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Considers the implications of the return to floating exchange rates for future inflation. Analyses changes in investment yields in conventional and index‐linked bond markets in order to estimate changes in the inflation forecasts of investors and real yields required by investors. Applies forecasts to commercial property markets to ascertain possible long run effects on the property market of movements in other markets. Concludes that information from other markets can be used in the analysis of property investment.

Claims as property modelling and forecasting techniques have developed to take account of new investment theories, property researchers have tended to follow the approach of modern portfolio theory and, sometimes, the capital asset pricing model (CAPM). Argues that one of the reasons why property is often not included in actuarial property forecasting models for the purpose of asset allocation (which is a widespread perception in the property industry) is because actuaries have not made clear to property researchers the forms of their models, which are often quite different from those used in others parts of the finance literature. Explains how traditional investment theory can be adapted for actuarial use and how actuaries use forecasting models in asset allocation. Areas of property research which would assist actuaries develop better property forecasting models are identified.

Despite improvements in certain countries in recent years, the provision of performance information on the direct real estate market still suffers from a lack of timeliness and reliability. The latter problem is particularly an issue for higher‐frequency data provision. This paper investigates whether there is information from the indirect market that might be useful in helping us understand better the direct real estate market. Direct real estate indices do not measure the performance of underlying transactions prices properly because they are based on valuations – and therefore may be subject to valuation smoothing. Indirect real estate indices do not properly measure the value investors put on the underlying assets of real estate companies because real estate companies are geared. Compares appropriately adjusted indices, and shows that there is information in indirect index returns that can usefully help us understand the performance of the direct market and an index is produced of de‐geared monthly real estate share returns for the UK.

Organizational competences are essential sources of competitive advantage and thus are key drivers of competitive strategies for knowledge-intensive companies like automotive manufacturers. In order to cope with increasing market complexity and dynamism, reduced development times, and relentless cost pressures in a highly competitive environment, knowledge-driven companies need to understand how to be proactive in building and leveraging the competences they will need to be successful in the future, especially within their product development activities.

To help managers become proactive in identifying and building useful future competences, the dynamic and systemic perspectives of competence-based strategic management provide a framework for analysis that can help managers to look beyond their organization’s current competences and identify organizational competences that will be needed in the future. Competence theory emphasizes that an organization’s competences are dynamic and constantly need to be updated and reconfigured to adjust to the competitive dynamics of an industry. Any methodology for identifying future competence needs must begin with some means for identifying strategic gaps between the competences a firm has now and the competences it will need in the future. This paper describes a technology and market roadmap-based methodology for forecasting a firm’s future competence needs – the competences a firm will need to start developing now in order to meet expected market demands in the future. The methodology proposed here is applied and, we believe, validated through application to a competence planning process in a German luxury car manufacturer.

The main aim of this study is to contribute to the discussion on the factors that can influence the high performance of information systems (IS) project team members, from the individual perspective. This study also allows both IS project team members and their managers to have a thorough picture of high-performing project teams, helping them improve team design, management and performance in today's demanding business environment.

To address the research questions, the authors carried out an exploratory case study of a small-sized holding company and a qualitative analysis of the data.

Results show a set of perceived factors that can influence (facilitate/hinder) the high performance of IS project team members. “Proper reward systems” was the most mentioned facilitating factor. “Negative affectivity” and “Lack of competence” were the two most referred as hindering factors. Most of the perceived factors are classified in the literature as non-technical.

Besides being among the very few empirical studies consolidating knowledge on the high performance of IS project team members, this paper extends the authors' previous research (done at the team level) to the individual team member level (as opposed to the team or organizational levels). In spite of IS being a highly technical industry, this study came across mostly human-centered factors transversal to different professionals (IS and non-IS) involved in project teams.

This paper aims to look at the role of the top and middle management of the Philips organization during the transition from one type of organizational change to another in the 1990s and the role the history of the organisation played in this process.

The paper analysis is based on historical records, literature and interviews with former Philips top managers.

The paper shows that Philips' leaders used different styles of leadership to create a deliberate atmosphere and willingness to change. The final emergent transformation, however, could only sufficiently materialise while it rejuvenated existing management concepts like Quality Management. The success was partly based on the fact that these concepts played a historical role in the Philips organisation.

The paper adds the historical style approach to leadership research and pays attention to the important role of the organization's history during processes of organizational change.

Examines the impact of using “unsmoothing” techniques on real estate data to take pension‐plan asset‐allocation decisions. It is generally believed that valuation‐based real estate indices give rise to returns figures which are “smoothed” versions of the underlying transaction prices. Unsmoothing techniques can be used to develop real estate return data series that are believed to be a more accurate representation of underlying transaction prices. If this is done, the resulting data reveal greater volatility of real estate returns. When such data are applied to portfolio selection models, they often reveal a reduced allocation to real estate in efficient portfolios. Looks at the impact of unsmoothing data when taking pension‐plan asset‐allocation decisions. Finds here that the unsmoothed data are more closely correlated with pension plan liabilities. As a result, efficient pension plan portfolios sometimes contain more real estate, rather than less. In general, there is little change in the efficient real estate allocation. These results are very important. They reveal that so‐called “valuation smoothing” may distort property investment decisions less than is commonly thought.

WE have recently published one or two articles in which a contributor with a considerable knowledge of the Chinese economy has described some of that country's industrial activities. The articles have been scrupulously factual and impartial in revealing the ingenuity which has enabled a people desperately short of the technological resources of the industrialised nations to secure for themselves some of life's essentials.

Ellis & Everard Chemicals has become the first national chemical distribution company to gain BS5750 at every one of its branches. The fifteen branches in all supply a wide range of chemicals to the chemicals processing, paints, cosmetics, food and drink and engineering industries.