DIVERSIFICATION IN THE REAL ESTATE PORTFOLIO

This study investigates primarily the relationship between portfolio size and the reduction of return variation in real estate portfolios and attempts to provide some notion of what represents an “adequate” level of naive diversification. The study also examines the proportional components of the total risk in real estate investment. The results provide information on the relative percentage of total risk accounted for by systematic or “market” factors.     

Strategic partnering in Eastern Europe

There are alternatives to the much-touted “joint venture” in Eastern Europe. Some of these, such as licensing and cooperation agreements, have actually been available for some time. Others, like wholly owned subsidiaries, mergers, and acquisitions, are in the early stages of development. Clearly, the pace of reform indicates it is time to rethink the conventional wisdom on corporate development in Eastern Europe.     

The effect of discrimination and segregation on black male migration

This article develops and tests a model of black male migration to major standard metropolitan statistical areas (SMSAs). Migration is examined using a dual labor market approach. A statistical model is tested that incorporates measures of discrimination and segregation. The results are consistent with the argument that discriminatory employment practices constrain black male migration and suggest that past practices help explain the labor market problems of young blacks today. The analysis is temporal, but provides insights into previously unstudied determinants of black male migration. Decennial census data is used for fifty SMSAs.     

Job Marketing: an Evaluation of Managerial Recruitment Advertising Practice

Tom Redman, Principal Lecturer in Human Resource Management, and Brian Mathews, Senior Lecturer in Marketing, Teesside Business School, draw on an analysis of job advertisements from Personnel Management to examine the extent to which the widely available normative guidelines concerning advertising content are followed. Advertising practices are further examined with respect to level of seniority of post and their origins in the public or private sector. the analysis indicates that conventional wisdom and stated job-seeker requirements are followed for several of the accepted norms. There are, however, many areas in which the discrepancies observed could materially affect the effectiveness of particular advertisements.     

Corporate taxation and the choice of patent location within multinational firms

Corporate patents are important assets in the modern economy, where knowledge is highly valued. In many multinational enterprises (MNEs), they constitute a major portion of the business's value. The intra-firm transfer pricing process for patent-related royalty payments is moreover often highly intransparent and patents thus represent a major source of profit shifting opportunities between multinational entities. For both reasons, MNEs have an incentive to locate their patents at low-tax affiliates to minimize the corporate tax burden. The purpose of our paper is to empirically test for this relationship by exploiting a unique dataset that links information on patent applications to micro panel data for European MNEs. Our results suggest that the corporate tax rate (differential to other group members) exerts a negative effect on the number of patent applications filed by a multinational affiliate. The effect is quantitatively large and robust to controlling for firm size and unobserved heterogeneity between the entities. The findings moreover prevail if we account for royalty withholding taxes and binding ‘Controlled Foreign Company’ rules.     

The legal framework and initiatives for promoting safety in the United Arab Emirates

Injury is a leading cause of morbidity and mortality in the United Arab Emirates (UAE). The UAE is a rapidly developing country with fast economic growth, demographical and environmental changes that are associated with new hazards emerging at a similar pace. The UAE as a federal entity has federal and local systems responsible for safety policy, regulations and enforcement. To set priorities for safety promotion and injury prevention, it is necessary to have data on the most frequent external causes of injury and the main individual, equipment and environmental risk factors that contribute to injury. However good quality data for injury prevention are scarce. The aim of this paper is to describe the scale of injury as a public health problem in the UAE, and the development of safety policies, regulations and promotion efforts with special emphasis on traffic, occupational and child safety.