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Using a portfolio comprising liquid global stocks and bonds, this study aims to limit absolute risk to that of a standardised benchmark and determine whether this has a significant impact on expected return in both high volatility period (HV) and low volatility period (LV).

Using a traditional benchmark comprising 40% equity and 60% bonds, a constant tracking error (TE) frontier was constructed and implemented. Portfolio performance for different TE constraints and different economic periods (expansion and contraction) was explored.

Results indicate that during HV, replicating benchmark portfolio risk produces portfolios that outperform both the maximum return (MR) portfolio and the benchmark. MR portfolios outperform those with the same risk as that of the benchmark in LV. The MR portfolio weights assets to obtain the highest return on the TE frontier. During HV, the benchmark replicated risk portfolio obtained a higher absolute risk value than that of the MR portfolio because of an inefficient benchmark. In HV, the benchmark replicated risk portfolio favoured intermediate maturity treasury bills.

There is a dearth of literature exploring the performance of active portfolios subject to TE constraints. This work addresses this gap and demonstrates, for the first time, the relative portfolio performance of several standard portfolio choices on the frontier.

This paper aims to investigate the mechanisms for managing coordinated benchmarking projects and the outcomes achieved from such coordination. While there have been many independent benchmarking studies comparing the practices and performance of public sector organisations, there has been little research on initiatives that involve coordinating multiple benchmarking projects within public sector organisations or report on the practices implemented and results from benchmarking projects. This research will be of interest to centralised authorities wishing to encourage and assist multiple organisations in undertaking benchmarking projects.

The study adopts a case study methodology. Data were collected on the coordinating mechanisms and the experiences of the individual organisations over a one-year period.

The findings show successful results (financial and non-financial) across all 13 benchmarking projects, thus indicating the success of a coordinated approach to managing multiple projects. The study concluded by recommending a six-stage process for coordinating multiple benchmarking projects.

This research gives new insights into the application and benefits from benchmarking because of the open access the research team had to the “Dubai We Learn” initiative. To the authors’ knowledge the research was unique in being able to report accurately on the outcome of 13 benchmarking projects with all projects using the TRADE benchmarking methodology.

Secure mental health services in one UK region have acted within a network to develop a range of involvement practices. A new quality benchmarking tool has been created to appraise the implementation of these involvement practices. The purpose of this paper is to report upon a qualitative evaluation of this development.

Staff and service users involved in the co-production of the benchmarking tool were engaged in a series of focus groups and participatory inquiry approaches enacted in the course of scheduled network meetings. Data thus collected was subject to thematic analysis.

Four distinct themes were identified which were titled: Taking time, taking care; The value not the label; An instrument of the network; and All people working together. These are discussed in relation to recent theorising of co-production.

Effectively, this study represents a case study of developments within one region. As such, the findings may have limited transferability to other contexts.

Staff and service users can work together effectively to the benefit of each other and overall forensic services. The benchmarking tool provides a readymade mechanism to appraise quality improvements.

Despite a prevailing culture of competition in wider health-care policy, cooperation leads to enhanced quality.

The benchmarking tool is a unique development of a longstanding involvement network, demonstrating the positive implications for enacting co-production within secure services.

The literature on warehouse performance assessments is mainly focussed on the efficiency and effectiveness of an action or activity due to customer demand and tailored fulfilment, with less attention being given to the performance measurement of each function of the warehouse and its overall productivity. Therefore, this study was aimed at revising the key warehouse performance metrics to a set of productivity measurement indicators that can be adopted internationally for benchmarking productivity performance.

A literature review and semi-structured survey questionnaire were used for this study. The importance of warehouse productivity performance was reviewed to revamp the measurement indicators. Through the use of a directed content analysis and descriptive analysis, an extensive study was carried out to analyze existing warehouse productivity indicators.

The findings of this study provide comprehensive references for practitioners and academicians for improving the classification of productivity measurements from existing key performance metrics for warehousing. Also, this paper highlights the warehouse resources related to the respective warehouse operation activities.

The study was limited to productivity performance indicators adapted from Staudt et al. (2015). Furthermore, the samples for this study comprised Malaysian academicians and practitioners in the related field. The findings can be adapted on a global scale as this study implemented general warehouse operation processes.

Consequently, the contributions of this study are that it provides relevant benchmarks for key productivity performance indicators in the warehousing sector that has worldwide applicability and the developed model provides a conceptual platform from which further theoretical and empirical developments can be carried out.

Policymakers have long suggested diversifying US police forces, which typically have white male majorities among officers. This article explores to what extent police diversity has changed over time in large agencies, as well as whether different diversity benchmarks may matter for agencies.

The authors draw data from the Law Enforcement Management and Administrative Statistics (LEMAS) survey for 358 agencies that had at least 100 full-time sworn officers in 1997 and 2016 and that reported officer demographic data to the LEMAS in both years. For a selection of 12 communities – three randomly chosen in each of the four US Census regions – the authors compare officer diversity to Census data on population diversity for different benchmarks.

There has been some increase in diversity but policing largely remains a white male profession. The authors find only limited variation in diversity by type of benchmark – e.g. total population, working population or recruiting-age population – a community considers. This suggests communities may wish to choose a benchmark they can best measure and seek to increase diversity by it, and research on workforce representation may not be sensitive to benchmark choice. The authors also suggest communities and their police organizations consider other ways to assess diversity, including those that illustrate a broader range of attributes and representation throughout the organization, and that they research and test alternative forms of measurement to gauge whether these findings hold for different modeling approaches.

Our analysis is limited to the largest police agencies and to overall staffing level diversity metrics pertaining to sex, race and Hispanic origin. Still, we find many police agencies have room for greater diversity, which could draw more qualified workers and lead to better policing.

While there has been much attention to police diversity in recent decades, there have been few efforts to compare alternative measurement approaches. This research provides guidance to some initial measures, as well as further considerations communities may wish to make.

This paper aims to understand the issue of interest rate benchmarking in Islamic financial institutions (IFIs) from a macro-economic perspective and assessing the relevance of creating a Sharīʿah-compliant profit rate benchmark to solve this issue. This paper also aims at suggesting an Islamic alternative that will handle both the negative economic impact on IFIs as well as on their financial performance.

The paper is based on literature review of conventional finance and Islamic finance theories to construct a theoretical model to assess the impact of interest rate benchmarking on the ability of IFIs to achieve the objectives of the Islamic economy.

The macro-economic perspective concludes that conceiving a profit rate benchmark for the Islamic finance industry is not relevant to raising the Sharīʿah credibility of the industry. Indeed, several adjustments need to be introduced in terms of the business model.

The recommendations of this paper require the involvement of financial authorities and governments for their implementation. Indeed, the adjustments require a macro-economic review.

The paper considers a profit rate benchmark irrelevant and inefficient. Instead, it suggests the necessary adjustments in terms of business model and economic approach for IFIs to achieve their objectives.

The paper considers zakat implementation and the adjustment of IFIs as the real path to implement a fair wealth distribution in the society.

The creation of a profit rate benchmark has always been the only solution for the pricing issue in IFIs. This paper challenges this idea and tries to give a deeper understanding of the situation.