Financial reporting on corporate real estate: a study of the annual reports of non-investment companies listed on the New Zealand Stock Exchange (NZSE)

Corporate Real Estate (CRE) is a significant asset, which has been shown to add value to businesses if it is efficiently and effectively managed. Globalisation of capital markets, advancements in technology and the current economic condition have again increased the awareness of the importance of CRE’s contribution. In order to be successful businesses need CRE to create and maintain their competitive edge in the marketplace. Advancement in terms of Corporate Real Estate Asset Management (CREAM) and the positive attitude shift of executives towards corporate real estate (CRE) have been made possible through research into the contribution CRE makes to a business’s bottom line. The objective of this study is to describe the financial reporting practices of companies (excluding investment companies) listed on the New Zealand Stock Exchange (NZSE) in order to reveal the current attitudes of management towards CRE. The results showed that information chaos exists behind the façade of the Balance Sheet, revealing that management have a surface level attitude and lack a real focus towards CRE assets. In New Zealand and overseas there is minimal literature that this study could build upon. The methodology involved an exploratory study of the 2008 annual reports; the results formed a snap shot of the current reporting practices of CRE and revealed the current attitudes of management in entities towards CRE

An Exploratory study of the performance characteristics of the property vehicles listed on the New Zealand Stock Exchange (NZX)

There are two listed property investment vehicles on the New Zealand Stock Exchange (NZX), namely Listed Property Trusts (LPTs) and Listed Property Investment Companies (LPICs). Historically the proportion of New Zealand LPTs to LPICs has varied over the years due to failures and new listings. More recently a new trend has emerged that has impacted on these proportions, which has been the corporatisation of some of the LPTs. As a result the number of Trusts on the stock exchange (NZX) reduced significantly in 2010 and two other trusts have also been considered following this trend. From the literature it can be seen that there is a lack of empirical evidence that can assist stakeholders in justifying either the immense costs involved in these conversions or the decision not to convert. The purpose of this exploratory study was to determine whether the LPTs performed differently to the LPICs, in order to justify the choice of adopting a company structure and in the case of conversions to justify the immense costs involved. The objectives of the study were: (1) to reveal the nature and significance of NZ’s LPVs in the NZ investment market, (2) to explore the performance characteristics NZ’s LPVs, (3) to reveal any reward-to-risk benefits for investors by investing in either LPTs or LPICs, and (4) to reveal any diversification benefits for investors by investing in either LPTs or LPICs. Evidence The study developed three new separate gross (total) return series indices: the overall LPV sector index, the LPT sub-sector index, and the LPIC sub-sector index. These new indices were created so that the performance characteristics of these indirect property vehicles could be examined over the study period 1994:Q1 to 2011:Q3. The effect of different market conditions on the performance of these vehicles was also assessed by analysing the performance of the LPTs and the LPICs over specified sub-periods: (1) the pre-Asian crisis, (2) the Asian crisis to pre-Global Financial Crisis, and (3) the Global Financial Crisis (GFC) and post-Global Financial Crisis. Data to develop the three new indices was sourced from NZX database. Existing gross (total) return indices for stocks (NZX All Gross (Total Return) Index) and Government bonds (ANZ All Government Bond (Gross) Index) were also sourced from the NZX database and for direct property (All Property Total Return (Gross) Index) was sourced from the Property Council of New Zealand/Investment Property Databank (PCNZ/IPD). The risk free rate of return to compute the Sharpe measure was sourced from the Reserve Bank of New Zealand (RBNZ) database. The results showed that LPTs and LPICs have performed differently over the seventeen year study period and the sub-periods, which suggests there is a relationship between the ownership structure and performance characteristics of New Zealand’s Listed Property Vehicles (LPVs). Historically it was found, that overall the LPICs have offered investors’ superior risk-reduction and reward-to-risk benefits compare to the LPTs. The findings, in this study, offer empirical support to the argument presented in previous studies (Korda Mentha, 2010; Grant Samuel, 2010, 2011), that a company structure is the optimal ownership structure to improve performance in a New Zealand context. The practical implications of these findings include assisting investors’ by providing empirical evidence to justify their support of future conversions and also assisting stakeholders who are deciding which ownership structure to adopt when setting up a listed property vehicle. From a theoretical viewpoint these findings also suggest that the LPICs and LPTs can be treated as separate asset classes and that further segmentation studies of the NZX Property Sector could be undertaken to better understand the nature of these collective investment vehicles

Darcin: a male pheromone that stimulates female memory and sexual attraction to an individual male's odour

<p>Abstract</p> <p>Background</p> <p>Among invertebrates, specific pheromones elicit inherent (fixed) behavioural responses to coordinate social behaviours such as sexual recognition and attraction. By contrast, the much more complex social odours of mammals provide a broad range of information about the individual owner and stimulate individual-specific responses that are modulated by learning. How do mammals use such odours to coordinate important social interactions such as sexual attraction while allowing for individual-specific choice? We hypothesized that male mouse urine contains a specific pheromonal component that invokes inherent sexual attraction to the scent and which also stimulates female memory and conditions sexual attraction to the airborne odours of an individual scent owner associated with this pheromone.</p> <p>Results</p> <p>Using wild-stock house mice to ensure natural responses that generalize across individual genomes, we identify a single atypical male-specific major urinary protein (MUP) of mass 18893Da that invokes a female's inherent sexual attraction to male compared to female urinary scent. Attraction to this protein pheromone, which we named darcin, was as strong as the attraction to intact male urine. Importantly, contact with darcin also stimulated a strong learned attraction to the associated airborne urinary odour of an individual male, such that, subsequently, females were attracted to the airborne scent of that specific individual but not to that of other males.</p> <p>Conclusions</p> <p>This involatile protein is a mammalian male sex pheromone that stimulates a flexible response to individual-specific odours through associative learning and memory, allowing female sexual attraction to be inherent but selective towards particular males. This 'darcin effect' offers a new system to investigate the neural basis of individual-specific memories in the brain and give new insights into the regulation of behaviour in complex social mammals.</p> <p>See associated Commentary <url>http://www.biomedcentral.com/1741-7007/8/71</url></p

Transient, unsettling and creative space: Experiences of liminality through the accounts of Chinese students on a UK-based MBA

This is the author's accepted manuscript. The final published article is available from the link below. Copyright @ The Author(s) 2009.This article explores the experiences of liminality through the accounts of Chinese students on a UK-based MBA programme. The transient nature of the MBA experience, as well as the international status of the Chinese student, is resonant with conceptualizations of liminality as ‘in between’ space. Based on semi-structured interviews with 20 MBA graduates who had subsequently returned to China with their qualification, we explored their perceptions of outcomes from the course and their experiences as international students on a programme imbued with western norms and values. Results support the unsettling yet creative implications of liminality, as well as the fragmented insecure nature of identities, as individuals pass through the MBA ‘rite of passage’ in terms of ‘becoming’ a manager and entering a new phase of career. Accounts suggest the creation of hierarchical structures within liminal space whereby Chinese students, through their positioning at the margin, have uncomfortable yet illuminating encounters with alterity. At the same time, they experience levels of ambiguity and uncertainty in the post-liminal phase of China-located employments, as new western-based managerial identities collide with dominant discourses of Chinese organization

Radiological Society of North America expert consensus document on reporting chest CT findings related to COVID-19: Endorsed by the Society of Thoracic Radiology, the American College of Radiology, and RSNA

Routine screening CT for the identification of coronavirus disease 19 (COVID-19) pneumonia is currently not recommended by most radiology societies. However, the number of CT examinations performed in persons under investigation for COVID-19 has increased. We also anticipate that some patients will have incidentally detected findings that could be attributable to COVID-19 pneumonia, requiring radiologists to decide whether or not to mention COVID-19 specifically as a differential diagnostic possibility. We aim to provide guidance to radiologists in reporting CT findings potentially attributable to COVID-19 pneumonia, including standardized language to reduce reporting variability when addressing the possibility of COVID-19. When typical or indeterminate features of COVID-19 pneumonia are present in endemic areas as an incidental finding, we recommend contacting the referring providers to discuss the likelihood of viral infection. These incidental findings do not necessarily need to be reported as COVID-19 pneumonia. In this setting, using the term viral pneumonia can be a reasonable and inclusive alternative. However, if one opts to use the term COVID-19 in the incidental setting, consider the provided standardized reporting language. In addition, practice patterns may vary, and this document is meant to serve as a guide. Consultation with clinical colleagues at each institution is suggested to establish a consensus reporting approach. The goal of this expert consensus is to help radiologists recognize findings of COVID-19 pneumonia and aid their communication with other health care providers, assisting management of patients during this pandemic. Published under a CC BY 4.0 license

Gender, age and the MBA: An analysis of extrinsic and intrinsic career benefits

Against the background of an earlier UK study, this paper presents the findings of a Canadian based survey of career benefits from the MBA. Results indicate firstly that gender and age interact to influence perceptions of career outcomes (young men gain most in terms of extrinsic benefits of career change and pay), and secondly that both men and women gain intrinsic benefits from the MBA. However, intrinsic benefits vary by gender: men in the study were more likely to say they gained confidence from having a fuller skill set while women were more likely to say they gained confidence from feelings of self worth; men emphasised how they had learned to give up control while women argued that they had gained a ‘voice’ in the organization. The role of the MBA in career self- management and the acquisition of key skills are examined as well as the implications for the design of programmes in meeting the varied need of men and women in different age groups

Hyaluronan turnover and hypoxic brown adipocytic differentiation are co-localized with ossification in calcified human aortic valves

The calcification process in aortic stenosis has garnered considerable interest but only limited investigation into selected signaling pathways. This study investigated mechanisms related to hypoxia, hyaluronan homeostasis, brown adipocytic differentiation, and ossification within calcified valves. Surgically explanted calcified aortic valves (nﾠ=ﾠ14) were immunostained for markers relevant to these mechanisms and evaluated in the center (NodCtr) and edge (NodEdge) of the calcified nodule (NodCtr), tissue directly surrounding nodule (NodSurr); center and tissue surrounding small ﾓprenodulesﾔ (PreNod, PreNodSurr); and normal fibrosa layer (CollFibr). Pearson correlations were determined between staining intensities of markers within regions. Ossification markers primarily localized to NodCtr and NodEdge, along with markers related to hyaluronan turnover and hypoxia. Markers of brown adipocytic differentiation were frequently co-localized with markers of hypoxia. In NodCtr and NodSurr, brown fat and ossification markers correlated with hyaluronidase-1, whereas these markers, as well as hypoxia, correlated with hyaluronan synthases in NodEdge. The protein product of tumor necrosis factor-? stimulated gene-6 strongly correlated with ossification markers and hyaluronidase in the regions surrounding the nodules (NodSurr, PreNodSurr). In conclusion, this study suggests roles for hyaluronan homeostasis and the promotion of hypoxia by cells demonstrating brown fat markers in calcific aortic valve disease

Ethnic and social inequalities in COVID-19 outcomes in Scotland:protocol for early pandemic evaluation and enhanced surveillance of COVID-19 (EAVE II)

Introduction: Evidence from previous pandemics, and the current COVID-19 pandemic, has found that risk of infection/severity of disease is disproportionately higher for ethnic minority groups, and those in lower socioeconomic positions. It is imperative that interventions to prevent the spread of COVID-19 are targeted towards high-risk populations. We will investigate the associations between social characteristics (such as ethnicity, occupation and socioeconomic position) and COVID-19 outcomes and the extent to which characteristics/risk factors might explain observed relationships in Scotland. The primary objective of this study is to describe the epidemiology of COVID-19 by social factors. Secondary objectives are to (1) examine receipt of treatment and prevention of COVID-19 by social factors; (2) quantify ethnic/social differences in adverse COVID-19 outcomes; (3) explore potential mediators of relationships between social factors and SARS-CoV-2 infection/COVID-19 prognosis; (4) examine whether occupational COVID-19 differences differ by other social factors and (5) assess quality of ethnicity coding within National Health Service datasets. Methods and analysis: We will use a national cohort comprising the adult population of Scotland who completed the 2011 Census and were living in Scotland on 31 March 2020 (~4.3 million people). Census data will be linked to the Early Assessment of Vaccine and Anti-Viral Effectiveness II cohort consisting of primary/secondary care, laboratory data and death records. Sensitivity/specificity and positive/negative predictive values will be used to assess coding quality of ethnicity. Descriptive statistics will be used to examine differences in treatment and prevention of COVID-19. Poisson/Cox regression analyses and mediation techniques will examine ethnic and social differences, and drivers of inequalities in COVID-19. Effect modification (on additive and multiplicative scales) between key variables (such as ethnicity and occupation) will be assessed. Ethics and dissemination: Ethical approval was obtained from the National Research Ethics Committee, South East Scotland 02. We will present findings of this study at international conferences, in peer-reviewed journals and to policy-makers

Uncanny Objects and the Fear of the Familiar:Hiding from Akan Witches in New York City

This article examines the cosmology and secret practices of West African traditional priests in New York City in preventing the spread of witchcraft, an evil invisible spirit transmitted between female members of the Akan matrilineage. Explored is an uncanny dynamic as everyday habitus becomes increasingly strange in the world of a young Ghanaian woman in the Bronx, who has become petrified of insinuations of witchcraft from close family members. In trying to hide the young woman from infection by her fellow witches, Akan priests attempt to ‘capture’ her habits and everyday routines, calling upon the iconic magic of New York City in order to ‘misplace’ familiarity within the anonymity of Manhattan. In this process, the transmission of the witch’s spirit to the intended victim is disturbed as the victim’s life and things are moved. Nowhere to be found, the witch shifts her attention to other victims