Explaining deviations from NAV in UK property companies: rationality and sentimentality

One of the most vexing issues for analysts and managers of property companies across Europe has been the existence and persistence of deviations of Net Asset Values of property companies from their market capitalisation. The issue has clear links to similar discounts and premiums in closed-end funds. The closed end fund puzzle is regarded as an important unsolved problem in financial economics undermining theories of market efficiency and the Law of One Price. Consequently, it has generated a huge body of research. Although it can be tempting to focus on the particular inefficiencies of real estate markets in attempting to explain deviations from NAV, the closed end fund discount puzzle indicates that divergences between underlying asset values and market capitalisation are not a ‘pure’ real estate phenomenon. When examining potential explanations, two recurring factors stand out in the closed end fund literature as often undermining the economic rationale for a discount – the existence of premiums and cross-sectional and periodic fluctuations in the level of discount/premium. These need to be borne in mind when considering potential explanations for real estate markets. There are two approaches to investigating the discount to net asset value in closed-end funds: the ‘rational’ approach and the ‘noise trader’ or ‘sentiment’ approach. The ‘rational’ approach hypothesizes the discount to net asset value as being the result of company specific factors relating to such factors as management quality, tax liability and the type of stocks held by the fund. Despite the intuitive appeal of the ‘rational’ approach to closed-end fund discounts the studies have not successfully explained the variance in closed-end fund discounts or why the discount to net asset value in closed-end funds varies so much over time. The variation over time in the average sector discount is not only a feature of closed-end funds but also property companies. This paper analyses changes in the deviations from NAV for UK property companies between 2000 and 2003. The paper present a new way to study the phenomenon ‘cleaning’ the gearing effect by introducing a new way of calculating the discount itself. We call it “ungeared discount”. It is calculated by assuming that a firm issues new equity to repurchase outstanding debt without any variation on asset side. In this way discount does not depend on an accounting effect and the analysis should better explain the effect of other independent variables.

"Suffragettes of the Harem": The Evolution of Sympathy and the Afterlives of Sentimentality in American Feminist Orientalism, 1865-1920

This project examines narrative encounters in space identified as “harem,” produced by authors with biographical ties to the vanguard of the American Suffrage Movement. I regard these feminists’ circulations East, to the domestic space of the Other, as a hitherto unstudied, yet critical component of transnationalism in the history of U.S. Suffrage. This literary record also crucially reveals the extent to which sentimentality was plotted as a potential force for the reform of other cultures. An urge to sympathize denied in the space of the harem illustrates the colonial anxieties that subtended sentimentality’s prospective deployment beyond national borders. In five chapters on the work of Anna Leonowens, Susan Elston Wallace, Demetra Vaka Brown, Charlotte Perkins Gilman, and Edith Wharton, I examine how Suffrage-minded authors writing the harem strategically abandon an activist praxis of fellow feeling. Such a reluctance to transform sentimental literature into a colonial literature consequently informs that genre’s postbellum decline. The sentiments that run dry for American feminists in the harem additionally foreground the costly failures of Wilsonian Idealism, a doctrine that appropriated a discourse of sentimentality in order to script the United States’ expanded involvement in global affairs.

'Vigilant Hospitality': The Online Imperative and Teaching Cultural Studies

Information technology (IT) sees information as a fluid, to be stored, regulated and exchanged. This is a profoundly economic model, whose dreams are those of the marketplace – and now, university managers. But no teacher, of course, holds that teaching can be reduced to the movement of information from one point to another. Teaching is never quite absorbed into the models of IT. Where they meet, we do not have the utopia of the virtual classroom, at last freed from the strictures of timetables and the face-to-face; we have, rather, the grinding of two radically irreducible models. This has nothing to do with Luddism; on the contrary, it is the value and necessity of IT for us at present, as teachers. At a time when the tertiary sector’s massive investment in IT is motivated in part by its own dream of the teacherless classroom, one of the pressing tasks for us may be simply to argue as rigorously as we can the structural necessity of our own position as teachers, without nostalgia or humanist sentimentality.

‘Trying to be a Man': J. M. Barrie and sentimental masculinity

This article discusses the treatment of sentimentality in the fiction of J.M. Barrie, focusing in particular on Tommy and Grizel (1900). It place the discussion in the context of wider debates over sentimentality in Victorian culture and explores the intersection between these and discourse of gender and sexuality in the late nineteenth century.

Da forma à substância: a percepção tátil da figura feminina em alguns poemas de Quaderna de João Cabral de Melo Neto

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Humor em poemas: um estudo do cômico em Carlos Drummond de Andrade

Coordenação de Aperfeiçoamento de Pessoal de Nível Superior (CAPES)

Sofrimento, conhecimento de si e corpo em Schopenhauer

Esta pesquisa busca explicar em que consiste o fundamento do sofrimento para a filosofia de Schopenhauer, especialmente segundo sua obra magna O mundo como vontade e como representação, partindo de uma concepção de natureza que espelha a Vontade em sua contradição consigo mesma, percorrer seus graus de objetivação até chegar ao “ápice” que se apresenta na consciência humana, e, através dela, compreender que o conhecimento, produzido como um apêndice para servir de auxílio na complexidade inerente a esta consciência, na realidade se comporta como um “parasita” trazendo, assim, pela via da individualidade e do corpo, uma consciência de ansiedade e impotência. Busca-se explorar o porquê da limitação desse conhecimento teórico frente a vontade e, pelo sentido contrário, explicitar a sentimentalidade, enquanto via de acesso a essa vontade, no corpo, torna-se como uma saída possível para a percepção de si, a qual, se for trabalhada em conjunto com o conhecimento teórico, oferece uma “melhor consciência” frente ao inexorável sofrimento.

Sentimental Identity, History and Politics in Daniel Cortezón’s "A vila sulagada"

The novels of Daniel Cortezón, which have not attracted as much critical attention as his theatrical productions, are of contemporary interest as they develop his ideas on identity, history and politics. The purpose of this article is to show, through an analysis of the complex arrangement of the above three concepts, how A vila Sulagada is a metaphor for the historical failure of Galicia.