Capital market expectations and the London office market

The analysis of office market dynamics has generally concentrated on the impact of underlying fundamental demand and supply variables. This paper takes a slightly different approach to many previous examinations of rental dynamics. Within a Vector-Error-Correction framework the empirical analysis concentrates upon the impact of economic and financial variables on rents in the City of London and West End of London office markets. The impulse response and variance decomposition reveal that while lagged rental values and key demand drivers play a highly important role in the dynamics of rents, financial variables are also influential. Stock market performance not only influences the City of London market but also the West End, whilst the default spread plays an important role in recent years. It is argued that both series incorporate expectations about future economic performance and that this is the basis of their influence upon rental values

Three-Year Creel Census of Lake Catherine, Lake Hamilton, and Lake Ouachita, Arkansas

Copia digital. Madrid : Ministerio de Educación, Cultura y Deporte, 201

Capital Market Expectations and the London Office Market

The analysis of office market dynamics has generally concentrated on the impact of underlying fundamental demand and supply variables. This paper takes a slightly different approach to many previous examinations of rental dynamics. Within a Vector-Error-Correction framework the empirical analysis concentrates upon the impact of economic and financial variables on rents in the City of London and West End of London office markets. The impulse response and variance decomposition reveal that while lagged rental values and key demand drivers play a highly important role in the dynamics of rents, financial variables are also influential. Stock market performance not only influences the City of London market but also the West End, whilst the default spread plays an important role in recent years. It is argued that both series incorporate expectations about future economic performance and that this is the basis of their influence upon rental values.

Dynamic correlations across REIT sub-sectors

The issue of whether Real Estate Investment Trusts should pursue a focused or diversified investment strategy remains an ongoing debate within both the academic and industry communities. This paper considers the relationship between REITs focused on different property sectors in a GARCH-DCC framework. The daily conditional correlations reveal that since 1990 there has been a marked upward trend in the coefficients between US REIT sub-sectors. The findings imply that REITs are behaving in a far more homogeneous manner than in the past. Furthermore, the argument that REITs should be focused in order that investors can make the diversification decision is reduced

Estimation of Apartment Submarkets

The analysis of apartment sub-markets and the modelling of such markets have attracted a considerable degree of attention recently. This study compares apartment submarkets within a major European city. The price behaviour of the Dublin, Ireland apartment market is tested using hedonic models and aggregate and disaggregate data. The results strongly indicate that the modelling of apartment markets at the disaggregate level does result in significant improvements in estimation in comparison to estimations undertaken at an aggregate level. This particular apartment market is especially interesting, due to the introduction of fiscal incentives in inner-city locations. In order to fully understand the Dublin apartment market requires an appreciation of the role played by tax breaks for owner-occupiers and investors in urban renewal locations. The results show that different submarkets responded differently. The central city apartment market [urban renewal locations] saw a short-term stabilization of prices in the months following the fiscal changes, with price increases accelerating again shortly afterwards.

Dynamic Correlations across REIT Sub-Sectors

The issue of whether Real Estate Investment Trusts should pursue a focused or diversified investment strategy remains an ongoing debate within both the academic and industry communities. This paper considers the relationship between REITs focused on different property sectors in a GARCH-DCC framework. The daily conditional correlations reveal that since 1990 there has been a marked upward trend in the coefficients between US REIT sub-sectors. The findings imply that REITs are behaving in a far more homogeneous manner than in the past. Furthermore, the argument that REITs should be focused in order that investors can make the diversification decision is reduced.

Michael Smith and the daleks: reason, morality, and contingency

Smith has defended the rationalist's conceptual claim that moral requirements are categorical requirements of reason, arguing that no status short of this would make sense of our taking these requirements as seriously as we do. Against this I argue that Smith has failed to show either that our moral commitments would be undermined by possessing only an internal, contextual justification or that they need presuppose any expectation that rational agents must converge on their acceptance. His claim that this rationalistic understanding of metaethics is required for the intelligibility of moral disagreement is also found to be inadequately supported. It is further proposed that the rationalist's substantive claims - that there are such categorical requirements of reason and that our actual moral commitments are a case in point - are liable to disappointment; and that the conceptual claim is fatally undermined by reflection on how we might best respond to such disappointment

Milk Consumption Following Exercise Reduces Subsequent Energy Intake in Female Recreational Exercisers

The aim of this study was to evaluate the effects of skimmed milk as a recovery drink following moderate–vigorous cycling exercise on subsequent appetite and energy intake in healthy, female recreational exercisers. Utilising a randomised cross-over design, nine female recreational exercisers (19.7 ± 1.3 years) completed a V̇O2peak test followed by two main exercise trials. The main trials were conducted following a standardised breakfast. Following 30 min of moderate-vigorous exercise (65% V̇O2peak), either 600 mL of skimmed milk or 600 mL of orange drink (475 mL orange juice from concentrate, 125 mL water), which were isoenergetic (0.88 MJ), were ingested, followed 60 min later with an ad libitum pasta meal. Absolute energy intake was reduced 25.2% ± 16.6% after consuming milk compared to the orange drink (2.39 ± 0.70 vs. 3.20 ± 0.84 MJ, respectively; p = 0.001). Relative energy intake (in relation to the energy content of the recovery drinks and energy expenditure) was significantly lower after milk consumption compared to the orange drink (1.49 ± 0.72 vs. 2.33 ± 0.90 MJ, respectively; p = 0.005). There were no differences in AUC (× 1 h) subjective appetite parameters (hunger, fullness and desire to eat) between trials. The consumption of skimmed milk following 30 min of moderate-vigorous cycling exercise reduces subsequent energy intake in female recreational exercisers