Macroeconomic risk factors in Australian commercial real estate, listed property trust and property sector stock returns: A comparative analysis using GARCH-M

This paper employs a Generalised Autoregressive Conditional Heteroskedasticity in Mean (GARCH-M) model to consider the effect of macroeconomic factors on Australian property returns over the period 1985 to 2002 Three direct (office, retail and industrial property) and two indirect (listed property trust and property stock) returns are included in the analysis, along with market returns, short, medium and long-term interest rates, expected and unexpected inflation, construction activity and industrial employment and production. In general, the macroeconomic factors examined are found to be significant risk factors in Australian commercial property returns. However, the results also indicate that forecast accuracy in these models is higher for direct office, listed property trust and property stock returns and that the persistence of volatility shocks varies across the different markets, with volatility half lives of between five and seven months for direct retail and industrial property, two and three months for direct office property and less than two months with both forms of indirect property investment

Macroeconomic risk factors in Australian commercial real estate, listed property trust and property sector stock returns: A comparative analysis using GARCH-M

This paper employs a Generalised Autoregressive Conditional Heteroskedasticity in Mean (GARCH-M) model to consider the effect of macroeconomic factors on Australian property returns over the period 1985 to 2002. Three direct (office, retail and industrial property) and two indirect (listed property trust and property stock) returns are included in the analysis, along with market returns, short, medium and long-term interest rates, expected and unexpected inflation, construction activity and industrial employment and production. In general, the macroeconomic factors examined are found to be significant risk factors in Australian commercial property returns. However, the results also indicate that forecast accuracy in these models is higher for direct office, listed property trust and property stock returns and that the persistence of volatility shocks varies across the different markets, with volatility half lives of between five and seven months for direct retail and industrial property, two and three months for direct office property and less than two months with both forms of indirect property investment.Property returns; listed property trust, property stocks, market risk; interest rate risk; industrial

A high-resolution wide-angle seismic study of the crust beneath the Northumberland trough

In June 1987, during the BIRPS MOBIL normal-incidence seismic profiling programme, off the East coast of England, the University of Durham recorded simultaneously at several land based seismic stations in Northern England. The resulting wide-angle data, particularly from Line 1, have excellent resolution in both space and time due to the airgun source and 50 m shot spacing. The interpretation of the Line 1 wide-angle data at Durham used BEAM87, Cerveny's Gaussian beam modelling package. The main arrivals interpreted include the upper crustal refraction (Pg), the Moho wide-angle reflection (PmP), the upper mantle refraction (Pn), and a very high amplitude arrival (D) which merges into PmP. Modelling gave a crust about 30 km thick with a change in velocity gradient and a slight velocity contrast at about 20 km depth. There are several wide-angle reflections from interfaces at mid-crustal depths, between 10 and 20 km depth, and the bottom 2 km of the crust has a high velocity of about 7 kms(^-1). Two interesting results are that a lateral velocity change about 40 km offshore is required to fit the Pg travel times; also that arrival D is modelled best as the remnant of a step on the Moho at the same location. These appear to be borne out by the normal incidence data for line 1, which show a lateral decrease in the mid-crustal reflectivity above a set of strong, westerly-dipping reflections at Moho depths. These results suggest the presence of a major crustal fault about 40 km offshore. It is suggested that this fault may be the northward continuation of the Dowsing Fault Zone

Friendships of preschool children with disabilities in inclusive settings: the role of child, adult, and program characteristics

The expectation that children with disabilities will form friendships with their peers is a key premise of inclusion. This study examined the association between child, adult, and program characteristics and the number of friends of preschool children with disabilities in inclusive settings. The study included 143 children with a range of type (e.g., developmental delay, speech and language disorders, autism/PDD) and severity of disability (mild, moderate, and severe) enrolled in four models of inclusive programs: Public School, Head Start, Community-based, and Blended. The majority of children, across type and severity of disability, were found to have at least one teacher-reported friend and to increase their number of friends across the school year. Aspects of program and adult characteristics found to be associated with higher numbers of friends for children with disabilities include the general quality of the early childhood program, the quality of inclusion, and active facilitation of learning

Social advocacy : A conceptual model to extend post-intervention effectiveness

Commercial marketing literature highlights benefits from brand advocates who recruit and promote in the interest of the commercial entity. However, a similar focus is lacking on how advocacy can extend the effectiveness of social change initiatives. We utilise a case study to demonstrate the benefit of social advocacy and its impact on behaviour change, and thereby propose an advocacy model. To develop this conceptual model, we discuss several key areas; behaviour change and advocacy, advocate identification, and how to influence advocacy within communities and individuals. This research provides a guiding framework for practitioners to develop programs and interventions with advocacy triggers and strategies to enhance the longevity and effectiveness of social change programs through participant-based advocacy. Thus, giving intervention programs in a variety of organisational structures e.g. non-profit, corporate, government etc. a specific model to increase the effectiveness of social programs. Our paper extends behaviour change literature by leveraging social marketing concepts to modify and extend the transtheoretical model

Career development learning in the curriculum: What is an academic’s role?

Career development learning (CDL) is an approach to developing student employability that enables students to reflect on and plan their future careers through engaging in activities outside or within their degree. Building on literature arguing for the benefits of integrating CDL within curriculum, this study examines academics’ perceived roles facilitating CDL. Informed by the principles and processes of Interpretive Phenomenological Analysis (IPA), 55 academics were interviewed from one institution, enabling responses to be examined through a common lens of teaching, policy and governance structures. Findings demonstrate that while some participants broadly understood the value of CDL, the term CDL is not well known. Further, while CDL strategies within teaching contexts occur, they are mostly unplanned or dialogic. This paper presents a taxonomy of current practice, featuring 11 diverse roles for facilitating CDL within curriculum grouped as absent, implicit and explicit approaches. The paper offers recommendations for a university-wide agenda for employability that features CDL strategies embedded across core curricula

How Mammals Acquire and Distribute Iron Needed for Oxygen-Based Metabolism

All organisms require iron for respiration and oxygen transport, thus elaborate systems for uptake and distribution of iron are found throughout the kingdoms of lif

THE PROSPECTS FOR ISLAMIC SOCIAL BANKING IN INDONESIA

Despite significant growth and development in recent years, Islamic banking (IB) continues to face widespread criticism due to its apparently weak social outcomes. This study investigates the social performance of Islamic banking in Indonesia, including its justification as an IB objective and the means of improvement. We surveyed 506 current and potential Islamic banking customers across six Indonesian provinces, combined with in-depth interviews with 10 Islamic banking experts consisting of regulators, practitioners, Sharia scholars, and academics. The findings strengthen previous results on the topic in that 42.89% of respondents consider that IB in Indonesia is socially defensive (doing the least that is required in terms of social outcomes), while 6.92% believe that it is reactive (doing less than that required). Of the remaining respondents, 34.78% consider the social performance as accommodative (doing all that is required) and 15.42% see it as proactive (doing more than is required). Most respondents (52.96%) suggest improvement by combining corporate social responsibility and the ZIS ( Zakat, Infaq, shadaqah)- Waqf system. Only some (7.11%) suggest the establishment of Islamic social banking, whose main feature would be to design an alternative to collateral so that low- and middle-income customers could more readily access bank financing. We recommend that regulators and practitioners take action to address these challenges through incentives and long-term strategic planning