Web 2.0 technologies for learning at Key Stages 3 and 4: summary report

The research project on Web 2.0 technologies for learning at Key Stages 3 and 4 was a major initiative funded by Becta to investigate the use and impact of such technologies in and out of school. The purpose of this research was to help shape Becta's own thinking and inform policy-makers, schools and local authorities on the potential benefits of Web 2.0 technologies and how their use can be effectively and safely realised. This document is he summary of the reports published for this project

“Financial alchemy” or a zero sum game? Real estate finance, securitisation and the UK property market

Following the US model, the UK has seen considerable innovation in the funding, finance and procurement of real estate in the last decade. In the growing CMBS market asset backed securitisations have included $2.25billion secured on the Broadgate office development and issues secured on Canary Wharf and the Trafford Centre regional mall. Major occupiers (retailer Sainsbury’s, retail bank Abbey National) have engaged in innovative sale & leaseback and outsourcing schemes. Strong claims are made concerning the benefits of such schemes – e.g. British Land were reported to have reduced their weighted cost of debt by 150bp as a result of the Broadgate issue. The paper reports preliminary findings from a project funded by the Corporation of London and the RICS Research Foundation examining a number of innovative schemes to identify, within a formal finance framework, sources of added value and hidden costs. The analysis indicates that many of the gains claimed conceal costs – in terms of market value of debt or flexibility of management – while others result from unusual firm or market conditions (for example utilising the UK long lease and the unusual shape of the yield curve). Nonetheless, there are real gains resulting from the innovations, reflecting arbitrage and institutional constraints in the direct (private) real estate marke

Homological dimensions for co-rank one idempotent subalgebras

Let $k$ be an algebraically closed field and $A$ be a (left and right) Noetherian associative $k$-algebra. Assume further that $A$ is either positively graded or semiperfect (this includes the class of finite dimensional $k$-algebras, and $k$-algebras that are finitely generated modules over a Noetherian central Henselian ring). Let $e$ be a primitive idempotent of $A$, which we assume is of degree $0$ if $A$ is positively graded. We consider the idempotent subalgebra $\Gamma = (1-e)A(1-e)$ and $S_e$ the simple right $A$-module $S_e = eA/e{\rm rad}A$, where ${\rm rad}A$ is the Jacobson radical of $A$, or the graded Jacobson radical of $A$ if $A$ is positively graded. In this paper, we relate the homological dimensions of $A$ and $\Gamma$, using the homological properties of $S_e$. First, if $S_e$ has no self-extensions of any degree, then the global dimension of $A$ is finite if and only if that of $\Gamma$ is. On the other hand, if the global dimensions of both $A$ and $\Gamma$ are finite, then $S_e$ cannot have self-extensions of degree greater than one, provided $A/{\rm rad}A$ is finite dimensional.Comment: 24 page

Commercial real estate return distributions: a review of literature and empirical evidence

This paper review the literature on the distribution of commercial real estate returns. There is growing evidence that the assumption of normality in returns is not safe. Distributions are found to be peaked, fat-tailed and, tentatively, skewed. There is some evidence of compound distributions and non-linearity. Public traded real estate assets (such as property company or REIT shares) behave in a fashion more similar to other common stocks. However, as in equity markets, it would be unwise to assume normality uncritically. Empirical evidence for UK real estate markets is obtained by applying distribution fitting routines to IPD Monthly Index data for the aggregate index and selected sub-sectors. It is clear that normality is rejected in most cases. It is often argued that observed differences in real estate returns are a measurement issue resulting from appraiser behaviour. However, unsmoothing the series does not assist in modelling returns. A large proportion of returns are close to zero. This would be characteristic of a thinly-traded market where new information arrives infrequently. Analysis of quarterly data suggests that, over longer trading periods, return distributions may conform more closely to those found in other asset markets. These results have implications for the formulation and implementation of a multi-asset portfolio allocation strategy

Commercial Real Estate Return Distributions: A Review Of Literature And Empirical Evidence

This paper review the literature on the distribution of commercial real estate returns. There is growing evidence that the assumption of normality in returns is not safe. Distributions are found to be peaked, fat-tailed and, tentatively, skewed. There is some evidence of compound distributions and non-linearity. Public traded real estate assets (such as property company or REIT shares) behave in a fashion more similar to other common stocks. However, as in equity markets, it would be unwise to assume normality uncritically. Empirical evidence for UK real estate markets is obtained by applying distribution fitting routines to IPD Monthly Index data for the aggregate index and selected sub-sectors. It is clear that normality is rejected in most cases. It is often argued that observed differences in real estate returns are a measurement issue resulting from appraiser behaviour. However, unsmoothing the series does not assist in modelling returns. A large proportion of returns are close to zero. This would be characteristic of a thinly-traded market where new information arrives infrequently. Analysis of quarterly data suggests that, over longer trading periods, return distributions may conform more closely to those found in other asset markets. These results have implications for the formulation and implementation of a multi-asset portfolio allocation strategy.Returns, Distributions, Normality, Asset Class

Timing and the holding periods of institutional real estate

The literature on investors’ holding periods for equities and bonds suggest that high transaction costs are associated with longer holding periods. Return volatility, by contrast, is associated with short-term trading and hence shorter holding periods. High transaction costs and the perceived illiquidity of the real estate market leads to an expectation of longer holding periods. Further, work on depreciation and obsolescence might suggest that there is an optimal holding period. However, there is little empirical work in the area. In this paper, data from the Investment Property Databank are used to investigate sales rate and holding period for UK institutional real estate between 1981 and 1994. Sales rates are investigated using the Cox proportional hazards framework. The results show longer holding periods than those claimed by investors. There are marked differences by type of property and sales rates vary over time. Contemporaneous returns are positively associated with an increase in the rate of sale. The results shed light on investor behaviour

Continental shift? An analysis of convergence trends in European real estate equities

European economic and political integration have been recognised as having implications for patterns of performance in national real estate and capital markets and have generated a wide body of research and commentary. In 1999, progress towards monetary integration within the European Union culminated in the introduction of a common currency and monetary policy. This paper investigates the effects of this ‘event’ on the behaviour of stock returns in European real estate companies. A range of statistical tests is applied to the performance of European property companies to test for changes in segmentation, co-movement and causality. The results suggest that, relative to the wider equity markets, the dispersion of performance is higher, correlations are lower, a common contemporaneous factor has much lower explanatory power whilst lead-lag relationships are stronger. Consequently, the evidence of transmission of monetary integration to real estate securities is less noticeable than to general securities. Less and slower integration is attributed to the relatively small size of the real estate securities market and the local and national nature of the majority of the companies’ portfolios

Semi-stable subcategories for Euclidean quivers

In this paper, we study the semi-stable subcategories of the category of representations of a Euclidean quiver, and the possible intersections of these subcategories. Contrary to the Dynkin case, we find out that the intersection of semi-stable subcategories may not be semi-stable. However, only a finite number of exceptions occur, and we give a description of these subcategories. Moreover, one can attach a simplicial fan in $\mathbb{Q}^n$ to any acyclic quiver $Q$, and this simplicial fan allows one to completely determine the canonical presentation of any element in $\mathbb{Z}^n$. This fan has a nice description in the Dynkin and Euclidean cases: it is described using an arrangement of convex codimension-one subsets of $\mathbb{Q}^n$, each such subset being indexed by a real Schur root or a set of quasi-simple objects. This fan also characterizes when two different stability conditions give rise to the same semi-stable subcategory.Comment: 39 page

An experimental investigation of the aerodynamic characteristics of slanted base ogive cylinders using magnetic suspension technology

An experimental investigation is reported on slanted base ogive cylinders at zero incidence. The Mach number range is 0.05 to 0.3. All flow disturbances associated with wind tunnel supports are eliminated in this investigation by magnetically suspending the wind tunnel models. The sudden and drastic changes in the lift, pitching moment, and drag for a slight change in base slant angle are reported. Flow visualization with liquid crystals and oil is used to observe base flow patterns, which are responsible for the sudden changes in aerodynamic characteristics. Hysteretic effects in base flow pattern changes are present in this investigation and are reported. The effect of a wire support attachment on the 0 deg slanted base model is studied. Computational drag and transition location results using VSAERO and SANDRAG are presented and compared with experimental results. Base pressure measurements over the slanted bases are made with an onboard pressure transducer using remote data telemetry