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Megan E. Tresise, Mark S. Reed and Pippa J. Chapman
In order to mitigate the effects of climate change, the UK government has set a target of achieving net zero greenhouse gas (GHG) emissions by 2050. Agricultural GHG emissions in…
Abstract
In order to mitigate the effects of climate change, the UK government has set a target of achieving net zero greenhouse gas (GHG) emissions by 2050. Agricultural GHG emissions in 2017 were 45.6 million tonnes of carbon dioxide equivalent (CO2e; 10% of UK total GHG emissions). Farmland hedgerows are a carbon sink, storing carbon in the vegetation and soils beneath them, and thus increasing hedgerow length by 40% has been proposed in the UK to help meet net zero targets. However, the full impact of this expansion on farm biodiversity is yet to be evaluated in a net zero context. This paper critically synthesises the literature on the biodiversity implications of hedgerow planting and management on arable farms in the UK as a rapid review with policy recommendations. Eight peer-reviewed articles were reviewed, with the overall scientific evidence suggesting a positive influence of hedgerow management on farmland biodiversity, particularly coppicing and hedgelaying, although other boundary features, e.g. field margins and green lanes, may be additive to net zero hedgerow policy as they often supported higher abundances and richness of species. Only one paper found hedgerow age effects on biodiversity, with no significant effects found. Key policy implications are that further research is required, particularly on the effect of hedgerow age on biodiversity, as well as mammalian and avian responses to hedgerow planting and management, in order to fully evaluate hedgerow expansion impacts on biodiversity.
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The purpose of this paper is to examine the possibility of creating hedge funds “clones” using liquid exchange traded instruments.
Abstract
Purpose
The purpose of this paper is to examine the possibility of creating hedge funds “clones” using liquid exchange traded instruments.
Design/methodology/approach
Authors analyze the performance of fixed weight and extended Kalman filter generated clone portfolios (EKF) for 14 hedge fund strategies from February 2004 to September 2009. EKF approach does not indeed impose any normality constraints on the error terms which allow the filter to find the optimal recursive process by itself. Such models could adjust even faster to sudden shifts in market conditions vs a standard Kalman filter.
Findings
For five strategies out of 14, this work finds that EKF clones outperform their corresponding indices. Thus, for certain strategies, the possibility of cloning hedge fund returns is indeed real. Results should be however considered with caution.
Practical implications
This paper suggests that the most important benefits of clones are to serve as benchmarks and to help investors to better understand the various risk factors that impact hedge fund returns.
Originality/value
Rather than using fixed‐weight and rolling windows approaches (as Hasanhodzic and Lo), this work considers an extended version of the Kalman filter, a computational algorithm that better captures the time changing dynamics of hedge fund returns. Also, in order to be practical, this research considers investable factors and that the models themselves could not be constant over time.
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Sulev Nurme, Zenia Kotval, Nele Nutt, Mart Hiob and Sirle Salmistu
The concepts of “historically valuable landscape,” “historical landscape space,” “landscape space attached to an object of cultural importance,” etc. seem to be understood by most…
Abstract
Purpose
The concepts of “historically valuable landscape,” “historical landscape space,” “landscape space attached to an object of cultural importance,” etc. seem to be understood by most landscape professionals, yet these terms are highly abstract with many possible interpretations. The protected zone of cultural monuments prescribed by law helps to ensure the preservation of these historic artifacts and signifiers of local heritage. The paper aims to discuss these issues.
Design/methodology/approach
This paper seeks to provide guidelines that can be articulated to protect cultural landscapes. These guidelines are based on a manorial core study was carried out in 2010 to analyze the changes in road networks and spatial systems of manors over the past 150 years. This study is part of a larger research effort on different aspects of Estonian baroque manor gardens.
Findings
Many landscapes may contain historically relevant objects and phenomena not protected by law, which, nevertheless form the basis of a unique local landscape. The altering of such a landscape not only changes its natural form, but may directly impact the cultural identity and milieu of the area, thereby affecting how its inhabitants relate to their environment.
Originality/value
Preservation of historic buildings and landscapes plays an important role particularly in relation to manor landscapes. This network has remained well preserved, and the rural landscape based on this Baltic-German manor culture is still strongly reflected in the current landscape through the existing historic landscape elements like housing, viewsheds, roads, etc. Without landscape analysis, it can be challenging for an outsider to understand the spatial context, especially when it has changed and evolved through the years.
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The purpose of this paper is to stimulate researchers’ understanding of place in general and psychogeography in particular.
Abstract
Purpose
The purpose of this paper is to stimulate researchers’ understanding of place in general and psychogeography in particular.
Design/methodology/approach
Melding hauntology, autoethnography, pseudo-psychogeography and object-orientated ontology, the provocation explores aspects of east Belfast’s “C.S. Lewis Trail”.
Findings
Psychogeography, purportedly, is moribund. This provocation contends that latter-day developments in virtual reality, augmented reality, digital real estate platforms and “imaginary worlds” more generally, open up new horizons, and offer more opportunities, for the psychogeographically inclined.
Originality/value
The provocation’s originality inheres in the approach adopted not the research findings.
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François Fourcade and Nicolas Go
The purpose of this paper is to compare two radically different approaches of experiential learning, enabling four usually missing dimensions in experiential learning to be…
Abstract
Purpose
The purpose of this paper is to compare two radically different approaches of experiential learning, enabling four usually missing dimensions in experiential learning to be revealed.
Design/methodology/approach
The data in this paper are drawn from a five‐year action research involving more than 70 students and another action research run in kindergartens for more than ten years.
Findings
To reveal the power of experiential learning – the authors name it complex experiential learning – one needs to be compliant with four principles: the conditions for the experience to emerge comes from the participants themselves; the multiplicity principle; the dual epistemological authenticity principle; and the complexity principle.
Research limitations/implications
It would be valuable to gather longitudinal data to explore how the perspective of participants on the impact of these four principles varies over time.
Practical implications
Any experiential workshop, run under the rules of the four discovered principles, reveals a higher learning outcome.
Originality/value
Limited research on experiential learning research properly addresses the question of how which type of experience will be the most likely to produce expected learning effects.
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The paper aims to conduct an empirical study of three models of property derivatives: index-based derivatives, factor hedges, and combinative hedges based on index and factors…
Abstract
Purpose
The paper aims to conduct an empirical study of three models of property derivatives: index-based derivatives, factor hedges, and combinative hedges based on index and factors. The objective is to test whether the latter two models introduced by Lecomte dominate the index-based model used for existing property derivatives such as EUREX futures contracts.
Design/methodology/approach
Based on investment property database (IPD) historical database covering 224 individual office properties from 1981 to 2007, the study assesses ex ante hedging effectiveness of the three models. Nine simulations are run under different hypotheses involving individual buildings and portfolios. The 17 factors included in the study cover both macro-factors (e.g. macroeconomic indicators) and micro-factors linked to the properties (e.g. age).
Findings
Atomization and periodic rebalancing of property derivatives' underlying make it possible to substantially increase hedging effectiveness for a large majority of buildings in the sample. However, combinative hedges are overall superior to factor hedges owing to the overriding role played by IPD indices in capturing risk.
Research limitations/implications
Due to confidentiality requirements inherent to the use of property level data, the study downplays the role of micro-factors on real estate risk at the property level.
Practical implications
The paper introduces a typology of optimal hedges aimed at individual property owners and portfolio holders in the City office property market.
Originality/value
This is the first time a comprehensive analysis of different models of property derivatives is conducted. The value of the paper stems from the use of property level data.
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Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18;…
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Compiled by K.G.B. Bakewell covering the following journals published by MCB University Press: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.
Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management…
Abstract
Index by subjects, compiled by K.G.B. Bakewell covering the following journals: Facilities Volumes 8‐18; Journal of Property Investment & Finance Volumes 8‐18; Property Management Volumes 8‐18; Structural Survey Volumes 8‐18.