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Given the mixed findings in the literature, this paper aims to re‐examine the relationship that the securitised property market has with both the fixed income and general…
Given the mixed findings in the literature, this paper aims to re‐examine the relationship that the securitised property market has with both the fixed income and general stock markets in the UK and Australia from July 1998 to June 2006.
The base methodology is the cointegration procedure developed by Inoue in conjunction with the procedure developed by Johansen, Gonzalo and Granger that allows the extraction of permanent and transitory driving factors underlying cointegrated systems. In Australia both listed property trusts (LPTs) and real estate management and development companies (REMDs) are studied, while in the UK the analysis is restricted to REMDs due to the fact that real estate investment trusts were only introduced in 2007, hence providing insufficiently long series.
The Inoue test reveals that ignoring structural breaks in any cointegrating system may lead to erroneous inferences. In both Australia and the UK securitised property is influenced by the general stock market in both the long‐ and short‐term. In Australia the fixed income market does not have a permanent influence on LPTs, despite the fact that LPTs use more long‐term debt than REMDs.
A major contribution of this study clearly points to the relative weightings that portfolio managers may now consider to be appropriate vis‐a´‐vis their holdings of bonds, equities and securitised property (under its different structures as considered here) in their portfolios for both their tactical and strategic asset allocations.
The risk/return trade‐off is a perennial problem of portfolio managers. Portfolio diversification strategies should be such that investments are held in markets that are…
The risk/return trade‐off is a perennial problem of portfolio managers. Portfolio diversification strategies should be such that investments are held in markets that are well‐insulated from each other so that the effects of market fluctuations in one market are not transferred to the other. Conventional wisdom suggests that a well‐diversified portfolio should contain assets spread across different markets, such as holdings of equities, bonds and property, while an increasingly accepted notion is that portfolios should also be diversified internationally. Research over the last few years has, if not questioned this conventional wisdom, at least sought confirmation. The current paper continues this inquiry. Looks, in particular, at the twin issues of whether property should form part of a well‐diversified domestic portfolio, and whether property should form part of a portfolio that is diversified internationally. Using the relatively new technique of cointegration analysis, provides evidence from the USA, the UK and Australia that domestic real estate and equity markets are segmented, and also provides evidence that securitized property markets are segmented internationally ‐ implying that there are risk‐reduction benefits to be gained through diversification in both instances.
Over the last decade or so there has been an increased interest in combining the forecasts from different models. Pooling the forecast outcomes from different models has…
Over the last decade or so there has been an increased interest in combining the forecasts from different models. Pooling the forecast outcomes from different models has been shown to improve out‐of‐sample forecast test statistics beyond any of the individual component techniques. The discussion and practice of forecast combination has revolved around the pooling of results from individual forecasting methodologies. A different approach to forecast combination is followed in this paper. A method is used in which negatively correlated forecasts are combined to see if this offers improved out‐of‐sample forecasting performance in property markets. This is compared with the outcome from both the original model and with benchmark naïve forecasts over three 12‐month out‐of‐sample periods. The study will look at securitised property in three international property markets – the USA, the UK and Australia.
There exists a rich sociological literature dealing with secularisation. Such nineteenth‐century sociologists as Weber and Durkheim and twentieth‐century sociologists as…
There exists a rich sociological literature dealing with secularisation. Such nineteenth‐century sociologists as Weber and Durkheim and twentieth‐century sociologists as Greeley, Bellah, Berger and Wilson have contributed. Berger refers to secularisation as “the process by which sectors of society and culture are removed from the domination of religious institutions and symbols”, while Wilson defines it as “the process whereby religious thinking, practices and institutions lose social significance”. These definitions represent the thrust of academic thinking about secularisation. Generally, social scientists interpret secularisation as the decline of religiosity — a movement from faith to reason. They cite numerous indicators of the change: decline in such areas as church attendance, praying, use of religious rites and rituals, recruitment to the church bureaucracy, church construction. Often they suggest a kind of inevitability relating to urbanisation and industrialisation. The focus of the process involves man becoming less concerned with the spiritual and more concerned with the mundane. Eventually, the spiritual becomes irrelevant; the Age of Enlightenment triumphs over the Age of Faith.
Stress and the military go hand-in-hand, particularly in combat environments. While some personality traits or types weaken relationships between stress and performance…
Stress and the military go hand-in-hand, particularly in combat environments. While some personality traits or types weaken relationships between stress and performance, others, such as psychopathy, may strengthen them. In the present chapter, we consider the ramifications of individuals with high levels of psychopathy or psychopathic tendencies in the military with regard to both their own stress and performance and that of those around them. We discuss different reactions to psychological and physical stress, as well as the implications of psychopathic tendencies as they relate to current military issues, including gender, leadership, teamwork, turnover, post-traumatic stress disorder, and suicide. By juxtaposing relevant research findings on stress and psychopathy, we conclude that psychopathic tendencies should have neither uniformly negative nor positive effects on stress and performance in the military. Rather, effects on such individuals and the peripheral others with whom they interact will likely vary greatly depending on numerous factors.
Purpose: We critically examine the idea of neurodiversity, or the uniqueness of all brains, as the foundation for the neurodiversity movement, which began as an autism…
Purpose: We critically examine the idea of neurodiversity, or the uniqueness of all brains, as the foundation for the neurodiversity movement, which began as an autism rights movement. We explore the neurodiversity movement's potential to support cross-disability alliances that can transform cultures.
Methods/Approach: A neurodiverse team reviewed literature about the history of the neurodiversity movement and associated participatory research methodologies and drew from our experiences guiding programs led, to varying degrees, by neurodivergent people. We highlight two programs for autistic university students, one started by and for autistics and one developed in collaboration with autistic and nonautistic students. These programs are contrasted with a national self-help group started by and for stutterers that is inclusive of “neurotypicals.”
Findings: Neurodiversity-aligned practices have emerged in diverse communities. Similar benefits and challenges of alliance building within versus across neurotypes were apparent in communities that had not been in close contact. Neurodiversity provides a framework that people with diverse conditions can use to identify and work together to challenge shared forms of oppression. However, people interpret the neurodiversity movement in diverse ways. By honing in on core aspects of the neurodiversity paradigm, we can foster alliances across diverse perspectives.
Implications/ Values: Becoming aware of power imbalances and working to rectify them is essential for building effective alliances across neurotypes. Sufficient space and time are needed to create healthy alliances. Participatory approaches, and approaches solely led by neurodivergent people, can begin to address concerns about power and representation within the neurodiversity movement while shifting public understanding.
This paper aims to examine Patrick Wilson’s 1977 essay, Public Knowledge, Private Ignorance, which emphasizes practice rooted in theory. Modern reference work ought to…
This paper aims to examine Patrick Wilson’s 1977 essay, Public Knowledge, Private Ignorance, which emphasizes practice rooted in theory. Modern reference work ought to look back to this 35-year-old essay to be reminded of the intent of reference practice by considering Wilson’s discussion.
This paper examines Wilson’s decades-old thesis and applies it to reference work and reference resources for today’s information professionals.
The crux of Wilson’s essay remains relevant today when applied to reference work and information-seeking.
This essay leaves readers with practical tips for reference work rooted in theory, and also expands on Wilson’s 1977 essay from a contemporary viewpoint, providing guidance for modern reference librarianship.
The Sanitary Committee of a certain County Council, strong with the strength of recent creation, have lately been animated by a desire to distinguish themselves in some way, and, proceeding along the lines of least resistance, they appear to have selected the Public Analyst as the most suitable object for attack. The charge against this unfortunate official was not that he is incompetent, or that he had been in any way negligent of his duties as prescribed by Act of Parliament, but simply and solely that he has the temerity to reside in London, which city is distant by a certain number of miles from the much favoured district controlled by the County Council aforesaid. The committee were favoured in their deliberations by the assistance of no less an authority than the “Principal” of a local “Technical School”;—and who could be more capable than he to express an opinion upon so simple a matter? This eminent exponent of scientific truths, after due and proper consideration, is reported to have delivered himself of the opinion that “scientifically it would be desirable that the analyst should reside in the district, as the delay occasioned by the sending of samples of water to London is liable to produce a misleading effect upon an analysis.” Apparently appalled by the contemplation of such possibilities, and strengthened by another expression of opinion to the effect that there were as “good men” in the district as in London, the committee resolved to recommend the County Council to determine the existing arrangement with the Public Analyst, and to appoint a “local analyst for all purposes.” Thus, the only objection which could be urged to the employment of a Public Analyst resident in London was the ridiculous one that the composition of a sample of water was likely to seriously alter during the period of its transit to London, and this contention becomes still more absurd when it is remembered that the examination of water samples is no part of the official duty of a Public Analyst. The employment of local scientific talent may be very proper when the object to be attained is simply the more or less imperfect instruction of the rising generation in the rudiments of what passes in this country for “technical education”; but the work of the Public Analyst is serious and responsible, and cannot be lightly undertaken by every person who may be acquainted with some of the uses of a test‐tube. The worthy members of this committee may find to their cost, as other committees have found before them, that persons possessing the requisite knowledge and experience are not necessarily indigenous to their district. Supposing that the County Council adopts the recommendation, the aspirations of the committee may even then be strangled in their infancy, as the Local Government Board will want to know all about the matter, and the committee will have to give serious and valid reasons in support of their case.