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Article
Publication date: 4 February 2019

Frank Kwakutse Ametefe, Steven Devaney and Simon Andrew Stevenson

The purpose of this paper is to establish an optimum mix of liquid, publicly traded assets that may be added to a real estate portfolio, such as those held by open-ended…

Abstract

Purpose

The purpose of this paper is to establish an optimum mix of liquid, publicly traded assets that may be added to a real estate portfolio, such as those held by open-ended funds, to provide the liquidity required by institutional investors, such as UK defined contribution pension funds. This is with the objective of securing liquidity while not unduly compromising the risk-return characteristics of the underlying asset class. This paper considers the best mix of liquid assets at different thresholds for a liquid asset allocation, with the performance then evaluated against that of a direct real estate benchmark index.

Design/methodology/approach

The authors employ a mean-tracking error optimisation approach in determining the optimal combination of liquid assets that can be added to a real estate fund portfolio. The returns of the optimised portfolios are compared to the returns for portfolios that employ the use of either cash or listed real estate alone as a liquidity buffer. Multivariate generalised autoregressive models are used along with rolling correlations and tracking errors to gauge the effectiveness of the various portfolios in tracking the performance of the benchmark index.

Findings

The results indicate that applying formal optimisation techniques leads to a considerable improvement in the ability of the returns from blended real estate portfolios to track the underlying real estate market. This is the case at a number of different thresholds for the liquid asset allocation and in cases where a minimum return requirement is imposed.

Practical implications

The results suggest that real estate fund managers can realise the liquidity benefits of incorporating publicly traded assets into their portfolios without sacrificing the ability to deliver real estate-like returns. However, in order to do so, a wider range of liquid assets must be considered, not just cash.

Originality/value

Despite their importance in the real estate investment industry, comparatively few studies have examined the structure and operation of open-ended real estate funds. To the authors’ knowledge, this is the first study to analyse the optimal composition of liquid assets within blended or hybrid real estate portfolios.

Details

Journal of Property Investment & Finance, vol. 37 no. 1
Type: Research Article
ISSN: 1463-578X

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Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Article
Publication date: 1 March 1992

John Conway O'Brien

A collection of essays by a social economist seeking to balanceeconomics as a science of means with the values deemed necessary toman′s finding the good life and society…

Abstract

A collection of essays by a social economist seeking to balance economics as a science of means with the values deemed necessary to man′s finding the good life and society enduring as a civilized instrumentality. Looks for authority to great men of the past and to today′s moral philosopher: man is an ethical animal. The 13 essays are: 1. Evolutionary Economics: The End of It All? which challenges the view that Darwinism destroyed belief in a universe of purpose and design; 2. Schmoller′s Political Economy: Its Psychic, Moral and Legal Foundations, which centres on the belief that time‐honoured ethical values prevail in an economy formed by ties of common sentiment, ideas, customs and laws; 3. Adam Smith by Gustav von Schmoller – Schmoller rejects Smith′s natural law and sees him as simply spreading the message of Calvinism; 4. Pierre‐Joseph Proudhon, Socialist – Karl Marx, Communist: A Comparison; 5. Marxism and the Instauration of Man, which raises the question for Marx: is the flowering of the new man in Communist society the ultimate end to the dialectical movement of history?; 6. Ethical Progress and Economic Growth in Western Civilization; 7. Ethical Principles in American Society: An Appraisal; 8. The Ugent Need for a Consensus on Moral Values, which focuses on the real dangers inherent in there being no consensus on moral values; 9. Human Resources and the Good Society – man is not to be treated as an economic resource; man′s moral and material wellbeing is the goal; 10. The Social Economist on the Modern Dilemma: Ethical Dwarfs and Nuclear Giants, which argues that it is imperative to distinguish good from evil and to act accordingly: existentialism, situation ethics and evolutionary ethics savour of nihilism; 11. Ethical Principles: The Economist′s Quandary, which is the difficulty of balancing the claims of disinterested science and of the urge to better the human condition; 12. The Role of Government in the Advancement of Cultural Values, which discusses censorship and the funding of art against the background of the US Helms Amendment; 13. Man at the Crossroads draws earlier themes together; the author makes the case for rejecting determinism and the “operant conditioning” of the Skinner school in favour of the moral progress of autonomous man through adherence to traditional ethical values.

Details

International Journal of Social Economics, vol. 19 no. 3/4/5
Type: Research Article
ISSN: 0306-8293

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Reflections and Extensions on Key Papers of the First Twenty-Five Years of Advances
Type: Book
ISBN: 978-1-78756-435-0

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Article
Publication date: 1 August 1927

HIS holidays over, before the individual and strenuous winter work of his library begins, the wise librarian concentrates for a few weeks on the Annual Meeting of the…

Abstract

HIS holidays over, before the individual and strenuous winter work of his library begins, the wise librarian concentrates for a few weeks on the Annual Meeting of the Library Association. This year the event is of unusual character and of great interest. Fifty years of public service on the part of devoted workers are to be commemorated, and there could be no more fitting place for the commemoration than Edinburgh. It is a special meeting, too, in that for the first time for many years the Library Association gathering will take a really international complexion. If some too exacting critics are forward to say that we have invited a very large number of foreign guests to come to hear themselves talk, we may reply that we want to hear them. There is a higher significance in the occasion than may appear on the surface—for an effort is to be made in the direction of international co‐operation. In spite of the excellent work of the various international schools, we are still insular. Now that the seas are open and a trip to America costs little more than one to (say) Italy, we hope that the way grows clearer to an almost universal co‐working amongst libraries. It is overdue. May our overseas guests find a real atmosphere of welcome, hospitality and friendship amongst us this memorable September!

Details

New Library World, vol. 30 no. 2
Type: Research Article
ISSN: 0307-4803

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Book part
Publication date: 14 November 2017

Domenico Dentoni, Kim Poldner, Stefano Pascucci and William B. Gartner

The objective of this chapter is to understand innovative processes of resource redeployment taking place during consumption. We label this as consumer entrepreneurship…

Abstract

The objective of this chapter is to understand innovative processes of resource redeployment taking place during consumption. We label this as consumer entrepreneurship. We define consumer entrepreneurship as the process of sharing and recombining resources innovatively to seek opportunities for self-creating user value. Through the illustration of heterogeneous forms of consumer peer-to-peer sharing, we argue that consumer entrepreneurship: (1) differs ontologically from a view of entrepreneurship as creation of exchange value; (2) bridges the notion, established in marketing studies, of consumers as value creators with the field of entrepreneurship; (3) develops mostly when the process of sharing is regulated informally, based on trust relationships; and (4) thrives as groups of sharing consumers discover and enact their values through the experimentation of multiple forms of product and service procurement. On the basis of these points, consumer entrepreneurship contributes to provide a novel perspective on hybrid organizations, that is, a view of hybrid organizations as everyday spaces where consumers create heterogeneous forms of (utilitarian, social, or environmental) value that they personally use as opposed to reward exchanges. Relative to the current definition of hybrid organizations (Pache & Santos, 2013) and organizing (Battilana & Lee, 2014), we argue that consumer entrepreneurship helps better explain “why, when, and how” consumers increasingly engage in peer-to-peer sharing organizations – a fledging and still underexplored way of organizing consumption worldwide.

Details

Hybrid Ventures
Type: Book
ISBN: 978-1-78743-078-5

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Article
Publication date: 13 March 2017

Judith Sixsmith, Mei Lan Fang, Ryan Woolrych, Sarah L. Canham, Lupin Battersby and Andrew Sixsmith

The provision of home and community supports can enable people to successfully age-in-place by improving physical and mental health, supporting social participation and…

Abstract

Purpose

The provision of home and community supports can enable people to successfully age-in-place by improving physical and mental health, supporting social participation and enhancing independence, autonomy and choice. One challenge concerns the integration of place-based supports available as older people transition into affordable housing. Sustainable solutions need to be developed and implemented with the full involvement of communities, service organizations and older people themselves. Partnership building is an important component of this process. The purpose of this paper is to detail the intricacies of developing partnerships with low-income older people, local service providers and nonprofit housing associations in the context of a Canadian housing development.

Design/methodology/approach

A community-based participatory approach was used to inform the data collection and partnership building process. The partnership building process progressed through a series of democratized committee meetings based on the principles of appreciative inquiry, four collaboration cafés with nonprofit housing providers and four community mapping workshops with low-income older people. Data collection also involved 25 interviews and 15 photovoice sessions with the housing tenants. The common aims of partnership and data collection were to understand the challenges and opportunities experienced by older people, service providers and nonprofit housing providers; identify the perspectives of service providers and nonprofit housing providers for the provision and delivery of senior-friendly services and resources; and determine actions that can be undertaken to better meet the needs of service providers and nonprofit housing providers in order to help them serve older people better.

Findings

The partnership prioritized the generation of a shared vision together with shared values, interests and the goal of co-creating meaningful housing solutions for older people transitioning into affordable housing. Input from interviews and photovoice sessions with older people provided material to inform decision making in support of ageing well in the right place. Attention to issues of power dynamics and knowledge generation and feedback mechanisms enable all fields of expertise to be taken into account, including the experiential expertise of older residents. This resulted in functional, physical, psychological and social aspects of ageing in place to inform the new build housing complex.

Research limitations/implications

The time and effort required to conduct democratized partnerships slowed the decision-making process.

Originality/value

The findings confirm that the drive toward community partnerships is a necessary process in supporting older people to age well in the right place. This requires sound mechanisms to include the voice of older people themselves alongside other relevant stakeholders. Ageing well in a housing complex requires meaningful placemaking to include the functional, physical, psychological and social aspects of older people’s everyday life in respect to both home and community.

Details

Working with Older People, vol. 21 no. 1
Type: Research Article
ISSN: 1366-3666

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Sensory Penalities: Exploring the Senses in Spaces of Punishment and Social Control
Type: Book
ISBN: 978-1-83909-727-0

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Article
Publication date: 1 January 1954

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Abstract

Aarhus Kommunes Biblioteker (Teknisk Bibliotek), Ingerslevs Plads 7, Aarhus, Denmark. Representative: V. NEDERGAARD PEDERSEN (Librarian).

Details

Aslib Proceedings, vol. 6 no. 1
Type: Research Article
ISSN: 0001-253X

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Article
Publication date: 25 December 2019

James C. Fowler, Robyn Catherine Price, Kirsty Burger, Alice Jennifer Mattei, Ashley Mary McCarthy, Fiona Lowe and Thuthirna Sathiyaseelan

The use of mental health treatment requirements (MHTRs) has not proven to be successful at meeting the mental health needs of the probation population in the UK, largely…

Abstract

Purpose

The use of mental health treatment requirements (MHTRs) has not proven to be successful at meeting the mental health needs of the probation population in the UK, largely through underuse of the requirement or lack of available services. The paper aims to discuss this issue.

Design/methodology/approach

This paper investigates a method of meeting those needs without the use of MHTRs by embedding third sector services within the probation environment.

Findings

Results indicate a significant impact after a six-month follow-up in symptomology across measures of depression, anxiety, general distress and social functioning; also indicated is a significant result on recidivism, with 74 per cent of participants committing no further offences in the 12 months following treatment.

Originality/value

These results represent the only evaluation of embedded, third sector mental health services in a probation environment in the UK, and highlight a further need to embed specialist mental health services within the probation environment and generalise that practice to other forms of service structure and therapeutic methodology.

Details

Journal of Criminal Psychology, vol. 10 no. 1
Type: Research Article
ISSN: 2009-3829

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