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.

A spatial–temporal analysis of the impact of access restrictions on forest landscapes and household welfare in Tanzania

This paper explores the impact of the re-introduction of access restrictions to forests in Tanzania, through participatory forest management (PFM), that have excluded villagers from forests to which they have traditionally, albeit illegally, had access to collect non-timber forest products (NTFPs). Motivated by our fieldwork, and using a spatial–temporal model, we focus on the paths of forest degradation and regeneration and villagers' utility before and after an access restriction is introduced. Our paper illustrates a number of key points for policy makers. First, the benefits of forest conservation tend to be greatest in the first few periods after an access restriction is introduced, after which the overall forest quality often declines. Second, villagers may displace their NTFP collection into more distant forests that may have been completely protected by distance alone before access to a closer forest was restricted. Third, permitting villagers to collect limited amounts of NTFPs for a fee, or alternatively fining villagers caught collecting illegally from the protected forest, and returning the fee or fine revenue to the villagers, can improve both forest quality and villagers' livelihoods.

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.