Asymmetric response of demand-supply mismatch to investor's sentiment

We look through both the demand and supply side information to understand dynamics of price determination in the real estate market and examine how accurately investors’ attitudes predict the market returns and thereby flagging off extent of any demand-supply mismatch. Our hypothesis is based on the possibility that investors’ call for action in terms of their buy/sell decision and adjustment in reservation/offer prices may indicate impending demand-supply imbalances in the market. In the process, we study several real estate sectors to inform our analysis. The timeframe of our analysis (1995-2010) allows us to observe market dynamics over several economic cycles and in various stages of those cycles. Additionally, we also seek to understand how investors’ attitude or the sentiment affects the market activity over the cycles through asymmetric responses. We test our hypothesis variously using a number of measures of market activity and attitude indicators within several model specifications. The empirical models are estimated using Vector Error Correction framework. Our analysis suggests that investors’ attitude exert strong and statistically significant feedback effects in price determination. Moreover, these effects do reveal heterogeneous responses across the real estate sectors. Interestingly, our results indicate the asymmetric responses during boom, normal and recessionary periods. These results are consistent with the theoretical underpinnings.

Neurotrophic gene polymorphisms and response to psychological therapy

Therapygenetics, the study of genetic determinants of response to psychological therapies, is in its infancy. Here, we investigate whether single-nucleotide polymorphisms in nerve growth factor (NGF) (rs6330) and brain-derived neutrotrophic factor (BDNF) (rs6265) genes predict the response to cognitive behaviour therapy (CBT). Neurotrophic genes represent plausible candidate genes: they are implicated in synaptic plasticity, response to stress, and are widely expressed in brain areas involved in mood and cognition. Allelic variation at both loci has shown associations with anxiety-related phenotypes. A sample of 374 anxiety-disordered children with white European ancestry was recruited from clinics in Reading, UK, and in Sydney, Australia. Participants received manualised CBT treatment and DNA was collected from buccal cells using cheek swabs. Treatment response was assessed at post-treatment and follow-up time points. We report first evidence that children with one or more copies of the T allele of NGF rs6330 were significantly more likely to be free of their primary anxiety diagnosis at follow-up (OR=0.60 (0.42–0.85), P=0.005). These effects remained even when other clinically relevant covariates were accounted for (OR=0.62 (0.41–0.92), P=0.019). No significant associations were observed between BDNF rs6265 and response to psychological therapy. These findings demonstrate that knowledge of genetic markers has the potential to inform clinical treatment decisions for psychotherapeutic interventions.

Applications of micromorphology to understanding activity areas and site formation processes in experimental hut floors

Experimental buildings at Butser Ancient Farm and St. Fagans (UK) and Lejre (Denmark) were sampled to investigate micromorphology of known activity areas, to contribute to our understanding of the internal use of space in excavated buildings and formation processes of house floor deposits. The experimental buildings provided important information relating to activity residues and sediments over the 16 years that the buildings were in use. Specifically, these results contribute to our understanding of the routes and cycles for transportation of materials in occupation contexts, which can be used to inform archaeological studies. It has been possible to identify internal ‘hot spots’ within the buildings for the deposition of activity residues and for the formation of specific deposit types. Analysis also highlighted postdepositional alterations occurring in internal occupation deposits, which has provided a means of identifying roofed and unroofed spaces in the archaeological record.

Examining vulnerability to involuntary memories in schizophrenia comorbid with post-traumatic stress disorder

The current study explored whether individuals diagnosed with schizophrenia and a high level of PTSD symptoms experience more frequent neutral intrusive memories than individuals diagnosed with schizophrenia with low level PTSD symptoms. Results supported a vulnerability to neutral intrusive memories within the comorbid group, which did not seem to be related to psychotic symptom severity. It is possible that a subgroup of psychotic individuals’ process information in a manner that make them susceptible to frequent intrusive memories, characteristic of a PTSD presentation. A longitudinal study is required to specify the development of this vulnerability so as to inform future interventions.

Societal transformation in response to global environmental change: a review of emerging concepts

The study of societal transformation in response to environmental change has become established, yet little consensus exists regarding the conceptual basis of transformation. This paper aims to provide structure to the dialog on transformation, and to reflect on the challenges of social research in this area. Concepts of transformation are identified through a literature review, and examined using four analytical criteria. It is found that the term ‘transformation’ is frequently used merely as a metaphor. When transformation is not used as a metaphor, eight concepts are most frequently employed. They differ with respect to (i) system conceptualization, (ii) notions of social consciousness (deliberate/emergent), and (iii) outcome (prescriptive/descriptive). Problem-based research tends to adopt concepts of deliberate transformation with prescriptive outcome, while concepts of emergent transformation with no prescriptive outcome tend to inform descriptive-analytical research. Dialog around the complementarities of different concepts and their empirical testing are priorities for future research.

Adding a treatment arm to an ongoing clinical trial: a review of methodology and practice

Incorporating an emerging therapy as a new randomisation arm in a clinical trial that is open to recruitment would be desirable to researchers, regulators and patients to ensure that the trial remains current, new treatments are evaluated as quickly as possible, and the time and cost for determining optimal therapies is minimised. It may take many years to run a clinical trial from concept to reporting within a rapidly changing drug development environment; hence, in order for trials to be most useful to inform policy and practice, it is advantageous for them to be able to adapt to emerging therapeutic developments. This paper reports a comprehensive literature review on methodologies for, and practical examples of, amending an ongoing clinical trial by adding a new treatment arm. Relevant methodological literature describing statistical considerations required when making this specific type of amendment is identified, and the key statistical concepts when planning the addition of a new treatment arm are extracted, assessed and summarised. For completeness, this includes an assessment of statistical recommendations within general adaptive design guidance documents. Examples of confirmatory ongoing trials designed within the frequentist framework that have added an arm in practice are reported; and the details of the amendment are reviewed. An assessment is made as to how well the relevant statistical considerations were addressed in practice, and the related implications. The literature review confirmed that there is currently no clear methodological guidance on this topic, but that guidance would be advantageous to help this efficient design amendment to be used more frequently and appropriately in practice. Eight confirmatory trials were identified to have added a treatment arm, suggesting that trials can benefit from this amendment and that it can be practically feasible; however, the trials were not always able to address the key statistical considerations, often leading to uninterpretable or invalid outcomes. If the statistical concepts identified within this review are considered and addressed during the design of a trial amendment, it is possible to effectively assess a new treatment arm within an ongoing trial without compromising the original trial outcomes.

Engineering a plant community to deliver multiple ecosystem services

The sustainable delivery of multiple ecosystem services requires the management of functionally diverse biological communities. In an agricultural context, an emphasis on food production has often led to a loss of biodiversity to the detriment of other ecosystem services such as the maintenance of soil health and pest regulation. In scenarios where multiple species can be grown together, it may be possible to better balance environmental and agronomic services through the targeted selection of companion species. We used the case study of legume-based cover crops to engineer a plant community that delivered the optimal balance of six ecosystem services: early productivity, regrowth following mowing, weed suppression, support of invertebrates, soil fertility building (measured as yield of following crop), and conservation of nutrients in the soil. An experimental species pool of 12 cultivated legume species was screened for a range of functional traits and ecosystem services at five sites across a geographical gradient in the United Kingdom. All possible species combinations were then analyzed, using a process-based model of plant competition, to identify the community that delivered the best balance of services at each site. In our system, low to intermediate levels of species richness (one to four species) that exploited functional contrasts in growth habit and phenology were identified as being optimal. The optimal solution was determined largely by the number of species and functional diversity represented by the starting species pool, emphasizing the importance of the initial selection of species for the screening experiments. The approach of using relationships between functional traits and ecosystem services to design multifunctional biological communities has the potential to inform the design of agricultural systems that better balance agronomic and environmental services and meet the current objective of European agricultural policy to maintain viable food production in the context of the sustainable management of natural resources.

Using eye movements to investigate word frequency effects in children’s sentence reading

While eye movements have been used widely to investigate how skilled adult readers process written language, relatively little research has used this methodology with children. This is unfortunate as, as we discuss here, eye-movement studies have significant potential to inform our understanding of children’s reading development. We consider some of the empirical and theoretical issues that arise when using this methodology with children, illustrating our points with data from an experiment examining word frequency effects in 8-year-old children’s sentence reading. Children showed significantly longer gaze durations to low than high-frequency words, demonstrating that linguistic characteristics of text drive children’s eye movements as they read. We discuss these findings within the broader context of how eye-movement studies can inform our understanding of children’s reading, and can assist with the development of appropriately targeted interventions to support children as they learn to read.

The use and usefulness of a parent questionnaire to help schools identify disability

The Equality Act 2010 will be implemented in full in 2011, and schools in the UK will have to provide special aids or services for children with disabilities where this provision is considered reasonable. This paper reports on staff perspectives on the use and usefulness of a parental questionnaire on disability from a sample of 49 schools (mainstream and special) located in 12 local authorities. Most schools found the process of administering the parent questionnaire undemanding; just under half of the sample indicated that they would take some action as a result of the data collected from the parental questionnaire (e.g., to inform plans for targeting or monitoring support for children, and to contact parents and follow-up issues they had mentioned); and about one-third of schools recorded unanticipated findings from the parental questionnaire, that is, the identification of children whose disabilities were not previously known to the school. Implications for schools are discussed.

Study of thresholds to burning in surface grinding process

This work aims at finding out the threshold to burning in surface grinding process. Acoustic emission and electric power signals are acquired from an analog-digital converter and processed through algorithms in order to generate a control signal to inform the operator or interrupt the process in the case of burning occurrence. The thresholds that dictate the situation of burn and non-burn were studied as well as a comparison between the two parameters was carried out. In the experimental work one type of steel (ABNT-1045 annealed) and one type of grinding wheel referred to as TARGA model 3TG80.3-NV were employed. Copyright © 2005 by ABCM.

Evaluation report of the training workshop on the use of the module to analyse growth of international commerce (Magic Plus) and the competitive analysis of nations (TRADECAN 2009) software

The aim of the workshop was to provide a functional overview of the software package, to enable participants to use the software in order to inform more evidence-based trade strategies, and build capacity for researchers and trade negotiators to provide more rigorous, analytical policy research to inform future trade negotiations. Participants came from the ministries of trade of the following CDCC member countries: Dominica, Grenada, Jamaica, Saint Lucia, Saint Kitts and Nevis, Saint Vincent and the Grenadines, and Trinidad and Tobago. Representatives of the following regional institutions were represented: the Caribbean Community/Caribbean Regional Negotiating Mechanism (CARICOM/CRNM); the Organisation of Eastern Caribbean States (OECS); the University of Guyana, University of Suriname and the University of the West Indies (UWI). It was hoped the workshop would be a stepping stone towards more advanced trade analysis training. The list of participants appears as Annex I.

The CARIFORUM-EU Economic Partnership Agreement (EPA): an assessment of issues relating to market access, safeguards and implications for regional integration

The recent collapse of the Doha round once again underscores the tenuous nature of international trade negotiations. Likewise, the Economic Partnership Agreement (EPA) between the CARIFORUM grouping and the European Union (EU) has generated a great deal of discussion and debate over the past several months. What has clearly emerged is the existence of two diametrically opposed views on the impact and usefulness of the agreement. One view has it that the EPA is a major breakthrough in trade relations that will greatly benefit the region. On the other hand, some see it as being detrimental to the region and perhaps a total capitulation to the EU on the part of the CARIFORUM. They assert that it is part of a global EU strategy to impose World Trade Organization (WTO) policies on developing nations and get around the Doha obstacles. Both sides in this debate attempt to back up their views with reference to the text of the agreement. The objective of this review is to shed some light on the issues driving this debate particularly in the areas of market access, the impact on tariff revenues, and the implications for regional integration. This review also attempts to clarify and distill some of the main contentious issues regarding the EPA and to inform further discussion regarding an implementation plan. The approach is based on detailed study of the EPA text and its annexes plus extensive interviews with some of the main negotiators on the CARIFORUM side. Interviews were conducted both in person and via the Internet as many of the regional negotiators live or work outside of the region. The reviewer also attended presentations and discussions with some of the leading regional critics of the agreement.

Review of Harvest for Hope: A Guide to Mindful Eating by Jane Goodall with Gary McAvoy and Gail Hudson

One of the world's preeminent experts on primate behavior, author Jane Goodall now invests her boundless energy traveling and speaking about conservation. After years of studying chimpanzees in the Gombe National Park in Tanzania, Goodall found their very existence threatened by poachers, by encroachment of farming into their habitat, and by global forces far from their wild environment. She is now on a mission to inform the public about what is wrong with our society and its impact on the planet. Harvest for Hope catalogs the problems and provides practical solutions.

Adopting an integrated, flexible approach to reducing the birdstrike risk from Canada geese

Canada Geese overflying the runways at London’s Heathrow Airport have been struck on eleven occasions by aircraft during the last ten years. Four of these occurred during the pre-breeding season and seven during the post moult period. A monitoring study was initiated in 1999 to evaluate the movements of geese around the airport and determine appropriate mitigation strategies to reduce the risk of birdstrike. Moult sites within 13km of the airport were identified. 4,900 moulting geese were caught and fitted with colour rings and radio-transmitters between 1999 and 2004. 2,500 visits were made to over 300 sites resulting in over 10,000 sightings of known individuals. Birds that crossed the airport approaches whilst moving between roost sites and feeding areas in newly harvested cereal crops were identified. Throughout the monitoring period efforts were made to control the risk, but by 2003 it was estimated that 10,000 bird transits of the approaches involving almost 700 individuals occurred during a 50 day period. The knowledge of the movements of ringed and tagged birds was used to inform a revised habitat management, daily roost dispersal and on-airfield bird deterrence programme in 2004. By adopting a flexible approach to management, an estimated 70% reduction in bird transits was achieved. This paper discusses the techniques used to achieve this reduction.

Implant-Supported Prosthesis Misalignment Related to the Dental Arch: A 14-Year Clinical Follow-up

The purpose of this study was to warn the dental community about a possible problem in function with partial implant-supported prostheses used for long periods. The misalignment between natural teeth and the implant-supported prosthesis on teeth 11 and 12, observed in a 14-year clinical follow-up, illustrates the fact. The metal-ceramic crowns were placed in 1995 after a rigorous occlusal adjustment. Evaluations were made at 4, 6, 9, and 14 years, when it was noticed that the restorations were positioned palatally and extruded in comparison with the natural teeth. After 9 years, a greater discrepancy was noticed, with anterior occlusion and esthetic changes. The possible causes have been discussed: occlusal problems, parafunctional habits, and natural movement. The first 2 options were discarded after clinical analysis and diagnosis. Therefore, the natural movement probably deriving from an interaction of mechanical and genetic factors might have been the cause. The implants do not have periodontal ligaments but rather ankylosis, so they do not suffer those movements. This case emphasizes the need to inform patients that implants can last more than 10 years in function, but this is not the case with restorations, which lose function and esthetics and must be replaced.