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

Continental Shift? An Analysis of Convergence Trends in European Real Estate Equities

This paper investigates the effects of European monetary integration on the behavior of stock returns in European real estate companies from the perspective of a dollar-denominated investor. A range of statistical tests is applied to assess 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. Less and slower integration is attributed to the relatively small size of the real estate securities market and the local nature of many real estate companies’ portfolios.

Monetary Integration and Real Estate Markets: An Investigation of the Impact of the Introduction of a Single Currency on Real Estate Performance

This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors are investigated. European countries are sub-divided according to the process of monetary convergence. Analysis shows that national equity indices are strongly influenced by global market movements, with a European stock factor providing additional explanatory power. The global and European factors explain small cap and real estate stocks much less well –suggesting an increased importance of ‘local’ drivers. For real estate, there are notable differences between core and non-core countries. Core European countries exhibit convergence – a convergence to a European rather than a global factor. The non-core countries do not seem to exhibit common trends or movements. For the non-core countries, monetary integration has been associated with increased dispersion of returns, lower correlation and lower explanatory power of a European factor. It is concluded that this may be explained by divergence in underlying macro-economic drivers between core and non-core countries in the post-Euro period.

Monetary integration and real estate markets: an investigation of the impact of the introduction of a single currency on real estate performance

This paper assesses the impact of the monetary integration on different types of stock returns in Europe. In order to isolate European factors, the impact of global equity integration and small cap factors are investigated. European countries are sub-divided according to the process of monetary convergence. Analysis shows that national equity indices are strongly influenced by global market movements, with a European stock factor providing additional explanatory power. The global and European factors explain small cap and real estate stocks much less well –suggesting an increased importance of ‘local’ drivers. For real estate, there are notable differences between core and non-core countries. Core European countries exhibit convergence – a convergence to a European rather than a global factor. The non-core countries do not seem to exhibit common trends or movements. For the non-core countries, monetary integration has been associated with increased dispersion of returns, lower correlation and lower explanatory power of a European factor. It is concluded that this may be explained by divergence in underlying macro-economic drivers between core and non-core countries in the post-Euro period

Petri net modelling of a communications protocol

The Petri net is a formal modelling tool applicable to distributed systems and communication protocols. Two methods of analysis are applied to formal models of the "Alternating Bit Protocol". (i) A timed Petri net model is simulated to measure protocol performance. (ii) A modular numeric Petri net model is validated by reachability analysis. The simulation and validation tools are programmed in (i) "C" language and (ii) Prolog. A specification language "Needle" is developed. It describes the model system as a hierarchy of modular state transition networks. The model is searched for all possible event sequences, and the result displayed as a reachability tree. The specification language is capable of describing models which execute backwards in simulation time. The modular numeric Petri net is the basis of a powerful computer architecture, capable of parsing its own specification language to build complex models. Attention is drawn to the similarities between Petri net theory and quantum mechanics

Isotopic substitution experiments in the hydrogenation of mandelonitrile over a carbon supported Pd catalyst: a nuclear magnetic resonance study

A mechanistic exploration of the liquid phase hydrogenation of the aromatic cyanohydrin mandelonitrile (C6H5CH(OH)CH2CN) over a carbon supported Pd catalyst to produce the primary amine, phenethylamine (C6H5CH2CH2NH2) is conducted. Prior examination showed the reaction to involve the production of the ketone intermediate 2-aminoacetophenone (C6H5C(O)CH2NH2), formed as a consequence of the presence of an acid catalysed tautomeric side reaction. The corresponding deuteration reaction, reported here and analysed by multinuclear NMR spectroscopy and mass spectrometry, is employed to further investigate accessible pathways. Examination of the resultant product distribution of the deuteration, and the location of deuterium incorporation establishes the role of a hydroxy-imine species as a key reaction intermediate. In addition, the acid catalysed tautomerism to the ketone is shown to be a reversible side reaction, but also a contributor to desired product formation. Moreover, an order for the three critical hydrogen consuming steps in phenethylamine formation is established. Hydrogenation of the nitrile functionality to afford the hydroxy-imine precedes hydrogenolysis of the hydroxyl group, with the final step being hydrogenation of the imine to form the target product, phenethylamine

Shaping the future of learning using the student voice: we’re listening but are we hearing clearly?

Student voice data is a key factor as Manchester Metropolitan University strives to continually improve institutional technology enhanced learning (TEL) infrastructure. A bi-annual Institutional Student Survey enables students to communicate their experience of learning, teaching and assessment on programmes and specific units studied. Each cycle of the survey contains approximately 40–50,000 free text comments from students pertaining to what they appreciate and what they would like to see improved. A detailed thematic analysis of this data has identified 18 themes, arranged into six categories relating to the ‘Best’ aspects of courses, and 25 themes, arranged in seven categories in relation to aspects of courses considered to be ‘in need of improvement’. This student data was then used as a basis for semi-structured interviews with staff. Anecdotally, evidence suggested that student expectations and staff expectations around TEL and the virtual learning environment (VLE) differed. On-going evaluation of this work has highlighted a disconnect. In significant instances, academic colleagues seemingly misinterpret the student voice analysis and consequently struggle to respond effectively. In response to the analysis, the learning technologist's role has been to re-interpret the analysis and redevelop TEL staff development and training activities. The changes implemented have focused on: contextualising resources in VLE; making lectures more interactive; enriching the curriculum with audio–visual resources; and setting expectations around communications

The hydrogenation of mandelonitrile over a Pd/C catalyst: towards a mechanistic understanding

A carbon supported Pd catalyst is used in the liquid phase hydrogenation of the aromatic cyanohydrin mandelonitrile (C6H5CH(OH)CH2CN) to afford the primary amine phenethylamine (C6H5CH2CH2NH2). Employing a batch reactor, the desired primary amine is produced in 87% selectivity at reaction completion. Detection of the by-product 2-amino-1-phenylethanol (C6H5CH(OH)CH2NH2) accounts for the remaining 13% and closes the mass balance. The reaction mechanism is investigated, with a role for both hydrogenation and hydrogenolysis processes established

Hydrogenation of benzonitrile over supported Pd catalysts: kinetic and mechanistic insight

The liquid phase hydrogenation of benzonitrile over a 5wt% Pd/C catalyst using a stirred autoclave is investigated. The reaction conforms to a consecutive reaction sequence: firstly benzonitrile is hydrogenated to produce benzylamine, which subsequently undergoes a hydrogenolysis step to form toluene. Benzonitrile hydrogenation obeys first order kinetics with an activation energy of 27.6 kJ mol−1. In contrast, the benzylamine hydrogenolysis stage obeys zero order kinetics and exhibits an activation energy of 80.1 kJ mol−1. A 1wt% Pd/Al2O3 catalyst is additionally examined, which is also seen to support hydrogenolysis activity alongside the hydrogenation pathway. Gas phase transmission infrared spectroscopic measurements of the hydrogenation of benzonitrile and benzylamine over the 1wt% Pd/Al2O3 catalyst utilising hydrogen and deuterium are undertaken, which enable reaction schemes incorporating adsorption geometries of intermediate adsorption complexes to be proposed