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Outlines the characteristics of Japanese keiretsu (vertically integrated firms interlinked through industrial groups) and reviews the history of financial keiretsu and associated research. Compares the performance of Japanese and US banks 1989‐2000; and examines Japanese bank profit inefficiency by developing a mathematical model and applying it to 1992‐1999 bank data. Shows a “zig‐zag” pattern of profitability change over the period and concludes that the Japanese banking industry is “barely holding its own in profitability”. Points out the particular importance of this to the real economy in Japan and briefly considers the implications for government policy.

The purpose of this paper is to estimate the performance of 188 mutual funds relative to the risk/return frontier accounting for the transaction costs of producing a portfolio of investments.

The directional output distance function is used to estimate mutual fund performance. The method allows the data to define a frontier of return and risk accounting for the transaction costs associated with securities management and production of risky returns. Proxies for the transaction costs of producing a portfolio of securities include the turnover ratio, load, expense ratio, and net asset value. The estimates of mutual fund performance are bootstrapped to account for the unknown data generating process. By comparing each mutual fund’s performance relative to the capital market line the authors determine how the fund should adjust their portfolio in regard to risk and return in order to maximize the inefficiency adjusted Sharpe ratio.

The bootstrapped estimates indicate that the average mutual fund could simultaneously expand return and contract risk by 3.2 percent if it were to operate on the efficient frontier. After projecting each mutual fund’s return and risk to the efficient frontier the authors find that a majority of the mutual funds should reduce risk to be consistent with the capital market line.

Many researchers have used data envelopment analysis to estimate a piecewise linear frontier of risk and return to measure mutual fund performance. To the authors’ knowledge the research is the first to use a twice-differentiable quadratic directional distance function to measure the managerial performance and risk/return tradeoff of mutual funds.

The purpose of this paper is to investigate the effects of the 2008 SEC short‐sell moratorium on regional bank risk and return. The paper also examines the decline in “failures to deliver” securities in the wake of SEC short‐sell moratorium.

In total, six regional bank portfolios are derived and the beta coefficients from a CAPM model are estimated using the integrated generalized autoregressive conditional heteroskedasticity (IGARCH) method accounting for the short‐sell moratorium. Data on 110 regional banks in six US regions from January 2002 to December 30, 2011 are used to estimate the model.

The ban on naked short selling and the SEC short‐sell moratorium significantly increased individual bank risk for a majority of banks in six geographic regions, but also increased return in three of three regions. There was also reduced naked short selling as failures to deliver securities declined sharply after the September 2008 moratorium took effect.

Regional banks have generally not achieved the size needed to be deemed “too big to fail” by policy‐makers. Thus, policy changes such as the SEC short‐sell moratorium might be expected to have larger effects on regional banks than on larger banks, which might be shielded from the policy change by having achieved “too big to fail” status. The authors' results are consistent with research that has shown that short‐sell restrictions increase risk by reducing liquidity and trading volume.

The purpose of this paper is to investigate whether gender has an impact on real estate and built environment graduates’ employment outcomes, employment patterns and other important employment related issues, such as pay, role, contract type and employment opportunity in different states of a country.

The data used in this paper has been collected from the Australian Graduate Survey (AGS). Data from the years 2010-2012 was combined into a single data set. Dimensionality reduction was used to prepare the data set for the courses listed in AGS data, in order to develop the simplified classifications for real estate and built environment courses which are used to conduct further analysis in this paper. Dimensionality reduction was also used to prepare data set for the further analysis of the employment outcomes and patterns for real estate graduates. Descriptive and statistical analysis methods were used to identify the impact of gender on the employment outcomes, employment patterns and other important employment related issues, such as pay, role, contract type and location of job, for real estate graduates in Australia. This paper also benchmarks the employment result of real estate graduates to built environment graduates.

Recent male built environment graduates in Australia are more likely to gain full-time employment than females. The dominant role for recent female built environment graduates in Australia is a secretarial or administrative role while for the male it is a professional or technical role. Male real estate and built environment graduates are more likely to have a higher level of salary. Gender also has an impact on the contract type. Male built environment graduates are more likely to be employed on a permanent contract. On the other hand, gender has no impact on gaining employment in different states, such as New South Wales and Queensland, in Australia. The finding of this paper reinforces the view of previous literature, which is that male graduates have a more favourable employment outcomes and on better employment terms. The finding also shows that graduate employment outcomes for real estate and built environment graduates in Australia are similar to that in other countries, such as the UK, where equivalent studies have been published.

This is pioneering research that investigates the impact of gender on employment outcomes, employment patterns and other employment related issues for real estate graduates and built environment graduates in Australia.

The purpose of this paper is to update the core data set of self-neglect safeguarding adult reviews (SARs) and accompanying thematic analysis, and to address the challenge of change, exploring the necessary components beyond an action plan to ensure that findings and recommendations are embedded in policy and practice.

Further published reviews are added to the core data set from the websites of Safeguarding Adults Boards (SABs). Thematic analysis is updated using the four domains employed previously. The repetitive nature of the findings prompts questions about how to embed policy and practice change, to ensure impactful use of learning from SARs. A framework for taking forward an action plan derived from an SAR findings and recommendations is presented.

Familiar, even repetitive findings emerge once again from the thematic analysis. This level of analysis enables an understanding of both local geography and the national legal, policy and financial climate within which it sits. Such learning is valuable in itself, contributing to the evidence base of what good practice with adults who self-neglect looks like. However, to avoid the accusation that lessons are not learned, something more than a straightforward action plan to implement the recommendations is necessary. A framework is conceptualised for a strategic and longer-term approach to embedding policy and practice change.

There is still no national database of reviews commissioned by SABs so the data set reported here might be incomplete. The Care Act 2014 does not require publication of reports but only a summary of findings and recommendations in SAB annual reports. This makes learning for service improvement challenging. Reading the reviews reported here enables conclusions to be reached about issues to address locally and nationally to transform adult safeguarding policy and practice.

Answering the question “how to create sustainable change” is a significant challenge for SARs. A framework is presented here, drawn from research on change management and learning from the review process itself. The critique of serious case reviews challenges those now engaged in SARs to reflect on how transformational change can be achieved to improve the quality of adult safeguarding policy and practice.

The paper extends the thematic analysis of available reviews that focus on work with adults who self-neglect, further building on the evidence base for practice. The paper also contributes new perspectives to the process of following up SARs by using the findings and recommendations systematically within a framework designed to embed change in policy and practice.

The aim of this study is to assess the feasibility of introducing clinical case management into a youth alcohol and other drug treatment setting.

Case management as usual (CMAU), the current brokerage model operating as a control group was compared to clinical case management (CCM). Individual client outcomes were compared with the site as the grouping variable.

Although alcohol and drug outcomes were similar, arguably slightly favouring the intervention group, results suggest that young people receiving clinical case management showed potentially greater improvement across a range of other health outcomes including mental health, treatment utilisation and social outcomes than the CMAU brokerage model.

The study examined the feasibility of training clinicians in a youth alcohol and drug treatment agency in a clinical case management model and examined whether this more intensive case management approach could improve substance use and mental health outcomes for young people.

Although widely used, much less is known about the efficacy of case management within substance use treatment settings, where case management tends to be loosely defined and encompasses a broad range of activities. The originality of this study is that little is known about the effectiveness of case management in youth services, where it tends to be the primary service offered.

The purpose of this paper is to examine individual level property returns to see whether there is evidence of persistence in performance, i.e. a greater than expected probability of well (badly) performing properties continuing to perform well (badly) in subsequent periods.

The same methodology originally used in Young and Graff is applied, making the results directly comparable with those for the US and Australian markets. However, it uses a much larger database covering all UK commercial property data available in the Investment Property Databank (IPD) for the years 1981 to 2002 – as many as 216,758 individual property returns.

While the results of this study mimic the US and Australian results of greater persistence in the extreme first and fourth quartiles, they also evidence persistence in the moderate second and third quartiles, a notable departure from previous studies. Likewise patterns across property type, location, time, and holding period are remarkably similar.

The findings suggest that performance persistence is not a feature unique to particular markets, but instead may characterize most advanced real estate investment markets.

As well as extending previous research geographically, the paper explores possible reasons for such persistence, consideration of which leads to the conjecture that behaviors in the practice of institutional‐grade commercial real estate investment management may themselves be deeply rooted and persistent, and perhaps influenced for good or ill by agency effects.

Given the significant role played by valuers and the evidence of a lack of independence in some property valuation industries, particularly in emerging markets, this study analyses the issue of client influence in property valuation by providing a valuer-client perspective and measuring the interrelationships between the clients' influence factors to identify causal factors of prominence, which can assist in developing solutions to address the clients' influence issue.

The study used a mixed-method approach. Firstly, interviews were conducted with ten property valuers and five financial institution staff in Nigeria, and the data were subject to thematic analysis using Nvivo 12 software. A matrix questionnaire survey was administered to the valuers, and the responses were analysed using the fuzzy Decision-Making Trial and Evaluation Laboratory (DEMATEL) method.

The results indicate that institutional clients, loan-seeking customers, property valuers and the perception of corruption within the Nigerian environment fuelled the issue of clients' influence. Based on the measurement of the interrelationship between the 14 identified client influence factors, the type of company, perception the public has of the industry, size of the firm, relationship with the client, type of client and regulatory framework were the factors of prominence.

The findings of this study bear huge implications for Nigeria and other similar structured property markets facing the issue of clients' influence in property valuation. With the prominent factors bearing root in a mix of client, valuer and environmental factors such as the valuation structure, process and public perception, there is a need for solutions that level the playing field between institutional clients and valuers, reinforce transparency and establish excellent regulatory standards to address the issue of clients' influence.

This study is the first to measure the interrelationships between the clients' influence factors to identify the prominent causal factors. Accordingly, considering the multi-factors, the research is novel as it focusses on those factors that would likely lead to other factors, thereby providing opportunities to develop solutions that focus on those factors of prominence. Secondly, the study deviates from the narrative on clients' influence in property valuation, which pits it as solely a client or valuer factor, by showing how the interplay of the stakeholders' interests and the environment promotes the issue in a non-transparent property market.

The property valuation process involves the property valuer expressing expertise in reaction to a client' instruction. However, there are instances where clients, driven by self-interest, impose their will to influence valuers into returning property valuation figures that are not the true reflection of the valuer's assessment. This paper set out to revisit the issue of client influence in property valuation by conducting a scoping review to establish key findings, gaps, implications and solutions.

In total, 21 articles on client influence published from 1997 till date were systematically obtained from Scopus, Web of Science, Google Scholar and through citation searching and reviewed through a “Patterns, Advances, Gaps, Evidence for practice and Research recommendations (PAGER)” framework. Further analysis and visualisation were performed using VOSviewer software.

This study found that based on the number of studies, the issue of client influence has received empirical attention, which is few and far between, with financial institutions identified as the major culprits in most of those studies. One core reason for this is the stakes involved in the finance sector, which relies on property valuation for loan disbursement and performance measurement. Furthermore, previous studies have focused on identifying the issue through the lens of the property valuer without giving recourse to the client's perspective on what may drive the issue.

This study provides evidence that the issue of client influence persists, with some elements of bias in the methodology. Furthermore, the solutions proffered have focused on the valuer and have not been tested to ascertain their effectiveness. Future studies can consider examining the issue from the perspective of financial institutions.

This study is one of the first review studies on client influence on property valuation. It is also the first to identify a pattern in client influence studies that points to the issue being perpetuated by financial institutions. Furthermore, it is the first in recent time to reveal how limited study has been conducted in the area as well as the solutions which have neither been tested nor implemented.

The London office market is a major destination of international real estate capital and arguably the epicentre of international real estate investment over the past decade. However, the increase in global uncertainties in recent years due to socio-economic and political trends highlights the need for more insights into the behaviour of international real estate capital flows. The purpose of this study is to evaluate the influence of the global and domestic environment on international real estate investment activities within the London office market over the period 2007–2017.

This study adopts an auto-regressive distributed lag approach using the real capital analytics (RCA) international real estate investment data. The RCA data analyses quarterly cross-border investment transactions within the central London office market for the period 2007–2017.

The study provides insights on the critical differences in the influence of the domestic and global environment on cross-border investment activities in this office market, specifically highlighting the significance of the influence of the global environment in the long run. In the short run, the influence of factors reflective of both the domestic and international environment are important indicating that international capital flows into the London office market is contextualised by the interaction of different factors.

The authors provide a holistic study of the influence of both the domestic and international environment on cross-border investment activities in the London office market, providing more insights on the behaviour of global real estate capital flows.