Integration and segmentation in European investment services markets: assessing the implications for international real estate investment

This paper analyses developments in the growth and configuration of the institutional savings markets within the European Union. The paper discusses the changing socio-economic context in which investment services within the EU are being delivered. The is followed by an examination of drivers of market integration such as the growth and consolidation of the fund management industry, the demographic and fiscal pressures for reform of pensions markets and the process and effects of the deregulation of investment services markets. There is a review of outstanding sources of market segmentation. The projections for future growth in pensions are outlined and implications for real estate investment assessed. It is concluded that, although numerous imponderables render reliable quantitative projections problematic, growth and restructuring of the institutional savings market is likely to increase cross-border capital flows to real estate markets

An American Golem: Comic Books, Creation, and the Virtue of Escape in Michael Chabon’s The Amazing Adventures of Kavalier & Clay

This thesis examines Michael Chabon’s defense of escapist stories as manifested in his Pulitzer Prize winning novel, The Amazing Adventures of Kavalier & Clay (2000). Through this work, Chabon traces the history of escapist stories and superheroes in Judaism through the anthropomorphic figure of Jewish folklore, the golem. Chabon explores the ways in which the creation of a golem overlaps with the creation of a comic book. Additionally, Chabon shows the ability of escapist stories—those that allow the reader to leave reality and enter into fantasy—to facilitate healing from deep emotional wounds. This healing is demonstrated through the journey of the protagonist, Josef Kavalier, as he relies on fantastical stories—both written by others and himself—to reacclimate to the world after trauma. In response to those who claim that escapist literature is only a turning away from reality and history, Kavalier & Clay demonstrates the value of escapist stories in facilitating recovery from trauma

Pricing short leases and break clauses using simulation methodology

This paper examines the changes in the length of commercial property leases over the last decade and presents an analysis of the consequent investment and occupational pricing implications for commercial property investmentsIt is argued that the pricing implications of a short lease to an investor are contingent upon the expected costs of the letting termination to the investor, the probability that the letting will be terminated and the volatility of rental values.The paper examines the key factors influencing these variables and presents a framework for incorporating their effects into pricing models.Approaches to their valuation derived from option pricing are critically assessed. It is argued that such models also tend to neglect the price effects of specific risk factors such as tenant circumstances and the terms of break clause. Specific risk factors have a significant bearing on the probability of letting termination and on the level of the resultant financial losses. The merits of a simulation methododology are examined for rental and capital valuations of short leases and properties with break clauses.It is concluded that in addition to the rigour of its internal logic, the success of any methodology is predicated upon the accuracy of the inputs.The lack of reliable data on patterns in, and incidence of, lease termination and the lack of reliable time series of historic property performance limit the efficacy of financial models

Developing inclusive later life learning environments: insights from intersectional analysis of ageing and lesbian, gay, transgendered and bisexual identities

To date there has been minimal empirical inquiry on what may constitute inclusive learning environments for older (50+ years) lesbian, gay, bisexual and transgendered (LGBT) adults. This paper draws upon a recent life-histories study with older LGBT adults in Scotland to consider how such environments can be developed. To do so, intersectional analysis is applied to interrogate how participants' lived realities and sense of self are enabled and constrained by the interactions between their diverse ageing, LGBT and other identities in the particular contexts of later life, post work. The paper argues that by adopting this approach to intersectional analysis, critical educational gerontology (CEG) is equipped to more effectively realise inclusive, meaningful and potentially empowering learning environments for older LGBT adults. These will be more attuned to their later life realities, enabling them to reflect on the changing significance of being LGBT as they age, while allowing potential for personal growth and renewed sense of self

Why do research on commercial property management? Somebody HAS to!

This paper identifies some significant gaps in our knowledge of the configuration and performance of the property asset management sector. It is argued that, as many leading academic property researchers have focussed on financial vehicles and modelling, in-depth analysis of property assets and their management has been neglected. In terms of potential for future in-depth research, three key broad preliminary research themes or questions are identified. First, how do the active management opportunities presented, costs of management and the key management tasks vary with market conditions, asset type and life-cycle stage? Second, how is property asset management delivered and what are the main costs and benefits of different models of procurement? Finally, what are the appropriate metrics for measuring the performance of different property managers and approaches to property management? It is concluded that the lack of published materials addressing these issues has implications for educating property students

Fixing the currency: analysing the implications for property investment performance

This paper analyses the historic effects of exchange rate movements on returns, risk and diversification of office markets within the Euro zone in order to gain insights into the investment consequences of conversion to a fixed rate currency regime. The data used in the study represents annual office rental growth rates for 22 European cities from nine European Union countries between 1985 and 1996. Relative performance is reported in terms of domestic currency and in terms of deutsche marks. The evidence presented suggests that Euro zone property investors in ‘southern’ countries are now protected from short term jump risk associated with flexible peg currency arrangements and medium/long-term currency volatility. Historically exchange rate movements have produced decreases in returns and increases in volatility. For northern ‘bloc’ cities, the effects of fixing the exchange rate are minimal. For these cities, national exchange rate fluctuations against the deutsche mark have been minor and the resultant implications for property risk and return to non-domestic SCA investors have been negligible. Moreover, although previous research would suggest that the effect of currency volatility is to decrease market correlation, this cannot be observed within the Euro zone

Onward: How a Regional Temperance Magazine for Children Survived and Flourished in the Victorian Marketplace

This paper explores the purpose, use and content of nineteenth-century children’s temperance magazines by a case study of Onward (1869-1910, monthly), examining significant changes over a key forty-year period. Technological developments and the influence of competing publications led the magazine to transform its content, typography, format and size, decade by decade. What began as a regional title reached a national circulation of 250,000, and the changes implemented reveal its twin priorities of integration of readers into the Temperance movement, and the creation of a competitive "brand" of juvenile magazine

Picturing the Demon Drink: How Children were Shown Temperance Principles in the Band of Hope

The UK Temperance movement attracted millions of members in the nineteenth and twentieth century, including children. Probably the most successful of the many groupings was the children’s organization, the Band of Hope (1847–1995), and there is a rich legacy of teaching materials, including magic lantern slides, which enables later generations to discover and evaluate its use of visual discourse. This article explores the visual means by which the message was spread and members were gained, sustained, and given material for their own missionary endeavors. The argument highlights the importance of the pioneering visual tools for communicating these messages used by the Band of Hope

Implementing the National Bioengineered Food Disclosure Standard

In July 2016, the National Bioengineered Food Disclosure Law was passed to establish a mandatory national system for disclosing the presence of genetically-engineered material in food (GMOs). The federal law preempts state and local initiatives to create labeling systems. This essay first analyzes the benefits and drawbacks of having a national GMO law rather than a patchwork of state laws. Then it provides commentary on how the USDA can create an effective and accessible labeling system, using scannable Quick Response (QR) codes.. The essay envisions a retail food system in which all consumers can easily and usefully obtain reliable information about GMO content and potentially other food characteristics