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The objective of this paper is to present an initial evaluation of recent Irish legislation in the area of corporate governance.

The background to the introduction of the 2001 Company Law Enforcement Act, establishing the Office of the Director of Corporate Enforcement (ODCE), and the Companies (Auditing & Accounting) Act of 2003, establishing the Irish Auditing and Accounting Supervisory Authority (IAASA), is first outlined. Some empirical evidence is then presented on how such initiatives are perceived by Irish accountants, auditors and directors.

The tentative conclusion reached is that these regulatory and legislative changes, particularly the active stance of the ODCE, are contributing positively towards creating a compliance culture among Irish directors and their professional accounting advisers. The most striking aspect of the IAASA is its mere existence at a regulatory level over the main professional bodies for the first time in the history of the Irish state.

Law mediates the relationship between the steering media of economics and politics – and the lifeworlds of accountants, auditors and company directors. This relationship is contextually complex and further research on this institutionalisation process may lead to further insights emerging.

Legislation, if supported with the requisite resources and institutions, can positively impact on business culture through influencing the behaviour of key actors.

This paper is one of the first evaluations of recent Irish responses to enhancing the integrity of its business culture.

The study is set to explore a viability for substituting part of cash holdings within European open-end diversified core equity (ODCE) real-estate funds with listed real-estate exchange-traded fund (ETF) alternative. Academically, this research bridges a knowledge gap within private real-estate market research.

First, the study investigates the correlation between ODCE and ETFs to assess series interdependence. Next, the study generates a blended ODCE and ETF portfolio and examines its performance by quantifying a) the contribution to returns and b) the diversification benefits.

The findings suggest that a 1 percent spare cash allocation to an ETF increases ODCE fund returns by few bps although the diversification benefits are more nuanced.

Real estate and other investment vehicles are encouraged to review their cash-holding strategies. Real estate, infrastructure or private equity vehicles could designate a small proportion of available cash to asset class-specific ETFs. These cash substitutes are likely to increase returns and could strengthen diversification, although there are some caveats. For ESG-conscious investors, sustainable ETFs and associated passive conduits with strong responsible investment characteristics could provide cash replacement alternatives at the margin.

The study adds additional evidence on the contested issue of blending private and public real estate.

The purpose of this paper is to build a case for globally diversified core real estate funds portfolio.

It uses Monte Carlo simulation technique to construct synthetic real estate funds portfolios.

Benefit of maintaining globally diversified real estate funds portfolio merits admission. An optimal portfolio has an almost even split between Europe, USA and Asia Pacific, ceteris paribus. Likewise, currency effect for Europe domiciled investors is undeniable.

The overall estimates suggest that a blend of APAC, European and US allocations enhance portfolio risk return profile.

The study adds additional evidence on the contested issue of real estate diversification.

In the summer of 2013, Whitney DeSoto had just been hired as managing director for real assets at the Overton Pension Fund (OPF). Her task was to provide recommendations to the board of trustees to introduce real estate into the fund's portfolio, which to date had been invested solely in stocks and bonds. Combining her knowledge of modern portfolio theory with her institutional expertise in real estate, DeSoto needed to decide what fraction of the fund should optimally be invested in real assets. She then faced the task of deciding whether to invest in public or private real estate. If she thought private real estate belonged in the portfolio, she would need to identify the best investment strategy, the best vehicle, and ultimately the specific investments to recommend.

• Apply modern portfolio theory to the investment decision of an institutional investor allocating its assets between stocks, bonds, and real estate

• Understand the limits of portfolio theory in a real estate context

• Analyze the benefits/costs of investments in both public and private real estate

• Understand the various vehicles in which one can invest in private real estate

• Argue for a set of investments that offer individual benefits/costs relative to a theoretically ideal investment

Apply modern portfolio theory to the investment decision of an institutional investor allocating its assets between stocks, bonds, and real estate

Understand the limits of portfolio theory in a real estate context

Analyze the benefits/costs of investments in both public and private real estate

Understand the various vehicles in which one can invest in private real estate

Argue for a set of investments that offer individual benefits/costs relative to a theoretically ideal investment