A green profession? A global survey of RICS members and their engagement with the sustainability agenda

Purpose – This study seeks to provide a review of the background and context to the engagement of RICS members with the sustainability agenda, and to examine the extent to which the surveying profession uses relevant information, tools and techniques to achieve the key objectives of sustainable development (or sustainability). Design/methodology/approach – The paper analyses results from a major international online survey of 4,600 RICS respondent members, supported by 31 structured telephone interviews. Findings – The results suggest that, although sustainability is highly relevant to RICS members’ work, a lack of knowledge and expertise is making it more difficult for sustainability tools and other information to be used effectively. Research limitations/implications – The survey is based on a substantial number of responses which are broadly representative of the global RICS population. A key implication is that “laggard” faculties include the disciplines of commercial property and valuation. Practical implications – The research suggests that key stakeholders must work together to provide better information, guidance and education and training to “hardwire” the sustainability agenda across RICS faculties. Originality/value – This is the first truly global survey of its kind and focuses particularly on those faculties that play a major role in property investment and finance (i.e. valuation and commercial property), comparing their position with that of other faculties in an international context.

Clusters, connectivity and catch-up: Bollywood and Bangalore in the Global Economy

In this article, we make two important contributions to the literature on clusters. First, we provide a broader theory of cluster connectivity that has hitherto focused on organization-based pipelines and MNE subsidiaries, by including linkages in the form of personal relationships. Second, we use the lens of social network theory to derive a number of testable propositions. We propose that global linkages with decentralized network structures have the highest potential for local spillovers. In the emerging economy context, our theory implies that clusters linked to the global economy by decentralized pipelines have potential for in-depth catch-up, focused in industry and technology scope. In contrast, clusters linked through decentralized personal relationships have potential for in-breadth catch-up over a range of related industries and technologies. We illustrate our theoretical propositions by contrasting two emerging economy case studies: Bollywood, the Indian filmed entertainment cluster in Mumbai and the Indian software cluster in Bangalore.

Re-engaging with Education

The paper reports a study of alternative pre- 16 provision in a college of further education for young people who were disaffected and/or non-attenders at secondary school. The data are derived from interviews with 26 of these young people who were 'success stories' for the programme in that they had continued attendance up to the end of Year 11 and, in a few cases, beyond. The interviews showed that, for the most part, school placements had broken down for these young people because of difficulties in personal relationships, in particular relationships with teachers. However, for a minority a perceived irrelevance of the school curriculum was also a factor. The young people were almost all positive about their experience at college and the vocational courses they were taking. A good atmosphere, good personal relationships and being treated as adults were the key features of their positive experience at college although their positive feelings about the particular course was related to its vocational relevance. Most of the young people said that education and training was important to them and that they planned further study. The paper tentatively concludes that it is poor personal relationships that are mainly responsible for the premature exit from school and that good personal relationships have enabled them to remain in education. However, their continued involvement in college and intentions for further study are strongly influenced by vocational factors. The positive tone on the results reflects the perceptions of the young people at the point of interview and the paper does not deal with the disadvantaged situation many of them may be in. Further research will focus on longer term outcomes for employment and training.

Can REDD+ reconcile local priorities and needs with global mitigation benefits? lessons from Angai Forest, Tanzania

The scope of the reducing emissions from deforestation and forest degradation (REDD) mechanism has broadened REDD+ to accommodate different country interests such as natural forests, protected areas, as well as forests under community-based management. In Tanzania the REDD+ mechanism is still under development and pilot projects are at an early stage. In this paper, we seek to understand how local priorities and needs could be met in REDD+ implementation and how these expectations match with global mitigation benefits. We examine the local priorities and needs in the use of land and forest resources in the Angai Villages Land Forest Reserve (AVLFR) in the Liwale District of Lindi Region in Tanzania. Primary data was collected in two villages, Mihumo and Lilombe, using semistructured key informant interviews and participatory rural appraisal methods. In addition, the key informant interviews were conducted with other village, district, and national level actors, as well as international donors. Findings show that in the two communities REDD+ is seen as something new and is generating new expectations among communities. However, the Angai villagers highlight three key priorities that have yet to be integrated into the design of REDD+: water scarcity, rural development, and food security. At the local level improved forest governance and sustainable management of forest resources have been identified as one way to achieve livelihood diversification. Although the national goals of REDD+ include poverty reduction, these goals are not necessarily conducive to the goals of these communities. There exist both structural and cultural limits to the ability of the Angai villages to implement these goals and to improve forestry governance. Given the vulnerability to current and future climate variability and change it will be important to consider how the AVLFR will be managed and for whose benefit?

The lion and the ox: Oakeshotts engagement with Leo Strauss on Hobbes

Recent studies of Michael Oakeshott have stressed the mutually constitutive importance of Hobbes to Oakeshott, arguing in part that Oakeshott’s Hobbes largely reflected his own concerns and broader philosophical project. This paper does not dispute this, but proposes a complementary account: Oakeshott’s interpretation of Hobbes was also formed in large measure by both his sympathy for Leo Strauss’s account and by his perception of it as the principal rival to his own. To demonstrate the existence of such a formative engagement, a close reading of Oakeshott’s essay The moral life in the writings of Thomas Hobbes is undertaken. Not only is Oakeshott found to have absorbed much of Strauss’s interpretation (surprisingly including Strauss’s distinction between esoteric and exoteric doctrines), the key impetus of the essay is shown to be a refutation of Strauss’s characterization of Hobbes as a ‘moralist of the common good’.

Camera and performer: energetic engagement with the shield

The stylistic strategies, in particular those concerning camera placement and movement, of The Shield (FX, 2002-08) seem to directly fit into an aesthetic tradition developed by US cop dramas like Hill Street Blues (NBC, 1981-87), Homicide: Life on the Street (NBC, 1993-99) and NYPD Blue (ABC, 1993-2005). In these precinct dramas, decisions concerning spatial arrangements of camera and performer foreground a desire to present and react to action while it is happening, and with a minimum of apparent construction. As Jonathan Bignell (2009) has argued, the intimacy and immediacy of this stylistic approach, which has at its core an attempt at a documentary-like realism, is important to the police drama as a genre, while also being tendencies that have been taken as specific characteristics of television more generally. I explore how The Shield develops this tradition of a reactive camera style in its strategy of shooting with two cameras rather than one, with specific attention to how this shapes the presentation of performance. Through a detailed examination of the relationship between performer and camera(s) the chapter considers the way the series establishes access to the fictional world, which is crucial to the manner of police investigation central to its drama, and the impact of this on how we engage with performance. The cameras’ placement appears to balance various impulses, including: the demands of attending to an ensemble cast, spontaneous performance style, and action that is physically dynamic and involving. In a series that makes stylistic decisions around presentation of the body on-screen deliberately close yet obstructive, involving yet fleeting, the chapter explores the affect of this on the watching experience.

The blended approach to real estate allocations: performance implications of combining an exposure to German Spezialfonds with Global Listed Real Estate Securities

This paper seeks to increase the understanding of the performance implications for investors who choose to combine an unlisted real estate portfolio (in this case German Spezialfonds) with a (global) listed real estate element. We call this a “blended” approach to real estate allocations. For the avoidance of doubt, in this paper we are dealing purely with real estate equity (listed and unlisted) allocations, and do not incorporate real estate debt (listed or unlisted) or direct property into the process. A previous paper (Moss and Farrelly 2014) showed the benefits of the blended approach as it applied to UK Defined Contribution Pension Schemes. The catalyst for this paper has been the recent attention focused on German pension fund allocations, which have a relatively low (real estate) equity content, and a high bond content. We have used the MSCI Spezialfonds Index as a proxy for domestic German institutional real estate allocations, and the EPRA Global Developed Index as a proxy for a global listed real estate allocation. We also examine whether a rules based trading strategy, in this case Trend Following, can improve the risk adjusted returns above those of a simple buy and hold strategy for our sample period 2004-2015. Our findings are that by blending a 30% global listed portfolio with a 70% allocation (as opposed to a typical 100% weighting) to Spezialfonds, the real estate allocation returns increase from 2.88% p.a. to 5.42% pa. Volatility increases, but only to 6.53%., but there is a noticeable impact on maximum drawdown which increases to 19.4%. By using a Trend Following strategy raw returns are improved from 2.88% to 6.94% p.a. , The Sharpe Ratio increases from 1.05 to 1.49 and the Maximum Drawdown ratio is now only 1.83% compared to 19.4% using a buy and hold strategy . Finally, adding this (9%) real estate allocation to a mixed asset portfolio allocation typical for German pension funds there is an improvement in both the raw return (from 7.66% to 8.28%) and the Sharpe Ratio (from 0.91 to 0.98).

Global financial crisis: implications for Chinese corporate governance

This paper analyses the role of corporate governance failures and weaknesses in the global financial crisis with reference to the evolution of post-crisis corporate governance arrangements in China. The current crisis presents China with an opportunity to analyse its governance problems, reflect on its weaknesses and implement a strategy to address areas which need attention. This paper opens with a description of China’s exposure to the current global financial crisis and continues to critically evaluate the effectiveness of a free market system on corporate governance. Bratton (2002) maintains that incentive structures that motivate the self-regulatory systems generate less powerful checks against abuse than scholars and practitioners have believed. The paper highlights the need for corporate regulatory bodies and policy makers to revise and re-develop financial services sector regulations. Finally, the paper discusses the need of ethics in organizations - an issue that is beyond legislation. In an increasingly interconnected global economy, it is imperative to increase our understanding of what constitutes an effective corporate governance system. The paper contributes to the corporate governance body of literature within the Chinese context by providing insights into the contributing factors to corporate governance failure that led to the global financial crisis. It also provides policy recommendations for China’s policy makers to seriously consider. The results suggest a need for the re-examination of corporate governance adequacy and the institutionalisation of business ethics.