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The purpose of this paper is to assess the status of the physical assets of Norwegian hospital facilities in terms of technical condition, building performance, usability and adaptability, thereby comprehending the main challenges for property management as part of facilities management (FM) within hospitals of the Norwegian Specialist Health-Care Services and permitting a discussion on a more strategic property management role.

The research is based on an action research approach using data collection from surveys, schemes and questionnaires, literature studies, documentation analysis and workshops with an active research team involvement with stakeholders. In-depth interviews were undertaken with owner representatives, property management representatives and health-care deliverers, and a GAP analysis allowed a study of the quality of property management (as part of the FM).

A severe technical backlog was documented together with a strong demand for structural upgrading, which was roughly estimated to be approximately 30-35 billion NOK in 2012 (3.75-4.4 billion euros). Improvements are necessary in all areas of FM delivery within limited economic frameworks, even though several examples of good property management (as part of FM delivery) were found. A gap exists between the general strategy concerning hospital assets and the property management role, particularly with regard to the translation of change in user needs into changed facilities. A need for an increasing professionalization of the role is pressing, turning attention from operational costs and control to potential added value. This requires a shift of focus from the property manager in order to implement visions and goals for the health-care sector, which involves several actions such as an improved communication between stakeholders and technically improved skills, thus ensuring the recruitment and capability of property management staff and improved measurement processes.

This paper give two major recommendations: first, a stronger integration of the property management role as part of the FM delivery with the executive management of the Health Authorities and Regional and Local Health Trusts; and second, a nationally coordinated strategy for the development of property management in the Specialist Health-Care Services (called Strategic FM). The authors believe that developing a pool of competencies at the national level is necessary to develop the tools, methods and standardized measurements to enable a change in the use of the terms of added value and sustainability. Ultimately, this will enhance the assets of the health sector, and this paper suggests a model that allows for this development.

This paper shows a model for property management as a strategic role in a holistic process involving all stakeholders from both the bottom up and the top down. The authors believe this process will engage the stakeholders in agreeing upon a clear vision and set of goals for the health-care service assets.

It is the purpose of this article to empirically test the risk parameters for larger foreign‐exchange portfolios and to suggest real‐world policies and procedures for the management of market risk with the aid of value at risk (VaR) methodology. The aim of this article is to fill a void in the foreign‐exchange risk management literature and particularly for large portfolios that consist of long and short positions of multi‐currencies of numerous developed and emerging economies.

In this article, a constructive approach for the management of risk exposure of foreign‐exchange securities is demonstrated, which takes into account proper adjustments for the illiquidity of both long and short trading/investment positions. The approach is based on the renowned concept of VaR along with the innovation of a software tool utilizing matrix‐algebra and other optimization techniques. Real‐world examples and reports of foreign‐exchange risk management are presented for a sample of 40 distinctive countries.

A number of realistic case studies are achieved with the objective of setting‐up a practical framework for market risk measurement, management and control reports, in addition to the inception of a practical procedure for the calculation of optimum VaR limits structure. The attainment of the risk management techniques is assessed for both long and short proprietary trading and/or active investment positions.

The main contribution of this article is the introduction of a practical risk approach to managing foreign‐exchange exposure in large proprietary trading and active investment portfolios. Key foreign‐exchange risk management methods, rules and procedures that financial entities, regulators and policymakers should consider in setting‐up their foreign‐exchange risk management objectives are examined and adapted to the specific needs of a model of 40 distinctive economies.

Although a substantial literature has examined the statistical and economic meaning of VaR models, this article provides real‐world techniques and optimum asset allocation strategies for large foreign‐exchange portfolios in emerging and developed financial markets. This is with the objective of setting‐up the basis of a methodology/procedure for the measurement, management and control of foreign‐exchange exposures in the day‐to‐day trading and/or asset management operations.

This paper aims to investigate the effect of institutional logics on the intended resource coordination and integration in extended enterprises (EEs).

The qualitative multiple case study approach collected data from three EEs and their hierarchical organizational context in the restructured and privatized railway sector of the Netherlands by observing 40 meetings, conducting 31 semi-structured interviews and 9 feedback meetings and perusing organizational documents.

Performance and professional logics characterized the EEs and their hierarchical organizational context. Aligning these logics failed to support the resource coordination and integration in the EEs because of the logics’ resource-centric nature. The co-creation logic in one of the EEs mitigated this resource centrism by addressing the resource personifications and representations of the professional and performance logics. Business unit representatives having hierarchically overlapping organizational positions supported this change process by offering protection from resource-centric logics.

The chosen research design limits the generalization of the findings but reveals new scientific and practical insights on the role of institutional logics for sustaining EEs.

The various EE business-units, but especially their contract and concession authorities, need to realize the crippling effect of resource-centric logics on sustaining an EE. Becoming aware of the resource personifications and representations of these logics can assist in addressing their negative effects.

No previous studies have empirically investigated the effect of institutional logics on the intended resource coordination and integration in EEs.

The purpose of this paper is to explore the pathway toward operationalizing resilience in management of transportation infrastructure.

The research approach includes a comprehensive survey of the State Transportation Agencies (STA) in the USA. The information collected from the survey is analyzed using statistical analysis to explore the determinants of operationalizing resilience in transportation infrastructure management.

The results reveal that the current practices of STA need improvement in terms of pre-disaster vulnerability and exposure analysis as well as pre-disaster retrofit and betterment efforts. A pathway toward this end is identified with the major components being: funding availability, integration of efforts across different units, use of risk and vulnerability assessment approaches, and use of resilience indices.

The pathway, along with the other findings, enhances the understanding of the status quo, drivers, and barriers toward operationalizing resilience in transportation infrastructure management. Such an understanding is critical for infrastructure agencies to better adapt and enhance the resilience of their assets in response to various stressors such as the impacts of climate change as well as natural disasters.

The study presented in this paper is the first of its kind to identify the pathway toward operationalizing resilience in transportation infrastructure management.

To address “Conflicts, Conflicts Everywhere,” a speech at the recent IA Watch 17th Annual Compliance Conference by Julie M. Riewe, co-chief of the Securities and Exchange Commission’s Enforcement Division’s Asset Management Unit (AMU).

Provide information on the AMU’s creation, the AMU’s 2015 priorities for each of the primary investment vehicles it polices –registered investment companies; private funds (both hedge funds and private equity funds); and other client accounts, such as separately managed accounts/retail accounts – and the AMU’s central concern across all of the investment vehicles it polices: conflicts of interest.

Conflicts of interest will be receiving much attention from the Commission in the coming months. In order to help avoid an SEC inquiry or, worse yet, an enforcement action, corporations and individuals should seek counsel.

Practical explanation and guidance from experienced securities and financial services lawyers.

The purpose of this paper is to originate a proactive approach for the quantification and analysis of liquidity risk for trading portfolios that consist of multiple equity assets.

The paper presents a coherent modeling method whereby the holding periods are adjusted according to the specific needs of each trading portfolio. This adjustment can be attained for the entire portfolio or for any specific asset within the equity trading portfolio. This paper extends previous approaches by explicitly modeling the liquidation of trading portfolios, over the holding period, with the aid of an appropriate scaling of the multiple‐assets' liquidity‐adjusted value‐at‐risk matrix. The key methodological contribution is a different and less conservative liquidity scaling factor than the conventional root‐t multiplier.

The proposed coherent liquidity multiplier is a function of a predetermined liquidity threshold, defined as the maximum position which can be unwound without disturbing market prices during one trading day, and is quite straightforward to put into practice even by very large financial institutions and institutional portfolio managers. Furthermore, it is designed to accommodate all types of trading assets held and its simplicity stems from the fact that it focuses on the time‐volatility dimension of liquidity risk instead of the cost spread (bid‐ask margin) as most researchers have done heretofore.

Using more than six years of daily return data, for the period 2004‐2009, of emerging Gulf Cooperation Council (GCC) stock markets, the paper analyzes different structured and optimum trading portfolios and determine coherent risk exposure and liquidity risk premium under different illiquid and adverse market conditions and under the notion of different correlation factors.

This paper fills a main gap in market and liquidity risk management literatures by putting forward a thorough modeling of liquidity risk under the supposition of illiquid and adverse market settings. The empirical results are interesting in terms of theory as well as practical applications to trading units, asset management service entities and other financial institutions. This coherent modeling technique and empirical tests can aid the GCC financial markets and other emerging economies in devising contemporary internal risk models, particularly in light of the aftermaths of the recent sub‐prime financial crisis.

This study aims to understand the member countries’ current asset recovery mechanism based on two elements, namely, confiscation policy and asset recovery management framework.

Content analysis was performed on the Financial Action Task Force (FATF) Mutual Evaluation Report (MER) of eight countries.

The result showed that only a few countries established a centralised asset recovery centre or special task force to manage recovered assets.

This study is limited to information mentioned in the FATF MER.

This study highlights the need to have a centralised asset recovery management centre as an initiative to improve the outcome of money laundering investigations. The study findings will benefit regulators to understand further the practical challenges of the asset recovery mechanism for future improvement.

FATF recommends that each country establish a centralised asset recovery centre and work closely with the investigating officers and prosecutors in deciding on assets confiscation. However, the implementation is contingent on their local environment and resources at the member countries’ discretion. Therefore, this study aimed to understand the member countries’ current asset recovery mechanism based on two elements, namely confiscation policy and asset recovery management framework.

The contemporary business environment has raised the strategic importance of the maintenance function in organizations which have significant investment in physical assets. Four strategic dimensions of maintenance management are identified, namely service‐delivery options, organization and work structuring, maintenance methodology and support systems. The alternatives available are reviewed: the guidelines for selection of these alternatives, the key decision areas in each of the four dimensions, as well as the critical success factors for the transformation process are discussed. The two factors that permeate in these strategic dimensions are human factors and information flow; the latter can be made more efficient by embracing the e‐maintenance model.

The implementation of income-generating still faces problems, such as the lack of well-established internal control and differences in implementation in each unit. This study aims to analyze internal controls, financial viability (FV) and leadership qualities (LQ) in the implementation of income-generating in Indonesian higher education.

This study is quantitative and uses a causal approach. The population of this research is the unit leader and the person in charge of the activity that generates income, with a total sample of 111 people. The sampling technique used is simple random sampling. Data were analyzed using moderation regression analysis (MRA) with the WrapPLS (partial least square) analysis tool.

The results indicate that internal control and FV significantly affect the management of income-generating. The existence of LQ as a moderating variable can moderate and weaken the influence of internal controls and FV on the management of income-generating. In this finding, the unit leader and the person in charge of activities that generate income in higher education need to improve managerial skills, including ethics, uphold integrity, clear vision, quick adaption, honestly and trust so that the management of income-generating can achieve higher education goals more effectively and efficiently.

This research shows that universities need to create a good environment to build an ecosystem that can improve the management. The university encourages the good management by strengthening the leadership. However, the research has a limitation: the study was only conducted in one state university.

The implementation of income generation in the public financial management system of legal entity universities requires accountability for sources of income so that internal controls and the role of finance are needed to ensure the continuity of universities.

Lord Carter’s (2015) “Review of Operational Productivity in NHS providers” stated that to improve National Health Service (NHS) England’s efficiency, operational productivity should be targeted in four main areas, one being estates management. NHS England’s estate includes a variety of buildings some of which are considered no longer fit-for-purpose, thus creating risk to patients and staff. These built assets require continuous maintenance, adding pressures to NHS England’s precarious financial situation. The purpose of this paper is to identify positive strategies and major constraints to achieving sustainable management of backlog maintenance (BM) across the NHS assets, and thus suggest balanced actions.

The research adopts a qualitative approach and combines: literature review of current BM methodologies; interviews with estates and facilities directors from seven NHS trusts on BM strategies; and a NHS trust detailed case study.

The major finding is that sustainable management of BM is achievable if there is a consistent, pro-active and long-term strategic approach where critical levels of BM are prioritised. Additional issues (i.e. appropriate methodology, performance metrics and links with clinical service delivery strategies) also need to be considered.

This study is relevant to the management of the NHS estate including development and adoption of sustainable strategies.

This paper offers original insights to the factors influencing healthcare estates’ BM at a time when the UK policy agenda is targeting infrastructure operational efficiency and organisations are seeking more comprehensive methodologies.