This study focuses on the property-derived cash flows that a REIT investor earns. We observe that, in the short run, REIT investors are only exposed to the income cash flows of a REIT's underlying portfolio and not to its property price fluctuations. Specifically, investors miss out on the component of appreciation returns not contained in income. Chapter 3 observes this phenomenon and argues, without proof, that this is due to the trading restrictions that REITs face in order to operate tax free, which impose minimum holding periods on properties in REITs' portfolios. Chapters 4 and 5 show that the trading-restrictions explanation is indeed the reason for this phenomenon. Specifically, chapter 4 tests how REITs with different firm characteristics are differently affected by the trading constraints. Firstly, we test for size effects and find that medium-sized and large firms offer investors better exposure to short-term fluctuations in property appreciation than small firms. This supports the trading restrictions hypothesis, as large firms are less affected by these. Secondly, we test for the effects of the degree of diversification in a REIT's portfolio and find that, while investing in a REIT which is diversified by property type gives an investor better exposure to appreciation cash flows, investing in one whose portfolio is merely geographically diversified does not. Finally, we test whether UPREITs give an investor better exposure to property appreciation cash flows and find strongly that this is so. Since the partnership that holds the property in an UPREIT is not subject to selling constraints, we find our hypothesis strongly supported. Chapter 5 analyzes holding periods and selling decisions. We firstly simulate a possible filter-based market timing strategy which significantly outperforms a simple buy-and-hold strategy, and demonstrate to what extent holding periods shorter than what is allowed are required. We then analyze actual holding periods of properties in REITs' portfolios and model the decision to hold a property beyond four years, finding strong evidence that there is an incentive to do so in a rising market. This gives strong support to the trading-restrictions explanation.

Severely nitrogen and phosphorus deficient restored opencast coal mine sites planting with Sitka spruce ( Picea sitchensis , Bong. (Carr.)) were treated with both sewage sludge and inorganic fertilizer. Cake sludge was applied before planting at the rate of 100 and 200 tds/ha and liquid sludge at the rte of 227 m3/ha at the age of 3 in selected plots. The highest treatments (S200L) supplied approximately 2051 kg N/ha and 983 kg P/ha which is sufficient to establish an internal nutrient cycle in such degraded sites. Sewage sludge significantly increased the tree growth and foliage N and P concentrations both over the control and inorganic fertilizer treatments. Foliage N concentrations up to 1.95&'37 increased the maximum height growth above which the height growth declined due to excess N concentrations. Both the mean needle weight and height growth increased in response to the increased foliar P concentrations and the response is still not complete. Whole tree sampling showed that there was significantly more tree biomass in sludge treatments in comparison to the control treatments. Regression equations based on independent variables of stem diameter at 5 cm from the ground were developed to estimate total tree dry biomass. Ground vegetation dry matter, nutrient content and species diversity significantly increased in sludge treatments. Soil pH increased, bulk density decreased and organic C, total N, available P, K and Mg increased following sludge application in comparison to the control treatments. Nitrate leaching losses increased immediately after the liquid sludge applications in highest sludge treatments but with time fell down and remained within the standard limit for potable water. Drain water nutrient leaching losses remained well below the soil leachate except for magnesium. Nitrogen mineralization potential increased with increased application rate indicating increased cycling of N within the ecosystem and hence long-term growth response potential to the applied treatments.

Extensive changes in British agriculture since the Second World War have increasingly been accompanied by growing public concern over associated change in the rural environment. Identifying and monitoring alterations in the countryside has gradually been supplemented by a research focus on the processes by which such changes occur. One particular factor understood to be involved in such change, which has attracted considerable attention, has been farm-level restructuring within the sector. This work applies previous research findings on the land-use and landscape impacts in respect of one aspect of restructuring; change in farm ownership, in a case study area in the North-East of Scotland. Adverse weather conditions in the mid-1980s resulted in severe financial difficulties for those farmers that had over-developed wheat production in an area marginal for cereal cultivation. Reports suggested that an unusually high proportion of agricultural properties were sold in Aberdeenshire as a result of this situation, and that the purchasers included a high number of in-migrants and those not previously involved in farming. This situation permitted the application of existing research on ownership restructuring and for due attention to be given to the associated locality-specific factors, which have been acknowledged as significant in processes of land-use and landscape change. The restructuring that had taken place was investigated with reference to data from the Scottish Office of Agriculture and Fisheries and in detail, using the Register of Sasines, for a sample constructed from advertisements for properties sold between 1987 and 1990. The land-use and landscape changes undertaken on these properties were examined in comparison with those on a sample of properties that had experienced no such restructuring, in order to distinguish the role played by this factor. Other variables relating to the characteristics of the farmer and the farm holdings and businesses themselves, which are also held to influence decision-making and land-use change, were investigated to ascertain their relative significance in determining countryside change.

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Rapid rates of coastal wetland loss in Louisiana are widely recognized. One important question of wetland sustainability is how volumetric contributions of roots to wetland soils vary under the influence of different hydrologic regimes. The research presented here specifically investigates the spatial and temporal relationships among the specific gravity of live roots, soil chemistry, and flooding regime for the macrophyte Spartina alterniflora Loisel. in natural, salt marsh, field settings located across southeastern coastal Louisiana. The results of this research propose the existence of a stress-tolerance threshold (beyond which root specific gravity modifications are observed), and highlight the importance of micro-scale factors over macro-scale regional characteristics in determining environmental stresses and the subsequent impact on root specific gravity. A conceptual model is developed linking the interactions of relevant environmental variables, root specific gravity, and the idea of a stress-tolerance threshold.

Digitized by Kansas Correctional Industries

Digitized by Kansas Correctional Industries

Typescript (photocopy). / Digitized by Kansas Correctional Industries

Thesis (MPA.) -- University of Limpopo, 2007 / Refer to the document

The collection of works includes two short stories (“Sine Die”; “Revolutionaries”) and excerpts from the novel, Milk River. The pieces feature Montana women haunted by mothers past and present, amid the colonialist echoes of the western landscape. Questions of inheritance, the quiet rebellion of women, and what it means to possess land itself recur.