Optimal composition of hybrid/blended real estate portfolios

Purpose: The purpose of this paper is to establish an optimum mix of liquid, publicly traded assets that may be added to a real estate portfolio, such as those held by open-ended funds, to provide the liquidity required by institutional investors such as UK defined contribution pension funds. This is with the objective of securing liquidity while not unduly compromising the risk-return characteristics of the underlying asset class. This paper considers the best mix of liquid assets at different thresholds for a liquid asset allocation, with the performance then evaluated against that of a direct real estate benchmark index. Design/Methodology/Approach: The authors employ a mean-tracking error optimisation approach in determining the optimal combination of liquid assets that can be added to a real estate fund portfolio. The returns of the optimised portfolios are compared to the returns for portfolios that employ the use of either cash or listed real estate alone as a liquidity buffer. Multivariate Generalised Autoregressive models are used along with rolling correlations and tracking errors to gauge the effectiveness of the various portfolios in tracking the performance of the benchmark index. Findings: The results indicate that applying formal optimisation techniques leads to a considerable improvement in the ability of the returns from blended real estate portfolios to track the underlying real estate market. This is the case at a number of different thresholds for the liquid asset allocation and in cases where a minimum return requirement is imposed. Practical Implications: The results suggest that real estate fund managers can realise the liquidity benefits of incorporating publicly traded assets into their portfolios without sacrificing the ability to deliver real estate-like returns. However, in order to do so, a wider range of liquid assets must be considered, not just cash. Originality/value: Despite their importance in the real estate investment industry, comparatively few studies have examined the structure and operation of open-ended real estate funds. To the authors’ knowledge, this is the first study to analyse the optimal composition of liquid assets within blended or hybrid real estate portfolios

Somalia and the Pirates. ESF Working Paper No. 33, 18 December 2009

Piracy is defined by The Hague Centre for Strategic Studies as an "act of boarding or attempting to board any ship with the apparent intent to commit theft or any other crime and with the apparent intent or capability to use force in furtherance of that act." And it is estimated that from 1995 to 2009, around 730 persons were killed or are presumed dead, approximately 3,850 seafarers were held hostage, around 230 were kidnapped and ransomed, nearly 800 were seriously injured and hundreds more were threatened with guns and knives. (See paper by Rob de Wijk). In November 2009, CEPS held a European Security Forum seminar, in collaboration with the Institute for Strategic Studies, the Centre for the Democratic Control of Armed Forces and the Geneva Centre for Security Policy, to focus on the issue of Somalia and the Pirates, chaired by Francois Heisbourg. Four eminent specialists in this field: David Anderson, Rob de Wijk, Steven Haines and Jonathon Stevenson looked at the links with Somalia, and the historical, legal, political and security dimensions of the troubling success of piracy in today’s world. Their conclusions and recommendations for future action are brought together in this ESF 33 Working Paper

Mars Pathfinder Rover-Lewis Research Center Technology Experiments Program

An overview of NASA's Mars Pathfinder Program is given and the development and role of three technology experiments from NASA's Lewis Research Center and carried on the Mars Pathfinder rover is described. Two recent missions to Mars were developed and managed by the Jet Propulsion Laboratory, and launched late last year: Mars Global Surveyor in November 1996 and Mars Pathfinder in December 1996. Mars Global Surveyor is an orbiter which will survey the planet with a number of different instruments, and will arrive in September 1997, and Mars Pathfinder which consists of a lander and a small rover, landing on Mars July 4, 1997. These are the first two missions of the Mars Exploration Program consisting of a ten year series of small robotic martian probes to be launched every 26 months. The Pathfinder rover will perform a number of technology and operational experiments which will provide the engineering information necessary to design and operate more complex, scientifically oriented surface missions involving roving vehicles and other machinery operating in the martian environment. Because of its expertise in space power systems and technologies, space mechanisms and tribology, Lewis Research Center was asked by the Jet Propulsion Laboratory, which is heading the Mars Pathfinder Program, to contribute three experiments concerning the effects of the martian environment on surface solar power systems and the abrasive qualities of the Mars surface material. In addition, rover static charging was investigated and a static discharge system of several fine Tungsten points was developed and fixed to the rover. These experiments and current findings are described herein

The State of Preschool 2007

Provides data on state-funded pre-K programs for the 2006-2007 school year, such as percentages of children enrolled at different ages, spending per child, and the number of quality standard benchmarks met. Includes state rankings and profiles

Anisotropic contributions in the chromatographic elution behavior of fullerenes and fullertubes

The retention behavior of fullerenes and fullertubes on a PYE column in reversed-phase chromatography was investigated to clarify the influence of their shapes on the separation process. The impact of anisotropy was further elucidated using a pair potential interaction model, together with experimental data and ab initio calculations, to evaluate its contribution to various parameters characterizing the interaction models. The findings indicate that the shape of fullerenes plays a more significant role than anticipated in the retention mechanisms, highlighting the necessity of considering the shape of fullerenes and fullertubes to accurately predict their retention times. Furthermore, a phenomenological pair potential was devised to demonstrate the feasibility of precisely predicting the retention times of fullerenes and fullertubes through first-principles calculations, regardless of their shape. The existence of such a model paves the way for the development of a method to identify isomers of fullerenes from minute amounts of sample

Pesticidal plants in African agriculture: Local uses and global perspectives

In 2001 in this publication we drew attention to the wealth of potential in pesticidal plants in Africa. We reported from a regional focus on West Africa where we had been undertaking research identifying new plant sources of pesticides, verifying their efficacy and considering how we could apply our scientific knowledge to improving the way farmers used them (Belmain & Stevenson 2001). Here, 15 years on, we consider how this research and development domain has changed, what are the success stories and priorities for Africa and where is this sector heading

Testes size, testosterone production and reproductive behaviour in a natural mammalian mating system

1. Testosterone (T) is a key mediator in the expression of numerous morphological and behavioural traits in mammals, but the factors underlying individual variation in circulating T levels are poorly understood. 2. The intimate structural integration of sperm and T production within the testes, alongside the dependency of sperm production on high levels of T, suggests that T requirements for spermatogenesis could be an important driver of individual differences in T. 3. To test this hypothesis, we examine how male capacity for sperm production ( as indicated by their testes size) is associated with T levels in a feral population of Soay sheep, resident on St. Kilda, Scotland, during their rutting season. 4. We found a strong positive relationship between an individual's testes size ( as measured before their seasonal enlargement) and the levels of circulating T during their rut, suggesting that T requirements for spermatogenesis has a prominent influence on the production of this androgen. 5. In contrast, body condition and competitive ability did not independently predict T levels, findings that are inconsistent with conventional 'condition-dependent' and 'challenge' hypotheses of T production. 6. This influence of male's capacity for sperm production on T appeared to be substantial enough to be biologically relevant, as testes size also predicted male aggression and mate-seeking behaviour. 7. Our results suggest that a male's inherent capacity for sperm and T production is tightly phenotypically integrated, with potential consequences for a wide range of other T-mediated reproductive traits

Space Station Freedom/lunar transfer vehicle propellant operation hazard analysis

Space Station Freedom (SSF), as a transportation node for Space Exploration Initiative missions, would involve the assembly and refurbishing of lunar and Mars transfer vehicles. This includes operations involving cryogenic propellants (LH2 7 LO2) such as storing and handling of loaded propellant tanks, assembly onto the vehicle, and propellant transfer. Cryogenic propellants dictate rigorous safety precautions and impose unique requirements to ensure flight safety to both personnel and SSF elements. The objective of this study is to identify potential hazards and risks associated with cryogenic propellants. This involves identification of pertinent system design features and operational procedures. Criticality of identified risks/hazards shall be assessed and those that fall in the catastrophic and critical categories shall include mitigating solutions

Grassroots Market Research on Grass: Predicting Cannabis Brand Performance Using Social Media Scraping

[EN] Social media listening has become a useful tool to marketers in studying behavior for a wide variety of consumer applications, from political leanings and drug abuse to common product choices. Although most cannabis products are illegal at the U.S. Federal level, it is legal in 30 states for medical use and 8 states and the District of Columbia for recreational use. Despite the legal issues, cannabis is projected to reach over $31 billion in sales world-wide by 2021. The industry is both rapidly evolving and highly fragmented, making it challenging for companies operating in the space to access the insights and the data to help design communications, product development and branding strategies. The research presented here will show that the application of social media listening can be helpful for cannabis brand marketers to gauge size, scope and nuances of these markets and tailored social media mining can accurately predict a brand’s future performance. Later research will show that social media scraping will help identify and segment consumers at a fraction the cost of traditional consumer research methods.Kregor, J.; Gomez, B.; Kelly, JS.; Stevenson, K. (2018). Grassroots Market Research on Grass: Predicting Cannabis Brand Performance Using Social Media Scraping. En 2nd International Conference on Advanced Reserach Methods and Analytics (CARMA 2018). Editorial Universitat Politècnica de València. 201-208. https://doi.org/10.4995/CARMA2018.2018.8348OCS20120