Optimal composition of hybrid/blended real estate portfolios

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

Strategic Human Capital Management: NRC Could Better Manage the Size and Composition of Its Workforce by Further Incorporating Leading Practices

[Excerpt] After the passage of the Energy Policy Act of 2005, which included tax incentives for nuclear energy, NRC significantly expanded its workforce to meet the demands of an anticipated increase in workload that ultimately did not occur. More recently, a forecast for reduced growth in the nuclear industry prompted NRC to develop plans for changing its structure and workforce to better respond to changes in the nuclear industry. Strategic human capital planning is one of several actions the agency is taking. The explanatory statement accompanying the Consolidated Appropriations Act for fiscal year 2016 included a provision for GAO to report on NRC’s workforce management. GAO examined NRC’s strategic human capital management efforts and the extent to which these efforts incorporate leading practices. GAO reviewed NRC’s strategic workforce plan and other related documents and interviewed knowledgeable NRC officials

Gender Performance Indicators: How Well Are We Serving Women?

This document presents gender performance indicators and how well women are being treated. If an institution is targeting women, as 74% of microfinance institutions do, then it should be able to measure how well it is serving women. Similarly if an institution's mission declares a commitment to women, then performance should reflect that commitment. Recognizing a lack of information beyond basic measures, Women's World Banking setout to develop an evaluation framework that defines the key metrics that will allow microfinance providers to measure how effectively they are serving women, both internally and externally

Tracking the Economy of the City of Atlanta: Past Trends and Future Prospects

This report explores the changes in the level and composition of employment in the City of Atlanta over the last 25 years. FRC Report 17

Audit Techniques for Service Oriented Architecture Applications

The Service Oriented Architecture (SOA) approach enables the development of flexible distributed applications. Auditing such applications implies several specific challenges related to interoperability, performance and security. The service oriented architecture model is described and the advantages of this approach are analyzed. We also highlight several quality attributes and potential risks in SOA applications that an architect should be aware when designing a distributed system. Key risk factors are identified and a model for risk evaluation is introduced. The top reasons for auditing SOA applications are presented as well as the most important standards. The steps for a successful audit process are given and discussed.Service Oriented Architecture, Audit, Quality Attributes, Interoperability, Performance, Security

ECONOMIC BENEFITS OF ANIMAL TRACING IN THE CATTLE PRODUCTION SECTOR

One of the options to prepare for a potential outbreak of an infectious livestock disease is to initiate an animal tracking system, which would provide information on animal movements and facilitate disease management. This article examines the benefits of implementing an animal tracking system in the context of a simulated cattle disease outbreak with and without animal tracking. Estimates are provided for some of the losses that would be avoided with an animal tracking system if an infectious animal disease were introduced. The results show that the economic efficiency of an animal tracking system depends on such factors as inter herd contact rates, effectiveness of animal disease response actions, and the extent to which an animal tracking system decreases the time of tracing animal movements. In case of a highly infectious animal disease outbreak substantial economic losses could be avoided if an effective animal tracking system is implemented.Livestock Production/Industries,

Potential applications of geospatial information systems for planning and managing aged care services in Australia

[Abstract]: This paper discusses the potential applications of Geospatial Information Technology (GITs) to assist in planning and managing aged care programs in Australia. Aged care is complex due to the numbers of participants at all levels of including planning of services, investing in capacity, funding, providing services, auditing, monitoring quality, and in accessing and using facilities and services. There is a vast array of data spread across the entities that are joined to aged care. The decision-making process for investment in capacity and service provision might be aided by technology including GIT. This is also expected to assist in managing and analysing the vast amount of demographic, geographic, socio-economic and behavioral data that might indicate current and future demand for services the aged and frail-aged population. Mapping spatio-temporal changes in near real time can assist in the successful planning and management of aged care programs. Accurate information on the location of aged care services centres and mapping the special needs of clients and their service needs may assist in monitoring access to services and assist in identifying areas where there are logistic challenges for accessing services to meet needs. GIT can also identifying migrations of aged people and of the cohorts of the population who are likely to be the next wave of clients for aged care services. GITs include remote sensing, geographic information systems (GIS) and global positioning systems (GPS) technologies, which can be used to develop a user friendly digital system for monitoring, evaluating and planning aged care and community care in Australia. Whilst remote sensing data can provide current spatiotemporal inventory of features such as locations of carer services, infrastructure, on a consistent and continuous coordinate system, a GIS can assist in storing, cross analysing, modeling and mapping of spatial data pertaining to the needs of the older people. GITs can assist in the development of a single one-stop digital database which will prove a better model for managing aged care in Australia. GIT will also be a component of technologies such as activity monitors to provide tracking functionality. This will assist in tracking dementia sufferers who may be prone to wandering and be exposed to risk