Property Sector Financialization: The Case of Swiss Pension Funds (1992–2005)

Financialization is a major trend in Western economies. This paper shows, on the one hand, how it changes the management criteria and, on the other hand, the limits to financialization in the property sector. Between 1992 and 2004, about 15% of Swiss pension funds' wealth was invested in property. As far as their investment policy is concerned, pension funds have two choices. First, they can directly own, and have management responsibility for, the properties in their portfolios. Alternatively, they can buy shares in mainly Zurich-based investment vehicles. In the first case, pension funds require staff with the relevant expertise along with the knowledge of property markets. Investments have a regional focus and are assessed internally by the funds. In the second case, pension funds are merely investors and investment appraisals and comparisons are made on the basis of market criteria such as yield, diversification in relation to risk and liquidity. In this case, property investments focus solely on the country's main urban areas.     

We will be known by the tracks we leave behind: Exotic lithic raw materials,mobility and social networking among the Côa Valley foragers (Portugal)

The aim of this study is to establish different socio-cultural models based on lithic raw material sourcing integrated with regional rock art distributions to infer social behaviours within the context of central Iberian Upper Palaeolithic societies. Specifically, we focus on Upper Palaeolithic hunter–gatherer mobility and social interaction in the Côa Valley. This study relies on a knowledge of regional geology and field work to identify the sources of the lithic raw material found at Côa Valley Upper Palaeolithic sites. We expose the context of use and discard of flint, which is naturally absent from the region, and other local materials. From this, we present a GIS based analysis concerning space, time and least-cost paths travelled. This analysis, along with the environmental data available, forms a baseline to evaluate different anthropological models on hunter–gatherer lithic use, mobility, and social networks. We conclude with a three-level model for social interaction, in the context of aggregation activities between different social meta-groups, which involves embedded procurement, long-distance raw material exchange, and symbolic community, reflected in the largest known open-air Upper Palaeolithic rock art concentration.