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Article
Publication date: 1 April 1984

Geoffrey C. Kiel and Carol Ann Howard

Examines the importance of the Pacific Rim in terms of its market potential and of economic growth. Looks at the extent to which it rivals the European Community, and also…

Abstract

Examines the importance of the Pacific Rim in terms of its market potential and of economic growth. Looks at the extent to which it rivals the European Community, and also the implications of the developments in the Pacific Rim for international marketing strategy. Concludes that the Pacific Rim is a reality with respect to the economic development of several Pacific Rim countries over the past decade, and with respect to the level of trade within that area. Proposes, however, that it is still a vision with respect to developing close formal ties with the European Community.

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European Journal of Marketing, vol. 18 no. 4
Type: Research Article
ISSN: 0309-0566

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Book part
Publication date: 25 March 2010

Lei (Sandy) Ye

This paper investigates the extent to which U.S. trade policies during 1922–1962 impacted the Pacific Rim economies differently from the rest of the world. Empirical…

Abstract

This paper investigates the extent to which U.S. trade policies during 1922–1962 impacted the Pacific Rim economies differently from the rest of the world. Empirical analysis demonstrates that U.S. trade with the Pacific Rim had consistently higher tariff barriers than U.S. trade with the rest of the world among import-competitive manufactures. This paper then analyzes the reasons behind this phenomenon from both a political economy and a historical perspective. On both fronts, the Pacific Rim was at a disadvantage, and its higher barrier to trade with the United States was by no means historically accidental.

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Research in Economic History
Type: Book
ISBN: 978-1-84950-771-4

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Article
Publication date: 18 June 2020

Yu-Cheng Lin, Chyi Lin Lee and Graeme Newell

As significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the…

Abstract

Purpose

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.

Design/methodology/approach

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.

Findings

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.

Practical implications

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.

Originality/value

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.

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Journal of Property Investment & Finance, vol. 38 no. 6
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 January 1988

Geoffrey C. Kiel and Carol Ann Howard

A lot of attention is currently focused on the Pacific Rim as a major world trade area, equivalent to the European Community. Companies may see this as an increased market…

Abstract

A lot of attention is currently focused on the Pacific Rim as a major world trade area, equivalent to the European Community. Companies may see this as an increased market opportunity or as increased competition but however they view it, a regiocentric strategy focus, based on the entire Pacific Rim is required.

Details

Management Decision, vol. 26 no. 1
Type: Research Article
ISSN: 0025-1747

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Article
Publication date: 6 April 2021

Yu-Cheng Lin, Chyi Lin Lee and Graeme Newell

Recognising that different property sectors have distinct risk-return characteristics, this paper assesses whether changes in the level and volatility of short- and…

Abstract

Purpose

Recognising that different property sectors have distinct risk-return characteristics, this paper assesses whether changes in the level and volatility of short- and long-term interest rates differentially affected excess returns of sector-specific Real Estate Investment Trusts (REITs) in the Pacific Rim region between July 2006 and December 2018. The strategic property risk management implications for sector-specific REITs are also identified.

Design/methodology/approach

Daily excess returns between July 2006 and December 2018 are used to analyse the sensitivity in the level and volatility of interest rates for REITs among office, retail, industrial, residential and specialty REITs across the USA, Japan, Australia and Singapore. The generalised autoregressive conditionally heteroskedastic in the mean (GARCH-M) methodology is employed to assess the linkage between interest rates and excess returns of sector-specific REITs.

Findings

Compared with diversified REITs, sector-specific REITs were less sensitive to short- and long-term interest rate changes across the USA, Japan, Australia and Singapore between July 2006 and December 2018. Of sector-specific REITs, retail and residential REITs were susceptible to interest rate movements over the full study period. On the other hand, office and specialty REITs were generally less sensitive to changes in the level and volatility of short- and long-term interest rate series across all markets in the Pacific Rim region. However, the interest rate sensitivity of industrial REITs was somewhat mixed. This sector was sensitive to interest rate movements, but no comparable evidence was found since the onset of GFC.

Practical implications

The insignificant exposure to interest rate risk of sector-specific REITs may imply that they have a stronger interest rate risk aversion and greater hedging benefits than their diversified counterparts, particularly for office and specialty REITs. The results support the existence of REIT specialisation value in the Pacific Rim region from the interest rate risk management perspective. This is particularly valuable to international property investors constructing and managing portfolios with REITs in the region. Property investors are advised to be aware of the disparities in the magnitude and direction of sensitivity to the interest rate level and volatility of REITs across different property sectors and various markets in the Pacific Rim region. This study is expected to enhance property investors' understanding of interest rate risk management for different property types of REITs in local, regional and international investment portfolios.

Originality/value

The study is the first to assess the interest rate sensitivity of REITs across different property sectors and various markets in the Pacific Rim region. More importantly, this is the first paper to offer empirical evidence on the existence of specialisation value in the Pacific Rim REIT markets from the aspect of interest rate sensitivity. This research may enhance property investors' understanding of the varying interest rate sensitivity of different property types of REITs across the USA, Japan, Australia and Singapore.

Details

Journal of Property Investment & Finance, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1463-578X

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Article
Publication date: 1 March 2001

Thomas Bosch and Brian H. Kleiner

Considers the rise in trade with the Asian nations of the Pacific Rim and the increase in their economic strength. Provides some examples of this growing strength. Looks…

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Abstract

Considers the rise in trade with the Asian nations of the Pacific Rim and the increase in their economic strength. Provides some examples of this growing strength. Looks at the opportunities and threats from this phenomenon. Considers the potential for export and opportunities for financing growth. Concludes that there are benefits and concerns from this growing power and new strategies will be required by business to ensure future success. Suggests that many future graduates may work for companies who have foreign headquarters and new cultures.

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Management Research News, vol. 24 no. 3/4
Type: Research Article
ISSN: 0140-9174

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Article
Publication date: 1 December 2000

David J. Closs and Kefeng Xu

Logistics information technology (IT) can be a significant source of competitive advantages. Examines logistics IT practices for different industries and global regions…

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Abstract

Logistics information technology (IT) can be a significant source of competitive advantages. Examines logistics IT practices for different industries and global regions and identifies any IT gaps between world class logistics firms and their more average (baseline) counterparts. Overall, the merchandising firms were perceived to have a lead over the manufacturing firms for most of the nine logistics IT issues probed. Among the baseline firms, the European firms seemingly outperformed the North American and Pacific Rim firms in the five‐year improvement in LIS capability, LIS resource share increase, and the adequacy of LIS in meeting the firm’s requirements. The North American firms took a significant lead in issues related to EDI, barcode, and real time communications. However, all these baseline firms probably have to look up to the world class logistics firms for excellency in major IT practice, confirming the notion that being world class does make a difference.

Details

International Journal of Physical Distribution & Logistics Management, vol. 30 no. 10
Type: Research Article
ISSN: 0960-0035

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Article
Publication date: 1 February 1983

Philip R. Harris

The second part of this article identifies the technological developments which will influence future organisational structure and design.

Abstract

The second part of this article identifies the technological developments which will influence future organisational structure and design.

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Leadership & Organization Development Journal, vol. 4 no. 2
Type: Research Article
ISSN: 0143-7739

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Article
Publication date: 1 June 1985

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III…

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Abstract

The librarian and researcher have to be able to uncover specific articles in their areas of interest. This Bibliography is designed to help. Volume IV, like Volume III, contains features to help the reader to retrieve relevant literature from MCB University Press' considerable output. Each entry within has been indexed according to author(s) and the Fifth Edition of the SCIMP/SCAMP Thesaurus. The latter thus provides a full subject index to facilitate rapid retrieval. Each article or book is assigned its own unique number and this is used in both the subject and author index. This Volume indexes 29 journals indicating the depth, coverage and expansion of MCB's portfolio.

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Management Decision, vol. 23 no. 6
Type: Research Article
ISSN: 0025-1747

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Book part
Publication date: 11 November 2020

Abstract

Details

Government and Public Policy in the Pacific Islands
Type: Book
ISBN: 978-1-78973-616-8

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