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JEAN PROUVÉ FURNITURE
JEAN PROUVÉ ARCHITECTURE
JEAN ROYÈRE
JEAN PROUVÉ ARCHITECTURE ELEMENTS
Jean Prouvé, Cité universitaire Jean Zay, Antony (1955)
Jean Prouvé, Le Corbusier, Jean Royère, Charlotte Perriand
Jean Prouvé, Pierre Jeanneret, Charlotte Perriand
Furniture and Architecture
sideboards / wardrobes
banquettes / sofas
Edition Galerie Patrick Seguin & Sonnabend Gallery, 2007
615 pages, 2 volume boxed set
Distribution : out of print
Due to the insatiable appetite for everything Jean Prouvé on the part of collectors and scholars alike, most books on the life and work of this central figure of 20th Century architecture and design are long exhausted.
Specialized in the work of Prouvé, the Galerie Patrick Seguin, conscientious of the need to publish a work of reference for the public at large, is co-publishing with the Sonnabend Gallery this important monograph focusing on Prouvé furniture.
This project originated with the historical one-man show curated by the Galerie Patrick Seguin at the Sonnabend Gallery in New York in 2003, « Jean Prouvé, Furniture & Architecture ». The Sonnabend Gallery, promulgator of some of the most important artists of the past several decades, and intimately associated for over 40 years with the evolutions of the spectre of moderne and contemporary art, decided to introduce Jean Prouvé to the American public. As a result of their pivotal position, the Sonnabend Gallery is co-editor of the forthcoming Prouvé book.
This bi-lingual publication will be widely distributed throughout France and abroad.
The work is quadri-partite : the first section, prefaced by Patrick Seguin and under the aegis of the art histroian and journalist, Françoise-Claire Prodhon, is a collection of interviews with collectors and enthusiasts of Jean Prouvé, who expose their relationship with and point of view on Jean Prouvé's œuvre. The interviewed include the architects Jean Nouvel, Shigeru Ban, Renzo Piano, the designer Marc Newson, the couturiers Azzedine Alaïa, Marc Jacob…to name but a few.
The second section of the book focuses on the various exhibitions of Jean Prouvé's work organized by the Galerie Patrick Seguin in France and abroad. This section opens with images from the exhibition at the Sonnabend Gallery in New York, and continues with images from the exhibitions at the Architecture Biennale in Venice, at the Gagosian Gallery in Los Angeles, at 10Corso Como Comme des Garçons in Tokyo….
This section is concluded by an essay detailing the omnipresence of Jean Prouvé works among the most important international art collections.
The third section is devoted to a detailed biographie of Jean Prouvé by one of his daughters, Catherine Drouin-Prouvé.
The final section, introduced by the historian of design Raymond Guidot, is a catalogue of Jean Prouvé's furniture, anthologized by Catherine Coley, both art and architectural historian and scientific director of this book.
The distinct nomenclature employed specifies the date, the original title, the characteristique technique, and the the provenance of each piece as a way of analyzing the different typologies of Jean Prouvé's furniture.
This section is abundantly illustrated with blueprints, sketches, vintage photographs…and other archival documents from the Prouvé family, the Centre Pompidou library and from private repositories.
CALDER | PROUVÉ
GAGOSIAN GALLERY & GALERIE PATRICK SEGUIN, 2013
Distribution : Rizzoli
JEAN PROUVÉ ARCHITECTURE – BOX SET NO 1 – 5 VOLUME BOX SET – VOL. 1+2+3+4+5
Edition Galerie Patrick Seguin, 2014
5 x 80 pages
Distribution : Interart - Dap
PIÈCES-MEUBLÉS, 1995/2016
JEAN PROUVÉ FILLING STATION, 1969 – VOL. 4
Publisher : Edition Galerie Patrick Seguin & Sonnabend Gallery, 2007
Language : French-English
Number of pages : 615 pages, 2 volume boxed set
OUR WEBSITE IS CONTINUOUSLY UPDATED, DO NOT HESITATE TO BROWSE IT REGULARLY | LEGAL NOTICES | © GALERIE PATRICK SEGUIN
JEAN PROUVÉ | CHARLOTTE PERRIAND | PIERRE JEANNERET | LE CORBUSIER | JEAN ROYÈRE | JEAN NOUVEL


text:
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redpajama_set_name: RedPajamaCommonCrawl


text:
BANK NATIONAL ASSOCIATION v. GULLEY
U.S. BANK NATIONAL ASSOCIATION, etc., appellant, v. Shawnora GULLEY, also known as Shawnora Arlene Gulley, also known as S. Gulley, respondent, et al., defendants.
RANDALL T. ENG, P.J., REINALDO E. RIVERA, L. PRISCILLA HALL, and SYLVIA O. HINDS–RADIX, JJ. Gross Polowy, LLC (Reed Smith LLP, New York, N.Y. [Andrew B. Messite and Joseph B. Teig], of counsel), for appellant.
In an action to foreclose a mortgage, the plaintiff appeals from an order of the Supreme Court, Queens County (Hart, J.), entered January 21, 2015, which, in effect, denied its motion for an order of reference, to deem all defendants who had failed to appear or answer in default, and to amend the caption, and, sua sponte, directed the dismissal of the complaint.
ORDERED that on the Court's own motion, the notice of appeal from so much of the order as, sua sponte, directed the dismissal of the complaint is deemed to be an application for leave to appeal from that portion of the order, and leave to appeal is granted (see CPLR 5701[c] ); and it is further,
ORDERED that the order is reversed, on the law, without costs or disbursements, the plaintiff's motion for an order of reference, to deem all defendants who had failed to appear or answer in default, and to amend the caption is granted, and the matter is remitted to the Supreme Court, Queens County, for further proceedings before a different Justice.
The plaintiff commenced this action to foreclose a mortgage secured by real property owned by the defendant Shawnora Gulley, also known as Shawnora Arlene Gulley, also known as S. Gulley, alleging that she had defaulted on her payment obligations. Gulley failed to appear or answer the complaint. The plaintiff thereafter moved for an order of reference, to deem all defendants who had failed to appear or answer in default, and to amend the caption. Gulley opposed the motion, alleging, inter alia, that she had not been served and that the plaintiff lacked standing to commence this action. The Supreme Court, in effect, denied the plaintiff's motion and, sua sponte, directed the dismissal of the complaint.
The Supreme Court erred in, in effect, denying the plaintiff's motion. The plaintiff demonstrated its entitlement to an order of reference and to deem all defendants who had failed to appear or answer in default by submitting an affidavit of merit from a representative of its servicing agent, accompanied by a power of attorney demonstrating the authority of the agent to act on behalf of the plaintiff. The affidavit of merit set forth the facts establishing the plaintiff's claim, including that the plaintiff was the holder of the mortgage and note, and that Gulley defaulted on her payment obligations (see U.S. Bank N.A. v. Smith, 132 AD3d 848, 850; Bank of N.Y. v. Stein, 130 AD3d 552, 553; Wells Fargo Bank, NA v. Ambrosov, 120 AD3d 1225, 1226; Bank of N.Y. v. Cepeda, 120 AD3d 451, 452). The plaintiff also submitted proof that although two of the defendants had served limited notices of appearance, none of the defendants, including Gulley, had otherwise appeared or answered within the time allowed (see Mortgage Elec. Registration Sys., Inc. v. Holmes, 131 AD3d 680, 682). In addition, the plaintiff demonstrated that the caption should be amended (see CPLR 1024; U.S. Bank N.A. v. Norgriff, 131 AD3d 527; Deutsche Bank Natl. Trust Co. v. Islar, 122 AD3d 566, 568). In opposition to the motion, the unsubstantiated denial of service alleged in the affirmation of Gulley's attorney was insufficient to rebut the prima facie proof of proper service set forth in the plaintiff's affidavits of service (see U.S. Bank, N.A. v. Smith, 132 AD3d at 850; Wells Fargo Bank, N.A. v. Gioia, 114 AD3d 766, 767; Citimortgage, Inc. v. Bustamante, 107 AD3d 752, 753). Furthermore, since Gulley did not answer the complaint and did not make a pre-answer motion to dismiss the complaint, she waived the defense of lack of standing (see FCDB FF1 2008–1 Trust v. Videjus, 131 AD3d 1004; US Bank N.A. v. Dorestant, 131 AD3d 467, 470; Wells Fargo Bank, N.A. v. Laviolette, 128 AD3d 1054, 1055; HSBC Bank USA, N.A. v. Simmons, 125 AD3d 930, 932; Bank of N.Y. v. Cepeda, 120 AD3d at 453).
The Supreme Court also erred in, sua sponte, directing the dismissal of the complaint. "A court's power to dismiss a complaint, sua sponte, is to be used sparingly and only when extraordinary circumstances exist to warrant dismissal" (U.S. Bank, N.A. v. Emmanuel, 83 AD3d 1047, 1048; see Deutsche Bank Natl. Trust Co. v. Martin, 134 AD3d 665; Nationstar Mtge., LLC v.. Wong, 132 AD3d 825; FCDB FF1 2008–1 Trust v. Videjus, 131 AD3d at 1004). Here, the Supreme Court's on-the-record statements that the plaintiff's former attorneys had engaged in acts of misconduct in unrelated foreclosure actions did not constitute an extraordinary circumstance warranting sua sponte dismissal of the instant case. We note in this regard that the Supreme Court did not identify any act of misconduct in the instant case, and instead indicated that it had instituted a policy of dismissing every case initiated by the plaintiff's former attorneys. Under these circumstances, we deem it appropriate to remit this matter for further proceedings before a different Justice.


How about we begin by taking a gander at diversion copier programming and its incentive to different gamers like me out there.
As you would without a doubt realize gaming isn't actually an economical interest. With expanding innovations and improvements in gaming programming the cost is likewise expanding as needs be. What's more, shockingly, the more famous and foreseen another amusement might be, the more costly the diversion will probably be.
When you are contributing a ton of your well deserved money into your gaming gathering, doesn't it bode well to discover approaches to enable you to ensure it? What will you do if your diversion circle chooses it never again needs to run? In what manner will you supplant that diversion you have just obtained without acquiring it once more? This is the place I initially observed the incentive in amusement copier programming.
With amusement copier programming you can promptly make an astounding reinforcement of your new diversion buy. I'd really suggest that you utilize your reinforcement duplicate for your fundamental gaming use. At that point if that duplicate ends up harmed you can utilize the first diversion circle to make another reinforcement. You just need to buy the product once, and I can promise you will end up utilizing it over and over.
The following inquiry that frequently strikes a chord is how does this amusement copier programming work and whether we even need it?
It's normal for individuals to believe that since our PCs are now ready to duplicate and consume plates, they definitely would have the capacity to duplicate amusements without requiring additional product. Shockingly, on account of the assurances and the special kinds of amusement documents utilized, your PC doesn't have the in fabricated capacity to perceive and copy the data contained in the diversion plates.
Amusement copier programming works by empowering your PC to sidestep these assurances and afterward to perceive the diversion documents to copy them. Without diversion copier programming it is highly unlikely a standard PC could do this.
So how do downloaded diversions vary?
Downloaded diversions are as a general rule unlawful duplicates of unique amusements, except if you download them from producers locales. When downloading and attempting to play these unregistered amusements you'll see you have to streak or adjust your support somehow or another. When blazing or reassure alterations are associated with any approach to utilize diversion duplicates, it ought to be viewed as reasonable cautioning to remain away. You could some way or another be looked with theft or copyright encroachments.
I'm certain for various gamers this may see like a shoddy and suitable alternative to keep up a fortunate diversion library without using up every last cent. Be that as it may, the dangers included do not merit the reserve funds. Not exclusively would you be able to wind up on the wrong side of the law, however you could likewise end up harming your comfort through the change procedure. Another impediment for some, gamers is the way that xbox Live will boycott your comfort forever in the event that you go web based utilizing an ill-conceived diversion duplicate.


text:
Q: How to configure PHP on macOS to use Windows Authentication for SQL Server? When I try to connect from PHP I get a
PHP Fatal error:  sqlsrv_connect: Unknown exception caught. in /<edited>/testsql-plain.php on line 8

testsql-plain.php
<?php
$serverName = "<my DB server>";
$connectionOptions = array(
    "Database" => "<my DB>",
    "CharacterSet" => "UTF-8"
);

$conn = sqlsrv_connect($serverName, $connectionOptions); // This is line 8

I have set up Kerberos to authenticate to the SQL Server and it works fine using sqlcmd:
$ klist
Credentials cache: API:<edited>
        Principal: <edited>

  Issued                Expires               Principal
Oct 30 15:13:41 2018  Oct 31 01:13:41 2018  krbtgt/<edited>
Oct 30 15:13:54 2018  Oct 31 01:13:41 2018  MSSQLSvc/<edited>:1433@<edited>

$ sqlcmd -S <my DB server> -d <my DB> -E -q 'SELECT @@Version AS SQL_VERSION;'
SQL_VERSION
------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
Microsoft SQL Server 2012 (SP4) (KB4018073) - 11.0.7001.0 (X64)
    Aug 15 2017 10:23:29
    Copyright (c) Microsoft Corporation
    Standard Edition (64-bit) on Windows NT 6.3 <X64> (Build 9600: ) (Hypervisor)

I have PHP 7.2.11, installed PHP drivers and ODBC drivers:
$ sudo pecl install sqlsrv
pecl/sqlsrv is already installed and is the same as the released version 5.3.0
install failed

$ sudo pecl install pdo_sqlsrv
pecl/pdo_sqlsrv is already installed and is the same as the released version 5.3.0
install failed

$ grep sqlsrv.so /usr/local/etc/php/7.2/php.ini
extension="pdo_sqlsrv.so"
extension="sqlsrv.so"

$ brew info msodbcsql17 mssql-tools
microsoft/mssql-release/msodbcsql17: stable 17.2.0.1
ODBC Driver for Microsoft(R) SQL Server(R)
https://msdn.microsoft.com/en-us/library/mt654048(v=sql.1).aspx
/usr/local/Cellar/msodbcsql17/17.2.0.1 (9 files, 2.7MB) *
  Built from source on 2018-10-24 at 15:45:18
From: https://github.com/Microsoft/homebrew-mssql-release/blob/master/Formula/msodbcsql17.rb
==> Dependencies
Required: unixodbc ✔, openssl ✔
==> Options
--without-registration
    Don't register the driver in odbcinst.ini
==> Caveats
If you installed this formula with the registration option (default), you'll
need to manually remove [ODBC Driver 17 for SQL Server] section from
odbcinst.ini after the formula is uninstalled. This can be done by executing
the following command:
    odbcinst -u -d -n "ODBC Driver 17 for SQL Server"

microsoft/mssql-release/mssql-tools: stable 17.2.0.1
Sqlcmd and Bcp for Microsoft(R) SQL Server(R)
https://msdn.microsoft.com/en-us/library/ms162773.aspx
/usr/local/Cellar/mssql-tools/17.2.0.1 (11 files, 1.2MB) *
  Built from source on 2018-10-24 at 15:45:39
From: https://github.com/Microsoft/homebrew-mssql-release/blob/master/Formula/mssql-tools.rb
==> Dependencies
Required: unixodbc ✔, openssl ✔, msodbcsql17 ✔

What am I missing? How can I at least find out more what that "unknown exception" is?

A: After more investigation it turns out the issue is related to the environment in which PHP is executed.
When I run the PHP processor in a clean environment
$ env -i /usr/local/Cellar/php/7.2.11/bin/php /<edited>/testsql-plain.php

I get a connection and can run a query, eg. "SELECT @@Version AS SQL_VERSION":
Microsoft SQL Server 2012 (SP4) (KB4018073) - 11.0.7001.0 (X64)
    Aug 15 2017 10:23:29
    Copyright (c) Microsoft Corporation
    Standard Edition (64-bit) on Windows NT 6.3 <X64> (Build 9600: ) (Hypervisor)

The same applies to starting Apache. Running sudo apachectl start from my regular terminal session causes the DB connection to fail, but starting it with clean environment
env -i sudo /usr/local/bin/apachectl start

causes things to work fine.

redpajama_set_name: RedPajamaStackExchange


On behalf of Kelley Ferraro of Kelley & Ferraro, LLP posted in Car Accidents on Friday, June 14, 2013.
Former NBA star Mookie Blaylock has been released from an Atlanta hospital after a violent accident claimed the life of one person and left two others injured. According to a number media accounts, Blaylock allegedly lost control of his SUV and crashed headlong into an oncoming van.
The crash killed Monica Murphy, a passenger in the van, while her husband, Frankie, suffered a broken ankle. Preliminary toxicology reports indicate that Blaylock had no drugs or alcohol in his system at the time of the crash. The attorney general for Clayton County is expected to bring second degree vehicular homicide charges stemming from the accident.
In the meantime, Blaylock has reportedly hired noted criminal defense attorneys Ed Garland and Don Samuel in anticipation of a criminal indictment. Garland and Samuel are best known for defending former Baltimore Ravens linebacker Ray Lewis after an altercation in the hours after Super Bowl XXXIV. They have also defended Pittsburgh Steelers quarterback Ben Roethlisbeger against sexual assault charges.
This news is important because a criminal conviction can serve as the impetus for a civil suit. In this case, a wrongful death suit would be the civil action taken. Essentially, a conviction serves as evidentiary proof that the offending driver breached the duty of reasonable care owed to other drivers, and that such a breach led to the accident and subsequent injuries.
Of course, the absence of a criminal conviction does not prevent an injured party from seeking civil remedies. Nevertheless, it serves as an important step in the development of a personal injury case.


MEARNSGUIDE to find out more about Stonehaven, Portlethen, Inverbervie & Laurencekirk.
The Mearns is an area of great natural beauty stretching along the North-east coast from St.Cyrus in the south to Portlethen in the North. To the west, the rolling, fertile agricultural land of the Howe merges almost seemlessly with the foothills of the Grampian mountains. The coastline on the east is a mecca for bathers, birdwatchers, sea anglers and watersports enthusiasts.


text:
El Taller de carpintería Kane Kwei fue creado en Teshie, Ghana, hacia los años cincuenta. Es conocido por hacer ataúdes de formas creativas que se convirtieron en símbolo de la cultura africana.

Historia
Seth Kane Kwei (1922-1992) era un carpintero establecido en Teshie, en las afueras de Accra en Ghana. Se le considera el inventor en el inicio de 1950 de los ataúdes de diseño o los ataúdes de fantasía,  llamado Abebuu adeka ("cajas de proverbios") por el grupo étnico dominante de la región de Acra.

El uso de estos ataúdes para los entierros en el país de Ga se inicio a partir de la década de los sesentas y se convirtió en una verdadera tradición. Los ataúdes de diseño se reconocen como un símbolo en la creación contemporánea en África.
A la muerte de Kane Kwei, sus hijos se hicieron cargo del taller hasta hoy, haciendo de estos ataúdes tarea de la familia durante varias décadas.

Desde el 2005, Eric Adjetey Anang revitaliza la creatividad de los ataúdes introduciendo nuevos modelos, pero manteniendo el mismo espíritu y las mismas técnicas.

Se han establecido en Teshie y en la región de Acra, cerca de diez talleres de carpintería que producen ataúdes semejantes. Entre ellos, están Tei en Dorwanya, Lay y en Teshie Hola, Tetteh en Amasaman y Red Tetteh en Ningo. Sus patrones son antiguos aprendices de Kane Kwei o sus sucesores. Por otra parte están los talleres de Kudjoe Affutu y el maestro de artesanos Paa Paa Joe y Willie en Nungua, ambos carpinteros capacitados en el taller de Kane Kwei, antes de que abrieron sus propios talleres.

El Taller
El taller de Kane Kwei utiliza madera clara como wawa (madera blanca) o "emien" para los ataúdes destinados a los funerales. Los destinados a la exportación como obras de arte, están hechos de madera más fuerte y costosa como la caoba africana o limba.
El taller Kane Kwei está profundamente anclado en la tradición Ga, tanto por la génesis de sus productos, por los protocolos de elaboración, y por su funcionamiento sobre la base de los aprendices, cuyo número puede llegar a diez. Al final del aprendizaje, que dura de dos a cinco años, se organiza una ceremonia tradicional. En esta ocasión, el aprendiz tiene que pagar una suma de dinero, donar bebidas alcohólicas, una sombrilla, y un par de sandalias para el jefe del taller. Al final se le entrega un certificado.

El proceso de fabricación del ataúd comienza por la observación escrupulosa de los documentos visuales que reproduce el modelo considerado. No se realizan planos ni bocetos como requisito previo para su fabricación.

Algunas unidades han sido adquiridas desde los años 70 por algunos galeristas Americanos (Vivian Burns en 1973, Ernie Wolfe, ambos de Los Ángeles) A partir de 1989, estos objetos llegaron a tener un reconocimiento internacional como obras de arte.

Sus sucesivas apariciones en las exposiciones Magiciens de la terre (1989, Museo Nacional de Arte Moderno Centro Georges Pompidou, París y Grande Halle de la Villette, París y "África explores" (1992, Nueva Museo de Arte Moderno, Nueva York) eran los mecanismos de liberación de este reconocimiento.
Por iniciativa del taller, se han creado asociaciones artísticas con estructuras como las occidentales y han organizado residencias de artistas extranjeros.

Exposiciones

Exposiciones colectivas
2005 "Arts of Africa", Grimaldi Forum, Mónaco, Francia
2005 "African Art Now", Museum of Fine Art, Houston, USA
2005 "Sexualität und Tod - AIDS in der Zeitgenössischen Afrikanischen Kunst", RJM Museum, Colonia, Alemania.
2003 "Ghana: hier et aujourd'hui Ghana: Yesterday and today", Musée Dapper, Paris, Francia[7]
1998 "AFRICA Vibrant New Art from a Dynamic Continent", Tobu Museum of Art, Tokio, Japón.
1996 "Neue Kunst aus Afrika", Haus der Kulturen der Welt, Berlín, Alemania.
1993 "Skizzen eines Projektes", Ludwig Forum für internationale Kunst, Aquisgran, Alemania.
1991 "Africa Explores: 20th Century African Art", New Museum of Contemporary Art, Nueva York, USA.
1989 "Magiciens de la Terre", National Museum of Contemporary Art - Georges Pompidou Center, La Grande Halle de la Villette, Paris, Francia.

Exposiciones personales
2000 "Ein Fisch für die letzte Ruhe", Museum auf dem Ohlsdorfer Friedhof, Hamburgo, Alemania.[8]
1998 "Kane Kwei", Museum of Contemporary and Modern Art, Ginebra, Suiza.
1997 "Wie das Leben, so der Sarg...Nam June Paik", Ifa Gallery, Bonn, Alemania.

Películas
1.	Sépulture sur mesure. Film by Philippe Lespinasse. Grand Angle Production. archivos foto y video por Regula Tschumi, 2009
2.	Les cercueils de Monsieur Kane Kwei, Thierry Secretan, 1989

Referencias
(en inglés)Culture base: Into the world-to-be in a Mercedes
(en inglés)The Age of Aquarius

Notas

Enlaces externos
(en inglés)
(en inglés)Ghana art Coffins in exhibition in Antwerp, Belgium

Arte de Ghana
Carpintería

redpajama_set_name: RedPajamaWikipedia


Welcome to Darley Street Bistro! We are a family owned group of restaurants located in Clovelly and Newtown. Each Darley Street Bistro prides itself on warm and friendly service, with hearty and exciting meals that really are value for money.
Click on your preferred venue location below to explore our vibrant menus, view our galleries or make a booking with us.


Investigating the role of layered rocks and compositional banding on mineral scale in generating seismic anisotropy in the mantle.
Directional dependence of seismic wave speed, so called seismic anisotropy, has potential to reveal important information on Earth's interior structure and state of deformation. The sources that generate seismic anisotropy are generally divided into intrinsic and extrinsic sources. The former refers to mineral intrinsic properties, where crystal preferred orientation is mainly of importance. Extrinsic sources result from various factors, notably layering of minerals and rocks but also lenses of melt, cracks and grain boundaries.
Previous seismological studies have noted the difficulty in resolving intrinsic from extrinsic sources of anisotropy. Faccenda et al.  focus on extrinsic anisotropy arising from layering that occurs both on the scale of grains, smaller than one centimeter in size, and rocks that consists in aggregates of minerals with specific composition that occur in layers ranging from centimeters to kilometers in thickness. They present model results of seismic anisotropy for different settings of the whole mantle, based on predictions of thermodynamically consistent phase equilibria [Stixrude and Lithgow-Bertelloni, 2011] and modelled grain-scale fabrics.
Although the predicted seismic anisotropy from compositional layering is generally small, the new modelling results predicts notable (several percent) seismic anisotropy when foliated fabrics are present in a basalt-rich transition zone. These results may provide an explanation for the observed seismic anisotropy in this region that separates the upper and lower mantle, in particular for the lower transition zone, which is considered intrinsically isotropic.


Saute ground beef and add sofrito and cook down 10 minutes.
Make a roux with flour and fat. Whisk in Milk. Turn down low and bring to scolding point. Turn off heat and whisk in 3 cups cheese until emulsified.
Peel and boil plantains or purchase MIC Food® pre-cooked plantain mash.
In a non stick pan or coat a pan with oil, layer half of your plantain mash into the dish. Then follow with cheese sauce, tomato sauce, and 1 ½ cups cheese. Place the rest of mash on top evenly distributed. Follow with cheese sauce, and the rest of grated cheese.
Bake in the oven at 400 F for 20 minutes. Garnish with Paprika and Cilantro.


I cannot get enough of this Belgium group, Brutus! Been listening to them pretty much non-stop since discovering them. Not to be mistaken with their label mates, Boris, Brutus' next full length comes out next week on Sargent House!
For extra measure, go watch this live recording of another track from their forthcoming album.


Greetings from La Salle Study Centre, Changjiao, China.
I returned to Changjiao as planned on 8th January intending to kick off our Winter English Reading Programme on 12th January. Well, since then, I witnessed the passing on of the Year of the Rat and welcomed the Year of the Ox. I guess people all over the world would rather welcome a running bull but sad to say thus far it is the slow moving working ox.
To begin with, for reasons that bewildered me, the last semester was extended for another week. Normally, there are only 20 weeks per semester. I rushed back to Changjiao only to find that schools were still in session. So, I had to postpone our winter programme and started a week later, on 19th January. It ran for 10 consecutive days. That meant that our programme ended just two days before Chinese New Year.
I did not plan to take in new students yet in the end we ended up allowing 16 new students who had lesson from friends or relatives to join in the classes. As usual we divided the 286 students into 4 classes. I had four students staying in at LSSC throughout the two weeks. Three of them were primary 6 students and one a student who completed high school in 2008 and decided to study English full time at LSSC, Her name is Nancy Liao.
The three primary 6 students were in charge of attendance and helped me to keep LSSC tidy and clean and ready for lessons each day. Nancy is our first full time assistant teacher. She is able to teach all the basic lessons. Her participation relieved me of almost half my teaching burden for the first 3 classes. I teach full time for the 4th class as they are mainly my senior students.
With Nancy standing in for me, I found that I had more time to interact with some parents who were waiting for their children. I had interesting feedback from them and I also had the opportunity to impress on them that they as parents have an important role to play. Unless they make sure that their children revise and read for at least two hours at home, all the efforts we put in to teach them at LSSC will not significantly improve their English reading ability. Now we do not close the main door anymore. Parents and students of other classes are allowed to follow the lessons. They must sit quietly in the adjacent lower hall.
Last year, I requested a cousin of mine to keep a flock of geese for me. For the Spring Festival (Chinese New Year 2009) every family in Baijiang was given a goose on 28th January, which was the 27th day of the lunar month. Each goose was numbered and a member from each family came along to draw a number. It was a fitting festive start to celebrate the Spring Festival. In the midst of much human laughter and cacophony of goose honking a total of 35 geese were drawn and taken away. It also signaled the start of lunch and dinner invitations for me which lasted a total of 18 days. For many of the villagers especially the children, it was the first time that they ate goose meat. Most of the families kept the goose alive till they turn to invite me over for a meal.
One unexpected but encouraging outcome of the gift of a goose was that most of the time when I go to a home for lunch or dinner, they had other guests too as it needed more than a normal size family of 4 to 6 to eat a goose. It sort of indirectly encouraged families to share a meal together during the festive season. Well, it was hard on me as I had to eat goose meat for days!
As usual, I gave an "angpow" to each elderly villager in Baijiang. I guess I made a good decision when I first gave CNY angpows to all who are older than I am. It was 15 angpows in 2005. This year it was down to 10. I am slowly moving up the seniority ladder!
Just before CNY I was dismayed when a villager took me to see a family of two, an old man (70+) and his son (30+) who lived at the fringe of Baijiang, along the riverbank. All these years I was not aware that they live there. I had seen the broken down shack but all the while thought it was an abandoned building as it had no doors. Even our average village pig stiles are in better condition. They have no electricity and water was from the polluted river. Anyway, we helped them to celebrate CNY in a special way. The family who invited me for the family re-union dinner also invited the father and son. I led our Baijiang drum troupe all the way through a hastily opened path to play for them. A goose was also delivered to them for CNY.
Their plight came to my attention when I was informed that they were denied right of passage by the adjacent village. For many in my own village, it was the first time they visited him when we went there to play drums on CNY morning. They were also deeply moved. I am now working with some villagers to cement pave a road to them through our village and to have electricity connected for them.
The Spring Festival came and went by fast. Soon it was back to school for the students on 16th February. On 20th Feb I joined our secretary and two members of the village committee to attend a meeting of the Liao Clan in Guangzhou. We stayed there for 5 days, meeting and visiting clan members in Guangzhou, Forshan and Dongguan and to raise funds for two village projects this year, namely, the construction of the village hall and a major drinking water supply system.
On 28th February, LSSC reopened for weekend classes. Although there was pressure for many quarters to register new students, we steadfastly refused. We keep the same register as for the Winter programme. Three primary teachers decided to join the weekend classes in order that their children can sit in to attend lessons. A sort of back door entry you may say but it did forced those teachers to take responsibility to ensure that their children can catch up.
Three other teachers of a same school from another town decided form a study group and asked for Friday and Saturday nights lessons. So it looks like there is a bit of progress in the area of teacher training. Sad to say though, the local education department has not taken up my offer to train English teachers for them.
On another front, the local Sisters who asked to study with me, kept calling me to arrange to stay-in and study but inevitably cancelled it at the last minute. However, Fr. Bai from the parish in Wufa, arrived on 28th Feb and studied with us till 10th March. He is originally from Inner Mongolia, studied in Beijing and is now attached to the diocese of Meizhou. Fr. Bai worked very hard in the 10 days he was with us studying at least 8 hours daily. Nancy and I had a tough time in the beginning as his tongue seemed to be stuck in his throat. Somehow, like many northerners I have met so far, many of his words have an extra sound. I must give him credit for his persistence in trying to annunciate our basic pinphonic sounds. I must say he was exhausted at the end of the day and so was I. I am thankful that my students gave me Chinese White Wine for CNY. Fr. Bai, being a northerner is a good drinker. We both enjoyed the wine at the end of the day – it refreshed him and soothed my nerves!
Our kindergarten is slowly taking shape. Nancy is now teaching the children English three times a week. I have a graduate student from Malaysia coming for 3 months at the end of March to assist us. So, it is full steam ahead for the present on the teaching front. I have begun organizing for this Summer 2009. We begin on 20th July and ends on 14th August. Any volunteers?
Please keep us in your prayers. Like the ox, we are taking our progress one slow step at a time. Our mission in Changjiao is not a destination. It is a journey of many short steady steps.


This study investigates how three regulatory reforms undertaken in the aftermath of the global financial crisis have affected returns of real estate companies. The three reforms are aimed at regulating different segments of the market – Basel III targets banks, and could restrict the availability of bank debt to the sector; the Alternative Investment Fund Management Directive (AIFMD) targets funds, which could increase compliance costs and reduce the potential investor pool; the European Market Infrastructure Regulation (EMIR) is aimed at derivative trading and could impact the cost of debt capital. We employ an event study methodology using daily stock returns of real estate companies and identify the regulatory events through news published in major international financial newspapers and news agencies. Our results show different responses across the three regulations. For Basel III we find support for the regulatory burden hypothesis of the bank lending channel for small real estate firms and firms with low debt-to-equity ratios as they cannot diversify their funding sources. The direct regulatory effect as tested using AIFMD announcements supports the profit-based reaction hypothesis for large firms. We also show that the news have asymmetric effects with tighter regulation news more frequently leading to significant responses in average abnormal returns (AARs) than loosening regulation news.
In the aftermath of the global financial crisis (GFC) regulators tried to strengthen the resilience of the financial system and reduce systemic risks by improving the existing financial market regulations and putting new regulations in place. Some of the main regulatory reforms which have been introduced at the international level include Basel III, the Alternative Investment Fund Management Directive (AIFMD) and the European Market Infrastructure Regulation (EMIR). Whereas Basel III extends the regulations for depository institutions imposed by Basel II, the AIFMD is a new regulation that targets non-UCITS funds, which are regarded as alternative funds including private equity, hedge funds and real estate funds in order to increase the transparency of that market and better protect investors. The EMIR is another regulation whose aim is to increase the transparency of the over-the-counter (OTC) derivative markets.
The above regulations potentially could have strong direct or indirect effects on real estate companies. We could observe indirect effects stemming from Basel III given the high credit intensity of direct real estate as an asset class. Real estate companies purchase assets for investment purposes and in order to do so, they operate with high leverage – tapping into the debt markets. Bank credit is still the predominant source of financing for listed real estate companies investing in income-producing properties. Hence, companies strongly relying on bank loans can be affected if banks are subject to new regulations. This could happen through the bank lending channel (Gambacorta 2005; Milcheva 2013a). Banks may change the funding costs for real estate companies in response to the financial regulation and this can have effects on the valuation of the companies and hence their performance. Other types of regulation such as AIFMD target directly real estate companies and funds. They can be associated with increases in the cost of compliance or increases in operating costs therefore having a direct impact on the cash flows of real estate companies. Finally, given that real estate is a lumpy asset requiring long-term financing, real estate companies may decide to hedge interest rate risk using derivative products. The instruction of EMIR could thus have strong effects on real estate companies which are trading such securities and may have indirect effects on the cost of hedging and hence their performance.
Overall, there is scarce research assessing the impacts of the recent financial market reforms. The lack of empirical research in this area thus far is due to the dearth of data and the uncertainty surrounding some of the regulatory reforms. Most of the research that has assessed the relationship between regulation and asset prices has looked at the role of bubbles on financial institutions. Schleifer and Vishny (2011) discuss the effect of real estate bubble bursts on leveraged financial institutions and a subsequent deleveraging and fire sales. Crowe et al. (2013) argue that real estate booms which are financed through credit and involve leverage would lead to more pronounced regulatory actions associated with macroprudential regulations. Allen and Carletti (2013) develop a model of real estate pricing in two regimes accounting for borrowing and agency problems and use it to analyze the effects of macroprudential policies. Some of those regulatory measures include loan-to-value (LTV) restrictions and capital requirements. Basett and Blake Marsh (2016) look specifically at the effects of financial market regulations on banks with high exposure to commercial real estate loans. They show that such banks reduce the provision of commercial real estate lending and substitute it with housing lending when faced with higher regulation. Such macroprudential regulation can affect the bank behavior and hence real estate loan provision. Cronin and McQuinn (2016) show for the Irish housing market that regulations targeting LTV ratios for bank loans would lead to higher demand for rental accommodation and higher rents.
Overall, we see that there is a relationship between asset prices and in particular real estate prices and regulation – but most of it from a macroeconomic perspective. Although we still cannot assess the long-term welfare implications without awaiting the full implementation of the regulations, this study provides a first assessment of the contemporaneous effects of financial regulations on the listed real estate sector. Our main focus is on analyzing the impact of regulation on the value of equity as well as market risk of listed real estate companies in selected European countries with well-developed listed real estate markets (France, Germany and the U.K.). We assess whether announcements about regulatory reforms post-GFC affect those companies and what are the channels of transmission of the news. We assess the channels through which regulatory news affect the performance of listed real estate companies distinguishing between type, size, leverage, and location of the companies.
As our focus will be on news about financial regulation, we use an event study methodology to assess the implications of stock returns. Event studies have traditionally been used to evaluate the impacts of regulatory news and go back to Schwert (1981). They have mainly been used to assess the effects of changes in the market value of equity since it is most sensitive to information given the residual-claim nature for investors of the asset class. More recently, this methodology has been applied to assess the impacts of policy and regulatory actions associated with the GFC. For example, Schäfer et al. (2015) look at the effects of press announcements of major country-level banking regulations post-GFC on stock returns in Germany, Switzerland, the U.K. and the U.S. They find that the largest implications for returns stem from the Dodd-Frank reform enacted in the U.S. and in particular from the Volcker rule. Bongini et al. (2015) conduct a case study to investigate the effects associated with the publication of a list of systemically important financial institutions (SIFI) and new regulation for too-big-to-fail (TBTF) banks. They find that only the returns of institutions which are poorly capitalized respond significantly negatively to the announcements. Fratianni and Marchionne (2013) use an event study to assess the effects of government intervention announcements to inject capital in troubled banks and the banking industry as a whole following the GFC. They find that the effects of announcements to help individual banks have negative effects on the stocks of those banks. Announcements about government support for the entire financial sector have however no significant effects on bank valuations when controlling for time and bank fixed effects. The authors conclude that such announcements were either not credible or not appropriate to address the problems in the financial markets. Veronesi and Zingales (2010) find that the effect of the Paulson Plan on the valuation of banks had a positive effect decreasing the probability of bankruptcy, providing benefits for bondholders of major investment banks. Georgiadis and Graeb (2016) show that announcements about the asset purchase program by the European Central Bank (ECB) have significant effects on equity indices across different countries, government bond yields and exchange rates.
The use of event studies requires the correct identification of the regulatory events or event periods. An investigation of large-scale financial market regulations such as Basel can present a challenge since the reform is subject to a complex negotiation process over several years and has been phased out several times already. Such large-scale regulations involve a lot of parties, such as consultants, lawyers, politicians, governments, regulated institutions (i.e., banks and fund managers), investors, who meet to discuss the reforms which can affect the likelihood of one or another outcome. This means that financial market participants continuously adjust their expectations with regards to the regulation following unexpected announcements. Therefore, markets would react only if the outcomes differ from their expectations. If, for example, there is news about regulation becoming more lax, markets would respond positively, and vice versa. However, the reforms can be a predictable process and could already have been reflected in the prices of stocks prior to the official announcement. Therefore, we want to identify the true impact of the regulatory event, not when the reform has officially been introduced, but when, for the first time, news about the regulatory reform has become available.
We follow the methodologies in O'Hara and Shaw (1990) and Schäfer et al. (2015) to identify events by looking at major newspapers. In particular, we follow a three-step approach. First, we search for news containing the name of the regulatory reform in the Financial Times. We select as news associated with Basel III those articles which have been published on the front page. The reason is that Basel III is a major international financial market reform and information representing real news should appear as a headline of a major international financial newspaper. Regarding the identification of the AIFMD and EMIR, a front page search is problematic, as these are more specific regulations which do not necessary feature on front pages. For them, we consider articles across all pages which contain the name of the regulation. Second, the ultimate choice of the events is made by screening all identified articles and assessing if it is considered news or not. Third, we double check if the dates identified feature in other media such as other newspapers, regulatory bodies' websites or news agencies (i.e., Bloomberg).
Our results show large differences across the three regulations. Basel III and EMIR have overall small aggregate effects on the performance as they do not directly regulate real estate companies. However we find some support for the regulatory burden hypothesis of the bank lending channel. We document that the banking regulation negatively affects small firms and firms with low debt-to-equity ratios. This may suggest that the strongest effect is observed for firms who cannot diversify their funding sources and are thus hit strongest by Basel III. The direct channel through the AIFMD supports rather the profit-based reaction hypothesis. Mainly large firms are affected positively by the regulation which can be due to identified regulatory arbitrage opportunities for real estate companies if they do not have to comply with AIFMD. Overall, we see that different regulation can have opposite effects on companies and it is important to look at them separately as well as assess the impacts of tighter regulation news and loosening regulation news separately. We find strong evidence for asymmetric effects with negative news more frequently leading to significant responses.
The effect of the regulations can lead to three possible outcomes – an overall positive reaction to the news, an overall negative reaction, or no significant reaction. Similar to Bongini et al. (2015), we identify three hypotheses which are graphically presented in Fig. 1. The profit-based reaction hypothesis assumes a positive market reaction due to the benefits of regulation associated with an increase in welfare and decrease of the price of capital due to less systemic risk and uncertainty. Regulation can prevent systemic events and contagion and lower the connectedness among financial institutions thus making them more resilient to downturns. For Basel III, for example, if banks are more tightly regulated, market participants can see this as an improvement in financial stability and hence reduce the cost of systemic risk. This can have positive effects on funding costs and may lead to banks offering cheaper financing in the end.
The opposite effect can be associated with the regulatory burden hypothesis. It assumes that financial regulation is rather a regulatory burden because it can, for instance, increase the cost of risk diversification, as well as operating and compliance costs, or reduce the number of eligible investors. In the case of Basel III, regulatory capital requirements can be such heavy covenants that all the wealth effects noted above would quickly dissipate. An increase in compliance costs can be outsourced to final borrowers and alter their funding costs as a result.
Finally, regulation may not have any noticeable impact. This is in line with the irrelevance hypothesis which assumes that markets do not expect regulation to have an impact on the company of interest as the new regulation is not considered a dramatic regulatory change. For the example of Basel III, markets may already believe that there may be alternative and cheap sources of funding such as debt issuance or alternative providers of loans, thus no wealth effect can be tied to the new regulation. This is associated with the possibility of regulatory arbitrage, when financial institutions manage to sustain their operations escaping tighter regulation. A tightening in the banking regulation creates a window of opportunity for 'shadow banks' to take on market share by providing loans. If regulation is perceived as too tight, traditional financial intermediaries can shift funds off balance sheets towards the less regulated financial sector through special purpose vehicles (SPVs) in a similar fashion as they did prior to the GFC.
Kroszner and Strahan (2011) argue that the Basel reforms "encouraged firms outside the regulatory umbrella to engage in activities traditionally done by those under the umbrella" leading to the emergence of balance sheets of unregulated banks. Kim and Mangla (2012) explain the excessive flow of investment into the shadow sector prior to the financial crisis with too tight banking regulation. An increased interconnection between the shadow and the traditional financial sector has been observed in both the euro area and the U.S. with a significant share of financing coming from the shadows (Bakk-Simon et al. 2012). Therefore, despite the potential negative impact on funding costs for bank lending, large companies could be able to access alternative sources of debt capital (through the issuance of corporate bonds, or other non-bank lenders) reducing the impact of Basel III. Milcheva (2013b) discusses the effects of regulatory announcements on the housing and stock markets looking at the effect of regulatory arbitrage. The author finds that regulatory arbitrage via the U.S. securitized sector may enhance the cross-country reallocation of capital from housing markets towards equity markets thereby leading to higher equity prices and lower house prices. In this paper, regulatory arbitrage may be a way of reducing the regulatory burden for regulated financial institutions and prohibit changes in the price of the funding costs.
The main objective of Basel III is to avoid future bank failure and systemic risk in the wider economy by requiring depository financial institutions to hold more capital against expected losses or to change their assessment of risk. The third instalment of the Basel Accords was developed as a response to the problems associated with banking regulation revealed by the GFC between 2010 and 2011 and is being phased in until March 2019. Pillar I of the regulation tightens the definition of what can be included in the calculation of bank capital and tries to make the methodology of calculating risk-weighted assets more sensitive to risks.
Albeit regulating banks, Basel III can have indirect effects on listed real estate companies through the bank lending channel. The channel is presented in Fig. 2. Basel III regulates banks with the aim to make them more resilient to downturns and prevent global systemic effects. To do this, one can say that Basel III poses tighter regulatory capital requirements for certain types of real estate loans. Therefore, the bank lending channel can lead to higher or lower credit provision by banks depending on which of the above effects of the regulation prevails. On the one side, the loan provision to real estate companies can be negatively affected, reducing the amount of bank credit available due to a change in the risk assessment of real estate loans under Basel III as compared to Basel II. For example, one change is the risk weighting for a new category of loans – high-volatility commercial real estate (HVCRE) loans – which receive a risk weighting of 150% compared to 100% previously under Basel II. A loan is classified as an HVCRE loan when it finances the acquisition, development, or construction of real property1 mostly with loan-to-value (LTV) ratios above 80%. As a result of the higher weighting, banks will end up with higher regulatory capital requirements of 12% instead of currently 8% when providing this type of loans and they may decide to reduce the loan provision to developers and real estate companies.
Another change is related to the risk assessment of project loans which could face a risk weight of up to 250%. Project loans are one of the main ways large scale real estate projects and infrastructure projects are financed. Furthermore, Basel III increases the risk weight of mortgage servicing rights (MSRs) which are generated when banks originate mortgages. As a result, banks can decide to sell off the MSRs to other non-bank companies to manage them instead of keeping them on their balance sheets. This may increase the costs for them and these costs can be outsourced to the mortgage borrowers. Given higher risk weights for certain types of real estate loans, banks may decide to decrease the amount of lending to real estate companies or may increase the borrowing costs. In this case, we would expect a negative effect on the returns of real estate companies. The reason is that markets perceive the regulation as negative either through an increase in the cost of debt or through a decrease in the quantity of debt. This is in line with the regulatory burden hypothesis.
On the other hand, market participants can perceive regulation as a necessary evil, which in the long run will lead to less interconnectedness between financial institutions and less systemic risk. This in turn may result in a more efficient and stable financial system, and reduce the overall funding costs. If this is the case, we would expect a positive effect on the returns, in line with the profit-based reaction hypothesis. Therefore we would expect Basel III to affect more strongly real estate companies which have high loan-to-value (LTV) ratios. In addition, companies which rely more heavily on bank finance may be more strongly affected. We also may observe that small and large firms are affected differently. Large companies may be less negatively affected by the regulation as they will be able to offset higher bank funding costs by tapping into alternative sources of funding such as issuing debt, a secondary equity issuance, or junior sources of funding by other financial institutions. We can observe some crowding out of small companies which may lose competitiveness.
While Basel III is a regulatory reform not directly affecting real estate companies, the AIFMD would have a direct effect on real estate firms which are operated as alternative funds – the direct fund channel. Talks about the AIFMD started in 2009 with the directive being published on July 1, 2011. The directive had to be adopted into the national laws by July 22, 2013. The AIFMD introduces for the first time a harmonized European regulatory regime for managers of Alternative Investment Funds (AIFs). The AIFMD defines an AIF as any collective investment scheme which raises capital from a number of investors with a view to investing that capital in accordance with a defined investment policy. Thus, the definition of an AIF is extremely wide and captures many open-ended and closed-ended listed and unlisted real estate funds. It may also apply to a subset of global real estate investment trusts (REITs) and property companies depending on the decisions by national regulators as well as on the decision of the company's management. While AIFMD is a European-wide regulation – it is up to the discretion of the national authorities how they will proceed with it. Therefore, we may observe a different approach to classifying companies into AIFs across the countries. The approach adopted in countries like the U.K., Germany and France is on a case-by-case basis. Whether a listed real estate company qualifies as an AIF would depend on the purpose and the investment strategy of the company.
The impact of the AIFMD on the European listed real estate companies is direct and would affect their operations making them either more efficient or increasing the compliance costs which may lead to more or less competition on the market for funds. Thus, the effects can be either positive or negative. The profit-based reaction hypothesis can be associated with the potential benefits associated with 'passporting', i.e., funds that have obtained a 'passport' would be allowed to operate across Europe. However, AIFMD could also be associated with regulatory burdens for real estate investment vehicles and could therefore redefine existing boundaries in the real estate sector. On the one hand, given the high compliance costs, the AIFMD may crowd out some non-European Union (EU) REITs despite their interest in the EU market. As a result, this may lead to a significantly smaller number of players in the European market if non-EU managers together with some EU managers exit the EU market. Moreover, the uncertainty for non-EU investors surrounding the new legislation may deter investment in REITs which are classified as AIFs. In particular, this can be the case for Chinese investors who face restrictions for holdings in foreign funds.
On the other hand, the AIFMD may encourage the passive rather than the active model with REITs adopting the structure of a fund rather than that of an actively managed real estate business with implications for the financing of real estate development and infrastructure projects. Moreover, whether a listed real estate company is qualified as an AIF or not could also determine the underwriting status for insurance companies, pension funds and banks and lead to changes in the shareholders' structure of REITs. In Belgium, for example, the majority of REITs had to seek shareholder approval to adopt a new corporate status that legally separates them from funds, thereby avoiding the additional regulatory constraints and higher costs that AIFMD would have imposed. The regulatory ignorance hypothesis suggests that investors may not perceive the AIFMD regulation as relevant. That can be the case if certain property companies are not be classified as AIFs hence they are unaffected by the regulation. One would therefore expect the AIFMD regulation to have different effects across European countries and across companies depending on how it is implemented in each country and across types of companies. In addition, we could find differences between small and large real estate companies. Large companies may be less negatively affected by the regulation as they will be able to offset higher compliance costs more easily due to economies of scale. We can observe some crowding out of small companies which may lose competitiveness.
If a REIT falls under the AIFMD regulation, it will be classified as a financial entity becoming subject to the EMIR. EMIR regulates any entity classified as a 'financial counterparty' which includes any real estate vehicle which is an AIF under the AIFMD and subjects the real estate vehicle to mandatory clearing of derivative transactions. This can have negative implications for the company as it may be required to hold extra cash collateral with a central counterparty whenever it uses swap arrangements. The effect of the EMIR regulation can be particularly pronounced for real estate companies and funds as they would hedge the mortgage rates of long-term real estate loans against floating interest rates. As a result, small companies may decide not to hedge against those risks and this can make them riskier or lead to an increase in the funding costs (see Fig. 3). The effect on the real estate companies is thus indirect through the 'hedge' channel. If companies rely on hedging activities, then they can be affected as they would need to comply with EMIR. Larger companies instead may not experience any significant effect as they will more easily find the resources to provide additional collateral.
There are several ways to collect information on announcements associated with regulatory changes. One way is to look at reports by regulatory bodies and their representatives, such as the European Commission (EC), the European Securities and Markets Authority (ESMA), and the Basel Committee on Banking Supervision (BCBS). However, using such sources of information only can leave us with incorrect identification of events if market participants have already priced the news prior to the official announcement of the regulatory body. Therefore, we want to identify the true regulatory event, not when the reform has officially been introduced, but when, for the first time, news with regards to the regulation has become available. We use a common way of identifying events by using the editor process of news agencies such as the Wall Street Journal and Financial Times. This approach has been used in previous studies such as O'Hara and Shaw (1990) and Schäfer et al. (2015).
The selection of the event dates in this paper consists in several steps for the purpose of ensuring the right identification of events. In the first step, we search for events in the paper edition of the Financial Times (FT) UK and FT Europe using ProQuest. The search is conducted using the full name of the regulation as a keyword to sort out potential articles. For Basel III, we select all articles containing the word 'Basel III' which feature on the front page. A similar selection process has been applied by Schäfer et al. (2015). The reason is that Basel III is the major international financial market reform in recent years and information representing real news should appear as a headline of a major international financial newspaper. Regarding the identification of the AIFMD and EMIR, a front page search is problematic, as these are more specific regulations which do not necessary feature on front pages because they affect specific industries only and are conducted on a smaller scale. For them, we conduct a keyword search of articles across all pages.
After narrowing down the potential pool of events, we read each article and make a decision if it is real news or just a commentary not announcing anything new. In this process we look for keywords which may indicate some new information associated with amendments to the regulations. For example, there can be an interview for a regulator who announces that the regulation will be tighter than expected. If an article reports a past event, such as a meeting of the Basel committee, we look up when the meeting was and whether there were any previous news associated with it. In a next step, we double check if the news has been announced on that date and in this newspaper first or features somewhere else earlier. The way we account for it is by searching in the Bloomberg news database 1 month prior to the identified FT article for similar news. As Bloomberg cover a wide range of sources including newspapers, we can be confident that it accounts for major news.
Moreover, during the Bloomberg search, we account for the exact time at which the news was first published online as it can be the case that the paper edition has a delay and the news first features online. This is important as some articles can be published after stock markets have closed, so market participants cannot account for the news on that day. If this is the case, we choose the following day as the event date. The final step is to control for other news/events which have taken place on the same day as the regulation news. For this purpose, we screen the front page of the paper edition of the FT Europe for each of the dates we have identified through the above procedure. We are looking for events which can also have strong effects on listed real estate companies and major economic news (e.g., the Greek crisis or the ECB policy). The final event dates are presented in Table 1. Along with the event date, we include the title of the article, a short description of the event, the source of the news, the publication date of the news as well as the expected effect on returns following the news – tighter regulation news or loosening regulation news.
Given the international nature of the reforms and the large number of parties involved in the consultations, information is less likely to remain confidential. For this purpose, we choose an event window of 3 days instead of just 1 day allowing for market anticipation and delayed reaction. Schäfer et al. (2015) also choose an event window of 3 days – 1 day before the announcement, the day of the announcement when the article is published and 1 day after the announcement.
We use daily stock prices of real estate companies sourced from Thomson Datastream. The focus on European countries is explained by the fact that the regulatory reforms we study affect predominately European-domiciled companies. The countries in our sample include France, Germany and the U.K. as they have the largest listed real estate markets. Figure 4 shows daily equally-weighted returns of the 15 largest real estate companies from UK, Germany and France from January 1, 2009 to April 1, 2015.3 We can see that in some days during the GFC and again in May–July 2010 and the second half of 2011 returns show considerably higher or lower values as compared to returns during the rest of the sample period. Those are also the periods in which most of the regulatory announcements have happened.
With regards to the market returns, we use a global market index in the baseline estimations in order to exclude the possibility of spillover effects across stock markets in different countries. Such an approach has been adopted in Ongena et al. (2003) and Schäfer et al. (2015). We use the Stoxx Global Total Market Net Return Index.
We conduct the study for several sets of companies. The subsamples of companies and their summary statistics are presented in Table 2. Using 92 property companies across France, Germany and the U.K., we group the companies into 11 subsamples. Each subsample is based on a selection of approximately the top 15 companies with the highest value in a given category and approximately the top 15 companies with the lowest value in this category. The categories are total assets, debt-to-equity (DE) ratio, and loan-to-value (LTV) ratio. The balance-sheet company data that serves to split the firms into the categories comes from SNL Financial. In addition, we form country-level4 subsamples of the REITs with the highest total assets. For Germany, we have a subsample of the 15 German real estate operating companies (REOCs) with the highest total assets. We include REOCs rather than only REITs as most of the active real estate companies in Germany do not have a REIT status and those companies which are REITs do not date back very far, so the time series information is not enough for our estimation. Therefore, we also account for differences between REITs and REOCs by splitting the companies into a large REITs and a large non-REITs sample incusing the companies of all three countries. When selecting the companies, we make sure that we exclude firms which show abnormal return patters and outliers which may be due to changes in the status of the company, a merger, equity issuance, etc. The 92 companies are distributed in 11 subsamples with some of the companies featuring in several subsamples. Almost half (41) of the companies feature in only one subsample. Thirty companies feature in two subsamples and another 20 in three subsamples. Only one company features in four subsamples. Overall, there are 11 samples of 15 companies, so 165 'slots' to fill in the subsamples. With 92 companies split into these 11 samples, this means that typical firm appears in 1.8 samples.
In Table 2, we can see that the companies with the lowest total assets have an average balance sheet size of 38 million euros as opposed to almost 12,000 million euros for the companies in the highest-assets grouping. The smallest company is Black Sea Property Fund Limited from the U.K. with a balance sheet size of 0.241 million euros. The smallest real estate company in the highest-assets category is Segro Plc from the U.K. with a size of 4813 million euros. The largest company in this category is Unibail-Rodamco SE with a size of 35,570 million euros. Within the large-size subsample, we also split the funds into largest REITs and largest non-REITs. Among the 15 largest REITs, there are no German firms and the split is almost equal between U.K. and French companies. Among the largest non-REITs there are mainly German and U.K. firms with the largest company for which data is available being Deutsche Wohnen SE from Germany. The average size among the largest non-REITs is 5196 million euros as compared to 9955 million euros for REITs. When we look at country level data, we see that French companies have the largest size with 7137 million euros on average, followed by U.K. companies with 4191 million euros and German firms with 3586 million euros.
In terms of the DE ratio, the average ratio in the low category is 5% with the majority of the companies reporting no debt. The average DE ratio in the high category is nearly 800%. A similar proportion of German and U.K. funds are among those which report the highest DE ratios. U.K. funds are however also among those with the lowest DE ratios. The average reported LTV ratio for the low category is 18% with companies reporting ratios between 7% and 26%. All of the companies in this category are based in the U.K. The average LTV ratio in the high category is 65% with a maximum ratio of 94% for Alpha Pyrenees Trust Limited which also has the highest DE ratio, and a minimum ratio of 54%. Similar to the DE ratio, most companies are either from the U.K. or Germany. French companies seem not to be in the two extremes for most of the criteria.
with i the return in day t with i = 1, ..., I and t = 1, ..., T + 1, where T is the day of the regulatory announcement. R Mt is the global market return which is the same for each company. However, the estimation coefficients – alpha and beta, as well as those for the dummy variables – differ across the companies. D int denotes a vector of dummy variables for all sub-events in the estimation window associated with one regulation. Normally each equation will contain only one sub-event. However, if during the estimation window there have been previous news associated with the regulation, we follow Schäfer et al. (2015) and include those event dummies as well as a means of 'dummying out' the 'old' news. The idea is that the estimated returns account for previous adjustment to past events and the impact of the news is correctly estimated. For each sub-event there are three dummies. A pre-event dummy that takes the value 1 one day before the event (T–1) and zero otherwise. It is included in order to account for investors anticipating the regulatory news. An event dummy that takes the value 1 on the day of the event (T) and the value of zero otherwise; and a post-event dummy which is equal to 1 one day after the event (T + 1) and zero otherwise. The latter is included in order to account for investors who react to regulatory news with some lag due e.g. to differences in trading times. The dummy coefficient τ in measures the abnormal return for a company i for a given day t in the event window. The estimation window begins 80 trading days before the sub-event and ends 1 day after it. For robustness purposes, we estimate the models using an estimation window of 40 days and 120 days as well.
We estimate model (1) as a system of equations using a seemingly unrelated regression (SUR) (Zellner 1962; Binder 1985). The alternative would be to use a two-stage least square regression as in Campbell et al. (1996) but the SUR is shown to be more appropriate to estimate the standard errors as it accounts for regulatory events which have a simultaneous effect on a large sample of companies at the same time. For each sub-event a separate system is estimated which leaves us in the case of Basel III with 18 systems for the 18 sub-events.
with D iEt an interaction dummy variable which is set equal to one during the event. The parameter δ i accounts for the instantaneous change in the asset's sensitivity to the market which occurs on the day of the announcement. As discussed by Lamdin (2001), δ i is an estimate of the transitional response of beta as it captures the change in beta only during the event but not before or after the regulatory announcement. Therefore, model (2) simultaneously tests for the required return effect (β i ) and the revaluation effect (δ i ).
Figure 5 shows the relationship between the market return and the return of the companies from the baseline sample which includes the large REITs from the U.K., Germany and France for each of the Basel III news dates. The black line represents the STOXX return. We can see that the market not always responds to news associated with Basel III as for some news it is close to the zero line. In particular for news towards the end of the event window we see little effect on the market as a whole. We also observe that news towards the beginning of the announcement timeline have rather negative impacts whereas news afterwards have more scattered impacts – changing from positive to negative and vice versa. The first news that we identify is on April 2, 2009 and is related to the G20 summit during which the official announcement of Basel III legislation was made. That is followed by a large period of no relevant news and the first new announcement is associated with another G20 meeting on June 26–27, 2010 which is announcing some relaxation on the initial stance regarding the banking regulation. News thereafter appear quite frequently (one every 1 or 2 months) and some of them are related to press releases by institutions such as the Financial Stability Board (FSB), the Bank of International Settlements (BIS) or the European Banking Authority (EBA). Some of the news are not associated with official regulatory documents but rather the expression of opinions of involved parties through interviews. When we collect those dates, we double check in Bloomberg and Google that the article we are using to identify the date of the news is the first one to appear and there are no other releases in other media prior to that. This is done on a case-by-case basis since the small number of events allows us to do so.
REIT returns respond to the news along the timeline differently. Some news (the first announcement on February 2, 2009, May 27, 2011, October 18, 2010) have strong uniform effects across all REITs, other announcements have opposite effects with some returns increasing, others falling (September 15, 2009, October 10, 2011, April 3, 2012, May 16, 2012). The strongest overall price changes have been observed in the very beginning of the Basel III consultations. In the last stages of the event window, the effects diminish. These findings suggest that market participants may get used to more news being announced as the regulation consultations progress and hence may dampen their response. In almost all cases though, the REIT price changes are larger than those of the market index meaning that REITs are proportionally more strongly affected that the average across all types of companies.
We obtain results for 11 different subsamples – large REITs versus large non-REITs, smallest versus largest REOCs, REOCs with lowest versus highest LTV ratios, REOCs with lowest versus highest DE ratios, REOCs in the U.K., REOCs in France, and REOCs in Germany. The results distinguish across the three regulations – Basel III, AIFMD and EMIR. News about tighter and more restrictive regulation are classified as 'restrictive regulation' news from the point of view of the regulated institution. Announcements which are associated with amendments which relax the regulation for the affected parties are classified as 'loosening regulation' news. Below, we look at the effect of restrictive regulation news and loosening regulation news both together and separately. We would focus on restrictive regulation news as those are the news concerning the affected parties. Moreover, there is a large number of studies showing that markets respond asymmetrically to positive and negative shocks with the response to negative shocks significantly stronger than to positive shocks (Chen et al. 2005; Smales 2015; Williams 2015).
We differentiate between companies responding negatively to news about regulatory tightening (in line with the regulatory burden hypothesis), companies responding positively (in line with the profit-based reaction hypothesis), and companies with no significant response (in line with the irrelevance hypothesis). We summarize the results in Tables 3 and 4. In the Appendix we report detailed results including the average abnormal returns (AARs) for each announcement, each subsample and each regulation along with p-values of an F-test for the joint significance of the returns for each announcement.
On average, we observe significant AARs following regulatory news about Basel III in less than 50% of cases (see Table 3). We use the sample consisting of large REITs for the baseline estimation. In eight out of the 18 Basel III news, we observe significant AARs which vary between as low as −5.3% and as high as 1.6% (see Table 6). These figures show a stronger shift to the left side of the distribution as compared with Schäfer et al. (2015) who report AARs between −2.2% and 2.7% following Dodd-Frank Act announcements. This suggests that REITs seem to be strongly negatively affected by banking regulation news suggesting that markets can fear the negative effects from the bank lending channel. This means that any news about Basel III in that early stage in 2010–2012 spread fears among REIT investors about potential borrowing constraints from banks.
Comparing the results across the different subsamples, we find that there are only small differences across them. The most significant AARs are observed for companies with high LTV ratios (Table 7). In 55% of the news events regarding Basel III, AARs of companies with high LTVs are significant. Small companies and companies with low DE ratios also show significant responses in 50% of the cases. Those results however are based on all news and hence it is hard to say anything about the underlying drivers of the significance. Therefore, in what comes next, we examine in more detail how tighter regulation news, in particular, affect the subsamples and analyze the extent of the asymmetric reaction.
Overall, we observe asymmetric effects to news with tighter regulation news causing a stronger return reaction than loosening regulation news. This is in line with previous studies (Williams 2015) which show that the response to negative shocks is stronger than to positive shocks. Companies with low DE ratios and small companies are among those most negatively affected by the regulatory news (see Table 4). This is in line with the regulatory burden hypothesis (see Figs. 1 and 2) postulating that financial market regulation may increase the costs for financial institutions and pass them through to borrowers. Even though Basel III does not regulate real estate companies directly, the banking regulation can affect property company returns through the bank lending channel as described above. Basel III tightens the capital requirements for specific types of real estate loans such as some development loans and project loans. As a result, banks may decide to reduce their credit provision or increase the credit costs for those borrowers. Therefore, companies which more heavily rely on bank borrowing would be more strongly affected by Basel III announcements as shown in our results.
Table 4 shows that the most indebted companies in terms of LTV ratios respond more frequently to tightening Basel III news than companies which have among the lowest LTV ratios. However, the economic significance is small, as only in 25% of the events we see a significant decrease in the AARs. This is less than the 33% for which we observe significant positive AARs. Therefore, we do not find strong evidence that more indebted companies per se respond more strongly to negative Basel III news. This is also the case when we sort by DE ratio. We observe that companies with high DE ratios respond significantly only in 25% of the events. In another 25% of cases the effect is significantly positive. This supports the irrelevance hypothesis associated with regulatory arbitrage. Companies with a high proportion of debt relative to their equity may have diversified their funding sources and do not heavily rely on bank borrowing. That would enable them to tap into other sources of funding from less regulated financial institutions or issue their own debt. This is supported by the fact that companies with low DE ratios respond to tightening Basel III news negatively in 50% of the events as opposed to only 17% for which the response is positive. This highlights that companies with low DE ratios may more heavily rely on bank funding even though their debt proportion is low. Small companies with limited access to alternative financing are the ones most negatively affected by tightening in banking regulation as they report the highest share of significant negative AARs. So, for small firms we find evidence for the regulatory burden hypothesis in line with previous studies (Dean and Brown 1995; Beck et al. 2005; Rice and Strahan 2010). That shows that tight regulations have the most negative impact on small companies as such firms may not be able to cover the increase in compliance and other costs associated with the reforms. This may lead to consolidation on the market for real estate companies. Our results are similar to Beck et al. (2005) who find that the smallest firms are most adversely affected by regulatory barriers. Schäfer et al. (2015) also conclude that regulatory announcements have different effects on small versus large banks. They find that large systemically important banks show higher responses to regulatory announcements as they are subject to tighter regulations than small banks.
In terms of changes in the beta coefficient, we can see that Basel III does not lead to changes in the systematic risk of the companies as measured by the abnormal beta on the day of the event (see Table 10). It seems that the overall exposure to the market is not affected following that regulation.
Real estate firms respond more frequently to news about AIFMD than about Basel III. In the baseline case, in 67% of the news events regarding AIFMD we find a significant response (see Table 3). The strong effects of AIFMD news can be due to the fact that this regulation targets non-UCITS funds which have previously been much less regulated and hence the news would not have been anticipated. The AAR varies between −5.5% and 1% (see Table 6). We have an equal split between tightening and loosening news with the former having by far a stronger effect on returns than the latter. Similar as above, this provides evidence for asymmetric responses to news. This is in line with previous research showing asymmetrical responses to shocks on the housing and stock markets (Copper et al. 2000; McDonald et al. 2000; Tsai et al. 2012; Hoesli and Reka 2013). However, we find that market participants are not always responding negatively to tighter regulation news. In 50% of the events, in fact, they are responding positively to regulatory tightening as opposed to 33% of a positive responses. This is in line with the profit-based reaction hypothesis that regulation is not perceived as a burden but rather seen as a means to increased efficiency and lower systemic risks. The initial draft of the AIFMD does not specify whether REITs fall within the regulation but if they are regarded as alternative funds, then they would be regulated. At a later stage, the confusion has been resolved with most of the REITs falling outside of the regulation. However, at the time of the news announcements this was not known and hence we observe significant abnormal returns. As it was not clear if AIFMD would affect real estate companies, real estate firms may have seen it as an arbitrage opportunity in which if they were not regulated while other similar entities are, the regulation would prove arbitrage opportunities.
We find that the positive regulatory effect is particularly strong for large real estate firms with 67% of the AARs responding significantly positive. This can mean that large firms can extract most value from the regulatory arbitrage opportunity due to economies of scale. Small companies seem not to be strongly affected by the news.
We also look at how regulation has impacted companies from different European countries looking at large real estate firms from France, Germany and the U.K. (see Table 9). The reason is that it is down to the country to decide the way in which companies should comply with the AIFMD. We find that French companies are by far most affected by AIFMD with significant responses to negative news in each news event. German real estate companies respond in 67% of the cases. However, we observe that the effects on AARs are positive in most of those cases. This can be related to size issues as described above (French companies are the largest in our sample). We do not find strong effects of AIFMD in the U.K. This may be due to the structure of the British real estate firms which are rather structured as operating companies rather than as funds.
In terms of the systematic risk of real estate firms, we can see that the AIFMD regulation leads to significant changes in the beta coefficient on the day of the announcement (see Table 10) in 58% of the cases. In most of the cases, the effect on the performance is negative, with beta increasing significantly. When there is negative news related to AIFMD, i.e. announcing tighter regulation, we observe an increase in the beta coefficient. Beta increases by 0.001 on average following the news. This means that real estate companies would be more exposed to market variations following the regulatory announcements which can be due to the uncertainty surrounding the regulation, i.e. how real estate companies are treated and if they fall within the regulation. Sing et al. (2016) show that the high beta of some REITs can be explained by a leverage factor suggesting that more indebted REITs would have a high beta.
EMIR is a much smaller regulation as compared to Basel III. However, it can affect all financial institutions which trade derivatives. For this reason, we also assess the impact of it and compare it to the effects of large-scale regulations. The baseline results in Table 3 show that EMIR has overall small impact on real estate company returns. The AAR varies between −1% and 0.4% across the news (see Table 6). This effect is much smaller than the effects observed for the above two regulations which is understandable given the small scope of this regulation.
Furthermore, we do not find that there are large differences between large and small companies (see Table 3). However, looking only at the tighter regulatory news associated with EMIR, we can see that large companies are more strongly negatively affected than small ones (see Table 8). This makes sense since most of the large companies actively hedge interest rate and exchange rate risks using derivatives such as swaps. Hence we can interpret this finding as showing evidence for prevailing negative effects of EMIR for large companies due to the collateral costs of hedging.
Table 11 shows results for estimations using an alternative market index – the MSCI global – and alternative estimation windows – 40 days and 120 days. Overall, the results are robust when using the alternative market index across the different specifications. With regards to the estimation windows, we observe that there are more significant announcements for the 40-day rolling window than for the 80-day window. When the sample is estimated using 120 days, there are even fewer significant responses. We also perform a placebo test in which we use random dates of events for each of the regulations and find out that there are fewer significant responses which highlights that our event identification strategy has been successful at recognizing news.
This study assesses the impacts of announcements about international financial market regulatory reforms following the GFC on the equity performance of listed real estate companies. We look at the impacts of three international regulations undertaken in the aftermath of the GFC – Basel III, AIFMD and EMIR – on the returns of European real estate companies. The regulations have different scopes and regulate distinct financial institutions. While Basel III is a large-scale banking regulation widely discussed in the media, EMIR has much smaller media coverage. However, Basel III regulates only banks while EMIR can affect all financial institutions which trade derivative products.
The challenge to assess the impact of the regulations lies in identifying the event dates associated with regulatory announcements. The reason is that large-scale reforms are phased out over many years and their final enactment may already have been anticipated by market participants. Therefore, we employ an event study methodology using daily financial market data. The regulatory event dates are manually identified using articles in international financial newspapers and news agencies. As we look at regulatory reforms enacted at the European level, we compare the effects across several European countries (the U.K., Germany, and France) with the largest listed real estate sectors.
Our results show large differences across the three regulations. Basel III and EMIR have overall small aggregate effects on the performance as they do not directly regulate real estate companies. However we find some support for the regulatory burden hypothesis of the bank lending channel. We document that the banking regulation negatively affects small firms and firms with low debt-to-equity ratios. This may suggest that the strongest effect is observed for firms who cannot diversify their funding sources and are thus hit strongest by Basel III. The direct regulatory channel through the AIFMD supports rather the profit-based reaction hypothesis. Mainly large firms are affected positively by the regulation which can be due to identified regulatory arbitrage opportunities for real estate companies if they do not have to comply with AIFMD. Overall, we see that different regulation can have opposite effects on companies and it is important to look at them separately as well as assess the impacts of tighter regulation and loosening regulation news separately. We find strong evidence for asymmetric effects with tighter regulation news more frequently leading to significant responses.
Exempt from the HVCRE classification are loans that finance the acquisition, development or construction of one- to four-family residential properties, real property that would qualify as community development investments, or loans to business or farms with gross revenues of $1 million or more.
Binder (1985) analyzes major changes in regulatory constraints in the U.S. and finds that most regulatory changes are already anticipated in the stock returns.
This forms our baseline sample. See Table 5 for the companies in this sample.
This is based on the origin of the company and its headquarters and not on the location of the assets of the company. Some companies may invest internationally as well but as real estate is a highly information intensive asset, managers would prefer to be close to their assets, hence invest in local markets.
We thank the European Public Real Estate Association (EPRA) for financial support. We also thank Andy Naranjo, our discussant at the University of Cambridge-University of Florida-National University of Singapore symposium, and the anonymous reviewers for very helpful suggestions.
European Real Estate Inv. Trust Ltd.
Japan Resid. Inv. Company Ltd.
Public Service Properties Inv. Ltd.
UK Comm. Prop. Trust Ltd.
Georgiadis, G., & Graeb, J. (2016). Global financial market impact of the announcement of the ECB's asset purchase programme. Journal of Financial Stability. https://doi.org/10.1016/j.jfs.2016.07.009.
Schäfer, A., Schnabel, I., & Weder di Mauro, B. (2015). Financial sector reform after the subprime crisis: has anything happened? Review of Finance, forthcoming. https://doi.org/10.1093/rof/rfu055.