Another Look at the Relative Importance of Sectors and Regions in Determining Property Returns

This paper re-examines the relative importance of sector and regional effects in determining property returns. Using the largest property database currently available in the world, we decompose the returns on individual properties into a national effect, common to all properties, and a number of sector and regional factors. However, unlike previous studies, we categorise the individual property data into an ever-increasing number of property-types and regions, from a simple 3-by-3 classification, up to a 10 by 63 sector/region classification. In this way we can test the impact that a finer classification has on the sector and regional effects. We confirm the earlier findings of previous studies that sector-specific effects have a greater influence on property returns than regional effects. We also find that the impact of the sector effect is robust across different classifications of sectors and regions. Nonetheless, the more refined sector and regional partitions uncover some interesting sector and regional differences, which were obscured in previous studies. All of which has important implications for property portfolio construction and analysis.property returns, sector and regional effects, dummy regional regressions

Another look at the relative importance of sectors and regions in determining property returns

This paper re-examines the relative importance of sector and regional effects in determining property returns. Using the largest property database currently available in the world, we decompose the returns on individual properties into a national effect, common to all properties, and a number of sector and regional factors. However, unlike previous studies, we categorise the individual property data into an ever-increasing number of property-types and regions, from a simple 3-by-3 classification, up to a 10 by 63 sector/region classification. In this way we can test the impact that a finer classification has on the sector and regional effects. We confirm the earlier findings of previous studies that sector-specific effects have a greater influence on property returns than regional effects. We also find that the impact of the sector effect is robust across different classifications of sectors and regions. Nonetheless, the more refined sector and regional partitions uncover some interesting sector and regional differences, which were obscured in previous studies. All of which has important implications for property portfolio construction and analysis

Unequal learning and labour market losses in the crisis: consequences for social mobility

The unequal learning and labour market losses arising in the UK due to the Covid-19 pandemic are used to assess the consequences for social mobility. Labour market and learning losses have been more pronounced for people from poorer families and this is incorporated into a generalisation of the standard, canonical social mobility model. A calibration shows a significantly higher intergenerational elasticity – reflecting lower social mobility – because of the uneven nature of losses by family income, and from dynamic scarring. Results from a randomised information experiment incorporated in a bespoke Social Mobility Survey corroborate this, as participants become more sceptical about the social mobility prospects of the Covid generation when given information about the losses that have occurred in the crisis

COVID-19 and social mobility: the public support key policies that will help limit widening inequalities in employment and education

Lee Elliot Major, Andrew Eyles, and Stephen Machin present new data around public support behind the implementation of job guarantees, the reform of A-level and GCSE exams in 2021, and the abolition of predicted grades for university offers

Pupils lost a third of their expected learning during COVID-19, with Wales and Scotland even further behind

Most pupils missed over half of their expected days in the classroom during the pandemic, write Lee Elliot Major, Andrew Eyles, and Stephen Machin. Children in Scotland and Wales lost even more learning than those in England. Meanwhile, absences due to self-isolation are rising and official figures show that attendance on 1 July in state-funded schools in England was down to 83%. Should schools let pupils repeat a year, or extend the school day

Pupils lost a third of their expected learning during COVID, with Wales and Scotland even further behind

Most pupils missed over half of their expected days in the classroom during the pandemic, write Lee Elliot Major, Andrew Eyles and Stephen Machin (LSE). Children in Scotland and Wales lost even more learning than those in England. Meanwhile, absences due to self-isolation are rising and official figures show that attendance on 1 July in state-funded schools in England was down to 83.4%. Should schools let pupils repeat a year, or extend the school day

A New and Unusual Pathway for the Reaction of Neocarzinostatin Chromophore with Thiols. Revised Structure of the Protein-Directed Thiol Adduct

Neocarzinostatin (holo-NCS) is an antitumor antibiotic comprising a nonprotein chromophore component (1) and a 113- amino acid carrier protein (apo-NCS). Goldberg and coworkers first demonstrated that the reaction of the isolated chromophore (1) with thiols in the presence of double-stranded DNA leads to DNA cleavage by a free-radical mechanism. The pathway shown in Scheme 1 was later proposed to account for this activity, a proposal that is now supported by a considerable body of evidence. In 1992, Saito and co-workers showed that the reaction of holo-NCS with small thiols, such as β-mercaptoethanol (BME), takes a different course, to form a product that is formally a 1:1:1 adduct of thiol, 1, and water. Structure 2 was proposed for this adduct, along with the mechanistic pathway shown in Scheme 2. Complicating the analysis was the fact that 2 was an inseparable mixture of two components, present in equal parts

June 2003 Livestock and wildlife disease report, no. 4

June 2003.Originally published under series title: Agricultural and resource policy report, APR 03-04.Includes bibliographical references

June 2003 Livestock and wildlife disease report, no. 6

June 2003.Originally published under series title: Agricultural and resource policy report, APR 03-06.Includes bibliographical references