Does active management add any value?

The question as to whether active management adds any value above that of the funds investment policy is one of continual interest to investors. In order to investigate this issue in the UK real estate market we examine a number of related questions. First, how much return variability is explained by investment policy? Second, how similar are the policies across funds? Third, how much of a fund’s return is determined by investment policy? Finally, how was this added value achieved? Using data for 19 real estate funds we find that investment policy explains less than half of the variability in returns over time, nothing of the variation across funds and that more than 100% of a level of return is attributed to investment policy. The results also show UK real estate fund focus exclusively on trying to pick winners to add value and that in pursuit of active return fund mangers incur high tracking error risk, consequently, successful active management is very difficult to achieve. In addition, the results are dependent on the benchmark used to represent the investment policy of the fund. Nonetheless, active management can indeed add value to a real estate funds performance. This is the good news. The bad news is adding value is much more difficult to achieve than is generally accepted.

Housing densities and consumer choice

From 2001, the construction of flats and high-density developments increased in England and the building of houses declined. Does this indicate a change in taste or is it a result of government planning policies? In this paper, an analysis is made of the long-term effects of the policy of constraint which has existed for the past 50 years but the increase in density is identified as occurring primarily after new, revised, planning guidance was issued in England in 2000 which discouraged low-density development. To substantiate this, it is pointed out that the change which occurred in England did not occur in Scotland where guidance was not changed to encourage high-density residential development. The conclusion that the change is the result of planning policies and not of a change in taste is confirmed by surveys of the occupants of new high-rise developments in Leeds. The new flat-dwellers were predominantly young and childless and expressed the intention, in the near future, when they could, of moving out of the city centre and into houses. From recent changes in guidance by the new coalition government, it is expected that the construction of flats in England will fall back to earlier levels over the next few years.

Constructive engagement?

Can 'constructive engagement' provide a bridge between the pursuit of national interest and concern for human rights? This book explores the experience of Chester Crocker, Reagan's Assistant Secretary of State for African Affairs, and his policy of 'constructive engagement' with Pretoria during apartheid. It is argued that the policy was, in part, a Cold War-driven attempt to maintain strategically important ties with the South African government, and it explores the repercussions of this. The book also explores the linkage of Namibian independence and Cuban troop withdrawal from Angola. The analysis of this policy has important relevance to the foreign policy dilemmas of today. Abuse of human rights can render some disenfranchised groups vulnerable to terrorist recruitment, and it is argued that Reagan's myopic globalism is being repeated in America's 'War on Terror'. The policy of 'constructive engagement' is once again being used as a diplomatic fig leaf for realpolitik, rather than as a vital tool of diplomacy.

South Africa and constructive engagement: lessons learned?

There has been much criticism of President Mbeki's policy of constructive engagement towards Mugabe's regime in Zimbabwe. This has grown since 2000 as the crisis has continued to worsen. This article compares Pretoria's current approach with the Reagan administration's constructive engagement towards Pretoria in the 1980s. Washington made a number of significant mistakes in the design and implementation of this policy and each of these is examined. An investigation of Mbeki's actions concludes that he is currently committing many of the same errors. Not only does this damage Mbeki's credibility, it also damages the credibility of a vital diplomatic tool - reducing constructive engagement once again to a diplomatic fig leaf to cover 'business as usual' with a rogue state.

De oauktoriserade migranterna i svensk byggnadssektor : En studie i deportationspolitik 1990–2004

The unauthorized migrants in the Swedish construction sector – a study in the policy of deportation 1990–2004 The unauthorized migration of construction workers to Sweden increased during the 1990s, especially at the end of the decade. The migrants often came from Poland and the Baltic states. The aim of this article is to examine this change of the migration pattern to Sweden and how the Swedish Building Workers Union responded to this new situation. I examine how the Building Workers Union cooperated with the Police authorities to find, capture and deport unauthorized migrants. A conclusion is that the Building Workers Union has not adopted a more inclusionary strategy towards unauthorized migrants, as have trade unions in Spain and US. The main strategy has instead been to try to restrict this migration. One explanation of this is that the Building Workers Union is a strong and well organized trade union. It didn’t perceive of unauthorized migrants as potential new members, but as a threat to wages and work conditions. Another explanation is that it has been able to restrict migration in the past. This may contribute to making demands for restrictions an attractive strategy in the present even when the possibilities of succeeding with this have diminished.

English-medium instruction in Sweden : Perspectives and practices in two upper secondary schools

This thesis presents English-medium instruction (EMI) in the Swedish context, focusing on perspectives and practices in two schools. The research question is as follows: How and why is EMI offered, chosen, and practiced in the Swedish upper secondary school today? The aim is to explore the status of the educational option, the reasons for offering EMI to stakeholders, the stakeholders’ beliefs about and goals of EMI, and the implementation of EMI in the classroom. A survey of all upper secondary schools in Sweden was conducted to ascertain the spread of content teaching through a foreign language. The educational context was studied from an ecological perspective using methods based in linguistic ethnography. Language alternation, academic language, and language hierarchy were all considered. Interviews were analysed for content; and classroom language use was analysed for language choice and function. The concepts of affordance and scaffolding together with translanguaging were key. The de facto policies of the micro contexts of the schools were examined in light of the declared national policy of the macro context of Sweden. The results indicate that the option in Swedish schools has not increased, and also tends to only be EMI—not Content and Language Integrated Learning (CLIL) or instruction through other languages. EMI is offered for prestige, an international profile, marketing potential and personal interest. EMI students are academically motivated and confident, and see the option as “fun”. 100% EMI in the lessons is not the goal or the practice. Translanguaging is abundant, but how language alternation is perceived as an affordance or not differs in the two schools. One focuses on how the languages are used while the other focuses on how much each language is used. In conclusion, the analysis suggests that a development of definitions and practices of EMI in Sweden is needed, especially in relation to language policy and language hierarchy.

Multiple visions or multiple aversions? Consumer representation, consultation and participation in maternity issues

This paper reviews the Commonwealth government's policy of 'purposeful reporting to consumers'. I argue that the notion of consumer participation is underdeveloped. Consumers' needs will not be fully met by confining consumer representation at the administrative level; that is, in assuming that consumer advocates may speak for other consumers of health care services. The partnership objective at the heart of 'purposeful reporting' may be addressed fully only when practitioners and providers recognise the reciprocal expertise of the consumer in defining their own health priorities. This would require a new model of knowledge, of ethics and of the clinical encounter. The problem is not one of information deficit but of contrasting views of knowledge.

A chance to bloom: female migration and salvationists in Australia and Canada, 1890s to 1939

Migration is usually analysed as a function of state policy of sending and receiving countries in the context of global movements of people. Thus, despite their sponsorship and support of thousands of migrants, independent, voluntary, religious and ethnic organisations have often been marginalised in international migration studies. This article arises from a broader investigation into the role of such organisations in the peopling of Australia and Canada from the 1890s to 1939: their visions, relationships with governments, significance and legacies. The aim is to bring a new perspective to comparative migration and population research and to assess how far such organisations paralleled, or stepped outside of, the racialised, gendered and class structures of ofŽficial immigration policies and  practices of the time. Here the focus is particularly on the place of women and girls in the migration schemes of some of the organisations operating in both Australia and Canada. The use of case studies such as the British Women’s Emigration Association, the Salvation Army and Dr Barnardo’s Homes provides an opportunity to examine the sexual distinctions implicit in these schemes and the direction of both women and men into what were seen at the time as gender-appropriate societal roles and occupations.

The Australian union merger wave revisited

What factors explain the Australian trade union merger wave between 1991 and 1994? Existing explanations largely attribute it to the pro –amalgamation policy of the Australian Council of Trade Unions (ACTU)and other union leaders,and to declining union membership and decentralised bargaining. This paper reviews discussion of the causes of mergers and publicly available evidence upon them. It concludes that current explanations of the merger wave are an over–simplification. The effects of ACTU leadership, official union policy,and members' views are complex and not uniform and require more disaggregated analysis. Also,there has been a tendency to overstate the importance of membership decline and decentralised bargaining and to over – look other environmental factors such as changing occupational structure. The paper cautions against the assumption that variables influencing ACTU policy also shape affiate actions.

Caste, land and livestock holdings in India: an analysis

A ban on grazing, particularly by small ruminants, forms an important component of the Forest Policy and Joint Forest Management arrangements in India. Some caste groups keep larger number of small ruminants than the others. It is considered as a social trait that is sought to be corrected through extension efforts. This paper analyses the livestock structure of households by using a model of household behaviour based on profit maximisation. It shows that landholding plays a crucial role in livestock structure of households and because certain caste groups have smaller landholding they tend to keep small ruminants that can feed on the common lands and forest areas. The policy of a ban or restriction on grazing adversely affects such caste groups who therefore come to resent it.

Super Blooper? Time to halt the superannuation juggernaut?

The superannuation industry has increased almost exponentially in Australia over the past decade. The main reason for this is because government  regulation compels employers to pay a fixed portion of employees’ salary  towards superannuation. In this article we suggest that the unremitting  government policy of coercing money towards superannuation is flawed. Superannuation is wrong at two levels. First, on an economic analysis, the evidence does not suggest that (i) individuals who invest in superannuation are necessarily better off than those who apply their income elsewhere; and (ii) there is no evidence that absent a coercive superannuation scheme the government will be unable to sustain people into their old age. Second, at the human and societal level, studies of human well-being show that coercing people to make spending decisions is inimical to human happiness. People flourish best when they are in control of their activities, including their finances. Left to their own devices, many people will not save for a rainy day; however, on balance it is probably better off to be a bit poorer in retirement than to have been deprived of the opportunity to spend 9% of one’s income over the period of one’s working life – when one’s needs are the greatest. Compulsory superannuation should be abolished. Money currently paid as a compulsory superannuation contribution should instead be paid to the employee as a salary.

Learning from measurement

The Built Environment Research Group (BERG) at the School of Architecture and Building at Deakin University is involved in the monitoring of building energy consumption, lighting and acoustic levels, as well as material and thermal performance. Such measurements have taken place in several buildings over the last few years. This has been the result of a deliberate policy of BERG to initiate a process that completes the loop of design, prediction, monitoring, verification, teaching, then back to design again. This paper presents a summary of some projects that have involved building monitoring. We have established a methodology for measuring buildings which will be discussed, as well as the reasoning behind our desire to monitor buildings in general. The paper will present a summary of the results of measurement acquired to date (energy consumption, schedules, operation, etc.) and the lessons that have been learned from this monitoring program.

Monitoring employees emails without violating their privacy right

The capability of an employee to violate the policy of an organization is a concern for an employer. Monitoring is a measure taken by an employer to discourage an employee from acting inappropriately. However, current monitoring techniques tend to raise privacy issues because they violate the privacy rights of employees. Applying a monitoring technique without violating the privacy of employees is the aim of this paper. We propose a design and a protocol which give an employer the opportunity to monitor employee email in order to detect company policy violations. This can be achieved without violating the privacy of honest employees, while at the same time revealing evidence about the illegal actions of dishonest employees.