A Nonparametric Variance-Ratio Test of the Behavior of U.K. Real Estate and Construction Indices

This study utilizes tests based on ranks and signs suggested by Wright (2000), in addition to the traditional variance-ratio test, to examine the behavior of United Kingdom real estate and construction security indices. The results suggest a positive dependence in the index return series and provide a strong rejection of the random walk hypothesis for the two U.K. index series examined in this study. Thus, the efficient market hypothesis (EMH) is not confirmed for these real estate securities indices in the U.K.variance ratio; heteroskedasticity; stock index; random walk; ranks; signsJournal: International Real Estate Review

Pricing and Time on the Market for Residential Properties in a Major U.K. City

The pricing and length of time to sell single-family residential properties is a function of the interaction between buyer and seller behavior. This study estimates value effects in relation to the time on the market for residential properties within the Belfast (U.K).metropolitan area. Three distinctive characteristics of market are highlighted. First, the majority of sales are at a premium to the list price. Second, different factors influence time on the market for premium and discount sales. Third, the marketing period is examined for three events: listing to sales agreement, sales agreement to completion, and listing to completion.

A comparison of an open access university press with traditional presses: Two years later

This study is a comparison of AUPress with three other traditional (non-open access) Canadian university presses. The analysis is based on the rankings that are correlated with book sales on Amazon.com and Amazon.ca. Statistical methods include the sampling of the sales ranking of randomly selected books from each press. The results of one-way ANOVA analyses show that there is no significant difference in the ranking of printed books sold by AUPress in comparison with traditional university presses. However, AUPress, can demonstrate a significantly larger readership for its books as evidenced by the number of downloads of the open electronic versions

UK Housing Market: Time Series Processes with Independent and Identically Distributed Residuals

The paper examines whether a univariate data generating process can be identified which explains the data by having residuals that are independent and identically distributed, as verified by the BDS test. The stationary first differenced natural log quarterly house price index is regressed, initially with a constant variance and then with a conditional variance. The only regression function that produces independent and identically distributed standardised residuals is a mean process based on a pure random walk format with Exponential GARCH in mean for the conditional variance. There is an indication of an asymmetric volatility feedback effect but higher frequency data is required to confirm this. There could be scope for forecasting the index but this is tempered by the reduction in the power of the BDS test if there is a non-linear conditional variance process

Activism and Legitimation in Israel's Jurisprudence of Occupation

Colonial law need not exclude the colonized in order to subordinate them, and ‘activist’ courts can advance the effect of subordination no less than ‘passive’ courts. As a case study, this article examines the jurisprudential legacy of the Israeli Supreme Court in the context of the prolonged Israeli occupation of Palestine. Applying insights from legal realist, law and society, and critical legal studies scholarship, the article questions the utility of using the activist and passive labels. It illustrates how the Israeli activist court, through multiple legal and discursive moves, has advanced and legitimated the colonization of Palestine; that the court is aware of its role; and that arguments that focus on the court’s informal role do not mitigate this legitimating effect. Unlike other scholars, the article shows that the Israeli court’s role—by extending the power of judicial review to the military’s actions in the occupied areas—is neither novel nor unique or benevolent, as the British colonization of India and the US colonization of Puerto Rico show

Macrophage phenotype is associated with disease severity in preterm infants with chronic lung disease.

The etiology of persistent lung inflammation in preterm infants with chronic lung disease of prematurity (CLD) is poorly characterized, hampering efforts to stratify prognosis and treatment. Airway macrophages are important innate immune cells with roles in both the induction and resolution of tissue inflammation

Facilitating open access to information: a community approach to open education and open textbooks

Access to information as a necessary precondition for human flourishing is recognized explicitly in the UNESCO Strategic Development Goals, and mirrored by the work of universities globally to reduce barriers to information, especially research outputs. Growing international attention has turned to learning and teaching resources, particularly textbooks as a key barrier to fully engaging with, and participating in, higher education. The affordances of open texts provide an alternative to commercially published and often exclusionary access practices; and empower educators and students in co-creation and open sharing of information and knowledge. This paper examines the design of an ongoing institutional grants program predicated on a facilitated community learning approach for academic staff seeking to adopt, or adapt open textbooks into the curriculum as one mechanism to increase access to information. The participants’ experiences and personal learning were captured through a series of semi-structured interviews that inform the iterative design of the ongoing grants program that could be transferred to other institutions seeking to support educational change

Assessing sustainability in housing LED urban regeneration : insights from a housing association in Northern England

How far do current assessment methods allow the thorough evaluation of sustainable urban regeneration? Would it be useful, to approach the evaluation of the environmental and social impacts of housing regeneration schemes, by making both hidden pitfalls and potentials explicit, and budgeting costs and benefits in the stakeholders’ perspective? The paper aims at answering these questions, by focusing on a case study located in the Manchester area, the City West Housing Trust, a nonprofit housing association. Drawing from extensive fieldwork and including several interviews with key experts from this housing association, the paper first attempts to monetize the environmental and social value of two extant projects – a high-rise housing estate and an environmentally-led program. It then discusses whether and how a stakeholder-oriented approach would allow more engagement of both current and potential funders in the projects at hand. Findings from both the literature and the empirical data that was gathered show how in current housing regeneration processes, room for significant improvements in terms of assessment methods still exist. Findings additionally show that the environmental and social spillovers are largely disregarded because of a gap in the evaluation tools. This may also hinder the potential contributions of further funders in the achievements of higher impacts in terms of sustainability

Corporate real estate strategy: the Malaysian perspective

This study analyses the relationships between corporate real estate (CRE) strategy and financial performance of companies in Malaysia during 1998 and 2003. The identification of CRE strategies is based on the work of Nourse and Roulac (1993) and maps these strategies to the financial performance of companies through multivariate models. The results indicate that 80% of the companies had a dominant CRE strategy that matched the Nourse and Roulac framework in both periods. For the 1998 analysis, there was no apparent link between CRE strategy and share performance. Indeed those companies not having a strategy had better share performance. In contrast, there was evidence of a CRE strategy making a contribution to share price in 2003. In particular, the strategy to facilitate managerial process and knowledge framework is shown to enhance financial performance, compared to other CRE strategies or the no strategy alternative. This study concludes that CRE strategy can make a positive contribution to financial performance, but needs more attention from management in order to maximize its potential

Corporate real estate strategy in the UK and Malaysia

Purpose: The purpose of this paper is to compare corporate real estate (CRE) strategies of companies in a mature market, the UK, with companies in an emerging market, Malaysia, and examine whether CRE strategy impacts on financial performance. Design/methodology/approach: The methodology involved the analysis of the reporting of CRE strategies in company reports for two time periods, 1998 and 2003. Multivariate models were used to test the relationship between CRE strategy and financial performance. Findings: The results show that a high percentage of companies have CRE strategies that map to the Nourse and Roulac framework, though some companies had alternative or no CRE strategies. Variations are apparent between the UK and Malaysia and between the time periods with differences in the clarity of reporting. The contribution of CRE strategy to financial performance is more significant in 2003. Research limitations/implications: The testing of relationships based on another framework, would allow comparisons to be made with the current study in determining the potential of CRE strategy. Originality/value: This study has been the first attempt to identify relationships between CRE strategy and the financial performance of companies and in doing so has raised other potential questions for further research