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Adopting conservation of resources (COR) theory as a guiding framework, this study proposes that benevolent supervision (BS) is a feasible leadership style for building a positive resource gain process in subordinates' extra-role actions and reducing their exhaustion, and leader-member exchange (LMX) and positive affect (PA) serve as indirect crossover mechanisms.

Surveys were conducted at three-time points with four-week intervals. A total of 304 subordinates and 55 supervisors at a Taiwanese university participated in the surveys, and a multilevel model was used to test the hypotheses.

The results showed that prior BS (time 1) was positively associated with subordinates' subsequent LMX and PA (time 2). LMX mediated the relationship between BS and subsequent supervisor-rated contextual performance (time 3), and PA mediated the relationship between BS and subordinate-rated emotional exhaustion (time 3). In addition, supervisors' learning orientation positively moderated the relationship between BS and contextual performance via LMX, whereas supervisors' performance orientation negatively moderated this relationship.

The results of the study encourage leaders to exhibit benevolence toward subordinates, increase subordinates' contextual performance and enhance personal feelings, thereby ultimately benefitting the organization.

This study reveals that BS is a source of resource investment in the process of subordinates' positive job (contextual performance) and personal (emotional exhaustion) resource gains through social exchange (LMX) and affective (PA) crossover mechanisms and that supervisors' goal inclinations impact this process.

Understanding the pricing of real estate equities is a central objective of real estate research. This paper aims to investigate the impact of liquidity on European real estate equity returns, after accounting for well-documented systematic risk factors.

Based on risk factors derived from general equity data, the authors extend the Fama-French time-series regression approach by a liquidity factor, using a pan-European sample of 272 real estate equities.

The empirical results indicate that liquidity is a significant pricing factor in real estate stock returns, even after controlling for market, size and book-to-market factors. In addition, the authors detect that real estate stock returns load predominantly positively on the liquidity risk factor, suggesting that real estate equities tend to behave like illiquid common equities. These findings are underpinned by a series of robustness checks. Running a comparative analysis with alternative factor models, the authors further demonstrate that the liquidity-augmented asset-pricing model is most appropriate for explaining European real estate stock returns.

The inclusion of sentiment and downside risk factors could provide further insights into real estate asset pricing in European capital markets.

This is the first study to examine the role of liquidity as a systematic risk factor in a pan-European setting.

The purpose of this paper is to improve the transparency of European emerging real estate market dynamics and performance attributes in the wake of the 2007-2008 global financial crisis (GFC). The paper examines the extent and nature of inter-relationships between three emerging real estate markets namely, the Czech Republic, Hungary and Poland as well as determining the rationale for including emerging real estate markets within a Pan-European investment portfolio. The paper affords a timely update following the reinstatement of lending provision for European emerging real estate investment markets in 2014.

The paper employs lead-lag correlations and Grainger causality to examine inter and intra relationships across three emerging European real estate markets, namely the Czech Republic, Hungary and Poland over the period 2006-2014. Optimal portfolio analysis is undertaken to explore the role of emerging real estate markets within the confines of a multi-asset investment portfolio as well as a Pan-European real estate investment portfolio.

The findings demonstrate the opportunities afforded by the European emerging real estate markets in terms of both performance enhancement and risk diversification. Significantly, the findings highlight the lack of “uniformity” across the European emerging markets in terms of their investment potential, with Grainger causality confirming that the real estate markets in the Czech Republic, Hungary and Poland are not endogenous functions of one-another’s performance.

This paper makes a considered contribution to the analytical interpretation of European emerging property market performance across the real estate cycle. The research demonstrates that the real estate markets in the Czech Republic, Hungary and Poland exhibit specific investment characteristics which differentiate them from the more developed real estate markets across Europe. Indeed emerging markets have the propensity to serve as both a risk diversifier as well as performance enhancer within the confines of a pan-European real estate investment portfolio. However, as the research clearly articulates, intricate understanding of the attributes afforded by the different emerging markets as well as the divergence in sectoral dynamics/performance is integral to portfolio allocation strategies.

Robust academic research on Europe’s emerging real estate markets has been hampered by deficiencies in data provision. This study makes an innovative and timely contribution to redressing the research vacuum through delineated examination of the performance dynamics of three markets namely, the Czech Republic, Hungary and Poland, across the real estate cycle. The role and function of emerging markets is depicted within the confines of a Pan-European direct real estate investment portfolio at the all property level and in terms of sectoral specific allocations comprising retail, office and industrial. The explicit added value of the paper is the propensity to bench-mark the performance of emerging markets real estate markets on a like-for-like basis with developed real estate markets across Europe facilitating the exploration of the role and function of emerging real estate markets within a Pan-European investment context.

REITs have taken on increased significance in Asia in recent years, with Singapore REITs (S-REITs) becoming an important property investment vehicle since 2002. The purpose of this paper is to assess the significance, risk-adjusted performance and portfolio diversification benefits of S-REITs in a mixed-asset portfolio context in Singapore over 2003-2013. The post-GFC recovery of S-REITs is also assessed.

Using monthly total returns, the risk-adjusted performance and portfolio diversification benefits of S-REITs over 2003-2013 is assessed, with efficient frontiers and asset allocation diagrams used to assess the role of S-REITs in a mixed-asset portfolio. Sub-period analyses are conducted to assess the post-GFC recovery of S-REITs.

S-REITs delivered strong risk-adjusted returns, being the best-performed asset class, but with little portfolio diversification benefit over 2003-2013. Whilst taking on reduced risk, but with less portfolio diversification benefits in recent years, S-REITs are seen to be robust relative to the other major Singapore asset classes; contributing significantly across the risk spectrum; particularly in the post-GFC period, where S-REITs have been the best-performed asset class in Singapore.

The results highlight the important strategic role of S-REITs in a Singapore mixed-asset portfolio. The strong risk-adjusted performance has highlighted the robustness of S-REITs, with S-REITs contributing to the mixed-asset portfolio across the portfolio risk spectrum; particularly in the post-GFC period. This robustness highlights the ongoing strategic role of S-REITs in a Singapore mixed-asset portfolio, as well as the ongoing development of S-REITs as an important pan-Asia hub for REITs.

This paper is the first published empirical research analysis of the risk-adjusted performance of S-REITs and the role of S-REITs in a portfolio. Given the increased significance of REITs in Asia, this research enables empirically validated, more informed and practical property investment decision-making regarding the role of S-REITs in a mixed-asset portfolio and S-REIT performance in a post-GFC context.

Presents over sixty abstracts summarising the 1999 Employment Research Unit annual conference held at the University of Cardiff. Explores the multiple impacts of globalization on work and employment in contemporary organizations. Covers the human resource management implications of organizational responses to globalization. Examines the theoretical, methodological, empirical and comparative issues pertaining to competitiveness and the management of human resources, the impact of organisational strategies and international production on the workplace, the organization of labour markets, human resource development, cultural change in organisations, trade union responses, and trans‐national corporations. Cites many case studies showing how globalization has brought a lot of opportunities together with much change both to the employee and the employer. Considers the threats to existing cultures, structures and systems.

The aim of this study was two-fold: first, to examine the noxious effects of presenteeism on employees' work well-being in a cross-cultural context involving Chinese and British employees; second, to explore the role of supervisory support as a pan-cultural stress buffer in the presenteeism process.

Using structured questionnaires, the authors compared data collected from samples of 245 Chinese and 128 British employees working in various organizations and industries.

Cross-cultural comparison revealed that the act of presenteeism was more prevalent among Chinese and they reported higher levels of strains than their British counterparts. Hierarchical regression analyses showed that presenteeism had noxious effects on exhaustion for both Chinese and British employees. Moreover, supervisory support buffered the negative impact of presenteeism on exhaustion for both Chinese and British employees. Specifically, the negative relation between presenteeism and exhaustion was stronger for those with more supervisory support.

Presenteeism may be used as a career-protecting or career-promoting tactic. However, the negative effects of this behavior on employees' work well-being across the culture divide should alert us to re-think its pros and cons as a career behavior. Employees in certain cultures (e.g. the hardworking Chinese) may exhibit more presenteeism behaviour, thus are in greater risk of ill-health.

This is the first cross-cultural study demonstrating the universality of the act of presenteeism and its damaging effects on employees' well-being. The authors' findings of the buffering role of supervisory support across cultural contexts highlight the necessity to incorporate resources in mitigating the harmful impact of presenteeism.

Recent studies in the field of behavioral finance have highlighted the importance of investor sentiment in the return-generating process for general equities. By employing an asset pricing framework, this paper aims to evaluate the performance of European real estate equities, based on their degree of sentiment sensitivity.

Using a pan-European data set, we classify all real estate equities according to their sentiment sensitivity, which is measured relative to the Economic Sentiment Indicator (ESI) of the European Commission. Based on their individual sentiment responsiveness, we form both a high- and low-sensitivity portfolio, whose returns are included in the difference test of the liquidity-augmented asset pricing model. In this context, we analyze the performance of sentiment-sensitive and sentiment-insensitive real estate equities with a risk-adjusted perspective over the period July 1995 to June 2012.

While high-sensitivity real estate equities yield significantly higher raw returns than those with low-sensitivity, we find no evidence of risk-adjusted outperformance. This indicates that allegedly sentiment-driven return behavior is in fact merely compensation for taking higher fundamental risks. In this context, we find that sentiment-sensitive real estate equities are exposed to significantly higher market risks than sentiment-insensitive ones. Based on these findings, we conclude that a sentiment-based investment strategy, consisting of a long-position in the high-sensitivity portfolio and a short-position in the low-sensitivity one, does not generate a risk-adjusted profit.

Although this study sheds some light on investor sentiment in European real estate stock markets, further research could usefully concentrate on alternative sentiment proxies.

This is the first study to disentangle the relationship between investor sentiment and European real estate stock returns.

Epidemiologists are concerned the next deadly global cognition will be a new kind of deadly flu which humans have no resistance. Since the 1960s, their alarm has been focused on a bird (avian) virus (H5N1). This virus is generally harmless in its host species, but it is extremely deadly when contracted by humans. H5N1 mutates quickly and tends to pick up genes from flu viruses that affect other species. The flu is far more contagious and harder to contain than the SARS (severe acute respiratory syndrome) virus. It is projected that 30‐40 per cent of the population would be infected in a H5N1 flu pandemic, and as many as one‐third would die. The 1918 Spanish flu caused 20 to 50 million deaths world wide. One scientist observed that the 1918 Spanish flu pandemic could have caused civilisation to disappear within a few weeks. Currently, more than 50 million chickens have been slaughtered in eight Asian countries in efforts to curb the spread of avian influenza. This article examines the roots and dangers of the potential avian influenza pandemic, examining the business and social ramifications that could ensue if the worst case scenario occurs.

The purpose of this paper is to analyze the order relation of existing in computer science, define and analyze macroscopical‐order and semi‐partial order in pansystems theory, and explored the relationship between macroscopical‐order and semi‐partial order. It is an attempt to analyze problems in computer science by using pansystem's philosophy with mathematics and technology (PMT)‐combination.

Sorting is an important operation in computer science. The main task of the sorting operation is to rearrange the random serial of records into an ordered serial of records according to some keywords. The authors know that there are many sorting methods in computer science. The authors discussed the essence of semi‐partial order and macroscopical‐order and the transformation between semi‐partial order and macroscopical‐order from the point of panscale's view; the essence of this transformation is revealed. By combining the PMT (PMT‐combination), it is easy for the authors to get a deep understanding of the technology in computer science.

The need for application of the order relation, the authors explored the relationship between macroscopical‐order and semi‐partial order. Combined with PanScale, the authors analyzed the essence of the transformation between macroscopical‐order and semi‐partial order. And applied it to the computer science.

The order relation is an important problem in computer science, as well as existing in our daily life, at the same time this problem has a scale concept in it, the authors need to further research and study.

A very useful method for research of the order relation in computer science.

To explore the relationship between macroscopical‐order and semi‐partial order. Combined with PanScale, the authors analyzed the essence of the transformation between macroscopical‐order and semi‐partial order. And applied macroscopical‐order and semi‐partial order to the computer science.

The purpose of this paper is to enhance the understanding about how energy supply chains work to build resilience against exogenous security threats and thereafter what support mechanisms should be introduced or improved by the European Union.

Five case studies and data collection from multiple sources is used to understand what exogenous security threats could lead to the disruption of oil and gas flows to Europe, how energy companies, from a supply chain perspective, are working to manage these threats and finally, how the EU may coordinate the security of the energy sector in collaboration with supply chain companies.

Results show that today, oil and gas supply chains have in place a good combination of disruption strategies, including portfolio diversification, flexible contracts, transport capacity planning and safety stocks. The most relevant security threats the companies fear, include hijacking of vessels (sea piracy), but also terrorism, and wars. Finally, the study highlights that the European Union has built a comprehensive portfolio of strategies to deal with scarcity of oil and gas resources. However, these approaches are not often synchronized with supply chain strategies.

The paper provides guidance for supply chain managers dealing with critical suppliers located in conflict environments. The paper recommends that supply chain managers fine tune their strategies in coordination with governmental actions in foreign politics, dependence reduction and crisis management. This may be achieved by closer communication with governments and potentially through the creation of a pan-European sector alliance.

Previous research discusses the topic of supply chain resilience and supply chain risk management. However, none of these studies report on exogenous security threats and disruption strategies of oil and gas supply chains. At the same time, previous research lacks detailed studies describing the interaction between governments and energy supply chains.