, during, and after the Cold War. In what follows, we ask whether the books reviewed here provide any insights in this regard and whether they offer a compass for the future of inter-American relations. We also offer our own thoughts as to how their various perspectives could be synthesized to address these questions more comprehensively.

Task relevance of emotional information affects anxiety-linked attention bias in visual search

Task relevance affects emotional attention in healthy individuals. Here, we investigate whether the association between anxiety and attention bias is affected by the task relevance of emotion during an attention task. Participants completed two visual search tasks. In the emotion-irrelevant task, participants were asked to indicate whether a discrepant face in a crowd of neutral, middle-aged faces was old or young. Irrelevant to the task, target faces displayed angry, happy, or neutral expressions. In the emotion-relevant task, participants were asked to indicate whether a discrepant face in a crowd of middle-aged neutral faces was happy or angry (target faces also varied in age). Trait anxiety was not associated with attention in the emotion-relevant task. However, in the emotion-irrelevant task, trait anxiety was associated with a bias for angry over happy faces. These findings demonstrate that the task relevance of emotional information affects conclusions about the presence of an anxiety-linked attention bias.

The Dynamics of The Firm : In Search for a General Model

This paper describe a model from system theory that can be used as a base for better understanding of different situations in the firms evolution. This change model is derived from the theory of organic systems and divides the evolution of the system into higher complexity of the system structure in three distinctive phases. These phases are a formative phase, a normative phase and an integrative phase. After a summary of different types of models of the dynamics of the firm the paper makes a theoretical presentation of the model and how this model is adaptable for better understanding of the need for change in strategic orientation, organization form and leadership style over time.

Search for supersymmetry in final states with missing transverse energy and 0, 1, 2, or ≥3 b-quark jets in 7 TeV pp collisions using the variable α T

A search for supersymmetry in final states with jets and missing transverse energy is performed in pp collisions at a centre-of-mass energy of s=7 TeV. The data sample corresponds to an integrated luminosity of 4.98 fb-1 collected by the CMS experiment at the LHC. In this search, a dimensionless kinematic variable, α T, is used as the main discriminator between events with genuine and misreconstructed missing transverse energy. The search is performed in a signal region that is binned in the scalar sum of the transverse energy of jets and the number of jets identified as originating from a bottom quark. No excess of events over the standard model expectation is found. Exclusion limits are set in the parameter space of the constrained minimal supersymmetric extension of the standard model, and also in simplified models, with a special emphasis on compressed spectra and third-generation scenarios.[Figure not available: see fulltext.] © 2013 CERN for the benefit of the CMS Collaboration.

Search for supersymmetry in hadronic final states with missing transverse energy using the variables αT and b-quark multiplicity in pp collisions at {Mathematical expression}

An inclusive search for supersymmetric processes that produce final states with jets and missing transverse energy is performed in pp collisions at a centre-of-mass energy of 8 TeV. The data sample corresponds to an integrated luminosity of 11.7 fb-1 collected by the CMS experiment at the LHC. In this search, a dimensionless kinematic variable, αT, is used to discriminate between events with genuine and misreconstructed missing transverse energy. The search is based on an examination of the number of reconstructed jets per event, the scalar sum of transverse energies of these jets, and the number of these jets identified as originating from bottom quarks. No significant excess of events over the standard model expectation is found. Exclusion limits are set in the parameter space of simplified models, with a special emphasis on both compressed-spectrum scenarios and direct or gluino-induced production of third-generation squarks. For the case of gluino-mediated squark production, gluino masses up to 950-1125 GeV are excluded depending on the assumed model. For the direct pair-production of squarks, masses up to 450 GeV are excluded for a single light first- or second-generation squark, increasing to 600 GeV for bottom squarks. © 2013 CERN for the benefit of the CMS collaboration.

Review of The Search for a Common Language: Environmental Writing and Education Edited by Melody Graulich and Paul Crumbley

This edited collection grew out of a symposium held at Utah State University in Logan in 2002. According to the editors, the symposium's purpose was to "publicly explore the particular ways environmental writing educates the public through a fusion of science and literary expression." The Search for a Common Language achieves that purpose by including short prose pieces-ranging from memoirs, essays on specific locations, and scientific papers - as well as poetry on natural themes. The range of topics and genres and the inclusion of poetry provide a variety of ways to talk about the environment and reach out to different audiences to educate them about the natural world.

Next Generation Catalogs (NGCs) : Meeting User Needs with Metadata and Search Technology

Recommendations • Become a beta partner with vendor • Test load collections before going live • Update cataloging codes to benefit your community • Don’t expect to drastically change cataloging practices

Compressed Air, Wooden Clappers, and Other Non-Traditional Methods for Dispersing European Starlings from an Urban Roost

During autumn 2003, several thousand European starlings (Sturnus vulgaris) began roosting on exposed I-beams in a newly constructed, decorative glass canopy that covered the passenger pick-up area at the terminal building for Cleveland Hopkins International Airport, Ohio. The use of lethal control or conventional dispersal techniques, such as pyrotechnics and fire hoses, were not feasible in the airport terminal area. The design and aesthetics of the structure precluded the use of netting and other exclusion materials. In January 2004, an attempt was made to disperse the birds using recorded predator and distress calls broadcast from speakers installed in the structure. This technique failed to disperse the birds. In February 2004, we developed a technique using compressed air to physically and audibly harass the birds. We used a trailer-mounted commercial air compressor producing 185 cubic feet per minute of air at 100 pounds per square inch pressure and a 20-foot long, 1-inch diameter PVC pipe attached to the outlet hose. One person slowly (< 5 mph) drove a pick-up truck through the airport terminal at dusk while the second person sat on a bench in the truck bed and directed the compressed air from the pipe into the canopy to harass starlings attempting to enter the roost site. After 5 consecutive nights of compressed-air harassment, virtually no starlings attempted to roost in the canopy. Once familiar with the physical effects of the compressed air, the birds dispersed at the sound of the air. Only occasional harassment at dusk was needed through the remainder of the winter to keep the canopy free of starlings. Similar harassment with the compressor was conducted successfully in autumn 2004 with the addition of a modified leaf blower, wooden clappers, and laser. In conclusion, we found compressed air to be a safe, unobtrusive, and effective method for dispersing starlings from an urban roost site. This technique would likely be applicable for other urban-roosting species such as crows, house sparrows, and blackbirds.

The People's Hour and the Social Gospel: George Howard Gibson's Gilded Age Search for an Organization of the Kingdom of God

Previous studies of the Social Gospel movement have acknowledged the fact that Social Gospelers were involved in multiple social reform movements during the Gilded Age and into the Progressive Era. However, most of these studies have failed to explain how the reform experiences of the Social Gospelers contributed to the development of the Social Gospel. The Social Gospelers’ ideas regarding the need to transform society and their strategies for doing so were largely a result of their personal experiences as reformers and their collaboration with other reformers. The knowledge and insight gained from interaction with a variety of reform methods played a vital role in the development of the ideology and theology of the Social Gospel. George Howard Gibson is exemplary of the connections between the Social Gospel movement and several other social reform movements of the time. He was involved in the Temperance movement, was a member of both the Prohibition Party and the People’s Party, and co-founded a Christian socialist cooperative colony. His writings illustrate the formation of his identity as a Social Gospeler as well as his attempts to find an organization through which to realize the kingdom of God on earth. Failure to achieve the changes he desired via prohibition encouraged him to broaden his reform goals. Like many Midwestern Social Gospelers Gibson believed he had found “God’s Party” in the People’s Party, but he rejected reform via the political system once the Populists restricted their attention to the silver issue and fused with the Democratic Party. Yet his involvement with the People’s Party demonstrates the attraction many Social Gospelers had to the reforms proposed in the Omaha Platform of 1892 as well as to the party’s use of revivalistic language and emphasis on producerism and brotherhood. Gibson’s experimentation with a variety of ways to achieve the kingdom of God on earth provides new insight into the experiences and contributions of lay Social Gospelers. Adviser: Kenneth J. Winkle

Traces, Patterns, Texture: In Search of Aesthetic Teaching/Learning Encounters

This inquiry reveals the crucial guidance of teachers toward surveying the capacity and needs of students, the formation of ideas, acting upon ideas, fostering connections, seeing potential, making judgments, and arranging conditions. Each aesthetic trace causes me to wonder how teachers learn to create experiences that foster student participation in the world aesthetically. The following considerations surface: • Given the emphasis in schools on outcomes and results, how do we encourage teachers to focus on acts of mind instead of end products in their work with students? • Given the orientations toward technical rationality, to fixed sequence, how do we help teachers experience fluid, purposeful learning adventures with students in which the imagi¬nation is given room to play? • Given the tendency to conceive of planning in teaching as the deciding of everything in advance, how do we help teachers and students become attuned to making good judgments derived from within learning experiences? • How do we help teachers build dialogical multivoiced conversations instead of monolithic curriculum? • What do we do to recover the pleasure dwelling in subject matter? How do we get teachers and students to engage thoughtfully in meaningful learning as opposed to covering curriculum7 • A capacity to attend sensitively, to perceive the complexity of relationships coming together in any teaching/learning experience seems critical. How do we help teachers and students attend to the unity of a learning experience and the play of meanings that arises from such undergoing and doing? The traces, patterns, and texture evidenced locate tremendous hope and wondrous possibilities alive within aesthetic teaching/learning encounters. It is such aliveness I encountered in the grade 4 art classroom that opened this account and continues to compel my attention. Possibilities for teaching, learning, and teacher education emerge. I am convinced they are most worthy of continued pursuit.

Seeing beyond reading: a survey on visual text analytics

We review recent visualization techniques aimed at supporting tasks that require the analysis of text documents, from approaches targeted at visually summarizing the relevant content of a single document to those aimed at assisting exploratory investigation of whole collections of documents.Techniques are organized considering their target input materialeither single texts or collections of textsand their focus, which may be at displaying content, emphasizing relevant relationships, highlighting the temporal evolution of a document or collection, or helping users to handle results from a query posed to a search engine.We describe the approaches adopted by distinct techniques and briefly review the strategies they employ to obtain meaningful text models, discuss how they extract the information required to produce representative visualizations, the tasks they intend to support and the interaction issues involved, and strengths and limitations. Finally, we show a summary of techniques, highlighting their goals and distinguishing characteristics. We also briefly discuss some open problems and research directions in the fields of visual text mining and text analytics.