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This chapter aims to determine whether diversification benefits accrue from adding emerging market hedge funds (EMHFs) to an emerging market bond/equity portfolio, and subsequently whether the type of exposure hedge funds provide is justified by their fees. We use multivariate cointegration analysis to show that the advantages of adding hedge funds to balanced portfolios are limited for the three regions of Asia, Eastern Europe, and Latin America, as well as for the entire global emerging market universe. In summary, we find that emerging market hedge funds are generally redundant for diversifying long-only emerging market investment portfolios with long-term investment horizons. This result also holds when we extend our sample by the global financial crisis in 2008 and 2009 and allow for structural breaks according to the Gregory-Hansen (1996) test. Hence, even during the global financial crisis in 2008 and 2009, when risk diversification was most needed, long-term comovements between hedge funds and traditional assets is, with the exception of the Eastern European region, not disrupted. Because EMHF returns are heavily influenced by the emerging market equity and bond markets, we conclude that the “alpha fees” charged by EMHFs may not always be appropriate for the three main regions under consideration. This also holds, however, to a lesser extent, for a global diversification among hedge funds and traditional assets in emerging markets.

This study presents an investigation of the long and short‐term co‐movements between different hedge fund strategy indices and the stock markets of France, Germany, Japan, North America and the UK. To analyse relationships among these price indices, the EngleGranger methodology, based on bivariate testing for cointegration, and correlation analysis are conducted. The question of long‐term dependence instead of short‐term consideration is of particular interest, because portfolio optimization is based upon the cointegration of prices, rather than the correlation of returns. However, as is generally known, there is an information loss when returns are used instead of prices. Results indicate that there exists no station ary, long‐term relationship between the two as set groups. The overall suggestion is that opportunities exist to diversify an international portfolio by taking hedge funds into account. Moreover, this applies not only in terms of a limited time period, but also in the long‐run. Besides this main result, the augmented Dickey‐Fuller test statistics for cointegration residuals show quite different behaviour in comparison to the correlation co efficients. The values of the test statistics show that there seems to be a weaker tendency towards long‐term interrelation between hedge fund strategies and the US stock market. This applies even though average correlation co efficients among these assets exceed those of other combinations between stock and hedge fund indices.

The purpose of this paper is to examine the sources of direct real estate portfolio returns and their relative performance against Investment Property Databank (IPD) benchmark returns. Active property management consists of the concepts of property transaction execution and operational management, which can be classified as the main drivers of excess return sources.

Using a sample of three different portfolios managed by two institutional investors, the paper is able to estimate the relevant factors of active property management on annual excess returns for commercial and residential property sectors via a panel regression technique.

Empirical evidence shows that property‐specific effects exhibit significant sources of excess returns, but property management cannot be identified as their main driver. Furthermore, the sources of excess returns do not differ significantly across sectors; when controlled for property age and size, it is found that their influence is rather limited.

Information about the drivers of excess returns and their variations among property types may lead to superior investment decisions during portfolio rebalancing, and thus promote more efficient capital allocation. Information about return factors, i.e. about property and operational management, can substantially improve property selection and market timing in the asset allocation process. Hence, investors basing their property investment strategies on the impact of selected return factors could enhance the risk‐adjusted performance of their property portfolios.

This paper aims to contribute to the existing literature by identifying and quantifying the excess return sources of a given property portfolio over a predefined benchmark. Due to the lack of property‐related data, there is only limited research on the sources of direct property returns, such as property characteristics or active property management. The authors explore three main questions in this paper. First, they examine sources of excess returns over a benchmark index for several property sectors. Second, they analyze whether the drivers of excess returns vary significantly across these sectors. Third, they determine to what extent excess property returns are influenced by the “economic age” and “rentable area” of a building.

“In so far as stray thoughts, giants, and brownies, lies and errors are really existing, though only in the imaginations of men, to that extent they are true. All errors and lies are true errors and true lies, hence are not so far removed from truth that one should belong to heaven and the other to eternal damnation.” (Dietzgen: The Positive Outcome of Philosophy).

Devotes the entire journal issue to managing human behaviour in US industries, with examples drawn from the airline industry, trading industry, publishing industry, metal products industry, motor vehicle and parts industry, information technology industry, food industry, the airline industry in a turbulent environment, the automotive sales industry, and specialist retailing industry. Outlines the main features of each industry and the environment in which it is operating. Provides examples, insights and quotes from Chief Executive Officers, managers and employees on their organization’s recipe for success. Mentions the effect technology has had in some industries. Talks about skilled and semi‐skilled workers, worker empowerment and the formation of teams. Addresses also the issue of change and the training that is required to deal with it in different industry sectors. Discusses remuneration packages and incentives offered to motivate employees. Notes the importance of customers in the face of increased competition. Extracts from each industry sector the various human resource practices that companies employ to manage their employees effectively ‐ revealing that there is a wide diversity in approach and what is right for one industry sector would not work in another. Offers some advice for managers, but, overall, fails to summarize what constitutes effective means of managing human behaviour.

This paper aims to examine the lives of early twentieth century opera star Louise Homer and her composer husband Sidney, and their attempts to manage two successful careers and a family of six children. Almost 100 years ago, the Homers – a rare example of a two‐career family – employed several adaptive strategies that academic researchers later suggested for twenty‐first century dual‐career couples.

Considering the work‐family literature, two modern models of managing and coping with the stresses of dual careers were examined and the Homer family were then considered to determine whether they employed similar strategies. Letters were used from the Homers and their children, other original documents and secondary research in investigating the couple's efforts to handle the challenges of dual‐careers when the concept of a woman pursuing a profession outside the home was a novelty.

Several adaptive strategies recently “discovered” to be used by upper‐income dual‐career couples with children seem just as applicable to 1911 when the Homers' fifth child was born. The findings underscore the idea that challenges perceived as unusual and unique to one generation have been dealt with successfully by past generations.

The paper provides an historical perspective on newly suggested strategies for dual‐career couples in the work‐family literature. Such strategies have been used for at least a century even though the dual‐career concept only became prominent in the last four decades. This paper is one of a few that examines dual‐career couples in an historical context, and indicates how the past can inform those who face contemporary workplace phenomena.

Lack of strict compliance to the principles of total quality management (TQM) by construction organizations has brought about poor quality of the finished building projects. This has been blamed for the incessant structural failure reported in Nigeria. This study appraised TQM implementation in the Nigerian construction industry, with a view to mitigating structural failure rate of construction projects. To achieve this aim, the study aims to assess the practice level of TQM and the factors hindering TQM implementation on construction projects.

The study utilized a well-structured questionnaire and convenient sampling method in the gathering and sampling of data among construction professionals in Imo state, Nigeria. Data analyses were done using, frequency, percentage, mean analytics and Pareto analysis.

The study revealed that major practice of TQM principles with respect to structural failure rate are purchasing: ensuring the procurement of materials of the specified quality standard, ensuring the use of a quality improvement construction process of the organization, site management responsibility: this entails ensuring quality supervision by the project management leadership and monitoring and control of quality during the construction to guarantee firm observance quality standards. Also, the major factors hindering TQM implementation on construction projects are: inadequacy of the necessary machineries, equipment, tools and facilities for the effective execution of work on construction site; breakdown in communication and information exchange between the management and supervisory teams on site; poor attitudes and strategies toward maintenance of equipment, tools and machines; and absence of prompt salary and incentive payment. It was recommended that construction firms must require the suppliers of construction materials to strictly comply with quality specification evidence in quality certification of delivered materials to mitigate structural failure.

This study appraised TQM implementation in the construction industry of Nigeria, with emphasis on Imo state. The study underscores the practice level of TQM and the key factors hindering TQM implementation on construction projects. Following the localized geographical limitation of the study area, a similar research in other part/states of Nigeria or even in other developing countries of African is necessary.

The practices level of TQM and the factors hindering TQM implementation were identified. This will be useful in guiding construction firms, other industry's key stakeholders and regulatory agencies in bringing about a sustainable quality management system for improve profit and value maximization and avoiding incessant structural failure.

This is one of the few studies that have assessed the practice level of TQM and the factors hindering TQM implementation on construction projects in Nigeria. This study took place in Imo state with records of periodic structural failure and building collapse.