The Long-Run Performance and Driving Forces of Securitised Listed Property

In a comparison between Australian and United Kingdom property markets this article re-examines the long run performance of securitised property and its relationship with the equity and fixed income markets. The results show that Australian Listed Property Trusts perform very well in both high and low interest rate environments and total investment returns have remained relatively stable over the last decade. The study also indicates that the United Kingdom Real Estate Management & Development companies seem to perform better than their Australian counterparts. Cointegration test results provide a different perspective on the relationship securitised property has with the bond and equity markets, and sheds new light on their long-run interaction. For instance the outcomes suggest that, if structural breaks are taken into consideration, then it appears securitised Real Estate Management & Development properties are driven by both interest rate and stock market changes. Somewhat surprisingly the fixed income market is not a long-run driving force of Australian Property Trusts, even though they utilised more long-term debt to finance their business operations

Assessment of the dysexecutive syndrome in schizophrenia

Background. Cognitive neuropsychological theories hypothesize a role for frontal lobe executive deficits in the aetiology of schizophrenic symptoms. The study examined the performance of a schizophrenic group on the Behavioural Assessment of the Dysexecutive Syndrome (BADS), a test battery which assesses the 'everyday' difficulties associated with the dysexecutive syndrome. Performance of the schizophrenics was contrasted with that of brain injured and healthy volunteer groups. Methods. Matched groups of 31 schizophrenic patients, 35 patients-with brain injuries and 26 healthy volunteers were administered the BADS. Patients were also given tests of general intelligence and memory. Patients and their relatives/carers also completed a questionnaire rating day-to-day failures of executive functioning. Results. Schizophrenic and brain-injured patients showed impairment on the BADS, compared to healthy controls. There were no significant differences between the two patient groups. Significant impairment was found in a subgroup of 16 schizophrenics who showed otherwise intact general intellectual functioning, suggesting the existence of a specific executive deficit. Among the schizophrenic patient group there was evidence of a dissociation between executive and memory impairments. A significant correlation existed between performance on the BADS and relatives ratings of executive problems for the brain injured group, but not for the schizophrenic group. Conclusions. The BADS is a useful tool for identifying executive deficits in people with a diagnosis of schizophrenia, especially those who are otherwise generally intellectually intact. This is particularly important in the context of rehabilitation and community transition programmes.published_or_final_versio

Tannin Acyl Hydrolase Production by Citrobacter sp. isolated from Tannin rich Environment, using Tamarindus indica seed powder

Bacterial isolate, Citrobacter sp., from tannery effluent loaded sites has proved as a potent producer of tannase. Production of tannase was compared in solid-state and submerged fermentation using tamarindseed as sole carbon source. Two times increase in tannase activity was seen in solid-state fermentation (90 U) than submerged fermentation (50 U) at 48 h from 5 g substrate

Oligoclonal expansions of CD8(+) T cells in chronic HIV infection are antigen specific

Acute HIV infection is associated with a vigorous immune response characterized by the proliferation of selected T cell receptor V beta (BV)-expressing CD8(+) T cells. These 'expansions', which are commonly detected in the peripheral blood, can persist during chronic HIV infection and may result in the dominance of particular clones. Such clonal populations are most consistent with antigen-driven expansions of CD8(+) T cells. However, due to the difficulties in studying antigen-specific T cells in vivo, it has been hard to prove that oligoclonal BV expansions are actually HIV specific. The use of tetrameric major histocompatibility complex-peptide complexes has recently enabled direct visualization of antigen-specific T cells ex vivo but has not provided information on their clonal composition. We have now made use of these tetrameric complexes in conjunction with anti-BV chain-specific monoclonal antibodies and analysis of cytotoxic T lymphocyte lines/clones to show that chronically clonally expanded CD8(+) T cells are HIV specific in vivo

Boron isotope insights into the origin of subduction signatures in continent-continent collision zone volcanism

We present the first boron abundance and δ11B data for young (1.5-0 Ma) volcanic rocks formed in an active continent-continent collision zone. The δ11B of post-collisional volcanic rocks (−5 to +2‰) from the Armenian sector of the Arabia-Eurasia collision zone are heavier than mid-ocean ridge basalts (MORB), confirming trace element and isotope evidence for their derivation from a subduction-modified mantle source. Based on the low B/Nb (0.03-0.25 vs 0.2-90 in arc magmas), as well as low Ba/Th and Pb/Ce, this source records a subduction signature which is presently fluid-mobile element depleted relative to most arc settings. The heavier than MORB δ11B of post-collision volcanic rocks argues against derivation of their subduction signature from a stalled slab, which would be expected to produce a component with a lighter than MORB δ11B, due to previous fluid depletion. Instead, the similarity of δ11B in Plio-Pleistocene post-collision to 41 Ma alkaline igneous rocks also from Armenia (and also presented in this study), suggests that the subduction signature is inherited from Mesozoic-Paleogene subduction of Neotethys oceanic slabs. The slab component is then stored in the mantle lithosphere in amphibole, which is consistent with the low [B] in both Armenian volcanic rocks and metasomatic amphibole in mantle xenoliths. Based on trace element and radiogenic isotope systematics, this slab component is thought to be dominated by sediment melts (or supercritical fluids). Previously published δ11B of metasediments suggests a sediment-derived metasomatic agent could produce the B isotope composition observed in Armenian volcanic rocks. The lack of evidence for aqueous fluids preserved over the 40 Myr since initial collision supports observations that this latter component is transitory, while the lifetime of sediment melts/supercritical fluids can be extended to >40 Myr

The Vacuum in Light-Cone Field Theory

This is an overview of the problem of the vacuum in light-cone field theory, stressing its close connection to other puzzles regarding light-cone quantization. I explain the sense in which the light-cone vacuum is ``trivial,'' and describe a way of setting up a quantum field theory on null planes so that it is equivalent to the usual equal-time formulation. This construction is quite helpful in resolving the puzzling aspects of the light-cone formalism. It furthermore allows the extraction of effective Hamiltonians that incorporate vacuum physics, but that act in a Hilbert space in which the vacuum state is simple. The discussion is fairly informal, and focuses mainly on the conceptual issues. [Talk presented at {\sc Orbis Scientiae 1996}, Miami Beach, FL, January 25--28, 1996. To appear in the proceedings.]Comment: 20 pages, RevTeX, 4 Postscript figures. Minor typos correcte

Climate warming, marine protected areas and the ocean-scale integrity of coral reef ecosystems

Coral reefs have emerged as one of the ecosystems most vulnerable to climate variation and change. While the contribution of a warming climate to the loss of live coral cover has been well documented across large spatial and temporal scales, the associated effects on fish have not. Here, we respond to recent and repeated calls to assess the importance of local management in conserving coral reefs in the context of global climate change. Such information is important, as coral reef fish assemblages are the most species dense vertebrate communities on earth, contributing critical ecosystem functions and providing crucial ecosystem services to human societies in tropical countries. Our assessment of the impacts of the 1998 mass bleaching event on coral cover, reef structural complexity, and reef associated fishes spans 7 countries, 66 sites and 26 degrees of latitude in the Indian Ocean. Using Bayesian meta-analysis we show that changes in the size structure, diversity and trophic composition of the reef fish community have followed coral declines. Although the ocean scale integrity of these coral reef ecosystems has been lost, it is positive to see the effects are spatially variable at multiple scales, with impacts and vulnerability affected by geography but not management regime. Existing no-take marine protected areas still support high biomass of fish, however they had no positive affect on the ecosystem response to large-scale disturbance. This suggests a need for future conservation and management efforts to identify and protect regional refugia, which should be integrated into existing management frameworks and combined with policies to improve system-wide resilience to climate variation and change

Personalisation and recommender systems in digital libraries

Widespread use of the Internet has resulted in digital libraries that are increasingly used by diverse communities of users for diverse purposes and in which sharing and collaboration have become important social elements. As such libraries become commonplace, as their contents and services become more varied, and as their patrons become more experienced with computer technology, users will expect more sophisticated services from these libraries. A simple search function, normally an integral part of any digital library, increasingly leads to user frustration as user needs become more complex and as the volume of managed information increases. Proactive digital libraries, where the library evolves from being passive and untailored, are seen as offering great potential for addressing and overcoming these issues and include techniques such as personalisation and recommender systems. In this paper, following on from the DELOS/NSF Working Group on Personalisation and Recommender Systems for Digital Libraries, which met and reported during 2003, we present some background material on the scope of personalisation and recommender systems in digital libraries. We then outline the working group’s vision for the evolution of digital libraries and the role that personalisation and recommender systems will play, and we present a series of research challenges and specific recommendations and research priorities for the field