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  • 1
    Electronic Resource
    Electronic Resource
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 18 (2000), S. 540-564 
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This paper examines the cyclical regularities of macroeconomic, financial and property market aggregates in relation to the property stock price cycle in the UK. The Hodrick Prescott filter is employed to fit a long-term trend to the raw data, and to derive the short-term cycles of each series. It is found that the cycles of consumer expenditure, total consumption per capita, the dividend yield and the long-term bond yield are moderately correlated, and mainly coincident, with the property price cycle. There is also evidence that the nominal and real Treasury Bill rates and the interest rate spread lead this cycle by one or two quarters, and therefore that these series can be considered leading indicators of property stock prices. This study recommends that macroeconomic and financial variables can provide useful information to explain and potentially to forecast movements of property-backed stock returns in the UK.
    Type of Medium: Electronic Resource
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  • 2
    Electronic Resource
    Electronic Resource
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 18 (2000), S. 613-626 
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: This paper investigates the extent to which risk reduction can be achieved within the UK property market in high and low Beta portfolios. This issue is examined by making simulations of property portfolios of increasing size using the largest sample (392) of actual property returns that is currently available, over the period 1981 to 1996. In particular it is shown that the achievable level of risk reduction is negatively related to the level of market risk of the individual assets. Thus portfolios based on individually high market risk assets require larger numbers of properties to achieve the same level of risk reduction than low Beta risk portfolios. In addition it is shown that the number of properties needed to "track" the market is prohibitively large and unlikely to be achievable for all but the very largest UK property funds. The practical implications of this are that UK property fund performance is likely to be mainly driven by stock selection, even for the largest funds. For those fund managers who wish to track the market the costs in terms of portfolio value seem prohibitively expensive. On this basis, no UK property fund, even the largest, would follow a passive investment policy.
    Type of Medium: Electronic Resource
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  • 3
    Electronic Resource
    Electronic Resource
    Bradford : Emerald
    Integrated manufacturing systems 13 (2002), S. 386-407 
    ISSN: 0957-6061
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Mechanical Engineering, Materials Science, Production Engineering, Mining and Metallurgy, Traffic Engineering, Precision Mechanics , Economics
    Notes: The recent growth of interests in applying the Chinese art of warfare to complement the Western style of management process suggested that an integrated business model that combined the Western scientific management and ancient Chinese wisdom could be an effective tool for gaining strategic advantages, especially for companies that want to share the newly opened markets in mainland China. Among all, Sun Tzu's The Art of War has been widely adopted and applied in various business areas. However, there are few presentations with strategic models. Moreover, works on his successor, Sun Pin, are limited particularly to the area of applying his art of warfare in gaining strategic advantages and transforming business crisis into opportunities. While various business and quality management models at national level have been established by various countries to emphasise their differences in economic development and culture, models of similar type that make use of the ancient Chinese wisdom are not available either in Hong Kong or in China. As China has become a member of the WTO, a national model that framed both the Chinese management philosophy and Western management wisdom would certainly help in driving local and international enterprises for business competitiveness. This paper is therefore a first attempt to investigate the applicability of Sun Pin's The Art of Warfare for business management strategies by amalgamating the Western wisdom and the Chinese art of warfare.
    Type of Medium: Electronic Resource
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  • 4
    Electronic Resource
    Electronic Resource
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 21 (2003), S. 233-249 
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: In estimating the inputs into the modern portfolio theory (MPT) portfolio optimisation problem, it is usual to use equal weighted historic data. Equal weighting of the data, however, does not take account of the current state of the market. Consequently this approach is unlikely to perform well in any subsequent period as the data is still reflecting market conditions that are no longer valid. The need for some return weighting scheme that gives greater weight to the most recent data would seem desirable. Therefore, this study uses returns data which are weighted to give greater weight to the most recent observations to see if such a weighting scheme can offer improved ex ante performance over that based on unweighted data.
    Type of Medium: Electronic Resource
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  • 5
    Electronic Resource
    Electronic Resource
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 22 (2004), S. 501-511 
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Traditionally, the measure of risk used in portfolio optimisation models is the variance. However, alternative measures of risk have many theoretical and practical advantages and it is peculiar therefore that they are not used more frequently. This may be because of the difficulty in deciding which measure of risk is best and any attempt to compare different risk measures may be a futile exercise until a common risk measure can be identified. To overcome this, another approach is considered, comparing the portfolio holdings produced by different risk measures, rather than the risk return trade-off. In this way we can see whether the risk measures used produce asset allocations that are essentially the same or very different. The results indicate that the portfolio compositions produced by different risk measures vary quite markedly from measure to measure. These findings have a practical consequence for the investor or fund manager because they suggest that the choice of model depends very much on the individual's attitude to risk rather than any theoretical and/or practical advantages of one model over another.
    Type of Medium: Electronic Resource
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  • 6
    Electronic Resource
    Electronic Resource
    Bradford, West Yorkshire [u.a.] : Emerald
    Journal of property investment & finance 19 (2001), S. 127-139 
    ISSN: 1463-578X
    Source: Emerald Fulltext Archive Database 1994-2005
    Topics: Economics
    Notes: Presents empirical evidence for a sample of 48 UK property company initial public offerings over the period 1986 to 1995. Several conclusions can be drawn. First, property companies in general show a significantly positive average first day return. Second, property investment companies' average first day return is not significantly different from zero. Third, property trading companies' average first day return is significantly positive. Fourth, the higher average first day return of property trading companies over property investment companies is significant.
    Type of Medium: Electronic Resource
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  • 7
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Science Pty
    Australasian journal of dermatology 45 (2004), S. 0 
    ISSN: 1440-0960
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Medicine
    Type of Medium: Electronic Resource
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  • 8
    Electronic Resource
    Electronic Resource
    Melbourne, Australia : Blackwell Science Pty
    Australasian journal of dermatology 42 (2001), S. 0 
    ISSN: 1440-0960
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Medicine
    Notes: Reactive perforating collagenosis is a perforating disorder developing in adults, usually in association with diabetes mellitus or renal failure. We present three cases diagnosed at the Royal Prince Alfred Hospital in a 5 month period. All three patients had long-standing diabetes mellitus, hypertension, hypercholesterolaemia and ischaemic heart disease. Each patient presented with generalized pruritus and a papular eruption across the trunk and limbs. More than one biopsy or multiple levels were needed before the diagnostic histological features were seen. The first patient responded to 0.5% phenol with 10% glycerine in sorbolene cream. The second patient did not respond to topical betamethasone diproprionate 0.5 mg/g cream and antihistamines (hydroxyzine 25 mg nocte) and required narrow-band ultraviolet (UV) B. The third patient, having failed to respond to topical betamethasone diproprionate 0.5 mg/g cream and wet dressings, antihistamines (hydroxyzine 25 mg tds and doxepin 50 mg nocte) and UVB required acitretin 25 mg orally per day. Because reactive perforating collagenosis responds to treatment, we believe this condition should be considered in patients with diabetes mellitus or renal failure presenting with pruritus and that biopsy of intact lesions may need multiple levels to help establish the diagnosis.
    Type of Medium: Electronic Resource
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  • 9
    Electronic Resource
    Electronic Resource
    Melbourne, Australia : Blackwell Science Pty
    Australasian journal of dermatology 41 (2000), S. 0 
    ISSN: 1440-0960
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Medicine
    Notes: A 105-year-old woman developed pemphigus foliaceus. She had been on fosinopril, an angiotensin-converting enzyme inhibitor (ACE inhibitor) for 4 years. Anti-intercellular cement substance antibodies were positive with titre 〉 160. She died during admission of an unrelated illness. A 57-year-old man developed pemphigus vulgaris after 11 months treatment with quinapril. At 14 months after developing pemphigus, this man continues on prednisone and azathioprine. We speculate that these are cases of ACE-inhibitor-related pemphigus and we review ACE-inhibitor-related pemphigus.
    Type of Medium: Electronic Resource
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  • 10
    Electronic Resource
    Electronic Resource
    Oxford, UK : Blackwell Science Pty
    Australasian journal of dermatology 45 (2004), S. 0 
    ISSN: 1440-0960
    Source: Blackwell Publishing Journal Backfiles 1879-2005
    Topics: Medicine
    Notes: An unusual case of subcutaneous panniculitis-like T-cell lymphoma is presented involving multiple organ systems, which eventually culminated in rapid demise from the haemophagocytic syndrome, after an initial protracted course. A 44-year-old man presented in April 2001 with bronchiolitis obliterans organising pneumonia that initially responded well to corticosteroids. However, the condition relapsed on attempted prednisone withdrawal in January 2002 and the patient was noted to have developed truncal subcutaneous nodules. Initial skin biopsy revealed lobular panniculitis, with negative microbiological culture. In July 2002, mononeuritis multiplex was diagnosed after the patient presented with paresthesiae and was treated with pulse cyclophosphamide therapy. By November 2002 there was ulceration of the subcutaneous nodules. Repeat skin biopsy revealed subcutaneous panniculitis-like T-cell lymphoma. The clinical manifestations were supportive of an unifying diagnosis of malignancy involving pulmonary, cutaneous and nervous systems. Combination chemotherapy with fludarabine, mitoxantrone and dexamethasone was commenced. However, the patient deteriorated, with fevers, weight loss, pancytopenia and laboratory features consistent with the haemophagocytic syndrome. Despite maximal supportive therapy the patient succumbed to his disease.
    Type of Medium: Electronic Resource
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