The Dynamics of REIT Pricing Efficiency

We study the dynamics of pricing efficiency in the equity REIT market from 1993 to 2014. We measure pricing efficiency at the firm level using variance ratios calculated from quote midpoints in the TAQ database. We find four main results. First, on average, the market is efficient, with variance ratios close to one. However, in any given year, there is considerable cross-sectional variation in variance ratios, suggesting at least some firms are priced inefficiently. Second, higher institutional ownership by active institutional investors is related to better pricing efficiency, while passive ownership does not reduce pricing efficiency. Third, REITs that are included in the S&P 500 and S&P 400 are priced more efficiently than other REITs. For the S&P 500 firms, we find evidence that this was purely driven by sample selection, while for S&P 400 firms, we find evidence that it is inclusion in the index that drives efficiency. Finally, we find evidence that firm investment, analyst coverage and debt capital raising activity can influence pricing efficiency

The DELTA MONSTER: An RPV designed to investigate the aerodynamics of a delta wing platform

The mission requirements for the performance of aerodynamic tests on a delta wind planform posed some problems, these include aerodynamic interference; structural support; data acquisition and transmission instrumentation; aircraft stability and control; and propulsion implementation. To eliminate the problems of wall interference, free stream turbulence, and the difficulty of achieving dynamic similarity between the test and actual flight aircraft that are associated with aerodynamic testing in wind tunnels, the concept of the remotely piloted vehicle which can perform a basic aerodynamic study on a delta wing was the main objective for the Green Mission - the Delta Monster. The basic aerodynamic studies were performed on a delta wing with a sweep angle greater than 45 degrees. These tests were performed at various angles of attack and Reynolds numbers. The delta wing was instrumented to determine the primary leading edge vortex formation and location, using pressure measurements and/or flow visualization. A data acquisition system was provided to collect all necessary data

Appropriate Climate Smart Technologies for Smallholder Farmers in Sub-Saharan Africa

Nearly 70 per cent of the population in Sub-Saharan Africa (SSA) live in rural areas and rely mainly on agriculture for livelihood security. Low agricultural productivity in the region keeps this population under constant pressure, even though investment in agriculture is a proven way to reduce regional poverty. Studies have shown that Gross Domestic Product (GDP) growth in agriculture is at least twice as effective in reducing poverty as GDP growth originating outside agriculture. It is therefore necessary to develop and implement appropriate agricultural policies to support proven practices to alleviate poverty in this region where the majority of the population live on less than US$ 2 per day

The role of the chair of the school governing body in England

The research reported here analysed the role of the chair of the school governing body in England, drawing on a national survey of governors and the study of governing in 30 schools. The role encompassed: being a governor; appointing and working with the head teacher; acting as a change agent; active participation in the school; organising the governing body; dealing with complaints; working with parents; and chairing meetings. We discuss the role and the way it is experienced and conclude that the position of chair is substantially under-played; given insufficient status; and is a significant educational and community leadership responsibility.17 page(s

Net effects of life-history traits explain persistent differences in abundance among similar species

JSM and MM were supported by the National Science Foundation (NSF)1948946. MD is supported by the Warman Foundation, the Leverhulme Centre for Anthropocene Biodiversity (RC-2018-021) and NSF-NERC grant NE/V009338/1. MM is supported by a Leverhulme Trust Early Career Fellowship (ECF-2021-512).Life-history traits are promising tools to predict species commonness and rarity because they influence a population's fitness in a given environment. Yet, species with similar traits can have vastly different abundances, challenging the prospect of robust trait-based predictions. Using long-term demographic monitoring, we show that coral populations with similar morphological and life-history traits show persistent (decade-long) differences in abundance. Morphological groups predicted species positions along two, well-known life-history axes (the fast-slow continuum and size-specific fecundity). However, integral projection models revealed that density-independent population growth (λ) was more variable within morphological groups, and was consistently higher in dominant species relative to rare species. Within-group λ differences projected large abundance differences among similar species in short timeframes, and were generated by small but compounding variation in growth, survival, and reproduction. Our study shows that easily-measured morphological traits predict demographic strategies, yet small life-history differences can accumulate into large differences in λ and abundance among similar species. Quantifying the net effects of multiple traits on population dynamics is therefore essential to anticipate species commonness and rarity.Publisher PDFPeer reviewe

Menstrual Justice: A Human Rights Vision for Australia

In the past year alone, news reports have shown how menstrual injustice is linked to gender inequality, a lack of economic opportunity, poor health outcomes, and human rights violations. Here is a small sampling of the unjust treatment of women and other people who menstruate: locked bathrooms at schools, inadequate supply of free period products, harmful menstruation-avoidance options for athletes, the human and economic costs of the lack of menstruation and menopause employment leave policies, and the mistreatment of people imprisoned who menstruate. To improve women’s equality, we need menstrual justice. Menstrual justice is the achievement of dignity, liberty and equality for people who menstruate, primarily cis women and girls but also transgender men and boys, genderqueer/nonbinary and intersex persons. On the other hand, menstrual injustice is the oppression of people who menstruate simply because they menstruate, and our society does not yet accept and accommodate menstruation as normal. Menstrual injustices can compound the marginalization of persons already subject to other injustices, including young students, low-income persons, persons with disability, Indigenous persons, persons who are imprisoned, and remote and low-wage workers. We need laws that clearly outlaw workplace discrimination and harassment against menstruators, so no one is fired for bleeding on the job or being late to work due to period pain. We need public awareness campaigns and curricular expansion focused on health information and the eradication of menstrual stigma to curb poor menstrual health. We need access to resources and healthcare for residents in institutional settings that supports their autonomy over menstruation and menopause. We need provision of Indigenous intergenerational teaching about menstruation and menopause. Governments have addressed some of these menstrual injustices. For example, all States and Territories provide free product access in schools. Victoria will be providing free product access in public places. Such initiatives are critical and helpful. But they are isolated and do not tackle important pieces of the equality puzzle. The authors are a group of researchers, activists, and policy makers who have created this set of evidence-based recommendations for governments relating to menstruation and menopause. Our concrete recommendations, entitled “Menstrual Justice: A Human Rights Vision for Australia,” call upon Government to do more to fully address menstrual injustices. Our recommendations include the areas of public awareness, curriculum, schools, workplaces, public buildings and housing, institutional settings and discrimination and coercion. Many of these recommendations are no cost or low cost but could have a large impact on gender equality and would improve human rights for women and other people who menstruate

Orphans and other vulnerable children : what role for social protection ?

Recent estimates have provided unprecedented numbers of orphans, and vulnerable children, either brought about because of the HIV/AIDS epidemic, or carriers themselves of HIV infections, a relentless growth which has precipitated a multifaceted care burden, that will too, grow for the next twenty years. This report records the proceedings of the Conference"Orphans and Other Vulnerable Children", which sought to promote awareness of the extent of this crisis, and, to probe the role of social protection in implementing a balanced response. The social protection framework for working with orphans, and vulnerable children shaped the conference agenda. Provision of appropriate risk management instruments is crucial for lasting poverty reduction, while programs to reduce the vulnerability of orphans, and other children, should play an integral role in any national development strategy, in the context of the HIV/AIDS epidemic. Building community capacity will constitute the centerpiece of any feasible response. Within a realistic framework, programs must spread, and scale up, to address the vast, and growing need.Street Children,Youth and Governance,Health Monitoring&Evaluation,Children and Youth,Primary Education

Core Outcome Set-STAndardised Protocol items: the COS-STAP statement

Background: Several hundred core outcome set (COS) projects have been systematically identified to date which, if adopted, ensure that researchers measure and report those outcomes that are most likely to be relevant to users of their research. The uptake of a COS by COS users will depend in part on the transparency and robustness of the methods used in the COS development study, which would be increased by the use of a standardised protocol. This article describes the development of the COS-STAP (Core Outcome Set-STAndardised Protocol Items) Statement for the content of a COS development study protocol. Methods: The COS-STAP Statement was developed following the Enhancing the Quality and Transparency Of Health Research (EQUATOR) Network’s methodological framework for guideline development. This included an initial item generation stage, a two-round Delphi survey involving more than 150 participants representing three stakeholder groups (COS developers, journal editors and patient and public involvement researchers interested in COS development), followed by a consensus meeting with eight voting participants. Results: The COS-STAP Statement consists of a checklist of 13 items considered essential documentation in a protocol, outlining the scope of the COS, stakeholder involvement, COS development plans and consensus processes. Conclusions: Journal editors and peer reviewers can use the guidance to assess the completeness of a COS development study protocol submitted for publication. By providing guidance for key content, the COS-STAP Statement will enhance the drafting of high-quality protocols and determine how the COS development study will be carried out