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While most scholarship in the sociology of insurance has focused on the making of insurance risk by investigating mechanisms of pooling and spreading, this article examines insurers' management of financial uncertainty. Based on a large corpus of written sources and 44 semi-structured oral history interviews, this article seeks to describe and explain a shift in how financial uncertainty is dealt with in British life insurance, away from traditional multipolar arrangements revolving around actuarial prudence and discretion, towards bipolar arrangements that rely on explicit risk quantification and the logic of risk-based capital to "individualise" financial risk. The article identifies two factors that were key in bringing about this shift: first, the competitive dynamics that unfolded with the emergence of challenger "unit-linked" insurers in the 1960s, and, second, changes in the professional ecology, as manifested by the changing relations between the actuarial profession and insurance supervisors., (© 2020 The Authors. The British Journal of Sociology published by John Wiley & Sons Ltd on behalf of London School of Economics and Political Science.)

This study aims to examine how the climate affects the behaviour of the stock market. To achieve this, we have drawn on daily data from Jan 2005 to Jan 31, 2023 and several environmental factors (e.g., temperature, humidity, cloud cover and visibility) to account for extreme weather conditions using the 21-day moving average and its standard deviation. The empirical analysis has revealed three key findings regarding the impact of weather on the stock market's behaviour. First, various forms of extreme weather conditions consistently lead to influence stock behaviour. Second, results provide valuable insights into market behaviour and help investors to make more informed investment decisions. Third, the weather conditions have new information about the climate risk and investors should react to it swiftly in light of our findings. The saliency theory can help reconcile the theoretical conflicts between the real options and risk-shifting theories when it comes to investing in uncertain and extreme climate conditions., Competing Interests: Declaration of competing interest The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper., (Copyright © 2024 The Authors. Published by Elsevier Ltd.. All rights reserved.)

This paper discusses race, racialisation and whiteness in relation to Eastern European migrants living in Western Europe. Focusing on Poles in the UK, it examines both Polish migrants' experiences of racism as well as their own investment into racial exclusions of other racialised groups. The paper interrogates how migrants navigate their peripheral whiteness in broader racial hierarchies of Eastern European in-betweenness that are both historically rooted and constantly negotiated. Benefitting from relatively easy access to the UK, Polish migrants occupy at once a racially privileged and racially marginal position that echoes historical tensions around the place of Eastern Europe in wider racial hierarchies of Europeanness. While being white enough to engage in racial exclusions Eastern Europeans are at the same time not white enough to escape racialisation. Drawing on semi-structured interviews with Poles in the UK conducted between 2019–2020 the paper offers insight into complex racialising practices of Polish migrants when they are both racialised and able to benefit from their position as 'paler migrants' to distance themselves from other migrants as well as 'darker citizens'. It contributes to scholarship on racialisation of East–West movers within Europe, in-betweenness and whiteness. [ABSTRACT FROM AUTHOR]

The global financial markets suffered unprecedented shocks, leading to significantly increased uncertainty in the markets due to various economic and financial recessions and geopolitical tensions, resulting in substantial fluctuations in market prices. Therefore, this paper aims to identify the response of the clean energy, conventional energy, and food markets to economic uncertainty and political tension while considering the influence of numerous crises and political conflicts. To achieve this, we employ the DCC-GARCH-based connectedness approach and the quantile-on-quantile model on monthly data spanning from May 2008 to June 2023. The results provide evidence of the sensitivity of dynamic volatility spillovers between financial assets to GEPU and GPR during major economic and financial crises and geopolitical events. Notably, this sensitivity increases significantly during the global financial crisis (GFC), the European debt crisis, Brexit, the US presidential election, the COVID-19 pandemic, and the Russian-Ukrainian war. However, the investigation of the tail dependence structure reveals that the relationship between uncertainties and total volatility connectedness across various market conditions appears to be asymmetric and heterogeneous. Our findings assist policymakers and green investors in designing the most effective policies to mitigate the impact of uncertainties on both conventional and green investments. This is achieved through insightful knowledge about the primary drivers of contagion among these indices, all while not compromising sustainability goals., (© 2023. The Author(s), under exclusive licence to Springer-Verlag GmbH Germany, part of Springer Nature.)

This paper empirically examines the key factors driving UK direct investment in the Spanish regions over the period 2000–2016 and, consequently, tries to unveil its main motivation. Applying a spatial Durbin panel model to capture spatial linkages, the results point to the existence of complementarity between the FDI received by a region and that of the remaining ones. This outcome, along with a positive and statistically significant spillover effect of market potential, reveals that complex‐vertical FDI motivation with agglomeration economies prevails among UK MNEs investing in Spain. Additionally, our findings unveil the role played by some other FDI drivers, such as wages and infrastructure. Furthermore, the paper is unique in decomposing the average direct and spillover effects by region and pairs of regions, so that remarkable differences can be identified. This breakdown has strong significance from a policy perspective since it can guide regional policy makers. In short, our findings point out to the fact that FDI policy should be jointly designed by those regions presenting strong bilateral spillover effects. Thus, greater cooperation among policy makers would be welcome. [ABSTRACT FROM AUTHOR]

This paper examines lenders' perceptions of motivations and risks in p2p lending and how these are related to cross-border activity. We use survey methodology to collect responses to a detailed questionnaire sent to p2p lending platforms' users (lenders) across Europe, allowing us to differentiate between the UK and the rest of the EU (pre-brexit). Results show that UK respondents seem to care more about higher returns and less about interest/excitement when investing via p2p lending, when compared with non-UK respondents. We also find that all risks are perceived to be lower in the case of the UK respondents, a strong indication of higher levels of trust on the entire industry in the UK. On cross-border activity, we find that non-UK respondents are much more willing to invest abroad when compared with their UK counterparts. We also find that p2p lenders who wish to diversify their portfolios prefer to invest through foreign platforms rather than investing in foreign projects that are offered by their own domestic platforms. Our results have important implications for all p2p lending stakeholders, including fundraisers and regulators. [ABSTRACT FROM AUTHOR]

What caused the recovery from the British Great Depression? A leading explanation – the 'expectations channel' – suggests that a shift in expected inflation lowered real interest rates and stimulated consumption and investment. However, few studies have measured, or tested the economic consequences of, inflation expectations. In this paper, we collect high‐frequency information from primary and secondary sources to measure expected inflation in the United Kingdom between the wars. A high‐frequency vector autoregression suggests that inflation expectations were an important source of the early stages of economic recovery in interwar Britain. [ABSTRACT FROM AUTHOR]

Higher education institutions (HEI) have undergone fundamental changes driven by ICT developments, globalisation, and the advent of socio-constructivist pedagogic approaches. As a result, within the UK, capital investment in new and retrofitted facilities has reached a record expenditure. Recent research on user-related evaluations of facilities, particularly in HEI learning spaces, highlights the prevalence of evaluations dominated by reductionist approaches focused on measuring outcomes, on users, such as satisfaction, learning outcomes or engagement. These approaches have a major pitfall, neglecting the complexity of the dynamic relationships between people, spaces, technology, institutional structure and pedagogic practices. In response, this paper aims to propose a shift on current approaches by exploring the application of sociotechnical systems theory to learning space design and evaluation. Amid these, it is argued that Cognitive Work Analysis (CWA) offers promising alternatives to inform design and management of higher education learning spaces. Finally, within the paper, three CWA interventions are proposed and discussed, focusing on how these address previously identified shortcomings of predominant approaches used in HEI learning space design and evaluation. [ABSTRACT FROM AUTHOR]

Purpose: Focussing on the UK's institutional real estate universe, this paper analyses variations in the operational management of real estate investment portfolios. For the main categories of institutional investors, the key tasks in real estate operational management, and the ways in which these tasks are typically bundled and categorised by investment managers are reviewed. Three broad operational management models are outlined. Case studies of real estate operational management models in practice are discussed. Design/methodology/approach: The research approach is primarily descriptive, drawing upon illustrative investor case studies. Findings: A range of operating models are identified for managing real estate investment portfolios. Specialists real estate investors tend to have highly vertically integrated operating models viewing most operational management functions as core operational capabilities. Multi-asset owners tend to have a vertically disintegrated operating model outsourcing fund, asset, property and facilities management. Investing institutions such as fund houses and specialist real estate investment advisors seem to have converged upon a common hybrid operating model with high margin, analytical functions such as fund and asset management being insourced and low margin, routine functions such as property and facilities management being outsourced. Originality/value: Despite the size of the global, institutional real estate investment universe (estimated by DTZ to be worth more than USD 13.6 trillion in 2015), the topic of how (and how effectively) these assets are managed by institutional investors has attracted very little attention from the real estate research community. This paper provides some initial analysis and insights into operational management models for real estate investment portfolios in the contemporary real estate investment management landscape. [ABSTRACT FROM AUTHOR]

Policymakers are liable to 'treasure what is measured' and overlook phenomena that are not. In an era of increased reliance on administrative data, existing policies also often determine what is measured in the first place. We explore this two-way interaction between measurement and policy in the context of the investment incomes and capital gains that are missing from the UK's official income statistics. We show that these 'missing incomes' change the established picture of economic inequality over the past decade, revealing rising top income shares during the period of austerity. The underestimation of these forms of income in official statistics has hidden the impact of tax policies that disproportionately benefit the wealthiest. We urge a renewed focus on how policy affects and is affected by measurement. [ABSTRACT FROM AUTHOR]

Only half of investment by firms is in physical capital, such as buildings and machinery. The other half is in intangible assets, such as branding, software and training. This has been true for the past two decades or more in the UK, but only if you step beyond the measures in the National Accounts, which include only some of the recognised intangible assets. This paper surveys ongoing work at the Office for National Statistics to develop measures of investment in intangible assets, using new insights and innovative approaches. In particular, this paper reviews developments in three areas: in-house branding investments, employer-funded training investments, and in-house investments in organisational capital. We reconsider some of the key assumptions made in the literature and propose alternative approaches to measurement. The paper concludes by considering implications of this work, and identifies some of the remaining gaps in the evidence base for measuring intangible assets. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to provide an update on how the 2018 energy efficiency legislation in the UK, Minimum Energy Efficiency Standards (MEES), is impacting upon the UK market with a particular emphasis on the investment market. Design/methodology/approach: This practice briefing is an overview of the 2018 legislation and comments on how market awareness has changed since its introduction and the potential impact upon prices of affected properties moving forward. Findings: This paper discusses how capital and rental values are beginning to be discounted in the market to allow for current and future liabilities under the MEES legislation. This has a significant impact on strategies for property investment. Practical implications: The role of the property professional is to ensure that clients are fully conversant with their statutory obligations and to advise on appropriate investment strategies to optimise their property portfolios. Originality/value: This paper provides insights on the requirements of MEES legislation to aid the property professional. [ABSTRACT FROM AUTHOR]

This paper examines lay-investment in financial markets (investment by members of the general public) as a practice performed by marketing knowledge. It follows the market studies programme to examine a problem that puzzles researchers in finance: Why do lay-investors remain in the market despite their poor returns? Using a qualitative study of lay-investors in the United Kingdom, it considers the devices, ‘agencements’ and discourses that structure investment behaviour. It uses Foucault’s writing on governance under neo-liberalism to suggest that investors are constituted as self-entrepreneurs, sustained by antagonism to professional investors, heterodox market beliefs and a consumer allegiance to investment styles and products. Marketing knowledge is inscribed in market devices and structures market relations. Finally, it suggests that self-discipline and confession are normalising technologies that help investors cope with difficulties and losses in the market. The paper develops theoretical linkages between the literatures of performativity and governmentality. [ABSTRACT FROM PUBLISHER]

Business investment is one of the most volatile components of demand. Whether or not tax policy can be used to boost investment is an age-old policy question. After documenting both how tax policy has changed since 1980 and the impact of these changes on the cost of capital, this paper investigates that question using a UK dataset. The paper shows that tax changes have had large impacts on the user cost of capital, but that estimates of the user cost elasticity imply quite small impacts on the long-run capital stock. Adopting an alternative experimental approach for the first time using UK data shows large impacts of taxation on investment in periods following the announcement of major reforms. [ABSTRACT FROM AUTHOR]

This paper seeks to explore whether firms that have received VC investment are subject to the same recessionary pressures as other small firms, or if receipt of VC incurs resilience to macroeconomic turbulence. It examines the survival and exit patterns of UK venture capital investments during the Great Recession of 2008-9, and compares these patterns to the dot-com boom and bust of 1999-2001. Using a dataset of over 5000 investments made by UK Venture Capital Trusts (VCT) from 1995-2009, the paper uses using Cox survival models to examine the impact of macroeconomic turbulence on duration of investment. The paper finds that in contrast to high exit rates during the dot-com period, firms receiving VCT investment were significantly been less likely to exit by failure or other means during the recession of 2008-9. [ABSTRACT FROM AUTHOR]

Prior studies provide evidence that both corporate governance and corporate investment efficiency affect corporate disclosure practice. In this paper, we examine their joint effect on disclosure. In particular, we examine whether corporate governance quality and corporate investment efficiency act as substitutes or complements in their impact on narrative disclosure. We collect disclosure scores from Lancaster University's Corporate Financial Information Environment (CFIE) website for a sample of non-financial UK companies for the period 2007--2014. We regress measures of corporate governance and corporate investment efficiency on two different proxies of disclosure practice (performance commentaries disclosure and the tone of narrative disclosure). Consistent with prior studies, we find that both governance and investment efficiency affect disclosure. We contribute to narrative disclosure studies in two crucial respects. First, we provide empirical evidence that governance and investment efficiency has a complementary effect on performance commentaries disclosure. Second, we contribute to the disclosure tone literature by providing empirical evidence that both governance and investment efficiency have a substitution effect on the tone of narrative disclosure. [ABSTRACT FROM AUTHOR]

This paper examines how internally generated cash is allocated for investment in unlisted firms in the post‐global financial crisis period. We estimate models using a panel data set from unlisted firms in the United Kingdom from 2009 to 2014. With the use of a commercially available credit rating and a widely used index in the literature to proxy for external financial constraints, the paper concludes that less financially constrained firms display a higher investment‐cash flow sensitivity. This association has been consistent across the post‐global financial crisis period. We find some evidence to suggest that investment inefficiencies reduce investment‐cash flow sensitivity, and this is intensified in the presence of external financial constraints. We extend the investment choice literature in the presence of financial constraints using evidence from unlisted firms. We also enhance the investment choice literature by incorporating the managerial entrenchment effect along with financial constraints. Provision of financial support for private entities is a crucial policy focus for any government. We call for policymakers to enhance microfinancing options for unlisted firms to reduce the impact from external financial frictions. [ABSTRACT FROM AUTHOR]

Purpose This paper aims to explore the increasing role of financialisation on investment decisions in the power generation industry in Great Britain (GB). Such decisions affect society, and the relative role of financialisation in these macro-levels decisions has not been explored from a historical perspective.Design/methodology/approach The paper draws on historical material and interview data. Specifically, we use an approach inspired by institutional sociology drawing on elements of Scott’s (2014) pillars of institutions. Applying concepts stemming from regulative and normative pressures, we explore changes in investments over the analysis period to determine forces which institutionalised practices – such as accounting – into investment in power generation.Findings Investments in electricity generation have different levels of public and private participation. However, the common logics that underpin such investment practices provide an important understanding of political-economics and institutional change in the UK. Thus, the heightened use of accounting in investment has been, to some extent, a contributory factor to the power supply problems now faced by the British public.Originality/value This paper contributes to prior literature on the effects of financialisation on society, adding power generation/energy supply to the many societal level issues already explored. It also provides brief but unique insights into the changing nature of the role of accounting in an industry sector over an extended timeframe. [ABSTRACT FROM AUTHOR]

Social impact bonds are payment by results contracts that leverage private social investment to cover the up-front expenditure associated with welfare services. The introduction of private principles and actors through outcome-based commissioning has received a great deal of attention in social policy research. However, there has been much less attention given to the introduction of private capital and its relation to more established forms of quasi-marketisation. This paper examines what effect private social investment has on outcome-based commissioning and whether the alternative forms of performance measurement and management, that social impact bonds bring to bear on service operations, demonstrate the capacity to engender: innovation in service delivery; improved social outcomes; future cost savings; and additionality. This paper draws on an in-depth study of four social impact bonds in the UK context, as the welfare regime at the vanguard of this policy development. The findings suggest that the introduction of private capital in outcome-based commissioning has had a number of unique and unintended effects on service providers, operations and outcomes. The paper concludes by considering whether social impact bonds represent a risk or an opportunity for public service reform both in the UK and further afield. [ABSTRACT FROM PUBLISHER]

Purpose: The purpose of this paper is to consider the role of political risk in real estate and to specifically examine the implications in Scotland of continuing uncertainty caused by political events. Design/methodology/approach: The primary research links the political timeline around the Scottish independence referendum in 2014 to time series of a combination of individual investment transactions, measures of sentiment from investment agents and yields. The analysis distinguishes between UK and overseas investors. Findings: The political risk over six years ebbed and flowed with the changing probability of constitutional change but ultimately it has been a cumulative dampener on investment in Scotland. An element of the political risk can be deemed to be specific risk linked to UK institutional fund mandates that stems from concerns about possible forced sales with independence. In addition political risk is in the eye of the beholder with overseas investors in Scotland unfazed by the prospects of independence. Practical implications: The short-term impact on investment of the Scottish "neverendum" is very similar to that for independence. The consequences are depressed investment and development that seem set to continue at least until the constitutional hiatus begins to be resolved. Originality/value: This is the first study to explicitly examine the impact of political uncertainty on the real estate sector. [ABSTRACT FROM AUTHOR]

Purpose The purpose of this paper is to quantify beta for an online gambling portfolio in the UK and investigates whether it is time-varying. It also examines the dynamic correlations of the online gambling portfolio with both the market and socially responsible portfolios. In addition, this paper documents the effect of important UK gambling legislation on the betas and correlations of the online gambling portfolio.Design/methodology/approach This study uses static and time-varying models (e.g. rolling regressions, multivariate GARCH models) to estimate betas and correlations for a portfolio of UK online gambling stocks.Findings This study finds that beta for the online gambling portfolio is less than 1, indicative of defensiveness toward the market, a result that is consistent with prior literature for sin stocks. In addition, the conditional correlation between the market and online gambling portfolio is small when compared to the correlation of the market and socially responsible portfolios. Findings suggest that the adoption of the Gambling Act 2005 increases the conditional correlation between the market and online gambling portfolio and it also increases the conditional betas for the online gambling portfolio.Research limitations/implications This paper serves as a starting point for future research on online gambling stocks. Going forward, studies can focus on the financial performance or accounting performance of online gambling stocks.Originality/value This empirical investigation provides insight into the risk characteristics of publicly listed online gambling companies in the UK. [ABSTRACT FROM AUTHOR]

In this paper we argue that new models of artists' royalties and performers' equity can form the basis of social impact funds in the arts. Following the principle that those who contribute value should own part of it, we model social impact funds using a "value creation" lens, starting with royalties, profit shares, and other rights granted to visual artists, performers, and playwrights (referred to collectively as "artists"). We draw on data from DACS, the United Kingdom manager of the Artist Resale Right (ARR) and copyright licensing, as well as Arts Council England. We build on case studies of the Artist Pension Trust and Olav Velthuis' suggestion of applying football (soccer) transfer fees to the arts, in order to argue for an artist-centric view of sustainable investing in the culture sector. This proposal complements cultural impact investing funds started by LISC and Upstart Co-Lab while creating more diversifiable, flexible, and artist-centric systems to address problems of risk and diversification of early-stage investment in creative work. [ABSTRACT FROM AUTHOR]

The financialisation literature has been criticised for its limited empirical base and its failure adequately to link the everyday world with that of high finance. The paper addresses these shortcomings by examining the calculative practice of property valuation. The way that valuations are performed affects their results and, therefore, the operation of the property market. The paper traces the evolving influence of finance capital on the valuation of commercial property in the UK by constructing a historiography of investment valuation since 1960. Traditional approaches to valuation have been increasingly challenged by those derived from financial economics. However, the former remains the dominant method for undertaking market valuation. Its grounding in comparison -- a centring and standardising process -- offers an explanation for some of the changes in the urban built environment that are ascribed to financialisation. This suggests that a more detailed and historically sensitive interpretation of financialisation is required. [ABSTRACT FROM AUTHOR]

Purpose: The purpose of this paper is to outline the "Hybrid" "International" Emergency Medicine (HIEM) programme, which is an ethical pathway for the recruitment, employment and training of Emergency Medicine doctors; with a rotation through the NHS on a two-year medical training initiative with a Tier 5 visa, "earn, learn and return" programme. The HIEM programme offers an advantage to the Tier 2 visa by combining training, education and employment resulting in new learning to help improve the health system in Nepal and provide continued cultural support, clinical and leadership development experience in the UK NHS. Finally, this programme also provides a Return on Investment to the NHS. Design/methodology/approach: A shortage of doctors in the UK, combined with a need to develop Emergency Medicine doctors in Nepal, led to a UK Emergency Medicine Physician (PS) to facilitate collaboration between UK/Nepal partners. A mapping exercise of the Royal College of Emergency Medicine curriculum with the competencies for the health system and quality improvement leaders and partners with patients produced a "HIEM programme". The HIEM programme aims to develop first-class doctors to study in Emergency Departments in the UK NHS while also building trainee capability to improve the health system in Nepal with a research thesis. Findings: The HIEM programme has 12 doctors on its programme across years one and two, with the first six doctors working in the UK NHS and progressing well. There are reports of high levels of satisfaction with the trainees in their transition from Nepal to the UK and the hospital is due to save £720,000 (after costs) over two years. Each trainee will earn £79,200 over two years which is enough to pay back the £16,000 cost for the course fees. Nepal as a country will benefit from the HIEM programme as each trainee will submit a health system improvement Thesis. Research limitations/implications: The HIEM programme is in its infancy as it is two years through a four-year programme. Further evaluation data are required to assess the full impact of this programme. In addition, the HIEM programme has only focussed on the development of one medical speciality which is Emergency Medicine. Further research is required to evaluate the impact of this model across other medical and surgical specialties. Practical implications: The HIEM programme has exciting potential to support International Medical Graduates undertake a planned programme of development while they study in the UK with a Tier 5 visa. IMGs require continuous support while in the UK and are required to demonstrate continued learning through continuous professional development (CPD). The HIEM programme offers an opportunity for this CPD learning to be structured, meaningful and progressive to enable new learning. There is also specific support to develop academic and research skills to undertake a thesis in an area that requires health system improvement in Nepal. Originality/value: This is the first time an integrated clinical, leadership, quality improvement and patient partnership model curriculum has been developed. The integrated nature of the curriculum saves precious time, money and resources. The integrated nature of this "hybrid" curriculum supports the development of an evidence-based approach to generating attitudes of collaboration, partnership and facilitation and team building in medical leadership with patient engagement. This "hybrid" model gives hope for the increased added value of the programme at a time of global austerity and challenges in healthcare. [ABSTRACT FROM AUTHOR]

Since 1988, when the current EU Cohesion Policy was introduced, it has played an influential role in setting priorities for policies aimed at dealing with the effects of European economic integration on regional and social disparities. Although, latterly, the amount of money spent in the UK through the European Structural and Investment Funds (ESIF) has declined, EU programmes have had a disproportionate effect on the design and implementation of UK policies shaping regional and local economic and social development. This paper starts by recalling how EU Cohesion Policy has functioned in the UK, then considers how Brexit may affect regional and social development and the need for a corresponding policy response, focusing on the sorts of policies currently supported by the European Regional Development Fund (ERDF) and the European Social Fund (ESF). The paper shows that filling the policy vacuum will be far from straightforward because complementary national policies and institutional frameworks have lacked consistency or coherence. It concludes by examining the wider policy issues arising from rethinking domestic policy outside the ESIF framework. The sub-national level, in particular, will need a fresh approach following Brexit. [ABSTRACT FROM AUTHOR]

This paper investigates how the Brexit announcement affects Japanese direct investment into Europe at the regional NUTS-2 level. Political and economic uncertainty is an important factor affecting the economic performance of a country and its regions. In this study, Japanese annual firm-level data between the years 2000 and 2018 for 31 European countries is used. Negative binomial estimations indicate a significant negative relationship between uncertainty associated with the Brexit announcement and Japanese foreign direct investment (FDI) in the UK regions. Strong FDI path dependence currently acts to dampen this effect. However, depending upon future European Union Single Market access rules, such path dependence could act to magnify Brexit's effect on inward-UK FDI. JEL Classification Codes: F23, R12. [ABSTRACT FROM AUTHOR]

Real estate investment portfolios of financial institutions have seen dramatic changes over the last three decades or more. Historically such property investment decisions have been seen within a portfolio diversification paradigm that has sought to balance risk and return. This paper considers the role of the supply of assets in the determining and constraining the UK institutional portfolio. The supply of real estate assets not only expands during property booms but has also been transformed by a long term urban development cycle as cities adapt to cars and the ICT revolution that has brought new property forms. The research examines long term trends in investment change by disaggregating into ten property forms rather than the usual three land use sectors. It then assesses to what extent investment patterns can be explained in terms of portfolio theory, short term net returns of individual sectors or driven by the supply of real estate assets. It concludes that the supply of real assets is an overlooked explanation. [ABSTRACT FROM PUBLISHER]

Since the advent of the knowledge economy it has become evident that the territorial footprint of investment in intangible assets is largely asymmetrical. First, these types of assets tend to be distributed unevenly across space. Second, intangible assets are an important source of productivity growth and competitiveness. Although significant advances have been made in measuring intangible assets and accounting for their effects in economic outcomes, their exact nature remains vague. Within the national accounts framework the majority of intangibles are, even now, still treated as intermediate expenditure. Consequently, intangibles are largely excluded from conventional measures of output and investment, making it difficult to account for their spatial effects. The present paper adjusts gross value added (GVA) data for NUTS 3 regions in Great Britain for intangibles. The adjusted series are then used to investigate trends in regional inequalities in GVA per employee in this country during the pre‐recession period 1995–2007. [ABSTRACT FROM AUTHOR]

Under the Conservative-Liberal Coalition Government and the Conservative Government that took office in 2015, policy measures were introduced to develop a Social Impact Investment Market that harnesses private finance to invest in services to achieve social and financial outcomes. This nascent market is of growing interest amongst social scientists (Bryan and Rafferty, 2014; Whitfield, 2015; McHugh et al., 2013; Dowling, 2017; Edmiston and Nicholls, 2017), but little attention has been given to interrogating related UK Government discourse. The originality of this paper is its contribution to addressing this ‘discourse gap’; enhancing our understanding of the development and representation of impact investment in the UK. Using Hyatt's (2013a) Critical Policy Discourse Analysis Framework, a rigorous critical examination of UK Coalition and Conservative Government impact investment discourse between 2011 and 2016 is undertaken. The significance of this work lies in its contextualisation and deconstruction of UK Government texts to identify and unpack how distinct rationales, justifications and legitimations draw on and (re)produce a Broken Britain-Big Society narrative (Wiggan, 2011; Dowling and Harvie, 2014; Smith and Jones, 2015) to ‘policy booster’ financialised reconfiguration of the welfare state as the route to a better society. [ABSTRACT FROM AUTHOR]

Infrastructure investments are often considered by governments that are looking for private sector investment in infrastructure. However, private investors tend to have a cautious attitude towards this class of investments. This paper focuses on the UK's financial and regulatory drawbacks to infrastructure investment. The authors conclude that regulatory conditions are key levers for the UK government to attract increased private sector participation. [ABSTRACT FROM AUTHOR]

Purpose A well-funded, four-year integrated care programme was implemented in south London. The programme attempted to integrate care across primary, acute, community, mental health and social care. The purpose of this paper is to reduce hospital admissions and nursing home placements. Programme evaluation aimed to identify what worked well and what did not; lessons learnt; the value of integrated care investment.Design/methodology/approach Qualitative data were obtained from documentary analysis, stakeholder interviews, focus groups and observational data from programme meetings. Framework analysis was applied to stakeholder interview and focus group data in order to generate themes.Findings The integrated care project had not delivered expected radical reductions in hospital or nursing home utilisation. In response, the scheme was reformulated to focus on feasible service integration. Other benefits emerged, particularly system transformation. Nine themes emerged: shared vision/case for change; interventions; leadership; relationships; organisational structures and governance; citizens and patients; evaluation and monitoring; macro level. Each theme was interpreted in terms of “successes”, “challenges” and “lessons learnt”.Research limitations/implications Evaluation was hampered by lack of a clear evaluation strategy from programme inception to conclusion, and of the evidence required to corroborate claims of benefit.Practical implications Key lessons learnt included: importance of strong clinical leadership, shared ownership and inbuilt evaluation.Originality/value Primary care was a key player in the integrated care programme. Initial resistance delayed implementation and related to concerns about vertical integration and scepticism about unrealistic goals. A focus on clinical care and shared ownership contributed to eventual system transformation. [ABSTRACT FROM AUTHOR]

Capitalist economies depend on private business investment, and all governments in similar states compete to induce businesses to invest through various policy interventions. In so doing, they compete with other governments to retain current investors and to encourage new ones from elsewhere. The implications for policy-making and, by extension, citizens, are huge. The pressure on governments to capture new investment has an impact on taxation policies, workplace regulations, legal protections, public infrastructure and social policies. However, not all governments compete for investment in the same way at the same time, and not all businesses are attracted by the same inducements offered by states, highlighting the possibility that public policies shape investment strategies, just as investment strategies also shape public policies. It is its development of relatively unique and aggressive strategies to capture new investment that places the UK in a vulnerable position post-Brexit. It has successfully attracted mobile corporations to its shores, in part because it has offered a particularly favourable gateway into Europe for foreign capital. This raises questions about how the country will seek to compete for capital investment in future. This paper examines these questions with reference to both theoretical and empirical evidence. [ABSTRACT FROM AUTHOR]

This paper examines if investors exhibited evidence of the availability heuristic in their investment decisions when significant price changes occurred in the British stock market during the 2010–2018 period. We raise the hypothesis that if a significant stock price move takes place on a day when the stock market index also undergoes a significant change (either positive or negative), then the magnitude of that shock may be increased by the availability of positive investment or negative outcomes. We applied three different proxies for large stock price changes which yielded a robust sample of events for this study. We found no significant evidence of the availability heuristic. In addition, we also found no significant evidence of price overreaction for both price decreases and increases. Inversely, we found robust results that suggest randomness in the behavior of stock prices in this period, thus supporting the efficiency of financial markets and opposing the results from similar studies carried out in the United States. [ABSTRACT FROM AUTHOR]

This paper provides a comprehensive analysis of the annual and of the long-term performance of personal pension funds relative to their Primary Prospectus Benchmarks (PPBs) and T-bills. The study covers 9659 personal pension funds from across all 30 ABI investment sectors that operated in the UK in the 1980-2009 period. Of these, 4531 pension funds are compared against their PPBs. The performance measured by ordinary excess returns over the UK T-bills and over PPBs, as well as the Sharpe ratio, Sharpe ratio adjusted for skewness and kurtosis, Sortino ratio in relation to the UK T-bills and PPBs, and the Modigliani-Modigliani measure are calculated for arithmetic, geometric and log returns. We find convincing evidence that pension funds lack challenging long-term performance targets. We argue that the existing PPBs are easy to outperform given that funds are allowed to diversify in assets not included in their PPBs. We discuss policy implications of our findings. [ABSTRACT FROM AUTHOR]

Objective: To develop an early economics evaluation (EEE) to assess the cost‐effectiveness of the GS in reducing the RoF and FoF. Methods: A cost‐effectiveness analysis (CEA) with a return on investment (RoI) estimation was performed. CEA used the most relevant parameters, such as increased gait speed and decreased FoF, to estimate the reduction in the RoF, the impact on health care resources used and financial implications for the National Health System in the United Kingdom. Outcomes were measured as incremental cost‐effectiveness ratio per quality‐adjusted life years (QALYs) gained based on the reduction of the RoF and FoF. Uncertainties around the main parameters used were evaluated by probabilistic sensitivity analysis. Results: The CEA results showed that the GS is a dominant strategy over the standard of care to improve the movements of older persons who have suffered a fall or are afraid of falling (incremental QALYs based on FoF = 0.77 and QALYs based on RoF = 1.07, cost of FoF = ‐£4479.57 and cost of RoF = ‐£2901.79). By implementing the GS, the ROI results suggest that every pound invested in the GS could result in cost savings of £1.85/patient based on the RoF reduction and £11.16/patient based on the FoF reduction. The probability of being cost saving based on the number of iterations were 79.4 percent (based on FoF) and 100 percent (based on RoF). Conclusion: The EEE supports the main hypothesis that the GS is an effective intervention to avoid falls and is potentially cost saving. [ABSTRACT FROM AUTHOR]

This paper investigates empirically the factors that have affected the discount to net asset value (NAV) in the UK-listed property companies between 2005 and 2013. The prime focus has been on the impact of corporate governance mechanisms. The test results show significantly positive relations of the discount to NAV with firm-specific characteristics such as debt-to-asset ratio, tax and risk, but negative relations with firm size and stock return. Companies with a focused investment strategy have a lower level of discount, while those with an international property portfolio have a higher discount. Market sentiment and property share liquidity also have a significant impact on the discount. It was found that board independence can reduce the level of discount to NAV. The level of insider ownership has a positive relation with discount, indicating the existence of the entrenchment effect. The firm with higher level of insider ownership is usually small and less liquid, thus has higher level of discount. [ABSTRACT FROM AUTHOR]

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The UK is moving into a new phase of energy governance which is characterised by significant demand for new investment to meet long term climate policy objectives and to address shorter term energy security challenges. This paper examines how contributions from the socio-technical systems approach can be operationalised to address the policy and societal challenge of large scale investments in low carbon energy infrastructure. Research on socio-technical transitions explores the dynamics of long term structural change in capital intensive systems such as energy, housing and water supply, seeking to redirect them towards more sustainable long term trajectories. Focusing on the UK electricity generation sector, the paper expands on three key low carbon investment challenges where socio-technical research can provide useful insights – (1) understanding long term uncertainty and investment risks; (2) avoiding technological lock-in; and (3) accelerating the diffusion of low carbon finance ‘niches’. [ABSTRACT FROM AUTHOR]

Globally green infrastructure (GI) planning has developed with alternative conceptual and implementation viewpoints. In the UK and USA this has led to the establishment of a dual narrative; one identifies a set of conceptual principles within the wider global GI debate, whilst the second focusses on localised interpretations of these principles within divergent delivery approaches. Such plurality adds a level of complexity to the development of GI policy and subsequent investments, which can be understood if both narratives are debated simultaneously. A number of factors have influenced this process; the most prominent being the dislocation between GI policies, practice and funding. This paper addresses this fragmentation proposing that a ‘policy-implementation’ gap exists within national and sub-national planning practice which limits the transferability of global principles into delivery. Therefore although the conceptual understanding of GI is grounded in the global literature, greater variability is evident in the application of these principles within localised (i.e. national, regional and sub-regional) planning. The paper extends this debate through a discussion of whether a consensus for the conceptual advancement and implementation of GI is a necessary aim of its development. It concludes that such plurality of understanding is both a positive and negative attributes of GI planning, highlighting the complexity of attempts to align global and local development narratives for GI. [ABSTRACT FROM AUTHOR]

UK energy policies position urban heat networks as components of a resilient low carbon, affordable system, but, as Stewart Russell's work showed, such technologies have never been integrated into UK provision. This paper takes Russell's legacy forward by examining prospects for urban district heating and combined heat and power development in the context of the financial, rather than technological, innovations shaped by liberalised energy and financial markets. Drawing on sociology of markets and social studies of finance, the paper examines the resulting evaluation practices. Findings indicate that such district energy infrastructure does not conform to the investment calculus, making a business case hard to establish. Bridging the value gap between liberalised finance and district energy requires actors willing to devise improvised solutions. In spite of the established sustainability credentials of the technology therefore, significant deployment in the UK (and similar countries) will depend on political leadership and new fiscal policy. [ABSTRACT FROM AUTHOR]

This paper uses a macroeconomic model of investment behaviour to identify cyclical activity in UK investment. Various cycles are detected and their lengths are estimated. As a new contribution to the business cycle literature, we estimate the gestation lags inherent in investment projects (arising from capital adjustment, buildings construction etc.) that are considered central to the creation of fluctuations in economic activity. We find multiple and statistically significant cycles in our investment series, including a 3.1-year Kitchin cycle, a 9.6-year Juglar cycle and a 22.2-year Kuznets swing, driven by gestation lags of 1.1 years, 2.4 years and 12 years respectively. [ABSTRACT FROM AUTHOR]

Technology acceptance in policing is under-researched, yet mobile devices are widely implemented across UK police forces. The paper validates a mobile technology acceptance model (M-TAM) developed in a single police force. It shows that the M-TAM is transferrable to other UK police forces, and potentially worldwide. The influence of local supervision and fit of technology to roles and tasks are shown to be the most influential factors. Factors beyond the technology itself, such as the influence of peers and involvement of operational officers in technology investment decisions, must be considered to accommodate the strong cultural barriers in policing. [ABSTRACT FROM PUBLISHER]

Abstract Energy-related investment decisions in the buildings sector are heterogeneous in that the outcome for each individual varies according to budget, values, and perception of a technology, even if an apparently identical decision task is faced. In particular, the rate of adoption of new energy-efficient technologies is often hard to model and underlines the need for an advanced approach to capture diversity in decision-making, and enable the inclusion of economic, comfort, environmental and social aspects. This paper presents an enhanced agent-based model that captures several characteristics of consumer behaviour that influence investment decisions. Multiple agents with different objectives, search strategies, and decision methods are implemented. A case study is presented which illustrates the benefits of the approach for the residential sector in the UK. The agent-based method shows diversity in investment decisions, without requiring the constraints on uptake needed in many models. This leads to a range of technologies in the market during a transition phase, continuous investment in low capital cost technologies, and eventually the emergence of a low carbon system based on new mass market technologies. The system that emerges is vastly different from one observed when economically rational investment is assumed and uptake constraints are applied. Highlights • An enhanced building sector model using an agent-based method. • Represent real-world decision making for investment in energy technologies. • A method to model the limits, barriers and speed of consumer technology adoption. • Modelling framework adaptable to different geographical regions. • A case study is investigated for the residential sector in the United Kingdom. [ABSTRACT FROM AUTHOR]

There has been substantial investment by governments and charities in the UK in the development, diffusion and evaluation of innovative practice models and systems to safeguard and support vulnerable children, young people and families. However, understandings of the processes of innovation within the sector are still at a relatively early stage—for example, in relation to what might be expected or planned for at each stage of an innovation journey. As a result, best use may not always be made of opportunities to address deficiencies in provision. To inform this knowledge gap, the literature was reviewed regarding innovation processes and trajectories within children's social care (statutory and voluntary settings) and within the field of social innovation more widely. Ten modellings of the stages of innovation were identified and synthesised into a directional map of six stages that might be commonly expected: mobilising, designing, developing, integrating, growing and system change. This trajectory framework poses key questions for innovators to consider at each stage to inform planning and determine if, when and how an innovation should progress further. [ABSTRACT FROM AUTHOR]

The ‘productivity puzzle’ – the substantial drop in productivity in the UK since the onset of the financial crisis in 2008 – has exercised economists and policymakers alike. The loss in productivity levels, mainly output per hour, should have been restored by now and the trend growth should have been recovered, or even exceeded. Instead after a very sharp fall, much faster than many of our competitors, it has only recently started to rise again, but at a stubbornly slow rate and at the time of writing stood some 2 per cent below its pre-recession levels. So although we are likely to get back to where we were pretty soon, it is possible that the gap, with where we should have been on pre-recession trends, continues. The Bank of England calculates this gap could stay as high as 16 per cent or even widen if the rate of productivity increase does not return to normal. This is bad for the economy and especially bad for innovation, investment, growth and competitiveness. This paper examines possible explanations and offers some possible answers. It sides, in the end, more with those that argue that demand deficiency looks like being at least a part of the explanation, but acknowledges that changes in the structure and destination of employment, since the recession started, have also played a role. [ABSTRACT FROM PUBLISHER]

To what extent do personality traits predict wealth in adulthood over and above standard demographic factors? In all 3240 adults in the UK completed a Big Five personality test and reported on their property wealth, savings and investments, and their physical valuable items. We also had data on their age, education, household income and gender. Correlations and regressions showed that the demographics, particularly age and income were, as expected clearest correlates of wealth. Conscientious was positively and agreeableness, neuroticism and extraversion were negatively associated with savings and investments. The data pointed clearly to conscientiousness as the most important personality trait in wealth accumulation. Implications of these results as well as limitations of the study are discussed. [ABSTRACT FROM AUTHOR]

Antimicrobial resistance (AMR) is often characterised as a 'crisis', requiring action by public, private, and third-sector stakeholders to achieve strategic change. Crisis narratives are powerful and may be co-opted to privilege solutions promoted by influential groups. In relation to AMR, this applies particularly to the pharmaceutical and medical diagnostics industries. Given the associated risk of inefficient use of public funds, critical attention must be paid to how the promoted 'solutions' to the AMR crisis are constructed, and their symbolic and material effects on health policy. We conducted a critical discourse analysis (CDA) of the seventy-one written submissions to the UK House of Commons Health and Social Care Committee's 2018 inquiry into AMR. Two researchers collaboratively coded the findings and categorised the submissions. We applied the Policy Dystopia Model to further analyse the proposed solutions and ascertain the discursive and instrumental arguments in the industry submissions to the Committee. We found that industry submissions deployed economic and governance discursive strategies, articulating three main 'market paradoxical' arguments: (i) interference but non-interference; (ii) power but powerlessness; and (iii) for-profit but not-for-profit. The industry submissions also drew upon instrumental strategies including: coalition management, information management, and direct involvement and influence in policymaking. Our analysis suggests that commercial interests deploy crisis narratives to advocate for solutions involving market deregulation and industry subsidies. Thus, the solutions presented to the Committee were heavily shaped by a technocratic-industrial complex. This contributes to influencing what is seen as possible and acceptable in the global AMR policy landscape. [ABSTRACT FROM AUTHOR]