Timing and the holding periods of institutional real estate

The literature on investors’ holding periods for equities and bonds suggest that high transaction costs are associated with longer holding periods. Return volatility, by contrast, is associated with short-term trading and hence shorter holding periods. High transaction costs and the perceived illiquidity of the real estate market leads to an expectation of longer holding periods. Further, work on depreciation and obsolescence might suggest that there is an optimal holding period. However, there is little empirical work in the area. In this paper, data from the Investment Property Databank are used to investigate sales rate and holding period for UK institutional real estate between 1981 and 1994. Sales rates are investigated using the Cox proportional hazards framework. The results show longer holding periods than those claimed by investors. There are marked differences by type of property and sales rates vary over time. Contemporaneous returns are positively associated with an increase in the rate of sale. The results shed light on investor behaviour.

Return periods of losses associated with European windstorm series in a changing climate

Possible future changes of clustering and return periods (RPs) of European storm series with high potential losses are quantified. Historical storm series are identified using 40 winters of reanalysis. Time series of top events (1, 2 or 5 year return levels (RLs)) are used to assess RPs of storm series both empirically and theoretically. Additionally, 800 winters of general circulation model simulations for present (1960–2000) and future (2060–2100) climate conditions are investigated. Clustering is identified for most countries, and estimated RPs are similar for reanalysis and present day simulations. Future changes of RPs are estimated for fixed RLs and fixed loss index thresholds. For the former, shorter RPs are found for Western Europe, but changes are small and spatially heterogeneous. For the latter, which combines the effects of clustering and event ranking shifts, shorter RPs are found everywhere except for Mediterranean countries. These changes are generally not statistically significant between recent and future climate. However, the RPs for the fixed loss index approach are mostly beyond the range of pre-industrial natural climate variability. This is not true for fixed RLs. The quantification of losses associated with storm series permits a more adequate windstorm risk assessment in a changing climate.

Observations on the flight paths of the day-flying moth Virbia lamae during periods of mate location: do males have a strategy for contacting the pheromone plume?

1. To maximize the probability of rapid contact with a female’s pheromone plume, the trajectories of male foraging flights might be expected to be directed with respect to wind flow and also to be energetically efficient. 2. Flights directed either upwind, downwind, or crosswind have been proposed as optimal strategies for rapid and/or energetically efficient plume contact. Other possible strategies are random and Lévy walks, which have trajectories and turn frequencies that are not dictated by the direction of wind flow. 3. The planar flight paths of males of the day-active moth Virbia lamae were recorded during the customary time of its sexual activity. 4. We found no directional preference in these foraging flights with respect to the direction of contemporaneous wind flow, but, because crosswind encompasses twice the possible orientations of either upwind or downwind, a random orientation is in effect a de facto crosswind strategy. 5. A crosswind preference should be favoured when the plume extends farther downwind than crosswind, and this strategy is realized by V. lamae males by a random orientation of their trajectories with respect to current wind direction

Long-term positive effects of repeating a year in school: Six-year longitudinal study of self-beliefs, anxiety, social relations, school grades, and test scores

Consistently with a priori predictions, school retention (repeating a year in school) had largely positive effects for a diverse range of 10 outcomes (e.g., math self-concept, self-efficacy, anxiety, relations with teachers, parents and peers, school grades, and standardized achievement test scores). The design, based on a large, representative sample of German students (N = 1,325, M age = 11.75 years) measured each year during the first five years of secondary school, was particularly strong. It featured four independent retention groups (different groups of students, each repeating one of the four first years of secondary school, total N = 103), with multiple post-test waves to evaluate short- and long-term effects, controlling for covariates (gender, age, SES, primary school grades, IQ) and one or more sets of 10 outcomes realised prior to retention. Tests of developmental invariance demonstrated that the effects of retention (controlling for covariates and pre-retention outcomes) were highly consistent across this potentially volatile early-to-middle adolescent period; largely positive effects in the first year following retention were maintained in subsequent school years following retention. Particularly considering that these results are contrary to at least some of the accepted wisdom about school retention, the findings have important implications for educational researchers, policymakers and parents.

Lymphocyte and Cytokines after Short Periods of Exercise

The purpose of this study was to verify the effects of short periods of exercise of different intensity on lymphocyte function and cytokines. Thirty Wistar rats, 2 months old, were used. They were divided into five groups of six rats: a sedentary control group; a group exercised for 5 minutes at low intensity (5 L): a group exercised for 15 minutes at low intensity (15 L); and groups exercised at moderate intensity (additional load of 5% of body weight) for 5 minutes (5 M) or for 15 minutes (15 M). The parameters measured were: total leukocytes, neutrophils, lymphocytes, monocytes, lymphocytes from lymph nodes, serum cytokines (IL-2, IL-6 and TNF-alpha), lymphocyte mitochondrial transmembrane potential, viability and DNA fragmentation. ANOVA two way followed by Tukey`s post hoc test (p <= 0.05) was used. The exercised groups exhibited a significant increase in total leukocytes, tissue and circulating lymphocytes in comparison with the control group. There was a significant decrease in lymphocyte viability and decrease in DNA fragmentation for the 15 M group when compared with the control. There was a decrease in the level TNF-alpha in the 5 M and 15 M groups. Short-term, low- and moderate-intensity exercise may be considered for sedentary individuals beginning to exercise, since no deleterious alterations were observed in lymphocyte function.

Critical periods of weed control in naturally green colored cotton BRS Verde

Cotton with naturally colored fiber is increasing as a commercial crop due specially to its textile processing with reduced environmental impact, as dying is not necessary. The critical period of weed control and the weed community were studied in a field with the naturally green colored fiber cv. BRS Verde cultivated in Missao Velha, Brazil. Without weed control during all the cycle, a reduction of 82.9% in yield was observed. The critical period of weed control was between 31 and 74 days after emergence for a reduction of 5% in yield. The weed community was composed of 21 species, with higher relative importance and dominance of monocotyledonous species. The beginning of the critical period was found to be more influential on yield than the ending. Thus, defining the right moment to start weed control can be more important to yield than determining the moment to cease it. (C) 2011 Elsevier B.V. All rights reserved.

Effects of Different Periods of Clomazone plus Hexazinona Permanence in Soil and Sugarcane Mulch before the Occurrence of Rain on Weed Control Efficacy

The objective of this work was to evaluate the efficacy of the formulated mixture clomazone and hexazinone applied in soil or combined with sugarcane mulch, after different periods of permanence without the occurrence of rain. The experiment was carried out in vases under greenhouse conditions in Botucatu, São Paulo, Brazil. The weeds Brachiaria decumbens, Ipomoea grandifolia, Ipomoea hederifolia and Euphorbia heterophylla were sown and covered or not with sugarcane mulch. The experiment was arranged in a complete randomized design with four repetitions. The treatments were displaced in a 3x6 factorial scheme, with the factors being six periods without rain (0, 3, 7, 15, 30, and 60 days) and three modes of herbicide application(on the soil without sugarcane mulch, on and under sugarcane mulch). Control evaluations were carried out at 10, 21, 35 and 42 days after the occurrence of rain. The clomazone + hexazinone mixture promoted an excellent weed control for all the species studied when applied on, under, or without sugarcane mulch. However, the control levels tended to reduce for periods over 60 days without rain.

Vortices in a mesoscopic superconducting disk of variable thickness

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

Isotopic traceability in body tissues and in different breeding periods of broilers

Rastrearam-se a inclusão de farinha de vísceras de aves (FV) em dietas de frangos por ocasião de eventual substituição de dieta contendo FV por dieta estritamente vegetal, e vice-versa, por isótopos estáveis de carbono e de nitrogênio. Foram distribuídos aleatoriamente 192 pintos de um dia de idade, em 12 tratamentos com quatro repetições de quatro aves. Os tratamentos constituíam-se de dieta de vegetais (VG) passando para dietas contendo FV, após certa idade, ou o inverso, em que as aves começaram se alimentando de dieta FV e depois passaram para dieta VG. Aos 42 dias de idade, foram coletadas amostras de músculo peitoral (Pectoralis major), quilha e tíbia, para determinação das razões isotópicas (13C/12C e 15N/14N). A técnica dos isótopos estáveis somente não foi capaz de rastrear a utilização de FV na alimentação de frangos de corte, quando esse ingrediente fez parte da dieta das aves apenas nos primeiros sete, 14 ou 21 dias de idade. Entretanto, há a possibilidade da aplicação dessa técnica em aves mais jovens, amostradas antes de eventual mudança de dieta, pois elas podem ter a assinatura isotópica da alimentação estabilizada em torno de duas semanas de idade.

Production performance and egg quality of quails (Coturnix japonica) during several periods of the day

Three experiments were carried out to analyze the performance and egg quality of Japanese quails throughout the day when submitted to different lighting programs. In each experiment, birds were submitted to a period of 28 days for adaptation to the lighting program. During the following three days, each day - from 7 am to 7 pm or 9 pm - was divided into six or seven periods of two hours each, and the remaining hours corresponded to another single period. All birds were submitted to the same management practices, and received water and feed ad libitum. The experimental diet was formulated according to NRC (1994) standards. It was observed lower feed intake in the period of 9 pm to 7 am, and a higher incidence of lay from 3 pm to 7 pm, as opposite to hens, which peak of egg laying occurs during the morning. Some controversial results were found among experiments as to eggshell quality during the different periods of the day. Variation on the lighting program had little influence on the other performance and egg quality parameters.

A Modified Technique of Rat Tail Suspension for Longer Periods of Observation

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)

The toxic effects of Coleus barbatus B. on the different periods of pregnancy in rats

Extracts of Coleus bal barbatus B. have been used in folk medicine to interrupt pregnancy. In order to evaluate if this plant interferes with embryo implantation or with the normal development of the concepts, pregnant Wistar rats were treated with increasing doses (220, 440 and 880 mg/kg per day) of a hydroalcoholic extract of C. barbatus. The rats received the extract by gavage from days 0 to 5 of pregnancy (preimplantation period) or 6 to 15 (organogenic period). Control groups received distilled water during the same periods: the animals were killed at term for the evaluation of maternal and fetal parameters. The results showed that the treatment with 880 mg/kg per day of the extract of C. barbatus before embryo implantation caused delayed fetal development and an anti-implantation effect, which justifies the popular use of this extract with abortive purposes. After embryo implantation delayed development associated with maternal toxicity was observed in the fetuses of the group which received 880 mg/kg per day. (C) 2000 Elsevier B.V. Ireland Ltd. All rights reserved.

Oxidative stress and antioxidant capacity in sickle cell anaemia patients receiving different treatments and medications for different periods of time

Conselho Nacional de Desenvolvimento Científico e Tecnológico (CNPq)

The effect of porcelain thickness and surface liner application on the fracture behavior of a ceramic system

Fundação de Amparo à Pesquisa do Estado de São Paulo (FAPESP)