The construction industry and its resources: a research agenda

The desirable coverage of the journal is considered including the need to focus on research which can lead to positive action. Criteria for establishing the desirability of research projects are proposed and these are then applied first, to four broad issues and, secondly, to the inputs and other requirements for a well functioning industry. Some conclusions are drawn as to the research most likely to enable action to be taken to improve the industry. It is found that certain other difficulties can sometimes be dealt with by experimentation with actual projects or, where there is consensus on desirable action, by bringing pressure to bear on those able to initiate change.

Growth and public infrastructure

The paper analyzes a multicountry extension of the Barro model of productive public expenditure. In the presence of positive infrastructural externalities between countries, the provision of infrastructure will be inefficiently low if countries do not coordinate. This provides a role for a supranational body, such as the European Union, to coordinate the policies of the individual governments. It is shown how intervention by a supranational body can raise welfare by internalizing the infrastructural externality. Infrastructural externalities increase the importance of tax policy in the growth process and distribute the benefits of taxation across countries.

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.