A multivariate analysis of REIT performance by financial and real asset portfolio characteristics

This paper examines the risk-adjusted performance of real estate investment trusts (REITs) from 1986 through 1990 in relation to financial and property characteristics of their portfolios. The Sharpe measure of risk-adjusted rate of return was regressed against financial ratios and property investment ratios for a sample of equity and mortgage REITs. The results show that, in general, financial ratios (gross cash flow, leverage, asset size), regional location of properties, and types of real estate investments determine the risk-adjusted performance. More specifically, location of properties in the western United States, ownership of health care properties, and investment in securitized mortgages positively affect the risk-adjusted return. The individual financial variables were not found to be statistically significant in influencing REIT returns.     

Training Agreements: Resolving Under-Investment in Training?

Here the authors examine UK employers’ use of training agreements and their impact on training and development practice. In particular, they review the literature on training agreements and find this to be underdeveloped and based upon little empirical data. Drawing on postal survey and focus group evidence from management trainees and an interview survey of employers, they show that training agreements are relatively widespread, and that employers mainly use agreements as a filter mechanism to assess an employee’s commitment to the training requested. The evidence suggests that training agreements do little to improve, and may negatively effect, a trainee’s commitment to the employer.     

Cashing In On Quality? Pay Incentives and the Quality Culture

In this article, the authors explore the relationship between total quality management (TQM) and financial incentives in British manufacturing industry. In particular, they examine the view of some of the most influential quality management ‘gurus’ that there is an incompatibility between incentive pay and TQM. Drawing on survey and case study evidence, they show that TQM is being implemented in the presence of financial incentives. Furthermore, those organisations which had such incentives did not appear to have less success in implementing TQM. On the basis of the evidence presented, the authors conclude that it is not possible to rule out a role for financial incentives in implementing TQM, although incentives are only likely to form one element in a broader implementation strategy.     

Too old or too young? The impact of perceived age discrimination

This article examines the impact on employee attitudes of perceived age discrimination, drawing on a study of a local authority. Survey respondents report that discrimination on the grounds of being ‘too young’ is at least as common as discrimination on the grounds of being ‘too old’. Findings suggest that perceived age discrimination, whether for being too old or too young, has negative consequences for affective commitment to the organisation. Those who feel that they have been discriminated against because they are considered too old have higher levels of continuance commitment. There is partial support for the hypothesis that older workers who feel that they have been discriminated against have a stronger intention to retire early.     

Working here makes me sick! The consequences of sick building syndrome

This study investigates the consequences of sick building syndrome (SBS) by extending previous research on its impact on employee behaviours and attitudes. The article examines the effect of working in sick buildings on employees' organisational citizenship behaviours, absence, stress, burnout and job satisfaction. We report the findings from a survey of police officers working in air‐conditioned buildings in the Caribbean region. The study draws on social exchange and social relations theories to develop hypotheses on the impact of SBS on employee well‐being and extra‐role behaviours. The findings provide partial support for the hypotheses with SBS associated with reduced employee well‐being and absence but not with organisational citizenship behaviour. The implications of these findings, limitations of the study and further research considerations are discussed.