Real estate portfolio construction and estimation risk

The use of MPT in the construction real estate portfolios has two serious limitations when used in an ex-ante framework: (1) the intertemporal instability of the portfolio weights and (2) the sharp deterioration in performance of the optimal portfolios outside the sample period used to estimate asset mean returns. Both problems can be traced to wide fluctuations in sample means Jorion (1985). Thus the use of a procedure that ignores the estimation risk due to the uncertain in mean returns is likely to produce sub-optimal results in subsequent periods. This suggests that the consideration of the issue of estimation risk is crucial in the use of MPT in developing a successful real estate portfolio strategy. Therefore, following Eun & Resnick (1988), this study extends previous ex-ante based studies by evaluating optimal portfolio allocations in subsequent test periods by using methods that have been proposed to reduce the effect of measurement error on optimal portfolio allocations.

Corporate social responsibility in construction and engineering firms: key elements of effective strategy

Through multiple case studies of firms we argue that firms that have developed corporate responsibility strategies, albeit informally at first, do so by making intentional, informed and collective choices about CSR initiatives. More precisely, we point to the importance of considering corporate identity in making these choices and to the process of adaptive coordination, which includes both responding to and influencing the CSR environment. We conclude that CSR strategic landscape are determined more and more by the astute and careful management of a network of cooperative and competitive stakeholder interests which possess both tangible and intangible value to a firm.

‘In the air’ and below the horizon: migrant workers in UK construction and the practice-based nature of learning and communicating OHS

Local, tacit and normally unspoken OHS (occupational health and safety) knowledge and practices can too easily be excluded from or remain below the industry horizon of notice, meaning that they remain unaccounted for in formal OHS policy and practice. In this article we stress the need to more systematically and routinely tap into these otherwise ‘hidden’ communication channels, which are central to how everyday safe working practices are achieved. To demonstrate this approach this paper will draw on our ethnographic research with a gang of migrant curtain wall installers on a large office development project in the north of England. In doing so we reflect on the practice-based nature of learning and sharing OHS knowledge through examples of how workers’ own patterns of successful communication help avoid health and safety problems. These understandings, we argue, can be advanced as a basis for the development of improved OHS measures, and of organizational knowing and learning.

Risk allocation in a public–private partnership: a case study of construction and operation of kindergartens in Kazakhstan

In Kazakhstan, a transitional nation in Central Asia, the development of public–private partnerships (PPPs) is at its early stage and increasingly of strategic importance. This case study investigates risk allocation in an ongoing project: the construction and operation of 11 kindergartens in the city of Karaganda in the concession form for 14 years. Drawing on a conceptual framework of effective risk allocation, the study identifies principal PPP risks, provides a critical assessment of how and in what way each partner bears a certain risk, highlights the reasons underpinning risk allocation decisions and delineates the lessons learned. The findings show that the government has effectively transferred most risks to the private sector partner, whilst both partners share the demand risk of childcare services and the project default risk. The strong elements of risk allocation include clear assignment of parties’ responsibilities, streamlined financing schemes and incentives to complete the main project phases on time. However, risk allocation has missed an opportunity to create incentives for service quality improvements and take advantage of economies of scale. The most controversial element of risk allocation, as the study finds, is a revenue stream that an operator is supposed to receive from the provision of services unrelated to childcare, as neither partner is able to mitigate this revenue risk. The article concludes that in the kindergartens’ PPP, the government has achieved almost complete transfer of risks to the private sector partner. However, the costs of transfer are extensive government financial outlays that seriously compromise the PPP value for money.

Pre-Columbian ring ditch construction and land use on a “chocolate forest island” in the Bolivian Amazon

We present a palaeoecological investigation of pre-Columbian land use in the savannah “forest island” landscape of north-east Bolivian Amazonia. A 5700 year sediment core from La Luna Lake, located adjacent to the La Luna forest island site, was analysed for fossil pollen and charcoal. We aimed to determine the palaeoenvironmental context of pre-Columbian occupation on the site and assess the environmental impact of land use in the forest island region. Evidence for anthropogenic burning and Zea mays L. cultivation began ~2000 cal a BP, at a time when the island was covered by savannah, under drier-than-present climatic conditions. After ~1240 cal a BP burning declined and afforestation occurred. We show that construction of the ring ditch, which encircles the island, did not involve substantial deforestation. Previous estimates of pre-Columbian population size in this region, based upon labour required for forest clearance, should therefore be reconsidered. Despite the high density of economically useful plants, such as Theobroma cacao, in the modern forest, no direct pollen evidence for agroforestry was found. However, human occupation is shown to pre-date and span forest expansion on this site, suggesting that here, and in the wider forest island region, there is no truly pre-anthropogenic ‘pristine’ forest.

HAPPINESS INDEXTHE CONSTRUCTION AND ANALYSIS

This study aims to investigate the important indicators that contribute to happiness among Beijing residence. The residents of Beijing were taken as the target population for the survey. A questionnaire was used as the main statistical instrument to collect the data from the residents in Beijing. In so doing the investigation employs Factor analyses and chi-square analyses as the main statistical tools used for the analyses in this research. The study found that Beijing residents gained greater happiness in the family, interpersonal relationships, and health status. The analysis also shows that generally, the residence of Beijing feels happier and also in terms of gender basis, females in Beijing feel happier as compare to their male counterpart. It will find that gender, age and education are statistically significant when dealing with happiness.

Hybrid life-cycle inventory for road construction and use

Life-cycle assessment (LCA) is a technique that is used worldwide by clients and their design team to assess the impact of
their projects on the environment. The main advantage of LCA is in supporting decision making with quantitative data. LCA inventories
can be either fully developed or streamlined. Fully developed LCAs are time-consuming and costly to prepare. Streamlined LCAs can be
used as an effective decision-making tool when considering environmental performance during the design process, but with a loss of
inventory completeness. Acknowledging the advantages and disadvantages of both types of LCA, this paper proposes a hybrid LCA
method that uses input-output data to fill in those gaps routinely left in conventional LCA inventories.

A matrix-based model for web page community construction and more

The rapid development of network technologies has made the web a huge information source with its own characteristics. In most cases, traditional database-based technologies are no longer suitable for web information processing and management. For effectively processing and managing web information, it is necessary to reveal intrinsic relationships/structures among concerned web information objects such as web pages. In this work, a set of web pages that have their intrinsic relationships is called a web page community. This paper proposes a matrix-based model to describe relationships among concerned web pages. Based on this model, intrinsic relationships among pages could be revealed, and in turn a web page community could be constructed. The issues that are related to the application of the model are deeply investigated and studied. The concepts of community and intrinsic relationships, as well as the proposed matrix-based model, are then extended to other application areas such as biological data processing. Some application cases of the model in a broad range of areas are presented, demonstrating the potentials of this matrix-based model.

Nutrient intake and plate waste from an Australian residential care facility

Objective: To determine the plate waste, energy and selected-nutrient intake, from elderly residents living in a high-level care (HLC) and low-level care (LLC) facility.

Design: Three, single, whole day assessments of plate waste, energy, and selected nutrients, using a visual rating plate waste scale.

Setting: Long-term residential care establishment.

Subjects: One hundred and sixty-nine (93 HLC and 76 LLC) individual daily intakes.

Main findings: The mean energy wasted throughout the whole day was 17%. The energy wasted from main meals (16%) was significantly less than the energy wasted at mid-meals (22%, P=0.049). The lowest mean energy wastage occurred at breakfast (8%) compared to lunch (22%) and dinner (25%, P<0.001). The mean (s.d.) daily energy served and consumed was 8.1 (2.0) and 6.6 (2.2) MJ, respectively. There was no difference in energy served or consumed between HLC and LLC residents. On the observation day, 60% of residents consumed less than their estimated energy requirement. The mean calcium intake was 796 (346) mg, and the median (inter-quartile range) vitamin D intake was 1.78 (2.05) μg.

Conclusion: On 1 day, more than half the residents surveyed were at risk of consuming an inadequate energy intake, which over-time, may result in body weight loss. Although wastage was not excessive and energy served was adequate, the amount of food eaten was insufficient to meet energy and calcium requirements for a significant number of residents and it is not possible to consume sufficient vitamin D through food sources.