The added-value role of industrial and logistics REITs in the Pacific Rim region

2020 ◽  
Vol 38 (6) ◽  
pp. 597-616
Author(s):  
Yu-Cheng Lin ◽  
Chyi Lin Lee ◽  
Graeme Newell
Keyword(s):  
United States ◽  
The United States ◽  
Pacific Rim ◽  
The Other ◽  
Portfolio Diversification ◽  
Added Value ◽  
Content Type ◽  
The Pacific ◽  
Asset Portfolio

PurposeAs significant listed property investment vehicles, industrial and logistics REITs (I&L REITs) have recently enhanced their property portfolios, often replacing the traditional industrial properties with logistic properties to gain strategic exposure to recent e-commerce trends. This paper aims to assess the investment performance of I&L REITs by assessing the significance, risk-adjusted performance and portfolio diversification benefits of I&L REITs in the Pacific Rim region from July 2011 to December 2018. The strategic property investment implications for I&L REITs are also identified.Design/methodology/approachMonthly total returns from July 2011 to December 2018 were used to analyse the risk-adjusted performance and portfolio diversification benefits for I&L REITs in the United States, Japan, Australia and Singapore. An asset allocation diagram was employed to assess the strategic role of I&L REITs in a mixed-asset portfolio in each case.FindingsI&L REITs generally possessed superior average annual returns compared with the other sub-sector REITs, stocks and bonds in the United States, Japan, Australia and Singapore between July 2011 and December 2018, with desirable portfolio diversification benefits. Importantly, a more significant role for I&L REITs was generally observed in the mixed-asset portfolio compared to the other sub-sector REITs in each of these four markets across the broad portfolio risk spectrum. This reflects I&L REITs delivering enhanced portfolio returns and offering portfolio diversification benefits in a mixed-asset portfolio in the United States, Japan, Australia and Singapore.Practical implicationsProperty investors, particularly property securities funds (PSFs) and income-oriented investors, should consider including I&L REITs in their mixed-asset portfolios, as Pacific Rim–based I&L REITs provided an attractive REIT investment sub-sector, co-existing alongside the other sub-sector REITs and major asset classes in a mixed-asset portfolio in a Pacific Rim context, as well as being a portfolio diversifier. These results confirm the added-value and strategic role of I&L REITs in a mixed-asset portfolio, seeing I&L REITs as an effective investment pathway for I&L property exposure in the Pacific Rim region.Originality/valueThis is the first study to assess the investment performance of I&L REITs in the Pacific Rim region, evaluating their significance, risk-adjusted performance and portfolio diversification benefits, and the role of I&L REITs in a mixed-asset portfolio in the United States, Japan, Australia and Singapore. More importantly, this research is the first paper to provide empirical evidence on I&L REITs, which have often transformed their traditional industrial property portfolios with increased levels of logistics property to gain exposure to recent e-commerce trends. This research enables more informed and practical property investment decision-making regarding I&L REITs and their added-value and strategic role in a mixed-asset portfolio, as well as delivering effective I&L property exposure in the Pacific Rim region, with the added benefits of liquidity, transparency and fiscal efficiency.

The significance of residential REITs in Japan as an institutionalised property sector

2019 ◽  
Vol 37 (4) ◽  
pp. 363-379 ◽  
Author(s):  
Yu Cheng Lin ◽  
Chyi Lin Lee ◽  
Graeme Newell
Keyword(s):  
Institutional Investors ◽  
Value Added ◽  
The Other ◽  
Portfolio Diversification ◽  
Residential Property ◽  
Property Market ◽  
Content Type ◽  
Portfolio Returns ◽  
Asset Portfolio

PurposeResidential Real Estate Investment Trusts in Japan (residential J-REITs) have become an increasingly significant listed property sector recently. The purpose of this paper is to assess the effectiveness of residential J-REITs in a mixed-asset portfolio context in Japan by assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs over July 2006–August 2018. The ongoing property investment implications for residential J-REITs are also identified.Design/methodology/approachUsing monthly total returns, the risk-adjusted performance and portfolio diversification benefits for residential J-REITs over July 2006–August 2018 are assessed. An asset allocation diagram is employed to assess the role of residential J-REITs in a mixed-asset portfolio context in Japan.FindingsResidential J-REITs generally delivered superior risk-adjusted returns compared with the other sub-sector J-REITs, stocks and bonds in Japan over July 2006–August 2018, with desirable portfolio diversification benefits in the full mixed-asset portfolio context. Importantly,residential J-REITs are observed as strongly contributing to the mixed-asset portfolio context in Japan across the portfolio risk spectrum, particularly in a post-GFC context. This also reflects that residential J-REITs provide high portfolio returns and strong portfolio diversification benefits in a mixed-asset portfolio context in Japan.Practical implicationsResidential J-REITs are effective and liquid residential property investment exposure in Japan. The results highlight the strong risk-adjusted performance of residential J-REITs in Japan’s mixed-asset portfolio context. This suggests institutional investors, particularly Japan institutional investors, should consider including residential J-REITs in their mixed-asset portfolios, as residential J-REITs are seen as a compelling investment product co-existing alongside the other sub-sector REITs and major asset classes in institutional investor portfolios in the context of Japan. This also confirms the effectiveness of institutionalised residential J-REITs. Given the solid residential property market fundamentals in Japan, an increased level of the institutionalisation of residential J-REITs can be expected.Originality/valueThe study is the first study to assess the effectiveness of residential J-REITs, via assessing the significance, risk-adjusted performance and portfolio diversification benefits of residential J-REITs and their role in a mixed-asset portfolio context in Japan. This research enables more informed and practical property investment decision making regarding the value-added and strategic role of residential J-REITs as effective and liquid residential property investment exposure in Japan, as well as an increasingly institutionalised property sector going forward.

scholarly journals The use of mechanical restraint in Pacific Rim countries: an international epidemiological study

2020 ◽  
Vol 29 ◽  
Author(s):  
G. Newton-Howes ◽  
M. K. Savage ◽  
R. Arnold ◽  
T. Hasegawa ◽  
V. Staggs ◽  
...  
Keyword(s):  
United States ◽  
New Zealand ◽  
International Comparisons ◽  
The United States ◽  
Pacific Rim ◽  
Persons With Disabilities ◽  
Mechanical Restraint ◽  
The Pacific ◽  
Bed Days ◽  
Compare And Contrast

Abstract Aims The use of mechanical restraint is a challenging area for psychiatry. Although mechanical restraint remains accepted as standard practice in some regions, there are ethical, legal and medical reasons to minimise or abolish its use. These concerns have intensified following the Convention on the Rights of Persons with Disabilities. Despite national policies to reduce use, the reporting of mechanical restraint has been poor, hampering a reasonable understanding of the epidemiology of restraint. This paper aims to develop a consistent measure of mechanical restraint and compare the measure within and across countries in the Pacific Rim. Methods We used the publicly available data from four Pacific Rim countries (Australia, New Zealand, Japan and the United States) to compare and contrast the reported rates of mechanical restraint. Summary measures were computed so as to enable international comparisons. Variation within each jurisdiction was also analysed. Results International rates of mechanical restraint in 2017 varied from 0.03 (New Zealand) to 98.9 (Japan) restraint events per million population per day, a variation greater than 3000-fold. Restraint in Australia (0.17 events per million) and the United States (0.37 events per million) fell between these two extremes. Variation as measured by restraint events per 1000 bed-days was less extreme but still substantial. Within all four countries there was also significant variation in restraint across districts. Variation across time did not show a steady reduction in restraint in any country during the period for which data were available (starting from 2003 at the earliest). Conclusions Policies to reduce or abolish mechanical restraint do not appear to be effecting change. It is improbable that the variation in restraint within the four examined Pacific Rim countries is accountable for by psychopathology. Greater efforts at reporting, monitoring and carrying out interventions to achieve the stated aim of reducing restraint are urgently needed.

Practicing DNPs’ Perceptions of the DNP

2013 ◽  
Vol 6 (2) ◽  
pp. 91-97 ◽  
Author(s):  
Pamella Stoeckel ◽  
Cheryl Kruschke
Keyword(s):  
United States ◽  
Health Care ◽  
The United States ◽  
Added Value ◽  
Doctor Of Nursing Practice ◽  
Educational Preparation ◽  
Practice Nurses ◽  
Key Informant ◽  
Insight Into

This qualitative key informant study examined the emerging role of the doctor of nursing practice (DNP) degree to fill a gap in health care in the United States. Although the DNP degree was proposed to bring added value to the health care system, it is new with little research to confirm the assumption. This research addressed this need by phone interviews of 12 practicing DNPs in the United States. Questions asked of the participants focused on differences in role/practice as a DNP and challenges faced. The interviews were audiotaped, transcribed, and responses coded for themes. Five broad categories with relational themes emerged from the data of DNPs perceptions of their practices. The categories included educational preparation, practice settings, role acceptance, leadership, and challenges. The results of this study provide insight into the perceptions of practicing DNPs experiencing adjustment to practice as a DNP. These perceptions aid other DNPs and educators in preparing advance practice nurses for the future.

The future of maternity wear: Generation Z's expectations of dressing for pregnancy

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Elizabeth Anne Weigle ◽  
Laura McAndrews
Keyword(s):  
United States ◽  
Online Survey ◽  
The United States ◽  
The Body ◽  
Content Type ◽  
Longitudinal Approach ◽  
Shopping Experience ◽  
Physical Changes ◽  
Practical Implications

PurposeThe purpose of this paper is to investigate Generation Z's physical expectations of being pregnant and their outlook for maternity wear shopping.Design/methodology/approachFemales in this cohort (n = 207) participated in an online survey that included questions about perceptions of pregnancy, physical self-concept and forecasted shopping behaviors.FindingsResults indicated that this group is concerned with physical changes of pregnancy and expect to treat each area of the body in a different way. Women's expected physical concerns of pregnancy predict how much they anticipate accentuating their pregnant body. Gen Z anticipates wearing loose maternity garments and they envision a thoughtful, in-store shopping experience for styles that are equally fashionable and comfortable, such as dresses.Research limitations/implicationsThis study should be extended to future generational cohorts like Generation Alpha, along with Gen Z outside of the United States and women in the United States who are non-white. Further studies should take a longitudinal approach to gauge changes in this cohort's expectations as they progress through pregnancy.Practical implicationsThis paper provides maternity wear retail brands and designers a foundation for product development and marketing geared toward this large cohort.Originality/valueThe study is the first to inquire about Gen Z's outlook on pregnancy, specifically their envisioned changes to each body area and the role of maternity garments to fulfill needs and concerns.

The role of agency costs in the voluntary adoption of XBRL-based financial reporting

2020 ◽  
Vol 16 (5) ◽  
pp. 599-622
Author(s):  
Mehdi Khedmati ◽  
Farshid Navissi ◽  
Mohammed Aminu Sualihu ◽  
Zakiya Tofik-Abu
Keyword(s):  
United States ◽  
Financial Reporting ◽  
Agency Costs ◽  
The United States ◽  
Matched Pair ◽  
Alternative Measure ◽  
Content Type ◽  
Using Data ◽  
Voluntary Adoption

PurposeThe purpose of this paper is to examine whether and how firm's agency costs played a role in the voluntary adoption of the eXtensible Business Reporting Language (XBRL) under the SEC's voluntary filing program (VFP) that encouraged the voluntary adoption of the XBRL.Design/methodology/approachThis study employs a logistics regression and a sample of 140 firms that voluntarily participated in the VFP during its entire existence in the United States, and 140 matched-pair counterparts that did not voluntarily adopt the XBRL to investigate the role of agency costs in the voluntary adoption of XBRL-based financial reporting.FindingsWe find evidence consistent with the conjecture that a firm's low magnitude of agency costs plays a significant motivating role in the voluntary adoption of XBRL-based financial reporting. Our results continue to hold after using an alternative measure of agency costs and conducting two-stage least squares regressions. Supplementing these results, the study also shows that the level of agency costs of voluntary XBRL adopters remains statistically unchanged after the adoption while the level of agency costs associated with the firms that did not participate in SEC's VFP significantly decline after the adoption during the XBRL mandate.Practical implicationsThe findings of this study suggest that based on a firm's level of agency costs, regulators and policymakers, especially those in countries that are yet to mandate XBRL reporting, can, in advance, identify firms that are more likely to comply with their new financial reporting initiatives.Originality/valueThis paper provides first evidence on the role of agency costs in the voluntary adoption of XBRL using data from the United States.

scholarly journals Extraintestinal Pathogenic and Antimicrobial-Resistant Escherichia coli, Including Sequence Type 131 (ST131), from Retail Chicken Breasts in the United States in 2013

2017 ◽  
Vol 83 (6) ◽  
Author(s):  
James R. Johnson ◽  
Stephen B. Porter ◽  
Brian Johnston ◽  
Paul Thuras ◽  
Sarah Clock ◽  
...  
Keyword(s):  
United States ◽  
Escherichia Coli ◽  
Virulence Genes ◽  
Meat Products ◽  
The United States ◽  
Sequence Type ◽  
The Other ◽  
Antibiotic Resistant ◽  
Content Type ◽  
E Coli

ABSTRACT Chicken meat products are hypothesized to be vehicles for transmitting antimicrobial-resistant and extraintestinal pathogenic Escherichia coli (ExPEC) to consumers. To reassess this hypothesis in the current era of heightened concerns about antimicrobial use in food animals, we analyzed 175 chicken-source E. coli isolates from a 2013 Consumer Reports national survey. Isolates were screened by PCR for ExPEC-defining virulence genes. The 25 ExPEC isolates (12% of 175) and a 2:1 randomly selected set of 50 non-ExPEC isolates were assessed for their phylogenetic/clonal backgrounds and virulence genotypes for comparison with their resistance profiles and the claims on the retail packaging label (“organic,” “no antibiotics,” and “natural”). Compared with the findings for non-ExPEC isolates, the group of ExPEC isolates had a higher prevalence of phylogroup B2 isolates (44% versus 4%; P < 0.001) and a lower prevalence of phylogroup A isolates (4% versus 30%; P = 0.001), a higher prevalence of multiple individual virulence genes, higher virulence scores (median, 11 [range, 4 to 16] versus 8 [range, 1 to 14]; P = 0.001), and higher resistance scores (median, 4 [range, 0 to 8] versus 3 [range, 0 to 10]; P < 0.001). All five isolates of sequence type 131 (ST131) were ExPEC (P = 0.003), were as extensively resistant as the other isolates tested, and had higher virulence scores than the other isolates tested (median, 12 [range, 11 to 13] versus 8 [range, 1 to 16]; P = 0.005). Organic labeling predicted lower resistance scores (median, 2 [range, 0 to 3] versus 4 [range, 0 to 10]; P = 0.008) but no difference in ExPEC status or virulence scores. These findings document a persisting reservoir of extensively antimicrobial-resistant ExPEC isolates, including isolates from ST131, in retail chicken products in the United States, suggesting a potential public health threat. IMPORTANCE We found that among Escherichia coli isolates from retail chicken meat products purchased across the United States in 2013 (many of these isolates being extensively antibiotic resistant), a minority had genetic profiles suggesting an ability to cause extraintestinal infections in humans, such as urinary tract infection, implying a risk of foodborne disease. Although isolates from products labeled “organic” were less extensively antibiotic resistant than other isolates, they did not appear to be less virulent. These findings suggest that retail chicken products in the United States, even if they are labeled “organic,” pose a potential health threat to consumers because they are contaminated with extensively antibiotic-resistant and, presumably, virulent E. coli isolates.

scholarly journals Role of Antilipopolysaccharide Antibodies in Serum Bactericidal Activity against Salmonella enterica Serovar Typhimurium in Healthy Adults and Children in the United States

2013 ◽  
Vol 20 (10) ◽  
pp. 1491-1498 ◽  
Author(s):  
Estela Trebicka ◽  
Susan Jacob ◽  
Waheed Pirzai ◽  
Bryan P. Hurley ◽  
Bobby J. Cherayil
Keyword(s):  
United States ◽  
Bactericidal Activity ◽  
Salmonella Enterica ◽  
The United States ◽  
Healthy Children ◽  
Healthy Individuals ◽  
Serum Samples ◽  
Content Type ◽  
Serovar Typhimurium

ABSTRACTRecent observations from Africa have rekindled interest in the role of serum bactericidal antibodies in protecting against systemic infection withSalmonella entericaserovar Typhimurium. To determine whether the findings are applicable to other populations, we analyzed serum samples collected from healthy individuals in the United States. We found that all but 1 of the 49 adult samples tested had robust bactericidal activity againstS. Typhimurium in a standardin vitroassay. The activity was dependent on complement and could be reproduced by immunoglobulin G (IgG) purified from the sera. The bactericidal activity was inhibited by competition with soluble lipopolysaccharide (LPS) fromS. Typhimurium but not fromEscherichia coli, consistent with recognition of a determinant in the O-antigen polysaccharide. Sera from healthy children aged 10 to 48 months also had bactericidal activity, although it was significantly less than in the adults, correlating with lower levels of LPS-specific IgM and IgG. The lone sample in our collection that lacked bactericidal activity was able to inhibit killing ofS. Typhimurium by the other sera. The inhibition correlated with the presence of an LPS-specific IgM and was associated with decreased complement deposition on the bacterial surface. Our results indicate that healthy individuals can have circulating antibodies to LPS that either mediate or inhibit killing ofS. Typhimurium. The findings contrast with the observations from Africa, which linked bactericidal activity to antibodies against anS. Typhimurium outer membrane protein and correlated the presence of inhibitory anti-LPS antibodies with human immunodeficiency virus infection.

“It's the Politics, Stupid.” Or is Reality more Complex?

2013 ◽  
Vol 4 (2) ◽  
pp. 297-306 ◽  
Author(s):  
Maria Weimer
Keyword(s):  
United States ◽  
Precautionary Principle ◽  
Significant Contribution ◽  
The United States ◽  
The Other ◽  
Ongoing Debate ◽  
Risk Regulation ◽  
The Precautionary Principle ◽  
The One

Reality is complex, and often does not lend itself to generalization or simplifying explanations. Yet at the same time, explaining reality often requires the shaping of notions and concepts of it through generalization and the reduction of complexity. This tension between complexity and particularity on the one hand and generalization and the search for abstracting explanatory patterns on the other is beautifully illustrated by two recently released publications on precaution and risk regulation in the United States and Europe, namely “The Politics of Precaution” by David Vogel1 and “The Reality of Precaution” edited by Jonathan Wiener, Michael Rogers, James Hammitt, and Peter Sand.Both books together can be seen as the latest significant contribution to the ongoing debate on the role of the precautionary principle in risk regulation in a comparative EU-US perspective. Both contributions are significant in that they consolidate the trend towards an empirically informed analysis of the actual practice of the application of precaution in risk regulation.

US Republicans will block Supreme Court appointment

2016 ◽  
Keyword(s):  
United States ◽  
Supreme Court ◽  
Civil Liberties ◽  
The United States ◽  
Divided Government ◽  
Federal Regulation ◽  
Role Of Government ◽  
Content Type ◽  
To Come

Significance A new justice has the potential to change the tenor of the Supreme Court's rulings significantly for many years to come, on issues including the scope of federal regulation, campaign finance and the federal government's powers. Scalia was a vocal political and judicial conservative, and the upcoming political fight to appoint his successor will reflect the broader conservative-progressive debate about civil liberties, the scope of the Constitution and the role of government in society. Impacts The Obama administration is likely to see many of its administrative actions upheld, at least until his term ends next January. An open Supreme Court seat may boost turnout by conservative Republican voters worried about a moderate or liberal appointment. Appointment politics and numerous federal vacancies are likely to persist as a feature of divided government in the United States.

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