Macroeconomic Risk Factors and the Role of Mispriced Credit in the Returns from International Real Estate Securities

The benefits of diversification from international real estate securities are generally well established. However, the drivers of international real estate securities returns are insufficiently understood. We jointly examine the empirical implications of three major international asset pricing models that account for broad macroeconomic risk factors. In addition, we develop the hypothesis that an indicator of mispriced credit is significant in explaining the time series variation in international real estate securities returns. We employ the returns generated by a large sample of firms from 20 countries over the period 1999 to 2011 to test our hypothesis. We find support for the predictions of the major international asset pricing models. We also find evidence in favour of our hypothesised link between local credit conditions and the performance of international real estate securities.

FRESH: A Food-service Sustainability Rating for Hospitality Sector Events

This report presents a metric called FRESH (for Foodservice Impact Rating for Environmentally Sustainable Hospitality Events). FRESH can be used to evaluate the performance of any foodservice meal period or event in the hospitality sector with regards to its sustainability, based on seven measurements. These measures are: a (post-consumer) food-waste indicator, a no-show indicator (when unexpectedly few people show up), an over-show measure (when too many people show up), a planning indicator (measuring intentional overproduction), a portion-size indicator (measuring per-guest consumption against expectations), an economies of scale indicator, and a post-event indicator (which depends on disposal approaches). FRESH can help managers, authorities, and potential guests evaluate the sustainability of food production in any establishment.