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Article
Publication date: 18 March 2024

Graeme Newell and Muhammad Jufri Marzuki

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the…

Abstract

Purpose

Healthcare property has become an important alternate property sector in recent years for many international institutional investors. The purpose of this paper is to assess the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French healthcare property in a French property portfolio and mixed-asset portfolio over 1999–2020. French healthcare property is seen to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. Drivers and risk factors for the ongoing development of the direct healthcare property sector in France are also identified, as well as the strategic property investment implications for institutional investors.

Design/methodology/approach

Using annual total returns, the risk-adjusted performance, portfolio diversification benefits and performance dynamics of French direct healthcare property over 1999–2020 are assessed. Asset allocation diagrams are used to assess the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. The role of specific drivers for French healthcare property performance is also assessed. Robustness checks are also done to assess the potential impact of COVID-19 on the performance of French healthcare property.

Findings

French healthcare property is shown to have different performance dynamics to the traditional French property sectors of office, retail and industrial property. French direct healthcare property delivered strong risk-adjusted returns compared to French stocks, listed healthcare and listed property over 1999–2020, only exceeded by direct property. Portfolio diversification benefits in the fuller mixed-asset portfolio context were also evident, but to a much lesser extent in a narrower property portfolio context. Importantly, this sees French direct healthcare property as strongly contributing to the French property and mixed-asset portfolios across the entire portfolio risk spectrum and validating the property industry perspective of healthcare property being low risk and providing diversification benefits in a mixed-asset portfolio. However, this was to some degree to the loss or substitution of traditional direct property exposure via this replacement effect. French direct healthcare property and listed healthcare are clearly shown to be different channels in delivering different aspects of French healthcare performance to investors. Drivers of French healthcare property performance are also shown to be both economic and healthcare-specific factors. The performance of French healthcare property is also shown to be different to that seen for healthcare property in the UK and Australia. During COVID-19, French healthcare property was able to show more resilience than French office and retail property.

Practical implications

Healthcare property is an alternate property sector that has become increasingly important in recent years. The results highlight the important role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio, with French healthcare property having different investment dynamics to the other traditional French property sectors. The strong risk-adjusted performance of French direct healthcare property compared to French stocks, listed healthcare and listed property sees French direct healthcare property contributing to the mixed-asset portfolio across the entire portfolio risk spectrum. French healthcare property’s resilience during COVID-19 was also an attractive investment feature. This is particularly important, as many institutional investors now see healthcare property as an important property sector in their overall portfolio; particularly with the ageing population dynamics in most countries and the need for effective social infrastructure. The importance of French direct healthcare property sees direct healthcare property exposure accessible to investors as an important alternate real estate sector for their portfolios going forward via both non-listed healthcare property funds and the further future establishment of more healthcare REITs to accommodate both large and small institutional investors respectively. The resilience of French healthcare property during COVID-19 is also an attractive feature for future-proofing an investor’s portfolio.

Originality/value

This paper is the first published empirical research analysis of the risk-adjusted performance, diversification benefits and performance dynamics of French direct healthcare property, and the role of direct healthcare property in a French property portfolio and in a French mixed-asset portfolio. This research enables empirically validated, more informed and practical property investment decision-making regarding the strategic role of French direct healthcare property in a portfolio; particularly where the strategic role of direct healthcare property in France is seen to be different to that in the UK and Australia via portfolio replacement effects. Clear evidence is also seen of the drivers of French healthcare property performance being strongly influenced by healthcare-specific factors, as well as economic factors.

Details

Journal of European Real Estate Research, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1753-9269

Keywords

Article
Publication date: 1 March 2024

Asif Ur Rehman, Pedro Navarrete-Segado, Metin U. Salamci, Christine Frances, Mallorie Tourbin and David Grossin

The consolidation process and morphology evolution in ceramics-based additive manufacturing (AM) are still not well-understood. As a way to better understand the ceramic selective…

Abstract

Purpose

The consolidation process and morphology evolution in ceramics-based additive manufacturing (AM) are still not well-understood. As a way to better understand the ceramic selective laser sintering (SLS), a dynamic three-dimensional computational model was developed to forecast thermal behavior of hydroxyapatite (HA) bioceramic.

Design/methodology/approach

AM has revolutionized automotive, biomedical and aerospace industries, among many others. AM provides design and geometric freedom, rapid product customization and manufacturing flexibility through its layer-by-layer technique. However, a very limited number of materials are printable because of rapid melting and solidification hysteresis. Melting-solidification dynamics in powder bed fusion are usually correlated with welding, often ignoring the intrinsic properties of the laser irradiation; unsurprisingly, the printable materials are mostly the well-known weldable materials.

Findings

The consolidation mechanism of HA was identified during its processing in a ceramic SLS device, then the effect of the laser energy density was studied to see how it affects the processing window. Premature sintering and sintering regimes were revealed and elaborated in detail. The full consolidation beyond sintering was also revealed along with its interaction to baseplate.

Originality/value

These findings provide important insight into the consolidation mechanism of HA ceramics, which will be the cornerstone for extending the range of materials in laser powder bed fusion of ceramics.

Details

Rapid Prototyping Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1355-2546

Keywords

Open Access
Article
Publication date: 8 April 2024

Oussama-Ali Dabaj, Ronan Corin, Jean-Philippe Lecointe, Cristian Demian and Jonathan Blaszkowski

This paper aims to investigate the impact of combining grain-oriented electrical steel (GOES) grades on specific iron losses and the flux density distribution within a…

Abstract

Purpose

This paper aims to investigate the impact of combining grain-oriented electrical steel (GOES) grades on specific iron losses and the flux density distribution within a single-phase magnetic core.

Design/methodology/approach

This paper presents the results of finite-element method (FEM) simulations investigating the impact of mixing two different GOES grades on losses of a single-phase magnetic core. The authors used different models: a 3D model with a highly detailed geometry including both saturation and anisotropy, as well as a simplified 2D model to save computation time. The behavior of the flux distribution in the mixed magnetic core is analyzed. Finally, the results from the numerical simulations are compared with experimental results.

Findings

The specific iron losses of a mixed magnetic core exhibit a nonlinear decrease with respect to the GOES grade with the lowest losses. Analyzing the magnetic core behavior using 2D and 3D FEM shows that the rolling direction of the GOES grades plays a critical role on the nonlinearity variation of the specific losses.

Originality/value

The novelty of this research lies in achieving an optimum trade-off between the manufacturing cost and the core efficiency by combining conventional and high-performance GOES grade in a single-phase magnetic core.

Details

COMPEL - The international journal for computation and mathematics in electrical and electronic engineering , vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 0332-1649

Keywords

Article
Publication date: 19 March 2024

Kyle Mulrooney, Karen Bullock, Christian Mouhanna and Alistair Harkness

This article examines challenges and strategies related to police relationships and engagement with rural communities in England and Wales, Australia and France. It aims to bridge…

Abstract

Purpose

This article examines challenges and strategies related to police relationships and engagement with rural communities in England and Wales, Australia and France. It aims to bridge a gap in knowledge around how police balance public demands with organisational and contextual constraints, exploring the role of communication technology in overcoming geographical and cultural barriers in rural policing.

Design/methodology/approach

The research draws upon 121 semi-structured interviews conducted across three distinct jurisdictions. In the United Kingdom and Australia, interviews were conducted via Microsoft Teams, while face-to-face interviews were conducted in France. Participants were recruited through the purposive sampling of police working in rural areas. The data were thematically analysed using NVivo Software.

Findings

Rural communities have low expectations of policing services, a consequence of geography, organisational structures and limited resource allocation. Building relationships can be challenging owing to isolation and terrain, the need for officers to have local and cultural knowledge, and difficulties in recruiting officers in rural posts. Technology-mediated communication has played a part in the solutions (e.g. social media). However, this may not always be suitable owing to limited connectivity, citizen and police preferences for communication and engagement, and the institutional and cultural nuances surrounding the application of technology.

Originality/value

This article provides empirical insights into the attitudes and experiences of rural police officers, highlighting the distinctive policing context and engagement needs of rural communities. The research underscores the necessity for contextually aware engagement. It suggests that while technology-mediated communication offers some solutions to spatial challenges, its effectiveness may be limited by access, generational preferences and the adaptability of police institutions and cultures.

Details

Policing: An International Journal, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1363-951X

Keywords

Expert briefing
Publication date: 28 March 2024

Despite criticism from Western allies, Macron’s position has remained firm. This comes against the backdrop of tensions with Germany, upcoming European Parliament elections and…

Open Access
Article
Publication date: 13 February 2024

Matias G. Enz, Salomée Ruel, George A. Zsidisin, Paula Penagos, Jill Bernard Bracy and Sebastian Jarzębowski

This research aims to analyse the perceptions of practitioners in three regions regarding the challenges faced by their firms during the pandemic, considered a black-swan event…

Abstract

Purpose

This research aims to analyse the perceptions of practitioners in three regions regarding the challenges faced by their firms during the pandemic, considered a black-swan event. It examines the strategies implemented to mitigate and recover from risks, evaluates the effectiveness of these strategies and assesses the difficulties encountered in their implementation.

Design/methodology/approach

In the summer of 2022, an online survey was conducted among supply chain (SC) practitioners in France, Poland and the St. Louis, Missouri region of the USA. The survey aimed to understand the impact of COVID-19 on their firms and the SC strategies employed to sustain operations. These regions were selected due to their varying levels of SC development, including infrastructure, economic resources and expertise. Moreover, they exhibited different responses in safeguarding the well-being of their citizens during the pandemic.

Findings

The study reveals consistent perceptions among practitioners from the three regions regarding the impact of COVID-19 on SCs. Their actions to enhance SC resilience primarily relied on strengthening collaborative efforts within their firms and SCs, thus validating the tenets of the relational view.

Originality/value

COVID-19 is (hopefully) our black-swan pandemic occurrence during our lifetime. Nevertheless, the lessons learned from it can inform future SC risk management practices, particularly in dealing with rare crises. During times of crisis, leveraging existing SC structures may prove more effective and efficient than developing new ones. These findings underscore the significance of relationships in ensuring SC resilience.

Details

The International Journal of Logistics Management, vol. 35 no. 7
Type: Research Article
ISSN: 0957-4093

Keywords

Article
Publication date: 11 January 2024

Matthias Walther, Ulrike Mayrhofer and Noémie Dominguez

This exploratory research aims to identify the types of social networks established by German and French expatriates.

Abstract

Purpose

This exploratory research aims to identify the types of social networks established by German and French expatriates.

Design/methodology/approach

The authors use the concepts of social capital and social networks, as well as the societal and cultural approaches, to investigate the way expatriates develop their social networks. The authors' empirical study is based on 40 semi-structured interviews conducted with German and French expatriates.

Findings

The authors' findings show that German expatriates mainly establish professional networks, whereas their French counterparts also focus on personal networks. They further indicate that managing social capital lies within the individual responsibility of German expatriates, whereas it is part of higher education institutions in France.

Originality/value

The authors highlight the way German and French expatriates manage their social networks and provide novel insights into the role played by higher education systems and the cultural characteristics of their home country context.

Details

Career Development International, vol. 29 no. 1
Type: Research Article
ISSN: 1362-0436

Keywords

Article
Publication date: 29 September 2023

Morgane Innocent, Agnes Francois Lecompte, Samuel Guillemot and Ronan Divard

This aim of this study is to identify the ways of helping public authorities bring about change to environmentally sustainable household food practices.

Abstract

Purpose

This aim of this study is to identify the ways of helping public authorities bring about change to environmentally sustainable household food practices.

Design/methodology/approach

The authors identified the practices involved in this concept from the consumer perspective and measured their diffusion among French households. The analyses were conducted following two successive data collection campaigns comprising 571 and 501 respondents in France. The methodology involved two complementary scaling techniques: factor analysis and item response theory.

Findings

The results show that consumers understand sustainable food through five food practices: buying and cooking products with sustainable attributes, anti-waste storage, self-production, plant protein consumption and anti-waste cooking.

Originality/value

The findings suggest that while at the individual level people appear to have incorporated anti-waste practices into their daily lives, at the household level, there is still work to be done for improving diets and stimulating the production of home-grown food. It is also worth noting that the emerging vision typically involves sustainable foods that are organic, locally grown, seasonal, based on fair trade and packaging-free.

Details

British Food Journal, vol. 126 no. 2
Type: Research Article
ISSN: 0007-070X

Keywords

Article
Publication date: 1 August 2023

Jurgita Banytė and Christopher Mulhearn

This article seeks to offer an answer. It explores the criteria on which commercial property market participants can develop strategies in hugely challenging circumstances. For…

Abstract

Purpose

This article seeks to offer an answer. It explores the criteria on which commercial property market participants can develop strategies in hugely challenging circumstances. For this purpose, a survey-based approach was developed with work conducted with property-market professional in the United Kingdom (UK), France, Germany and Sweden to produce a criteria-based tool supporting adaption to changing market circumstances.

Design/methodology/approach

The data have been analyzed using statistical analysis. The data's statistical analysis included Cronbach's alpha's application to evaluate the respondents' replies' reliability. A entral tendency test was used to identify the means of relevance of the criteria. The Mann–Whitney U test was used to determine potential material differences between the UK and other countries with Bonferroni corrections applied to minimize type-I errors.

Findings

Thirty characteristics have been identified that impact the dynamics of the commercial property market. Their relevance to the commercial property market was determined using a survey. The literature analysis showed that the researchers paid more attention to quantitative criteria and their comparison. The survey showed that the relevance of criteria to the commercial property market dynamics is unequal. However, the survey results showed that it is most important to pay attention to emotional criteria to adapt to uncertainty changing conditions. The problem of the environment has been on the agenda for the last four decades. Therefore, the fact that the results of the study showed that the environmental criteria are the least significant is unexpected.

Research limitations/implications

The study involved economically developed countries of Europe. Extending the study's geographical scope would be valuable in revealing whether the same differences exist in other geographical areas (such as Australia or the USA).

Practical implications

The practical implication of the analysis may be to facilitate the decision-making process of either selecting a country for commercial property investment or selecting the most sensitive and relevant criteria for the decision-making.

Originality/value

Criteria for commercial property market performance which promote successful property investment have been developed. Moreover, the criteria affecting the commercial property market have been weighted by their relevance to the market and their sequence of relevance has been established. And finally, the developed criteria have been placed into five groups that could serve as a foundation for a macro-level assessment of commercial property market dynamics.

Details

Property Management, vol. 42 no. 2
Type: Research Article
ISSN: 0263-7472

Keywords

Expert briefing
Publication date: 22 April 2024

The president's proposal to send troops to Ukraine has triggered debate on France's military readiness. Within Europe, it is a leading military power but chronic resource…

Details

DOI: 10.1108/OXAN-DB286579

ISSN: 2633-304X

Keywords

Geographic
Topical
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