bluuebunny/crossref_metadata_2025 huggingface dataset:
Reducing health care costs through optimised facility management‐related processes
Authors: Lennerts Kunibert , Abel Jochen , Pfründer Uwe , Sharma Vishal
Published: June 2007

The German health care system is in dire straits financially. The costs of stationary patient care in hospitals are prohibitive. Currently, 30 per cent of hospital costs are a result of facility related processes, a percentage representing the equivalent of more than €14bn annually. Optimising facility‐related processes in hospitals has the potential to incur major savings and improve medical processes at the same time ‐ meeting the strategic need to reduce health care costs without having a negative impact on the quality of the core competencies and processes of hospitals. This paper presents the findings of the OPIK research project, which analysed the interaction between primary (medical) and secondary (facility management) business processes in six hospitals, with a view to identifying a holistic approach and comprehensive framework for evaluating business processes to ensure their optimisation.
Developing a replacement facility strategy: Lessons from the healthcare sector
Authors: Hosking James E. , Jarvis Robert J.
Published: June 2007

With ageing hospital facilities spanning the USA, the healthcare construction business continues to grow. Today, questions about replacing existing facilities are becoming more common in hospital boardrooms. Given the above situation, TriBrook Healthcare Consultants were recently retained to determine the market, operational and financial impact which facility redevelopment has had on other hospitals and health systems. Out of that effort came this paper. This paper assesses: the factors which are fuelling replacement facility growth; the impact that redevelopment has on market, operational and financial performance; an integrated development process to help organisations determine the feasibility of designing a new facility; and lessons learned working with clients who have pursued a replacement facility strategy. The objective of this effort is to provide hospital executives and board leaders with information that will be useful in reaching a final decision regarding execution of a replacement strategy.
Changing organisations for a knowledge economy: The theory and practice of change management
Authors: Austin Jeff , Currie Beth
Published: June 2007

This paper has its roots in a presentation made at CoreNet Global Summit in November 2002 in San Diego, California. In that talk, the authors briefly explained the field of human dynamics and change, and explored, through some actual experiences, the application of change management practices that Wachovia used to lead and nurture organisational change. This paper seeks to make more explicit these hidden forces by giving a more detailed overview of the theory of human dynamics as they relate to change, and some strategies for applying this theory for more effective change management. The venue for this exploration will be Wachovia Corporate Real Estate (CRE) Division’s experience, with significant organisational change required to respond to external and market conditions which threatened its continued success as an organisation. The reader will learn how to understand the human dynamics relating to change; obtain tools for communicating change concepts; find resources to help lead change; ensure that people deal more successfully with organisational change; and measure the significance of human dynamics to business performance.
Building a workplace of choice: Using the work environment to attract and retain top talent
Authors: Earle Heather A.
Published: June 2007

Today, organisations around the globe are operating in an unprecedented, highly competitive seller’s market. The global workforce is now more mobile than ever before, meaning that companies are no longer simply competing for talent nationally, but rather on an international level. The Canadian Federal Government, like most Government organisations, simply cannot compete with private industry in the area of salaries, stock options or perks. In addition, the impending wave of retirements that threatens to devastate the Federal employment ranks has caused us to look to the work environment as a means of attracting and retaining the top talent we need. This paper examines the characteristics of the different generations that currently make up our workforce and discusses what they, as well as new recruits, expect from their employers and from their work environments. It also delves into the role the workplace plays in recruitment and retention and the way in which it can be used to improve an organisation’s corporate identity. It then looks at what types of perks are actually valued most by employees, and explores how the physical environment can be aligned to help shape a company’s organisational culture and facilitate the communication, teamwork and creativity that are necessary to sustain a culture of continual innovation.
Optimising business performance through innovative workplace strategies
Authors: Mitchell‐Ketzes Susan
Published: June 2007

For many years, facility and real estate executives have focused on reducing workplace costs as the primary way to add value to their organisations. They have implemented a variety of measures over time to improve traditional facility metrics such as cost per person, cost per seat and area per person. As global businesses contend with a bewildering array of challenges such as the uncertain world economy, unstable and often plunging stock market values, terrorism and war, however, the search for leverage in every aspect of the organisation is relentless. More is being demanded, especially from workplace assets. The good news is that much more is possible. The concept of ‘workplace’ is being redefined to keep pace with changes in organisations, employees, technology, environmental sensitivity, culture and the nature of work itself. As the approach to workplace becomes more people‐centric and less place‐centric, what emerges is a new possibility for the workplace to be utilised as a strategic business tool. People are the key to business performance; the workplace can enable and catalyse people and the work they do. This paper deals with the process for linking workplace to business performance, key tools, innovative ways of measuring this linkage, and examples of the value a variety of organisations are achieving through their innovative workplace strategies. The paper is intended to provide real estate executives and facility managers with greater perspective on the contribution that the workplace can make to achieving business objectives. It will also explore ways of incorporating adaptability and flexibility into the design aspect of workplace strategies to achieve maximum velocity and return on investment. As organisations struggle to adapt to current business conditions, a high‐performance workplace is no longer simply a desirable long‐term goal; it may well be a key to survival.
Strategic facilities planning: Keeping an eye on the long view
Authors: Klein Robert A.
Published: June 2007

As companies increasingly face the challenge of aligning their real estate and facility assets with their business goals, strategic facilities planning (SFP) has grown as an area of expertise and discipline which provides increasingly sophisticated tools for supporting complex decisions. This paper provides an insight into SFP: what is it, what is the process, what are the major tools, and what can it deliver? It provides a template for facility managers and real estate consultants to prepare a Request for Proposal (RFP) for strategic real estate initiatives. In addition, it explains how SFP helps facility managers leverage their knowledge and increase their visibility within their organisation.
Raising facilities management’s profile in organisations: Developing a world‐class framework
Authors: Kaya Sezgin , Heywood Christopher Andrew , Arge Kirsten , Brawn Graham , Alexander Keith
Published: June 2007

Leading organisations expect that all business processes, including facilities management (FM), achieve world‐class standards. This paper presents the results of an international, collaborative investigation, on behalf of a UK‐based blue chip company and a member of the Facilities Management Foundation, to identify organisations that are recognised as exemplars of world‐class FM (WCFM) and to understand the processes that underpin world‐class performance. Much FM practice remains cost focused, rooted in operations and concerned primarily with maintaining the steady‐state position of an organisation. In contrast, most authors propose that facilities should be strategically planned, aligned to business needs and demonstrate contribution to achieving explicit business objectives. They argue for a common language and for conditions that ensure that facilities add value to the business. Very little is known about how these conditions are created in different organisational contexts. The paper describes a heuristic study of three cases, selected as exemplars of WCFM, focusing on the underlying processes. Project partners in Australia, Norway and the UK conducted the case studies to a common brief. The paper presents the framework that was created to enable comparison of FM processes in the case studies and a matrix of business drivers and FM outputs that was adapted for the project. The investigation identifies three FM roles ‐ as translator, processor and demonstrator. Facilities management identifies business needs and translates strategy into workplaces, owns the processes of providing those workplaces and demonstrates their impact on organisational outcomes. The paper develops a WCFM framework to provide a management tool for considering and relating FM projects at different levels in an organisation. The study highlights the importance of reframing FM projects as business projects, and concludes that participation at senior management, business unit and individual levels in the organisation is an important factor in obtaining value. The study also highlights the need for effective change management processes continually to adapt the workplace to changing business needs, and shows how FM provides value through sustaining the organisation through business cycles.
Disaster preparedness and Business Continuity Planning at Boeing: An integrated model
Authors: Castillo Carolyn
Published: June 2007

Traditionally, facilities professionals are responsible for maintaining business operations after a disaster by safeguarding people and the physical infrastructure. While most organisations equate disaster preparedness to business continuity, the aftermath of 9/11 brought forth some startling realisations about business survival and business crisis. Boeing, a global company that was affected in a number of unexpected ways, embarked on an approach that separated, yet integrated the Disaster Preparedness Community with the Business Community. The result was a Business Continuity Model that fostered further development of robust Business Continuity Plans to serve employees, customers, stakeholders and community. Facilities professionals, equipped with an understanding of today’s business crisis and the Business Continuity Model, can serve as a partner to their Business Continuity Representative to educate, develop and execute a Business Continuity Plan that ensures business continuance through any unforeseen event.
Financial impact of alternative workplace strategies
Authors: Kaczmarczyk Stan
Published: June 2007

Alternative workplace strategies cost money to implement. There are benefits to these strategies which, up to a point, justify the investment. After that point, however, more aggressive strategies must be justified through offsetting reductions in facilities costs. At the extreme, organisations can actually implement alternative workplace strategies expressly for the purpose of reducing facilities costs and achieving overall infrastructure cost savings in the process. The US General Services Administration developed the Cost per Person Model in 1999 to help customers measure cost according to a more inclusive workplace definition. The spreadsheet tool was designed to track the overall cost per person of providing facilities, information technology and telecommunications services. The model recognises that alternative work environments are part of the overall cost equation. Also, the Cost per Person Model was designed as a tool for assessing the financial impacts of various alternative workplace strategies. In practice, the costs of aggressive alternative workplace strategies can be offset by reduced facilities costs. This paper summarises the professional use of the model over the first four years of its existence, including several actual case applications. The paper also discusses features of the redesigned version of the model introduced in 2003. Finally, the author suggests that organisations can determine optimal levels of alternative workplace strategy applications, and that additional research and case studies using the Cost per Person Model can help form the basis for an understanding of how today’s organisations provide workplace services in a knowledge‐based work environment.
Benchmarking: Strategies for gauging operational performance
Authors: Padavano Kurt R.
Published: June 2007

Benchmarking is a tool for analysing a property or portfolio performance against its peers. This paper outlines some of the central components of benchmarking and demonstrates how benchmarking can bring perspective to operating expenses and ultimately positively affect the valuation of a property. Careful benchmarking of operating expenses can reveal much about the value of investment properties and help to identify opportunities to create value or enhance the value of an asset. Examples illustrate how the value of a given asset can vary dramatically, with even small percentage changes in operating expenses. Such information, in turn, provides the basis for facility and asset management decisions, ranging from estimating budgets to planning capital expenditures for upgrades or improvements. Benchmarking can also enable detailed comparative analysis, which in turn, can assist in identifying areas for improving operations and management by trimming costs or adjusting service levels.
High‐performance facilities engineering: Preparing the team for the sustainable workplace
Authors: Putnam Cynthia , Price Stan
Published: June 2007

Rising energy costs, mould remediation and ‘greening up’ the workplace are among the many new challenges facing today’s organisation. Where does management turn for solutions? In most organisations, it is the facilities management (FM) department and, for many, this the best place to look, because a skilled engineering group can be the organisation’s greatest asset for addressing energy consumption, peak load management, indoor air quality and greening of the building. How can organisations get on the path to accessing their FM engineering group more effectively? It begins with workforce skill assessment, followed by an organisational commitment to effective, lasting training. This paper is for middle and upperlevel managers seeking to prepare their FM departments for the sustainable workplace. Topics include a review of operation and maintenance (O&M) best practices for energy efficiency, an assessment of the O&M workforce within the facilities department, and a summary of the competency areas for improved O&M practices. Readers will become familiar with the critical elements of an O&M programme aimed at reducing utility costs as well as the workforce competencies necessary to implement such a programme. The results promise good return on the organisation’s investment as well as enhanced stature for the FM department.
Collaboration in infrastructure services in regional retail centres: Value‐added contribution of facilities management at the Birmingham Bullring
Authors: Cant Michael
Published: June 2007

The original Bullring complex opened in Birmingham, UK, in 1960 and was the first covered retail centre in Europe. It heralded a new approach not just to shopping but also to citycentre life and development. Little was understood at that time of the wide‐ranging effects of a move towards this model, and in its declining years the complex was all too real an illustration of some of the disadvantages of the initial vision. The Birmingham Alliance, comprising three major international property developers/investors, Birmingham City Council and numerous stakeholders, brought together their respective citycentre property holdings and interests, and worked together to create an exciting new vision of a city centre for the 21st century, a vision which would once again place the Bullring in the vanguard of urban renewal. This paper considers the story of the new Bullring and the role that the facilities management (FM) approach has played in the success of the development to illustrate the way that infrastructure services for the complex can add strategic value rather than use up operational cost. It discusses four important challenges that the FM sector will need to address and resolve if the profession is to secure its position as a strategic value‐added contributor to developers and investors in the global retail sector. Finally, it summarises a framework for the future management of regional shopping centres and the role of FM services within this sector.
The impact of radio frequency identification on supply chain facilities
Authors: Twist David C.
Published: June 2007

Radio frequency identification or RFID has received much press of late, mainly due to the recent compliance mandates by many of the world’s largest retailers (Wal‐Mart, Tesco, Marks and Spencer, Target, etc.) and Gillette’s reported purchase of 500 million units last year. The technology has been proclaimed to ‘lead to an entirely new relationship between people and things’ (J. D. Markman, ‘Invest in the Greatest Thing since the Bar Code’, MSN Money ‐ SuperModels, 25th June, 2003; http:// moneycentral.msn.com/content/P50823.asp). Others have said ‘we think it will be bigger than the Internet. All the Web did was connect computers to computers. That’s not as big as connecting things to computers’ (M. Roberti, publisher of RFID Journal, in interview with Markman, above). Promoters describe a supply chain where all assets are in perfect visibility through production, distribution, retail and consumption. According to one analyst, the world will need about half the warehouse space it needs today (P. Jilek, ‘Corporate Sector Focus, A Killer App?’ CSFB Investment Strategy, 17th June, 2003). This paper introduces RFID technology and its potential implications. Although the technology is compelling, there are serious nearterm challenges. Finally, the paper looks at the impact RFID could have on supply chain facilities and the future demand for industrial real estate.
A Six Sigma quality approach to workplace evaluation
Authors: O’Neill Michael , Duvall Cheryl
Published: June 2007

This paper reviews post‐occupancy evaluation (POE) research methods and discusses how these methods can be deployed within the context of a Six Sigma quality framework. The paper outlines the importance of conducting POEs to support the creation and management of optimal spaces for office workers. The authors review a variety of existing POE approaches and discuss their approach to using POEs as part of an ongoing quality framework. The results of a pilot programme using their approach, and application of these POE and quality tools, are discussed in this paper.
The life‐cycle audit: A way to understand and communicate the need for facility reinvestment
Authors: Oschrin Jay
Published: June 2007

A life‐cycle audit is a multifaceted tool which helps facilities managers achieve a variety of goals. A life‐cycle audit produces a comprehensive, detailed summary of immediate facilities needs. It also helps facilities managers forecast their needs 20 years into the future, and it helps them make a much more persuasive case for facilities reinvestment. As such, it is a compelling, cost‐effective alternative to traditional facilities inspections.
Significantly reducing facility maintenance costs through innovative custodial safety
Authors: Campbell Jeffery L.
Published: June 2007

According to the US National Safety Council (NSC), in 2001 there were 1,537,600 injuries and illnesses reported for all work occupations in America. The National Safety Council estimated that these work injuries and related costs totalled more than US$132bn annually, with an average cost of US$85,848 per injury or illness. According to the Bureau of Labor Statistics, janitors and cleaners have the fifth highest occupational injury and illnesses rate in the US. In 2001, janitors and cleaners reported 52,600 injuries or illnesses, with more than 38,600 of these injuries requiring time away from work. Custodial accidents and illnesses are costing more than US$4.5bn each year. Custodial costs have a dramatic effect on large organisations. Boeing in Seattle, Washington, and Sandia National Laboratories in Albuquerque, New Mexico, were the focus of a research study conducted by Brigham Young University Facilities Management faculty and students in 2003. A new cleaning approach called OS1 (Operating System One) was developed by ManageMen, a custodial consulting company. Boeing and Sandia implemented the OS1 system over several years. The research compared pre‐OS1 custodial recordable accidents, incidents and lost work days with post‐OS1 implementation accidents, incidents and lost work days. The findings, presented in this paper, show that, with the implementation of OS1, recordable accidents and lost work days were significantly reduced, with some reductions as high as 90 per cent. The study also showed a significant reduction in overall custodial operating costs.
Evaluating the effectiveness of utility privatization effortsThe views expressed in this paper are those of the author and do not reflect the official policy or position of the United States Air Force, Department of Defense, or United States Government.
Authors: Braziel Carlos , Thal Alfred E. , Weir Jeffrey D.
Published: June 2007

Purpose

Government‐owned utility systems at many locations are old, obsolete, and unreliable. Replacement of these systems has become more technically and operationally complex, thereby making them more difficult for personnel to operate and maintain. In response, some governmental agencies are conveying ownership of these systems to the private sector through utility privatization as a way to efficiently operate and upgrade them. For utility privatization to be successful though, independent audits are necessary to ensure desired quantitative and qualitative factors are balanced. The purpose of this paper is to address this issue.

Design/methodology/approach

The paper explains how the value‐focused thinking (VFT) methodology was used to develop a multi‐objective decision analysis (MODA) model to determine the effectiveness of utility privatization efforts.

Findings

The VFT MODA model was determined to be a suitable tool to evaluate a complex decision problem such as utility system evaluation. The model captured 28 values and 47 measures relating to utility privatization program's objective of improving the overall quality, reliability, and responsiveness of utility systems.

Research limitations/implications

The VFT MODA model lacks real‐world data for evaluation, senior leader stakeholder input and a value and measure to evaluate energy efficiency.

Practical implications

The paper provides organizations faced with utility privatization decisions with an effective decision‐analysis tool.

Originality/value

The paper explores the first documented use of VFT to assist organizations and governments in providing insight into the performance of its privatized utility systems.
Successful distributed work arrangements: a developmental approach
Authors: Roper Kathy O. , Ha Kim Jun
Published: June 2007

Purpose

To provide understanding in developing high‐performance distributed work arrangements (DWA), suggestions for an evaluation framework for analysis of DWA options, and to discuss the expected role of facility management (FM) in DWA.

Design/methodology/approach

A self‐evaluation table was developed to provide an example of how to assess the potential appropriateness for establishing DWA within an organization. Additionally, relevant attributes demonstrating an organization's level of appropriateness toward DWA are evaluated.

Findings

The best decisions regarding DWA have major impacts to an organization's resources and productivity, and can be aided by critical analysis of more complex factors and attributes to gain insight into these important decision‐making processes. FM support is critical to this decision making.

Research limitations/implications

This paper only shows a simple interdependency typology among factors and the importance of possible levels of relevant attributes toward the level of DWA successfulness. Since, a causal relationship between DWA attributes and the success of DWA is expected, there is a need for further research focusing on the exact relationship by manipulating independent variables and observing dependent variables such as DWA successfulness.

Practical implications

Improved decision making for FM in support of organizational objectives and within existing resources will enable FM to improve their value to an organization with this analysis tool.

Originality/value

A unique approach to evaluation of four key factors, correlated with eight attributes of the organization provide a customizable analysis tool to aid FM in bringing valuable decision making to their organization regarding distributed workplace arrangements.
Accounting for transferring financial assets
Authors: Niu Flora
Published: June 2007

Purpose

This study examines the stock market valuation of securitization gains reported by using the financial‐components approach under FAS125 (Accounting for Transfers and Servicing of Financial Assets and Extinguishment of Liabilities).

Design/methodology/approach

Based on a sample of US securitizing firms for the period from 1993 to 2000, I conduct two analyses to examine the extent to which the securitization gains reported under FAS125 are reflected in the stock market valuation.

Findings

The paper finds that the reported gains are positively associated with the stock returns, suggesting that the reported gains are perceived to be value relevant, and that investors appear to use gains in the same manner as they use other earnings information. In addition, it is found that the association between returns and securitization earnings is stronger in the post‐FAS125 period than in the pre‐FAS125 period, suggesting that the financial‐components approach improves the capacity of reported financial statement information to explain stock returns when compared with pre‐FAS125 regulations.

Research limitations/implications

The results of this study should be helpful to standard setters who continue to apply the financial‐components approach for securitizations and for other transactions involving financial instruments.
Creating complex health improvement programs as mindful organizations
Authors: Michele Issel L. , Narasimha Kusuma M.
Published: June 2007

Purpose

The purpose of this paper is to identify ways for organizationally complex, community‐based health improvement initiatives to avoid “failures” with regard to client outcomes.

Design/methodology/approach

Organizational research on errors, failures and high reliability organizations led Weick and Sutcliffe to articulate five strategies for organizational mindfulness: preoccupation with failure, reluctance to simplify, sensitivity to operations, commitment to resilience, and deference to expertise. Using this framework, one US federally funded health initiative to reduce infant mortality and pre‐term birth and a corresponding locally implemented program are analyzed. Experience with both over a five year period is the basis for this case study.

Findings

Mindlessness actions were found to occur at both the federal and local levels, despite the possibility of enacting mindfulness strategies at federal and local levels.

Practice implications

To create health care initiatives and programs in ways that prevent disastrous outcomes, such as infant death and preterm births, can be achieved through application of the mindfulness strategies.

Originality/value

The evidence‐based approach of organizational mindfulness previously has not been applied to health programs. Yet, this analysis demonstrates its usefulness in identifying ways in which these semi‐autonomous organizations could avoid “failures” for their program clients.
Back to the future in NHS reform
Authors: Warwick Philip
Published: June 2007

Purpose

In the mid 1990s the NHS “did” competition, in the mid 2000s the NHS is “doing” choice. This paper aims to cut through the rhetoric, highlight the differences and parallels between then and now and identify if these differences will have a different or the same impact on local services.

Design/methodology/approach

Following a review of literature from the 1990s, a qualitative research study is used to examine the impact of competition and markets in the 1990s. The discussion examines the implications of this study for current system reform.

Findings

Patient choice recreates many of the features of the internal market, but despite concerns at the time, the internal market did not have a significant impact on services. It is likely that patient choice will similarly have a limited impact.

Research limitations/implications

The research is a case study confined to Day Surgery in one part of the North of England.

Originality/value

The paper reminds academics and practitioners what happened last time the NHS attempted to introduce a market‐based system.
Why sexual health promotion misses its audience
Authors: Lee Hugh
Published: June 2007

Purpose

Sexual health promotion aimed at men who have sex with men (MSM) is not achieving its objective of reducing the incidence of new infections of sexually transmitted diseases, notably HIV/AIDS, in the MSM population. The paper aims to raise awareness of possible unintended consequences when using visual culture and advertising techniques in the field of sexual (and other) health promotion and public health messages.

Design/methodology/approach

Using critical textual analysis and drawing on visual culture methodology the approach is to critique current practice and suggest alternative ways to approach gay men's sexual health which are not predicated on a “model” gay man.

Findings

Men who have sex with men (MSM) are constructed through sexual health promotion (SHP) literature as young, hedonistic and irrational which may serve to distance the very audience it seeks to attract and address. What may at first appear to be a targeted and helpful initiative to raise awareness may inadvertently have the simultaneous and unanticipated effect of “selling” unsafe sex rather than promoting safe sex. This is because, first, the use of sexual imagery designed to attract attention works in unanticipated ways. Second, MSM are constructed through the images and language used in ways that may be at best unhelpful and potentially quite harmful.

Research limitations/implications

There are many different approaches and interventions in this field and the criticisms here may not be applicable to many of the other sources of health promotion awareness campaigns. Future research could certainly be conducted in other fields of health promotion and public health issues such as obesity, drug and alcohol abuse and smoking cessation.

Practical implications

Health promotion practice should beware of depicting their audience in stereotypical ways. MSM could be constructed far more positively as role models to be followed instead of bad examples to be avoided.

Originality/value

The methodology is new to this field and the findings provide an original basis for criticism of advertising techniques which have until now formed the basis of this type of public awareness‐raising.
Outsourcing in private healthcare organisations: a Greek perspective
Authors: Moschuris Socrates J. , Kondylis Michael N.
Published: June 2007

Purpose

The purpose of this paper is to present a study carried out to investigate the extent of outsourcing, the decision‐making process, the impact of outsourcing, and the future trend of outsourcing in private healthcare organisations in Greece.

Design/methodology/approach

A survey instrument was designed and mailed to a random sample of 100 private healthcare organisations in Greece. A total of 25 usable questionnaires were received, representing a response rate of 25 percent. The survey instrument focused on the extent to which private healthcare organisations outsource services, the decision‐making process for choosing an external service provider, the impact of outsourcing, and the future trend of outsourcing.

Findings

Private healthcare organisations in Greece outsource a variety of activities. Cost savings, customisation, and customer satisfaction are the main factors affecting the outsourcing decision. The cooperation with a contract service provider has led to an improvement in customer satisfaction and to a cost reduction. Most users are highly satisfied with the performance of these companies and believe that there will be a future increase in the usage of these services.

Practical implications

The paper provides a framework regarding outsourcing in private healthcare organisations.

Originality/value

This research fills the gap in the area of outsourcing in private healthcare organisations in Greece.
Peri‐urban and urban forests in Greece: obstacle or advantage to urban development?
Authors: Christopoulou Olga , Polyzos Serafeim , Minetos Dionissios
Published: June 2007

Purpose

The purpose of this paper is to investigate the importance of peri‐urban forests to the process of urban growth. The article aims at providing a brief description of peri‐urban forests' contribution to the improvement of people's prosperity in urban centres by means of reducing the negative effects due to urbanisation and improving the standard of living. Design/methodology/approach – The article adopts a descriptive approach and not a specific methodology. It focuses on providing a general review about the usefulness of peri‐urban forests in relation to urban development. In addition, there are presented figures about the number of peri‐urban forests in Greece as well as forest management issues. Findings – The environmental importance of peri‐urban forests is highlighted as well as their contribution to the reduction of soil erosion and the protection of inhabited areas. It also presents their importance to social growth and to the change in land prices in areas adjacent to peri‐urban forests. Practical implications – The appointment of the usefulness of peri‐urban forests for the improvement of the standard of living in urban regions can influence peri‐urban forests' preservation and protection perspectives. Originality/value – This paper provides a general review of the points of view concerning the importance of peri‐urban forests for urban development and the difficulties in managing and protecting them related to administrative and institutional issues in Greece.
Public participation in China: sustainable urbanization and governance
Authors: Enserink Bert , Koppenjan Joop
Published: June 2007

Purpose– The purpose of this research is to focus on the governance aspects of China's environmental policy making and the conditions for meaningful public participation in sustainable urbanization policy making. China is facing a big urbanization challenge. Rapid economic growth and inefficient use of natural resources lead to excessive pollution and rapid depletion of China's natural resources. Water scarcity, especially in the north‐eastern part of the country, already is a big problem. The Chinese government has formulated policies and legislation to protect the environment and to produce a more sustainable growth, but implementation is lagging. Moreover, rapid modernization of Chinese society also led to first experiments with the organization of public hearings on environmental issues.Design/methodology/approach– Literature is presented on governance and public participation in environmental policy making supplemented with material from case study research and expert meetings in China.Findings– The findings show the interrelatedness of environmental governance and public participation, which leads to policy recommendations for public participation in sustainable urbanization processes.Originality/value– This paper highlights the potential environmental gains through public participation in sustainable urbanization strategy policy in China.
A review of the assessment of biodiversity in forest ecosystems
Authors: Spanos K.A. , Feest A.
Published: June 2007

Purpose

The purpose of this paper is to give a general description and analysis of the key factors important for forest biodiversity, and to show the development of a strategy for choosing an indicator methodology for assessment of forest biodiversity. Different biodiversity indicator schemes (methodologies) have been developed recently and all should be capable of being adapted to the specific objectives of biodiversity assessment and to the forest types concerned.

Design/methodology/approach

A forest ecosystem comprises three main components: structure (e.g. physical characteristics); composition (e.g. number and population of species); and function (e.g. evapo‐transpiration) and it is upon these characteristics that forest biodiversity is based and determined. Forest ecosystems can therefore be characterised by key factors (parameters) which are important for the development of indicators and evaluation of biodiversity.

Findings

The key factors can be grouped or classified according to major ecosystem components and also according to spatial scale (national, regional, landscape and stand level). Selected indicators are the tools that can be used to assess the size/or level and quality of forest biodiversity.

Originality/value

Biodiversity key factors and indicators are crucial for studying and monitoring forest biodiversity.
Thoughts on the “scientific method”: part 1 – ignorance through inconsistency
Authors: Powers Michael R.
Published: June 2007

Purpose

In this two‐part series, the editorial aims to consider the role of the “scientific method” in human understanding, questioning both its consistency in actual practice and its reasonableness as a philosophy of action.

Design/methodology/approach

In Part 1, the editorial provides a generic description of the “scientific method” and identifies a number of inconsistencies in the way it is applied.

Findings

In Part 1, it is argued that inconsistencies in applying the “scientific method” may lead researchers to ignore important phenomena.

Originality/value

The two‐part series challenges certain aspects of the “scientific method” as employed in the practice of modern science.
Weekly volatility forecasts with applications to risk management
Authors: McMillan David G. , Speight Alan E.H.
Published: June 2007

Purpose

In this paper weekly volatility forecasts are considered with applications to risk management; in particular hedge ratios and VaR calculations, with the aim of identifying the most appropriate model for risk management practice.

Design/methodology/approach

The study considers a variety of models, including those typically employed within the risk management industry, such as averaging and smoothing techniques, as well as those favored in academic circles, such as the GARCH genre of models, and a more recent realized volatility approach which incorporates both the simplicity in construction favored by the finance industry and the flexibility and theoretical underpinnings recommended by academics.

Findings

The results support the view that this realized volatility measure provides not only superior volatility forecastsper se, but also allows for improved hedge ratio and VaR calculations.

Practical implications

The research findings carry practical implications for the conduct of risk management, namely that volatility forecasts are best obtained using the realized volatility approach.

Originality/value

It is therefore proposed that a future direction for risk management practice may be to utilize such measures, while more generally it is hoped that such approaches may improve the cross‐fertilization of ideas and practice between the academic and practitioner communities.
Hedge fund performance and managerial social capital
Authors: Mat Isa Rosmah , Ameer Rashid
Published: June 2007

Purpose

This article seeks to explain and empirically test the relationship between managerial social capital and hedge fund performance.

Design/methodology/approach

This article uses a capital asset pricing model (CAPM)‐style five factor model to estimate excess returns for the top 25 hedge funds.

Findings

The results show that hedge funds managers with more affiliation diversity have higher annualised rate of return. This result seems to suggest managers with more social networks and affiliation have access to market niche of wealthy investors to increase their investor base. Hedge fund managers' prior skills sets and repertoire of knowledge significantly influence their risk taking attitude.

Research limitations/implications

The sample consists of the top 25 hedge funds.

Originality/value

The article discusses the role and implications of managerial social capital in hedge fund marketing and performance.
Preliminary steps to establishing research analyst independence
Authors: Winer Samuel J. , Kroll Amy N.
Published: June 2007

On December 20, 2002, the Securities and Exchange Commission (“SEC”), the National Association of Securities Dealers (“NASD”), the New York Stock Exchange (“NYSE”), the New York Attorney General, and the North American Securities Administrators Association (“NASAA”) announced their Global Settlement resolving investigations at 10 large integrated securities firms into business practices involving equity research analysts. The 10 firms agreed to pay over $1.4 billion in fines and to overhaul the way in which they prepare, review, and issue equity research. These firms also agreed to change significantly the way that equity research analysts interact with other business groups, in particular investment banking. These efforts are intended to eliminate practices that were alleged to have undermined the integrity and independence of equity research produced at those firms. Most securities firms that were not parties to the settlement, and that both issue equity research and provide investment banking services, are likely to establish supervisory procedures designed to honor the spirit of the Global Settlement. Regulators, however, have not yet provided clarity as to what they will require of firms not party to the Global Settlement. Furthermore, the NYSE and NASD have proposed amendments to their existing rules addressing research‐analyst independence that will, if adopted, expand the universe of firms that need to address potential conflicts of interest of the research function to include all firms that issue research, not only those that both issue research and provide investment banking services. The proposed amendments also will expand the definition of research, which could further extend the reach of the NYSE and NASD rules. This article will attempt to provide general guidance in two of the areas addressed in the Global Settlement and in the NYSE and NASD rules and proposed amendments to those rules: (1) the separation of the equity research department from other firm functions, and (2) the compensation of equity research analysts. Please note, however, that in this time of regulatory change, even this summary guidance quickly could become obsolete once the regulators finalize their rulemaking efforts in this area.
The fair valuation mess
Authors: Freeman David F.
Published: June 2007

Investment funds use actual trading market prices to value their portfolio investments where possible and “fair valuations” (estimated values) when actual market prices are not available. The methods used to “fair value” portfolios recently have come under scrutiny. SEC inquiries and enforcement actions and shareholder lawsuits have revealed significant problems in the ways in which fair valuations of the portfolios of investment companies, as well as private investment funds are conducted. Congress and academic commentators are beginning to question fund valuation methods. Despite the importance of the issue to investors, there is little uniformity of practice among funds, no generally accepted means to conduct fair valuations, and little disclosure by funds of the methods by which fair valuations are conducted, who conducts them, when they are conducted, or how much fair valuation affects portfolio or unit valuations. The SEC has never conducted a public study or rulemaking, or issued a significant report on fair value practices. Instead, it is the stuff of a pair of short, 30‐year‐old SEC accounting bulletins and a few cryptic references in periodic revisions to Form N‐1A. Yet, in a letter the SEC staff sent to the Investment Company Institute (ICI) in April 2001, the SEC staff dramatically expanded the use of fair value pricing for use with securities for which actual trading market prices are available.
The new face of money laundering
Authors: Baldwin Greg
Published: June 2007

According to legend, the fall of Troy was accomplished by a clever ruse. After 10 years of unsuccessfully dashing themselves against the impregnable walls of Troy, the Greeks pretended to give up and sail away from the besieged City, leaving behind a giant, hollow wooden horse. The Trojans, considering the wooden horse to be symbolic of their hard‐earned victory, demolished the walls that had protected them for so long and triumphantly wheeled the horse inside their city. Only a handful of the jubilant Trojans suspected that there might be something wrong. One of them, supposedly the high priest, is said to have muttered the memorable phrase as the horse was pushed and dragged into Troy, “Whatever that thing is, I fear the Greeks bearing gifts.” Fateful and prescient words. That night, as the reveling Trojans slept, Greek soldiers poured out of the hollow wooden horse and the fall of Troy was at long last accomplished. The modern world has its counterpart to the lesson of Troy: money laundering. And the results can be equally as devastating to the modern business person: loss of reputation, draconian fines, bankruptcy, imprisonment. Once let a money launderer, the modern equivalent of the Trojan Horse, into a business without heeding the warning to “fear the Greeks bearing gifts” and this can be the result. It is not so long ago that money laundering was relatively easy to recognize. It involved scruffy looking characters delivering hordes of cash in cardboard boxes, paper shopping bags, duffel bags, suitcases and the like. More often than not, the delivery persons had not even counted the hundreds of thousands of dollars in cash they were delivering. Receipts never were expected. A classic example is the Miami bank in which over $242 million in cash was deposited into one checking account in one branch in the space of eight months, all in cash and all delivered to the bank in precisely the manner just described. In that case, the cash poured in so quickly that the bank itself limited the amount of cash it would accept ‐ to no more than $2 million per day.
A primer on private placements and achieving liquidity in cross‐border offerings
Authors: Lander Guy P.
Published: June 2007

The private placement is the principal alternative method of financing to an SEC registered offering. The private placement avoids registration under the Securities Act of 1933 (the “Securities Act”) with its concomitant costs and delays. It also avoids periodic reporting under the Securities Exchange Act of 1934 (the “Exchange Act”) for foreign private issuers. Issuers frequently resell their private placement securities abroad or to other qualified institutional investors. The combination of statutory exemptions, Rule 144A, Regulation S, and other SEC initiatives enable issuers to take advantage of these benefits