Senior Recital, Andrew Stevenson, classical guitar

Senior RecitalAndrew Stevenson, classical guitarSunday, April 14, 2019 at 5:30pmSonia Vlahcevic Concert Hall / W.E. Singleton Center for the Performing Arts922 Park Avenue / Richmond, Va.The presentation of this Senior Recital will fulfill in part the requirements for the Bachelor of Music degree in Performance. Andrew Stevenson studies guitar with David Robinson

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

The tourist experience of heritage urban spaces : Valletta as a case study

This article provides an understanding of how tourists experience heritage urban spaces by investigating features that influence tourist experiences most. It is framed within urban design literature which refers to three elements of urban space namely physical setting (or form), activity, and meaning. These elements are used to explore how urban spaces are experienced by tourists. Its findings are derived from an in-depth qualitative analysis of interviews with tourists to Valletta, Malta. The research suggests that the intrinsic qualities of the space are relevant to the tourist experience but what is even more relevant are the interactions of the tourist with different elements within that space, namely interactions with surroundings, interactions with others, and interactions with self/meaning. Within this broad conceptual model, the research identifies important sub-themes. Some of these reinforce the findings of existing work on tourist experiences, but others are often under-estimated or neglected.peer-reviewe

The Nature of Experiments in Junior High Science

Some studies have been made showing the need for what is being done to develop an interesting junior high school science laboratory program. There are three basic types of experiments, individual student, student experiments done before the class, and teacher experiments done before the class, discussed and illustrated. Emphasis is placed on experiments performed by the students

Defining Landscape Resistance Values in Least-Cost Connectivity Models for the Invasive Grey Squirrel: A Comparison of Approaches Using Expert-Opinion and Habitat Suitability Modelling

Least-cost models are widely used to study the functional connectivity of habitat within a varied landscape matrix. A critical step in the process is identifying resistance values for each land cover based upon the facilitating or impeding impact on species movement. Ideally resistance values would be parameterised with empirical data, but due to a shortage of such information, expert-opinion is often used. However, the use of expert-opinion is seen as subjective, human-centric and unreliable. This study derived resistance values from grey squirrel habitat suitability models (HSM) in order to compare the utility and validity of this approach with more traditional, expert-led methods. Models were built and tested with MaxEnt, using squirrel presence records and a categorical land cover map for Cumbria, UK. Predictions on the likelihood of squirrel occurrence within each land cover type were inverted, providing resistance values which were used to parameterise a leastcost model. The resulting habitat networks were measured and compared to those derived from a least-cost model built with previously collated information from experts. The expert-derived and HSM-inferred least-cost networks differ in precision. The HSM-informed networks were smaller and more fragmented because of the higher resistance values attributed to most habitats. These results are discussed in relation to the applicability of both approaches for conservation and management objectives, providing guidance to researchers and practitioners attempting to apply and interpret a leastcost approach to mapping ecological networks.This project was funded by the Forestry Commission GB and the National School of Forestry at the University of Cumbria. The funders had no role in study design, data collection and analysis, decision to publish, or preparation of the manuscript