An analysis of verbal responses to music in a group of adult non-specialists

In a workshop setting, two pieces of recorded music were presented to a group of adult non-specialists; a key feature was to set up structured discussion within which the respondents considered each piece of music as a whole and not in its constituent parts. There were two areas of interest, namely to explore whether the respondents were likely to identify the musical features or to make extra-musical associations and, to establish the extent to which there would be commonality and difference in their approach to formulating the verbal responses. An inductive approach was used in the analysis of data to reveal some of the working theories underpinning the intuitive musicianship of the adult non-specialist listener. Findings have shown that, when unprompted by forced choice responses, the listeners generated responses that could be said to be information-poor in terms of musical features but rich in terms of the level of personal investment they made in formulating their responses. This is evidenced in a number of connections they made between the discursive and the non-discursive, including those which are relational and mediated by their experiences. Implications for music education are considered.

The impact of country risk on international real estate returns

Commercial real estate investors have well-established methods to assess the risks of a property investment in their home country. However, when the investment decision is overseas another dimension of uncertainty overlays the analysis. This additional dimension, typically called country risk, encompasses the uncertainty of achieving expected financial results solely due to factors relating to the investment’s location in another country. However, very little has been done to examine the effects of country risk on international real estate returns, even though in international investment decisions considerations of country risk dominate asset investment decisions. This study extends the literature on international real estate diversification by empirically estimating the impact of country risk, as measured by Euromoney, on the direct real estate returns of 15 countries over the period 1998-2004, using a pooled regression analysis approach. The results suggest that country risk data may help investor’s in their international real estate decisions since the country risk data shows a significant and consistent impact on real estate return performance.