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As significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the traditional industrial properties with logistic properties to gain strategic exposure to recent e-commerce trends. This paper aims to assess the investment performance of I&L REITs by assessing the significance, risk-adjusted performance and portfolio diversification benefits of I&L REITs in the Pacific Rim region from July 2011 to December 2018. The strategic property investment implications for I&L REITs are also identified.

Monthly total returns from July 2011 to December 2018 were used to analyse the risk-adjusted performance and portfolio diversification benefits for I&L REITs in the United States, Japan, Australia and Singapore. An asset allocation diagram was employed to assess the strategic role of I&L REITs in a mixed-asset portfolio in each case.

I&L REITs generally possessed superior average annual returns compared with the other sub-sector REITs, stocks and bonds in the United States, Japan, Australia and Singapore between July 2011 and December 2018, with desirable portfolio diversification benefits. Importantly, a more significant role for I&L REITs was generally observed in the mixed-asset portfolio compared to the other sub-sector REITs in each of these four markets across the broad portfolio risk spectrum. This reflects I&L REITs delivering enhanced portfolio returns and offering portfolio diversification benefits in a mixed-asset portfolio in the United States, Japan, Australia and Singapore.

Property investors, particularly property securities funds (PSFs) and income-oriented investors, should consider including I&L REITs in their mixed-asset portfolios, as Pacific Rim–based I&L REITs provided an attractive REIT investment sub-sector, co-existing alongside the other sub-sector REITs and major asset classes in a mixed-asset portfolio in a Pacific Rim context, as well as being a portfolio diversifier. These results confirm the added-value and strategic role of I&L REITs in a mixed-asset portfolio, seeing I&L REITs as an effective investment pathway for I&L property exposure in the Pacific Rim region.

This is the first study to assess the investment performance of I&L REITs in the Pacific Rim region, evaluating their significance, risk-adjusted performance and portfolio diversification benefits, and the role of I&L REITs in a mixed-asset portfolio in the United States, Japan, Australia and Singapore. More importantly, this research is the first paper to provide empirical evidence on I&L REITs, which have often transformed their traditional industrial property portfolios with increased levels of logistics property to gain exposure to recent e-commerce trends. This research enables more informed and practical property investment decision-making regarding I&L REITs and their added-value and strategic role in a mixed-asset portfolio, as well as delivering effective I&L property exposure in the Pacific Rim region, with the added benefits of liquidity, transparency and fiscal efficiency.

The question as to whether it is better to diversify a real estate portfolio within a property type across the regions or within a region across the property types is one of continuing interest for academics and practitioners alike. However, this study is somewhat different from the usual sector/regional analysis in that this study is designed to investigate whether a real estate fund manager can obtain a statistically significant improvement in risk/return performance from extending out of a London based portfolio into firstly the rest of the South East of England and then into the remainder of the UK, or whether the manger would be better off staying within London and diversifying across the various property types.

In order to examine these issues we form a number of portfolios that can be directly compared to a number of benchmark portfolios, as well as to each other. Then using the statistical tests developed by Gibbons et al. and Jobson and Korkie, we investigate whether the benefits that accrue from the differing diversification strategies are statistically significant or not.

The results show that staying within only one sector and one region (London) is undesirable in terms of risk and return compared with all three benchmark portfolios considered here. Secondly diversification on a naïve basis, or in an optimal fashion, leads to significant improvements in performance, irrespective of whether it is across different property types within London or within the same sector across the regions. Finally the results indicate that staying within London and diversifying across the various property types may offer performance comparable with regional diversification, although this conclusion largely depends on the time period and the fund manager's ability to diversify efficiently.

The results suggest that diversification almost always offers increased performance. Indeed a little diversification can quickly lead to levels of performance that is superior to number of benchmarks as well as performance insignificantly different from that of the most diversified portfolio that could be constructed! Consequently fund managers should be encouraged to diversify, be it across the regions or across the sectors of the UK.

The purpose of this paper is to review international industrial purchasing and marketing literature with a focus on portfolio models, to develop portfolio models for buyers' and sellers' international strategies, and to combine the models so that both the buyer and seller perspectives are dealt with simultaneously.

Literature on international industrial purchasing and marketing is discussed. Dimensions that are important for the buyers' and sellers' strategies are identified. Portfolio models for buyers and sellers are developed and the two perspectives are matched together.

The paper contributes a specification of features that are important for industrial buyers' and sellers' international purchasing and marketing strategies. These dimensions are used to develop a model of supplier relationship management and a marketing management model for supplier strategies. The consequences for the firm's international activities are discussed. A model combining industrial buyers' and sellers' international supply and marketing management strategies is developed.

This paper provides a deeper understanding of international exchange processes by combining literature on international industrial purchasing and international marketing. Situations are identified where different areas of theory are applicable. The paper also contributes to the discussion on what should be the conceptual domain of international business. Here, it is argued that international exchange is the product of joint decisions made by two or more actors based in different countries. Earlier academic literature reveals a striking imbalance: while one side of the coin – the exporter side – has been extensively studied, the importer side has largely been neglected. In this paper, it is tried to present a balanced view of both sides.

This paper introduces portfolio management models that can be used for both industrial purchasing and marketing management. The paper stresses the importance of finding a fit between the marketing and purchasing strategies within a relationship. If both parties have positioned the relationship in a similar way, there are much greater possibilities for the relationship to create value for both parties.

The paper combines international industrial purchasing and international marketing perspectives as few studies have done before.

The purpose of this paper is to investigate whether asset allocation across various industries listed on the Ghana Stock Exchange (GSE) varies across different monetary policy states.

This paper adopts the Markov Chain technique to split monetary policy into three different states. The authors further adopt the Markowitz portfolio optimization technique to find the minimum variance and optimum portfolio for the industries listed on the GSE.

The finding reveals a dynamic asset allocation, which varies the industry’s weight mix across the various monetary policy states enhance excess returns compared to the static asset allocation. Specifically, the authors find risk-return trade-off among industries listed on the GSE. Financial and Food and Beverage industries portfolios record high returns relative to the Government of Ghana 91-day Treasury bill. The Food and Beverage portfolio is the only portfolio that records relatively high excess returns across all the monetary policy states. The authors also find that, during expansionary state (high monetary policy rates) of the monetary policy, investors are to allocate about 69 and 30 percent of their investment into food and beverages and financials, respectively. Corner solution is found in the transient state where 100 percent of wealth is allocated to financial to obtain the optimum portfolio. The optimum portfolio in the contraction state assigns 52 percent to financials and 42 percent to manufacturing. In summary, the result supports the dependence of investors’ asset allocation decisions on monetary policy.

Therefore, the authors propose an investment strategy which is dynamic and takes into consideration the monetary policy states rather than static asset allocation which maintains the same industry weight mix over the investment period.

In sum, the authors interpret the result as support for the dependence of investors’ asset allocation decisions on monetary policy. In Ghana, an increase in the monetary policy appears to support industries listed on the equity market. The result also gives knowledge about investors’ asset allocation decisions on the GSE, which is practical balanced source of information for investors’ risk and return choices. For a prudent monetary policy framework, the monetary policy committee should monitor industries listed on the GSE. The result from the analysis has also an implication for investors, portfolio managers and fund managers to consider the state of the monetary policy in Ghana when making investment decisions.

The study differs from earlier research on asset allocation by breaking new grounds on two levels. First of all, based on the notion that different industries have different exposures to monetary policy states, the authors extend the portfolios by grouping the equities listed on the GSE into their industrial sectors. Second, the authors examine how investors’ optimal portfolio allocation may change depending on the state of monetary policy.

Illustrates that there are environmental risks associated with the current land uses which can be expected to be found within the industrial element of both institutional and property investment company portfolios. Argues that environmental problems are not exclusive to the uses associated with heavy industrial/ owner‐occupied type property. Environmental problems can also stem from the current occupational activities of B1, B2 and B8 industrial units. Consequently, outlines the information sources and tools that are available to assess this type of environmental risk. It also examines how off‐site environmental losses suffered by a tenant could impact on the investment performance of property. Concludes by urging those involved in assessing the risks associated with property investment, particularly at the stock selection level, to take account of such environmental issues.

The purpose of this paper is to examine the risk neutral and non-risk neutral pricing of Singapore Real Estate Investment Trusts (S-REITs) via comparing the average of the individual ratios (of deviation between expected and observed closing price/observed closing price) with the ratio (of standard deviation/mean) for closing prices via the binomial options pricing tree model.

If the ratio (of standard deviation/mean) ratio > the ratio (of deviation between expected and observed closing price/observed closing price), then the deviation of closing prices from the expected risk neutral prices is not significant and that the S-REIT is consistent with risk neutral pricing. If the ratio (of deviation between expected and observed closing price/observed closing price) is greater, then the S-REIT is not consistent with risk neutral pricing.

Capitacommercial Trust (CCT), Capitamall Trust (CMT) and Keppel Real Estate Investment Trust (REIT) have large positive differences between the two ratios (39.86, 30.79 and 18.96 percent, respectively), implying that these S-REITs are not trading at risk neutral pricing. Suntec REIT has a small positive difference of 2.35 percent between both ratios, implying that it is trading at risk neutral pricing. Ascendas REIT has the largest negative difference between the two ratios at −4.24 percent, to be followed by Mapletree Logistics Trust at −0.44 percent. Both S-REITs are trading at risk neutral pricing. The analysis shows that CCT, CMT and Keppel REIT exhibit risk averse pricing.

Results are consistent with prudential asset allocation for viable S-REIT portfolio investing but that not all these S-REITs exhibit strong market efficiency in their pricing.

Pricing may be risk neutral over a certain period but investor sentiments, fear of risks and speculative activities could affect an S-REIT’s risk neutrality.

With enhanced risk diversification activities, the S-REITs should attain risk neutral pricing.

Virtually no research of this nature has been undertaken for S-REITS.

Despite the increased focus on industrial services in manufacturing companies, little research to date has focused on understanding the roles of local and central organizations in global service management. In order to address this research gap, the paper aims to investigate how industrial service offerings are developed and managed in multinational manufacturing companies.

A qualitative case study with respondents from two internationally leading manufacturers was conducted. Eight industrial service offerings with different characteristics serve as units of analysis.

A broad portfolio of industrial service offerings implies having a very wide range of skill sets, including both global efficiency and local responsiveness. With specialized and extensive offerings, it becomes more important to have a high level of central‐local and product‐service integration and to internalize service provision. Furthermore, with global customers, the central service organization needs to assume a more prominent role, initiating both an organizational exploitation of current service capabilities and the exploration of new ones.

The main focus was on service offerings performed by high‐volume manufacturing companies operating primarily in developed markets.

Previous studies of industrial service management in manufacturing companies have not explicitly considered the roles of central and local organizations. Thus, the authors were able to complement the existing theory. The paper promotes a deeper understanding of the complexity of managing service offerings on a global basis.

We examine the stability of market prices for 35 technology and 35 industrial stocks for the period December 31, 1993 to October 31, 2002. A phase portrait plot of the detrended log prices and de‐meaned returns of the two sectors shows a chaotic pattern in the stock prices indicating the presence of nonlinearity. However, when we compute the Lyapunov exponents, negative values are obtained. This shows that the price fluctuations for the 70 stocks result primarily from diffusion processes rather than from nonlinear dynamics. We evaluate forecast errors from a naïve model, a neural network, and ARMA models and find that the forecast errors are correlated with average changes in closed‐end fund discounts and other sentiment indexes. These results support an investor sentiment explanation for the closed‐end fund puzzle and behavioral theories of investor overreaction.

This study aims to recognize the current dynamics, prolific contributors and salient trends and propose future research directions in the area of alternative momentum investing.

The study uses a blend of electronic database and forward reference searching to ensure the incorporation of all the significant studies. With the help of the Scopus database, the present study retrieves 122 research papers published from 1999 to 2020.

The results reveal that alternative momentum investing is an emerging area in the field of momentum investing. However, this area has witnessed an exponential growth in last ten years. The study also finds that North American, West European and East Asian countries dominate in total research publications. Through network citation analysis, the study identifies five major clusters: industrial momentum, earnings momentum, 52-week high momentum, time-series momentum and risk-managed momentum.

The present review will serve as a guide for financial researchers who intend to work on alternative momentum approaches. The study proposes several unexplored research themes in alternative momentum investing on which future studies can focus.

The study embellishes the existing literature on momentum investing by contributing the first bibliometric review on alternative momentum approaches.