The consistency of private and public real estate within mixed-asset portfolios

This study considers the consistency of the role of both the private and public real estate markets within a mixed-asset context. While a vast literature has developed that has examined the potential role of both the private and public real estate markets, most studies have largely relied on both single time horizons and single sample periods. This paper builds upon the analysis of Lee and Stevenson (2005) who examined the consistency of REITs in a US capital market portfolio. The current paper extends that by also analyzing the role of the private market. To address the question, the allocation of both the private and traded markets is evaluated over different holding periods varying from 5- to 20-years. In general the results show that optimum mixed-asset portfolios already containing private real estate have little place for public real estate securities, especially in low risk portfolios and for longer investment horizons. Additionally, mixed-asset portfolios with public real estate either see the allocations to REITs diminished or eliminated if private real estate is also considered. The results demonstrate that there is a still a strong case for private real estate in the mixed-asset portfolio on the basis of an increase in risk-adjusted performance, even if the investor is already holding REITs, but that the reverse is not always the case.

Fora, networks and public examinations: the role and significance of public participation in the new regional plan for South East England

This paper overviews the main conceptual frameworks for understanding participatory approaches to land use planning and explores their utility in analysing the experience of a recent regional planning exercise in South East England. In particular it examines the contribution of recent ‘New Institutionalist’ ideas to our understanding of participatory processes and the implications for practice of using them to build strategies of public involvement in policy-making and implementation.

Rights, the environment and Part V of the Criminal Justice and Public Order Act 1994

Using figures derived from the UK Home Office, this paper analyses and reviews the impact and deployment of Part V of the Criminal Justice and Public Order Act 1994 since its enactment. This is done with special reference to its impact on citizenship and the regulation of ‘the environment’ and associated rural spaces. It is argued that, notwithstanding the actual use of the public order clauses in Part V of the Act, its underlying meanings are largely of a symbolic nature. Such symbolism is, however, a powerful indication of the defence of particularist constructions of rural space. It can also open out new conditions of possibility, providing a useful ‘oppressed’ status and media spectacle for a range of protesters and activists.

Chinese multinationals and public policy

Purpose – The purpose of this paper is to examine the interaction between large Chinese firms as they internationalize and their home and host governments. Design/methodology/approach – The approach taken is that of an analysis of relevant literature and the application of a popular theoretical framework by Rugman and Verbeke to the case of Chinese firms as they expand abroad. Findings – First, the paper adapts a well-known business-government framework to analyze emerging economy issues, all in a Chinese context. Then the paper relates this analysis to the existing literature on the international expansion process of Chinese firms. The paper finds that in their attempt to seek strategic assets, Chinese multinational enterprises (MNEs) face conflicts with host countries and Western firms in which host government support for international competitiveness can be used as quasi protectionist defense mechanisms. Using the public policy and MNE framework, the paper examines several recent disputes and finds that Chinese MNEs have complementary goals with the Chinese state, but they have conflicting goals with Western governments. Originality/value – These findings have important academic research, managerial, and public policy implications.

Patient and public involvement in healthcare quality improvement: how organizations can help patients and professionals to collaborate

Citizens across the world are increasingly called upon to participate in healthcare improvement. It is often unclear how this can be made to work in practice. This 4- year ethnography of a UK healthcare improvement initiative showed that patients used elements of organizational culture as resources to help them collaborate with healthcare professionals. The four elements were: (1) organizational emphasis on nonhierarchical, multidisciplinary collaboration; (2) organizational staff ability to model desired behaviours of recognition and respect; (3) commitment to rapid action, including quick translation of research into practice; and (4) the constant data collection and reflection process facilitated by improvement methods.

The drivers of corporate climate change strategies and public policy: a new resource-based view perspective

Effective public policy to mitigate climate change footprints should build on data-driven analysis of firm-level strategies. This article’s conceptual approach augments the resource-based view (RBV) of the firm and identifies investments in four firm-level resource domains (Governance, Information management, Systems, and Technology [GISTe]) to develop capabilities in climate change impact mitigation. The authors denote the resulting framework as the GISTe model, which frames their analysis and public policy recommendations. This research uses the 2008 Carbon Disclosure Project (CDP) database, with high-quality information on firm-level climate change strategies for 552 companies from North America and Europe. In contrast to the widely accepted myth that European firms are performing better than North American ones, the authors find a different result. Many firms, whether European or North American, do not just “talk” about climate change impact mitigation, but actually do “walk the talk.” European firms appear to be better than their North American counterparts in “walk I,” denoting attention to governance, information management, and systems. But when it comes down to “walk II,” meaning actual Technology-related investments, North American firms’ performance is equal or superior to that of the European companies. The authors formulate public policy recommendations to accelerate firm-level, sector-level, and cluster-level implementation of climate change strategies.

A new pattern for historical geography: working with enthusiast communities and public history

This paper argues for the adoption of participatory approaches in historical geography, drawing on the author's experience in working with enthusiast communities in the UK in the context of collaborative research with the Science Museum and ideas of public history and geography.

Assessing species’ habitat associations from occurrence records, standardised monitoring data and expert opinion: a test with British butterflies

Accurate knowledge of species’ habitat associations is important for conservation planning and policy. Assessing habitat associations is a vital precursor to selecting appropriate indicator species for prioritising sites for conservation or assessing trends in habitat quality. However, much existing knowledge is based on qualitative expert opinion or local scale studies, and may not remain accurate across different spatial scales or geographic locations. Data from biological recording schemes have the potential to provide objective measures of habitat association, with the ability to account for spatial variation. We used data on 50 British butterfly species as a test case to investigate the correspondence of data-derived measures of habitat association with expert opinion, from two different butterfly recording schemes. One scheme collected large quantities of occurrence data (c. 3 million records) and the other, lower quantities of standardised monitoring data (c. 1400 sites). We used general linear mixed effects models to derive scores of association with broad-leaf woodland for both datasets and compared them with scores canvassed from experts. Scores derived from occurrence and abundance data both showed strongly positive correlations with expert opinion. However, only for occurrence data did these fell within the range of correlations between experts. Data-derived scores showed regional spatial variation in the strength of butterfly associations with broad-leaf woodland, with a significant latitudinal trend in 26% of species. Sub-sampling of the data suggested a mean sample size of 5000 occurrence records per species to gain an accurate estimation of habitat association, although habitat specialists are likely to be readily detected using several hundred records. Occurrence data from recording schemes can thus provide easily obtained, objective, quantitative measures of habitat association.

世論という神話―望むのは「死刑」ですか？’ (Public opinion myth: is ‘death’ what we really want?)

This paper summarises Mai Sato's recent report on public attitudes to the death penalty in Japan.

Creative English and public relations in Hong Kong

This paper investigates employer perceptions of the nature and importance of the English language in public relations agencies in Hong Kong. Based on in-depth interviews with senior managers from eight Hong Kong-based public relations companies, it examines how the linguistic currency ofEnglish is used collaboratively in creative organizations. Findings suggest that English is used as the common language among transnational public relations work teams and the clients that they service. Itis also used as a creative resource for facilitating collaboration, staff development and socialization into corporate and professional cultures.

Understanding the seriousness of corporate crime: Some lessons for the new 'corporate manslaughter' offence

The measurement of public attitudes towards the criminal law has become an important area of research in recent years because of the perceived desirability of ensuring that the legal system reflects broader societal values. In particular, studies into public perceptions of crime seriousness have attempted to measure the degree of concordance that exists between law and public opinion in the organization and enforcement of criminal offences. These understandings of perceived crime seriousness are particularly important in relation to high-profile issues where public confidence in the law is central to the legal agenda, such as the enforcement of work-related fatality cases. A need to respond to public concern over this issue was cited as a primary justification for the introduction of the Corporate Manslaughter and Corporate Homicide Act 2007. This article will suggest that, although literature looking at the perceived seriousness of corporate crime and, particularly, health and safety offences is limited in volume and generalist in scope, important lessons can be gleaned from existing literature, and pressing questions are raised that demand further empirical investigation.

The politics of in-work benefits: The case of the ‘active income of solidarity’ in France

In-work benefits have been introduced in a number of Bismarckian welfare regimes in a context of austerity despite being targeted at politically weak constituents and representing a deviation from prevailing welfare institutions. This article addresses this puzzle by looking at the introduction in 2008 of an in-work benefit scheme in France, the Active Income of Solidarity. The analysis reveals that this reform was the result of a cross-cutting alliance between the conservative party and employers, as well as parts of the socialist party and the union movement. The alliance was possible thanks to actors’ multiple interpretations of the reform. The reform was difficult to oppose given its support by experts and public opinion and because it entailed an increase in revenues for low-income workers.

The United States in Southern Africa: Chester Crocker's linkage strategy 1981-1988

Chester Crocker was appointed as Reagan's Assistant Secretary of State for African Affairs in 1981. He had criticised the inconsistencies of US African policy and proposed a renewed emphasis on the balance between America's global interests with specific regional priorities. While the focus of Congressmen, journalists and public opinion centred on the issue of apartheid, it was the Namibian War of Independence (South African Border War) that initially drew the attention of the Reagan administration, and it was the resolution of this war that remained the priority for the US government in this region throughout Crocker's time in office.