Marketing Period Risk in a Portfolio Context: Theory and Empirical Estimates from the UK Commercial Real Estate Market

The role of selling (or marketing) period uncertainty in understanding risk associated with property investment is examined in this paper. Using an approach developed by Lin (2004), and Lin and Vandell (2001, 2005), combined with a statistical model of UK commercial property transactions, we show that the ex ante level of risk exposure for a commercial real estate investor is around one and a half times that obtained from historical statistics. The risk related to marketing time uncertainty can be reduced by constructing a portfolio. We find that at least ten properties are necessary to reduce this risk, assuming independence between marketing period risk and price risk. These findings have important implications for mixed-asset portfolio allocation decisions.      

国际石油公司的全面风险管理

能源(石油)公司面临一个"风险金字塔".金字塔最顶端的市场宏观经济风险,很难被一个企业完全规避;中间层面的政策法规风险和行业竞争风险等,可以通过知法守法、制定和实施有效的公司战略来降低;金字塔最底层的公司日常业务运营中面临的各种风险,是公司进行全面风险管理的侧重点.风险管理是识别、测量、评估、呈报和控制所有可能导致公司蒙受损失的各种风险的过程.风险管理的基本目标,一是有效管理和提高公司承受风险的能力,二是将公司资源或资本按风险-回报率最大化原则分配使用.文章介绍了典型的国际能源(石油)公司的风险管理框架,以有效的公司治理和内部控制为基础的风险管理组织结构,风险管理的基础条件和流程,以及能源风险管理从控制职能发展成为战略管理工具的转变等.     

New development: The role of benchmarking in supporting improvement in local government— Scottish and Welsh practitioners' perspectives

A primary leadership challenge facing central budget agencies is sustaining the respect of finance ministers. Lessons are drawn in this article from the corrosive effect that missed opportunities to take the lead on economic strategy and public service modernization had on the long-term respect commanded by the Irish Department of Finance, and from the strategic re-orientation the New Zealand Treasury undertook to correct its tendency to ‘over-reach’ itself in these areas following a process of capacity-building and cultural transformation in the 1980s.     

The Impact of Leveraged and Inverse ETFs on Underlying Real Estate Returns

Leveraged and inverse ETFs (LETFs) were introduced in 2006. By 2008 there was concern that the requirement of LETFs to rebalance near the close might have a significant impact on the prices of the stocks in the underlying indexes. We examine the impact of trading activity induced by six real estate‐related LETFs on the late‐day price dynamics of 63 real estate sector stocks. Through a comparison of sample and control stocks and through a regression model of LETF rebalancing, we find that these LETFs significantly impact the prices of component stocks, increase their volatility and contribute to price momentum.     

Human resource strategy: a process for managing the contribution of HRM to organizational performance

This paper describes human resource strategy as a management process, as part of emergent strategy formation. A framework is proposed to describe the different levels of analysis, societal, organisational and individual, which managers seek to integrate so that the meanings organisation members bring to their work are managed. The consequences of taking this approach as opposed to the rational view of HR strategy are outlined and the benefits of a processual, interpretationist perspective to the study of strategy for example by studying symbols and the processes of meaning construction are discussed.     

Macroeconomic conditions in the U.S. and congressional voting on environmental policy: 1970-2008

Using the Environmental Scorecard ratings of Congressmen and Senators published annually by the League of Conservation Voters, we explore empirically whether political support for pro-environment legislation, aggregated across each legislative body, is sensitive over time to changing economic conditions — that is, whether there is a political trade-off between economic conditions and the environment. Using LCV scorecard ratings from 1970 to 2008, we find evidence, consistent across both the House and Senate, that political support for the environment is related to per capita income, but this general tendency can be decomposed into sharp differences by party.     

RBCs AND DSGEs: THE COMPUTATIONAL APPROACH TO BUSINESS CYCLE THEORY AND EVIDENCE

Abstract.  Real business cycle (RBC) and dynamic stochastic general equilibrium (DSGE) methods have become essential components of the macroeconomist's toolkit. This literature review stresses recently developed techniques for computation and inference, providing a supplement to the Romer textbook, which stresses theoretical issues. Many computational aspects are illustrated with reference to the simple divisible labor RBC model. Code and US data to replicate the computations are provided on the internet, together with a number of appendices providing background details.     

One Bridge,Two Towns and Three Countries: Anticipatory Geopolitics in the Greater Mekong Subregion

The proposed bridge between Chiang Khong and Houay Xay will form the remaining crucial link of the Asian Highway 3, connecting Bangkok to Kunming, a project highly anticipated in the Greater Mekong Subregion's (GMS) development. With China funding half the cost of the bridge, it signifies a strong player in the economic borderland. The article seeks to uncover the locals' thoughts and feelings of the bridge to raise awareness of ‘voices’ from the Thai-Lao border in relation to the further destinations the bridge will serve. The local perceptions of the proposed bridge are used to provide a form of comprehension of anticipatory cross-border geopolitical relations between the Thai-Lao border and China. Drawing on the concepts of critical geopolitics, anti-geopolitics and geoeconomics, it concludes by underscoring the need to listen to local perceptions at the Thai-Lao border as they signal potential ill-feelings that could jeopardise future cross-border geopolitical ties and trade.     

Leader‐Member Exchange,Group‐ and Individual‐Level Procedural Justice and Reactions to Performance Appraisals

Previous research has established that relationships with authority figures and procedural justice perceptions are important in terms of the way in which employees react to organizational procedures that affect them. What is less clear are the reasons why exchange quality with authorities is related to perceptions of process fairness and the role of procedural justice climate in this process. Results indicate that individual‐level perceptions of procedural justice, but not performance ratings, partially mediate the relationship between exchange quality and reactions to performance appraisals, and that procedural justice climate is positively related to perceptions of procedural justice and appraisal reactions. These results support a more relational than instrumental view of justice perceptions in organizational procedures bound by exchange quality with an authority figure. Our study suggests that it is essential for managers to actively monitor and manage employee perceptions of process fairness at the group and individual levels. © 2015 Wiley Periodicals, Inc.     

The social context of performance appraisal and appraisal reactions: A meta‐analysis

This study reviews and meta‐analyzes the literature on the social context of performance appraisal. Results indicate that aspects of rater‐ratee relationship quality (i.e., supervisor satisfaction, supervisor support, supervisor trust) are strongly related to ratee reactions to performance appraisals. Rater‐ratee relationship quality is more strongly related to appraisal reactions than appraisal participation or performance ratings. Integrating social exchange theory with procedural justice theory, this article tested whether or not the relationship quality–appraisal reactions relationship was due to relationships between relationship quality and instrumental resources for the ratee (i.e., appraisal participation and rating favorability). When controlling for relationships between these resources and appraisal reactions, a direct path between relationship quality and reactions was significant, supporting a relational model of the exchange between appraisal partners. The relationship quality–appraisal reaction relationship was not moderated by performance rating favorability or appraisal participation. In total, these results highlight the importance of relationship quality to employee reactions to performance appraisal—and the importance of ratee reactions as an important resource in the social exchange between appraisal partners. Implications for theory, practice, and future research are discussed. © 2012 Wiley Periodicals, Inc.