Wealth measurement and the role of built asset investment : an empirical comparison

PurposeThe purpose of this paper is to assess the role of investment in built assets in the achievement of economic growth as part of a wealth measurement approach and to undertake an analysis of the relative importance of such investment as part of a country’s overall capital asset portfolio. Research ApproachPanel data on capital asset investment are used to compare groups of countries at different stages of development. Statistical Sources Data sets on investment and capital levels from the Penn World Tables (PWT) 9.0. Population and GDP data are taken from the same source and the UN Statistics Division. World Bank reports provide data on countries’ income group classification. FindingsThere is confirmation of the view that, as economies grow, a pattern of investment based on developing a different structure of capital asset portfolio occurs. Investment patterns similar to those found in advanced countries arise as low income countries move to higher income classification groups even though built assets remain the most valuable capital asset group. Value The study provides time series evidence on the nature of changing capital investment patterns in countries’ economies and demonstrates the value of a wealth measurement approach

Investment in infrastructure as a key to sustainable economic recovery: the role of the building industry

The focus of this paper is the role of the building industry in post-COVID-19 economic recovery plans. Investment in infrastructure forms a major part of many countries’ strategies to engender economic growth and construction is the pivotal industry in enabling the implementation of the plans in a sustainable manner. This study looks at the effects of investment in infrastructure on the economy with reference to the role of the construction industry in delivering this investment. Basic issues are considered, particularly concerning how relevant investment can be measured and how the contribution of the construction sector can be realistically assessed. A review of data sources and empirically peer-reviewed papers is undertaken. Based on longitudinal time series data from national statistics agencies and international organizations, analysis is undertaken to discover the relationship between infrastructure investment and economic growth. The study focuses on the UK, but comparisons are made with other countries to consider alternative approaches to stimulus investment policies with digitalization, and sustainability and green investment being a growing feature of investment plans. Potential issues of these approaches are examined and the main barriers to their achievement are identified. Emerging trends and a set of policy agendas are proposed to guide future directions. First published online 18 January 202

Transitional Adaptation model for facilitating technology and expertise mobilisation in Gulf AEC Organisations

The fragmented nature of the Architecture, Engineering, and Construction (AEC) industry is well recognised, the main issues of which relate to failures in communication, process, productivity and interoperability. These failures have contributed to an increased proliferation of adversarial relationships between the different parties involved in projects, the result of which have deleteriously affected projects. Challenges include a range of issues, from the veracity of design information throughout the project lifecycle, through to supply chain communication. These are global issues. For example, in the Gulf States, the nature and complexity of AEC projects has changed significantly due to increased globalisation and the emergence of enmeshed transnational practices. This has created an overwhelming reliance on the mobilisation and transfer of technology/expertise of professional expatriates, which has influenced the approach taken to traditional design and construction business models, including staff roles and procedures. New knowledge and ways of working are needed to support future projects in the Gulf States. There is also a requirement to capture and codify domain-specific expertise. This paper discusses the need to enhance Qatar’s AEC industry by fostering a smooth transition from its current position, into a more sustainable [replicable] state. The philosophical underpinnings of this paper take into account disparate socio-cultural, environmental and economic impacts of change, in terms of business models, technology, innovation, labour market needs, local laws/bylaws, and legislation. A theoretical growth model is presented for discussion. This builds on the experience of the UK (in particular) in terms of facilitating the mobility and penetration of technology/expertise/change in the AEC sectors. This paper presents a series of recommendations needed to develop a Pervasive Transnational Adaptation model for Qatar and the Gulf States, covering such issues as: ICT adoption, agile project management, technology-transfer, innovation, offsite construction, Public Private Partnerships, capacity building, and international strategic alliances

UK construction companies’ strategies in the face of business cycles

Firms in the construction industry have always had to deal with the challenges of the economic cycle and develop strategies to deal with the resulting fluctuations in their business environment. In the context of the 2008–2011 double-dip recession in the UK, the results of a survey targeting the top one hundred construction companies in the UK are reported here. This research is particularly intended to assess whether the strategies of large companies in the construction sector, when faced with the issues associated with the variation in the economic cycle, have changed since the previous business cycle (i.e. the 1986–1990 boom followed by the 1990–1991 recession). The survey reveals the challenges that companies have faced, reports on company behaviour and on the policies adopted. While there are many similarities between policies adopted during the recessionary periods of the two cycles, the research found notable changes in attitudes towards diversification, human resource management and price bidding

Transnational adaptation model for facilitating technology and expertise mobilisation in Gulf AEC organisations

The fragmented nature of the Architecture, Engineering, and Construction (AEC) industry is well recognised, the main issues of which relate to failures in communication, process, productivity and interoperability. These failures have contributed to an increased proliferation of adversarial relationships between the different parties involved in projects, the result of which have deleteriously affected projects. Challenges include a range of issues, from the veracity of design information throughout the project lifecycle, through to supply chain communication. These are global issues. For example, in the Gulf States, the nature and complexity of AEC projects has changed significantly due to increased globalisation and the emergence of enmeshed transnational practices. This has created an overwhelming reliance on the mobilisation and transfer of technology/expertise of professional expatriates, which has influenced the approach taken to traditional design and construction business models, including staff roles and procedures. New knowledge and ways of working are needed to support future projects in the Gulf States. There is also a requirement to capture and codify domain-specific expertise. This paper discusses the need to enhance Qatar's AEC industry by fostering a smooth transition from its current position, into a more sustainable [replicable] state. The philosophical underpinnings of this paper take into account disparate socio-cultural, environmental and economic impacts of change, in terms of business models, technology, innovation, labour market needs, local laws/bylaws, and legislation. A theoretical growth model is presented for discussion. This builds on the experience of the UK (in particular) in terms of facilitating the mobility and penetration of technology/expertise/change in the AEC sectors. This paper presents a series of recommendations needed to develop a Pervasive Transnational Adaptation model for Qatar and the Gulf States, covering such issues as: ICT adoption, agile project management, technology-transfer, innovation, offsite construction, Public Private Partnerships, capacity building, and international strategic alliances

The financial and economic challenges of housing provision for an ageing society

Purpose The purpose of the paper is to assess the critical financial and economic issues associated with the provision of adequate housing in the UK in the face of current and future demographic change. Design/methodology/approach The review is based on an investigation of the current state of preparedness of the housing market and its various stakeholders based on recent reports and secondary statistical evidence. Findings The findings emphasise the need for a multi-faceted approach to tackle the challenges that need to be addressed. Unless measures are initiated to influence the market, the requisite increase in the stock of appropriate housing in the face of rapid demographic change will not occur. Originality/value The value of the study is that it identifies the issues based on the current state of provision and makes recommendations for meeting the challenges arising from these issues. These recommendations have strong implications for policymakers and other stakeholders

A point mutation decouples the lipid transfer activities of microsomal triglyceride transfer protein.

Funder: G. Harold and Leila Y. Mathers Charitable Foundation; funder-id: http://dx.doi.org/10.13039/100001229Apolipoprotein B-containing lipoproteins (B-lps) are essential for the transport of hydrophobic dietary and endogenous lipids through the circulation in vertebrates. Zebrafish embryos produce large numbers of B-lps in the yolk syncytial layer (YSL) to move lipids from yolk to growing tissues. Disruptions in B-lp production perturb yolk morphology, readily allowing for visual identification of mutants with altered B-lp metabolism. Here we report the discovery of a missense mutation in microsomal triglyceride transfer protein (Mtp), a protein that is essential for B-lp production. This mutation of a conserved glycine residue to valine (zebrafish G863V, human G865V) reduces B-lp production and results in yolk opacity due to aberrant accumulation of cytoplasmic lipid droplets in the YSL. However, this phenotype is milder than that of the previously reported L475P stalactite (stl) mutation. MTP transfers lipids, including triglycerides and phospholipids, to apolipoprotein B in the ER for B-lp assembly. In vitro lipid transfer assays reveal that while both MTP mutations eliminate triglyceride transfer activity, the G863V mutant protein unexpectedly retains ~80% of phospholipid transfer activity. This residual phospholipid transfer activity of the G863V mttp mutant protein is sufficient to support the secretion of small B-lps, which prevents intestinal fat malabsorption and growth defects observed in the mttpstl/stl mutant zebrafish. Modeling based on the recent crystal structure of the heterodimeric human MTP complex suggests the G865V mutation may block triglyceride entry into the lipid-binding cavity. Together, these data argue that selective inhibition of MTP triglyceride transfer activity may be a feasible therapeutic approach to treat dyslipidemia and provide structural insight for drug design. These data also highlight the power of yolk transport studies to identify proteins critical for B-lp biology

Liver resection surgery compared with thermal ablation in high surgical risk patients with colorectal liver metastases: the LAVA international RCT.

BACKGROUND: Although surgical resection has been considered the only curative option for colorectal liver metastases, thermal ablation has recently been suggested as an alternative curative treatment. There have been no adequately powered trials comparing surgery with thermal ablation. OBJECTIVES: Main objective - to compare the clinical effectiveness and cost-effectiveness of thermal ablation versus liver resection surgery in high surgical risk patients who would be eligible for liver resection. Pilot study objectives - to assess the feasibility of recruitment (through qualitative study), to assess the quality of ablations and liver resection surgery to determine acceptable standards for the main trial and to centrally review the reporting of computed tomography scan findings relating to ablation and outcomes and recurrence rate in both arms. DESIGN: A prospective, international (UK and the Netherlands), multicentre, open, pragmatic, parallel-group, randomised controlled non-inferiority trial with a 1-year internal pilot study. SETTING: Tertiary liver, pancreatic and gallbladder (hepatopancreatobiliary) centres in the UK and the Netherlands. PARTICIPANTS: Adults with a specialist multidisciplinary team diagnosis of colorectal liver metastases who are at high surgical risk because of their age, comorbidities or tumour burden and who would be suitable for liver resection or thermal ablation. INTERVENTIONS: Thermal ablation conducted as per local policy (but centres were encouraged to recruit within Cardiovascular and Interventional Radiological Society of Europe guidelines) versus surgical liver resection performed as per centre protocol. MAIN OUTCOME MEASURES: Pilot study - patients' and clinicians' acceptability of the trial to assist in optimisation of recruitment. Primary outcome - disease-free survival at 2 years post randomisation. Secondary outcomes - overall survival, timing and site of recurrence, additional therapy after treatment failure, quality of life, complications, length of hospital stay, costs, trial acceptability, and disease-free survival measured from end of intervention. It was planned that 5-year survival data would be documented through record linkage. Randomisation was performed by minimisation incorporating a random element, and this was a non-blinded study. RESULTS: In the pilot study over 1 year, a total of 366 patients with colorectal liver metastases were screened and 59 were considered eligible. Only nine participants were randomised. The trial was stopped early and none of the planned statistical analyses was performed. The key issues inhibiting recruitment included fewer than anticipated patients eligible for both treatments, misconceptions about the eligibility criteria for the trial, surgeons' preference for one of the treatments ('lack of clinical equipoise' among some of the surgeons in the centre) with unconscious bias towards surgery, patients' preference for one of the treatments, and lack of dedicated research nurses for the trial. CONCLUSIONS: Recruitment feasibility was not demonstrated during the pilot stage of the trial; therefore, the trial closed early. In future, comparisons involving two very different treatments may benefit from an initial feasibility study or a longer period of internal pilot study to resolve these difficulties. Sufficient time should be allowed to set up arrangements through National Institute for Health Research (NIHR) Research Networks. TRIAL REGISTRATION: Current Controlled Trials ISRCTN52040363. FUNDING: This project was funded by the NIHR Health Technology Assessment programme and will be published in full in Health Technology Assessment; Vol. 24, No. 21. See the NIHR Journals Library website for further project information

Symptom-based stratification of patients with primary Sjögren's syndrome: multi-dimensional characterisation of international observational cohorts and reanalyses of randomised clinical trials

Background Heterogeneity is a major obstacle to developing effective treatments for patients with primary Sjögren's syndrome. We aimed to develop a robust method for stratification, exploiting heterogeneity in patient-reported symptoms, and to relate these differences to pathobiology and therapeutic response. Methods We did hierarchical cluster analysis using five common symptoms associated with primary Sjögren's syndrome (pain, fatigue, dryness, anxiety, and depression), followed by multinomial logistic regression to identify subgroups in the UK Primary Sjögren's Syndrome Registry (UKPSSR). We assessed clinical and biological differences between these subgroups, including transcriptional differences in peripheral blood. Patients from two independent validation cohorts in Norway and France were used to confirm patient stratification. Data from two phase 3 clinical trials were similarly stratified to assess the differences between subgroups in treatment response to hydroxychloroquine and rituximab. Findings In the UKPSSR cohort (n=608), we identified four subgroups: Low symptom burden (LSB), high symptom burden (HSB), dryness dominant with fatigue (DDF), and pain dominant with fatigue (PDF). Significant differences in peripheral blood lymphocyte counts, anti-SSA and anti-SSB antibody positivity, as well as serum IgG, κ-free light chain, β2-microglobulin, and CXCL13 concentrations were observed between these subgroups, along with differentially expressed transcriptomic modules in peripheral blood. Similar findings were observed in the independent validation cohorts (n=396). Reanalysis of trial data stratifying patients into these subgroups suggested a treatment effect with hydroxychloroquine in the HSB subgroup and with rituximab in the DDF subgroup compared with placebo. Interpretation Stratification on the basis of patient-reported symptoms of patients with primary Sjögren's syndrome revealed distinct pathobiological endotypes with distinct responses to immunomodulatory treatments. Our data have important implications for clinical management, trial design, and therapeutic development. Similar stratification approaches might be useful for patients with other chronic immune-mediated diseases. Funding UK Medical Research Council, British Sjogren's Syndrome Association, French Ministry of Health, Arthritis Research UK, Foundation for Research in Rheumatology

Reassessing productivity in the construction sector to reflect hidden innovation and the knowledge economy

With the development of a knowledge economy, it is reasonable to assume that the level of innovation should be particularly high and that it should have a major effect on investment and productivity across all sectors, including the construction industry. For a valid assessment of the economic performance of the construction sector in terms of its productivity, it is important that the economic benefits for the sector from technological change are properly recognized but the impact of such benefits may be ‘hidden’ due to measurement issues, as innovative activity and investment in intangible assets have both gone unrecognized in official statistics. Much of the innovation in the construction sector is hidden from conventional measures and, for the UK economy, there is evidence that investment in intangibles may be even greater than tangible investment, if a definition of intangible assets incorporating spending on a broad range of knowledge‐based assets including organizational capital, human capital, etc. is taken. While accurate data are difficult to determine, an appraisal of the potential for utilizing existing data sources and for improved measurement is presented.Economic performance, innovation, intangible investment, knowledge economy, productivity,