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The purpose of this paper is to compare simple dynamic withdrawal strategies with the static withdrawal method, examining not only failure rates and ending wealth but also spending. All withdrawal strategies are adjusted for the Internal Revenue Service’s (IRS) required minimum distribution (RMD). In addition, this study investigates the use of small company stocks (SCS) in place of large company stocks (LCS). Results indicate SCS portfolios are superior to large. When returns are poor, some dynamic strategies will not ensure income for life. This study demonstrates that the simplest dynamic strategy is superior to two popular dynamic strategies.

Using historical overlapping periods, different withdrawal strategies are examined. Previous studies focused on failure rates and ending wealth. As discussed in Milevsky (2016) different statistical distributions can have similar tail properties (prob of failure) but dissimilar risk and return profile. The detailed examination of both spending and use of small stocks advances the literature in this area.

Results indicate that use of small stocks is superior to using large stocks in the portfolios. When US historical stock returns are adjusted downward, there is the potential that some dynamic strategies will not ensure income for life. This study demonstrates that the simplest dynamic strategy is superior to two popular dynamic strategies.

This paper is the first to examine, in detail, annual spending results for the retiree. Second, it is shown that, overall, SCS are superior to LCS for all stock/bond allocations. Even though absolute downside risk increases slightly, this increase in downside risk is dominated by the upside potential. In other words, the positive skewness of small stock returns along with the cumulative effects of compounding at a higher rate increases both the available wealth for spending and ending wealth. Third, IRS’s RMDs are taken into account for every withdrawal strategy examined. Lastly, it demonstrates that the simplest dynamic strategy is superior to two popular dynamic strategies.

Most investors' retirement portfolios have inter‐period cash inflows. The standard time‐weighted mean return (or geometric mean return) is generally used to report returns on investors' retirement portfolios. The purpose of this paper is to examine the standard time‐weighted mean return and point out additional deficiencies in the time‐weighted mean in this situation, which have not been addressed in the literature.

The paper provides examples that point out additional deficiencies that arise using geometric mean returns as estimates of an individual investor's performance.

With inter‐period cash flows the dollar‐weighted return can be affected by both timing and the sequence of the asset return series even if the investor has constant inflows or outflows of capital. In contrast for these same asset return arrays, the time‐weighted mean return measure may be unaffected by these important variations in the return arrays, and thus may misrepresent actual investor results. This is an important point that has not been addressed in the literature.

With inter‐period cash flows the dollar‐weighted return can be affected by both timing and the sequence of the asset return series even if the investor has constant inflows or outflows of capital. In contrast for these same asset return arrays, the time‐weighted mean return measure may be unaffected by these important variations in the return arrays, and thus may misrepresent actual investor results. This is an important point that has not been addressed in the literature.

Outlines previous research attempts to explain the behaviour of second moments of price and return distributions and theories of how Big Players (i.e. those with enough discretionary power to influence the market but little sensitivity to profit/loss consequences) affect the volatility and informational efficiency of markets. Contrasts the 1883‐1892 fluctuations in the exchange value of the Russian rouble under interventionist (i.e. big player) and non‐interventionist finance ministers; and analyses the statistics using GARCH techniques. Shows that under the Big Player, both unconditional variance and the persistence of conditional volatility increased. Suggests that policy regimes affect the degree of noise‐trader influence and calls for further research.

A comprehensive literature review of performance management within the Dutch steel processing industry is presented. The purpose of this paper is to analyse the motives for companies to become excellent performers in their field of expertise. These internal and external motives (refined by quantitative analysis of bibliographic data) sought to reveal the common factors that impact company performance.

Inductive reasoning was adopted using an interpretivist philosophical stance to generate new theoretical insight. A mixed-methods analysis of pertinent extant literature afforded greater synthesis of the research problem domain and generated more valid and reliable findings. The software visualisation of similarities viewer was used to conduct a qualitative bibliographic analysis of extant literature to yield greater clarification on the phenomena under investigation.

Four thematic groups of past research endeavours emerged from the analysis and were assigned appropriate nomenclature, namely: industry internal motives; industry external motives; excellent performer and incremental working method. To further expand upon the continuous improvement process (CIP – embodied within performance management), the paper describes the virtuous cycle of improvement, which consists of the consecutive steps of “planning”, “doing”, “checking” and ultimately of “acting” accordingly to the previous steps. It can be concluded that a high-performing company acts according to its mission, plans in line with the vision do as defined in the strategy and checks by reflection.

This unique study provides invaluable insight into the performance management of Dutch steel processing companies. Although the research context was narrowly defined, the findings presented are equally applicable to clients, contractors and sub-contractors active in other sectors of the construction industry. The research concludes by prescribing factors of mitigation strategies to support chief executive officers to focus on the optimum distribution of their scarce resources.

Failures of public–private partnership (PPP) projects are often ascribed to the agency problem, which arise under conditions of inadequate and asymmetric information when a principal (the client) hires an agent (the contractor). This paper aims to identify the causes and effects of moral hazard and adverse selection on PPP construction projects using a synthesis of extant literature (to determine key variables) and analysis of survey questionnaire data collected.

Mean score ranking was used to rank the causes and effects of moral hazard and adverse selection problems in PPP construction projects. One sample t-test was conducted to establish the relative significance of these variables.

Effort dimensions (which are not verifiable), low transfer of risk, lack of accurate information about project conditions, wrong party chosen to execute project and renegotiation of contracts were the most significant causes of moral hazard and adverse selection problems in PPP construction projects. In addition, reduction of competition, high transaction costs, consequences on profitability of project, siphoning of funds and negative implications on enforceability of contract were the most significant effects of moral hazard and adverse selection problems in PPP construction projects.

Application of these findings will help mitigating moral hazard and adverse selection problems occurring when undertaking PPP construction projects.

Research findings provide guidance to construction stakeholders in the PPP sector on the different causes and effects of adverse selection and moral hazard. This pioneering study is the first to conduct an empirical assessment of the causes and effects of moral hazard and adverse selection of PPP construction projects in a developing country.

The purpose of this paper was to assess the causal relationship(s) between moral hazard and adverse selection of public–private partnership (PPP) construction projects. Structural equation modelling (SEM) was used to explore the cause and effect relationship between moral hazard and adverse selection problems in PPP construction projects in Ghana. The study produced a framework to predict, estimate and depict the complex causal relationships (i.e. the directionality) between moral hazard and adverse selection.

To test the proposed framework, a quantitative methodology was used, in which, data were collected using research questionnaires that targeted a sample of 280 PPP stakeholders in Ghana. In total, 210 useable questionnaires were retrieved, representing a response rate of 75 per cent.

The interrelationships between the eight causes and the nine effects of moral hazard and adverse selection were established using the model. The tested framework showed the degree of association and isolation of the unobserved variables on the indicator factors. Confirmatory factor analysis (CFA) was used to evaluate the fit of items to latent constructs. Because the fit of each model was good and the item loadings were adequate, it was assumed that the indicators of the different variables factors were fitting. Furthermore, a diagnostic fit analysis was conducted using the robust maximum likelihood method to test the statistical significance of the parameter estimates.

This novel research is one of the few studies investigating the causal relationships between moral hazard and adverse selection of PPP construction projects. The research concluded with future studies that seek to validate the model developed in other countries and/or other industries.

The research findings will serve as a guide for construction stakeholders in the PPP sector on the causes and effects of adverse selection and moral hazard and how to mitigate these.

This paper aims to explore the emerging relationship between Industry 4.0 (I4.0) digital technologies (e.g. blockchain, Internet of Things (IoT) and artificial intelligence (AI)) and the construction industry’s gradual transition into a circular economy (CE) system to foster the adoption of circular economy in the construction industry.

A critical and thematic analysis conducted on 115 scientific papers reveals a noticeable growth in adopting digital technologies to leverage a CE system. Moreover, a conceptual framework is developed to show the interrelationship between different I4.0 technologies to foster the implantation of CE in the construction industry.

Most of the existing bodies of research provide conceptual solutions rather than developing workable applications and the future of smart cities. Moreover, the coalescence of different technologies is highly recommended to enable tracking of building assets’ and components’ (e.g. fixtures and fittings and structural components) performance, which enables users to optimize the salvage value of components reusing or recycling them just in time and extending assets’ operating lifetime. Finally, circular supply chain management must be adopted for both new and existing buildings to realise the industry's CE ambitions. Hence, further applied research is required to foster CE adoption for existing cities and infrastructure that connects them.

This paper investigates the interrelationships between most emerging digital technologies and circular economy and concludes with the development of a conceptual digital ecosystem to integrate IoT, blockchain and AI into the operation of assets to direct future practical research applications

Housing completions in the UK have fallen to 125,000 annually, while government targets have risen to 300,000. This dramatic shortfall raises concerns as to whether current traditional construction approaches remain appropriate. This study aims to compare the traditional approach with modular construction, with a view to assessing whether a shift in construction systems offers the potential to alleviate the UK's domestic housing crisis.

A comprehensive interpretivist review of the available relevant literature is undertaken on construction methods within the UK; advantages and disadvantages. A bibliometric analysis is conducted to extract trends and findings relevant to the comparison at hand. The database is Web of Science; the analysis software is the VOS viewer.

The research illustrates that the UK housing market is in a state of crisis. A toxic combination of a rising UK population combined falling rates of housing delivery has resulted in an ever-widening housing supply gap. The construction industry’s capacity to meet this observed dearth in supply is further exacerbated by a number of chronic factors such as: falling participation in the construction sector workforce; lowering skill levels; reducing profitability; time to delivery pressures; and cost blow-outs.

While much information on the various construction methods are available, including comparative material, this study is the first to assemble the various comparative parameters regarding traditional and modular UK residential construction in one place. Thus, this study provides a definitive assessment of the relative advantages and disadvantages of these forms of construction.

Credit market development requires appropriate credit assessment and default policies. This paper aims to examine the impact of household characteristics on mortgage default, using survey data collected from Ghanaian financial institutions.

Data were gathered using semi-structured questionnaires from customers of five universal banks in Ghana. A logistic regression was used to model the determinants of credit default propensity.

Contrary to established knowledge, the study shows that females are more likely to default on credit than their male counterparts. This is even more likely if the female is older, unmarried, divorced and financially illiterate and has lower educational attainments. These factors are associated with lower earning capacity, which increases default tendencies. The findings confirm that price instability (typified by excessive movements in inflation and exchange rates in addition to low national savings rate) are adversely linked to credit defaults. Borrower’s perception of constraints to credit access (such as collateral requirements, interest rate and loan size) influence credit default. Banks should be encouraged to invest in the financial literacy skills development of their customers to mitigate credit default tendencies.

The study is of practical value to credit officers and the development of the credit market in Ghana. A novel model is presented for assessing credit applications and developing credit default policies.

The research findings have not only expanded the frontiers of literature but also empirically examined the determinants of credit default propensity, which provides a basis for developing and improving credit default policy in the credit market.

This paper aims to discover the underlying mechanisms by which corporate financial policies, cash holdings, capital structure and dividend payouts, transmit their effects on firm value in the “Middle East and North Africa” (MENA) emerging markets.

The authors employ a novel integration of path modelling with parallel multiple mediation analysis to empirically test the hypothesised indirect effects through the mechanisms represented by the value of financial flexibility (VOFF) and agency costs.

The authors do not find any evidence of the association between cash holdings, dividend payouts, and firm value when the mechanisms through the VOFF and agency costs are considered. While these two forces, i.e. the VOFF and agency costs, have balanced mediation effects on the relationship between cash holdings and firm value, they represent equivalent and complementary mechanisms by which dividend payouts transmit their positive impact on firm value. Moreover, we document a significant negative partial mediation effect of agency costs on the relationship between leverage and firm value; however, we do not find any evidence supporting the mediation effect of the VOFF on such a relationship.

This paper sheds new light on the forces that govern the nature of the relationships between corporate financial policies and firm value.