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The purpose of this paper is to provide a better understanding of the performance implications for UK DC pension fund investors who choose to combine global listed and UK unlisted real estate in a blended allocation relative to a pure unlisted solution.

Blended listed and unlisted real estate portfolios are constructed. Investor risk and returns are then studied over the full 15 year sample horizon and distinct cyclical phases over this period using a number of risk-return metrics. Performance is then contrasted with that of a pure unlisted solution, as well as UK equity market and bond total returns over the same period.

A UK DC pension fund investor choosing to construct a blended global listed and UK unlisted real estate portfolio would have experienced material return enhancement relative to a pure unlisted solution. The “price” of this enhanced performance and improved liquidity profile is, unsurprisingly, higher portfolio volatility. However, because of the improved returns, the impact upon measured risk adjusted returns is less significant.

Relatively liquid blended listed and unlisted real estate portfolios create efficient risk and return outcomes for investors.

This study uses actual fund rather than index data (i.e. measures delivered returns to investors), has chosen a global rather than single country listed real estate allocation and is focused on providing clarity around the real estate exposure for a specific investment requirement, the UK DC pension fund market.

Since the mid‐1990s, in a generally strongly performing property market, there has been huge growth in the aggregate size and number of global property funds in both listed and unlisted formats. Managers have been able to raise significant capital, which potentially rewards them with performance fees without necessarily being able to provide clear evidence of out‐performance against defined market benchmarks or performance targets. In a more challenging, mature and increasingly transparent market this is unlikely to continue to be the case as it will be increasingly possible to assemble performance records. The purpose of this paper is to describe the sources of risk and return within property funds and set out a more holistic performance attribution framework encompassing the concepts of alpha (out‐performance) and beta (risk), which traditional attribution frameworks in property fund management do not.

A four component risk and return attribution framework is put forward. The first two components are portfolio structure which measures the impact of allocations to more or less risky markets, and stock selection which considers more or less risky assets. Fund structure, measures the impact of financial leverage and fees and finally the return impact of timing is attributed to the movement of capital into and out of the fund.

A case study of a single unlisted fund has been used to compare traditional attribution results with an examination of alpha and beta return attribution. In this instance fund structure, which is largely the financial leverage impact, is found to be significant. This simply reflects extra risk taking and there is no clear evidence of manager out‐performance, yet significant performance fees are paid to the manager.

The paper provides a complete framework for the performance measurement and attribution of property funds, which enables investors to gain a fuller understanding of these increasingly used investment conduits.

This paper seeks to contribute to knowledge of the dynamics of global office markets with an assessment of the interaction of rental growth and vacancy rates across a sample of the world's leading office markets.

Econometric methods are used to estimate the relationship between rental growth and vacancy rates (taking into account the possible simultaneity between the two variables) and these equations are then used to estimate the natural vacancy rate at an individual city level and collectively for the three regions assessed (Europe, Asia Pacific and North America). An estimate is also made of the global natural vacancy rate.

The results suggest that estimates of natural vacancy rates vary significantly across the world but these estimates can be helpful to those seeking to understand global office markets. European markets in general have lower natural vacancy rates than those in North America. In Asia Pacific markets there is a greater variation between markets. In general developed markets have lower natural vacancy rates than developing ones. In developing markets the concept of a natural vacancy rate is one that should be applied with care, given the weakness of data and the speed with which they are undergoing structural change. When examining the differences in natural vacancy rates between markets, it is clear that fundamental supply and demand factors are key in driving those differences.

“Rule of thumb” estimates of natural vacancy rates are relatively common. However, a robust methodology for calculating natural vacancy rates is a powerful analytical tool for investors, occupiers and real estate advisors, as it enables a judgement of what supply/demand balance will trigger rental growth.

In estimating the natural vacancy rate across a sample of the world's leading office markets the paper makes an original contribution to the understanding of global office markets and in particular delivers an appreciation of how rental growth and vacancy rates interact.

The concept of the ‘social licence to operate’ (SLO) is contested on almost every imaginable dimension. Stakeholders may decry it as an industry-created ploy to ethics wash their operations and strategically manipulate community relations, while some industry figures despair over what they perceive as the arbitrary and even unilateral power that the weaponized concept of the social licence gifts to activists who seek to malign and disrupt law-abiding commercial operators. Others have lauded the social licence as a heaven-sent ethical tool, an effective lever for action that motivates leaders at profit-seeking enterprises to seriously consider ethical issues and prioritize community engagement. Still others will worry that a concept that can mean everything to everyone must ultimately mean nothing at all, and that the social licence is an empty and unhelpful buzzword. As the contributions to this Special Issue show, in different contexts – and sometimes even in the same context but for different stakeholders – all these views can be correct. From an ethical perspective, dangers, promises and irrelevance all attend the social licence.

Inequalities can have a cumulative effect that leads to the presentation and subsequent progression of mental health difficulties. The detrimental effects can be compounded in the healthcare environment if staff lack an awareness of patients’' inequalities, and therefore, educating staff is of particular importance. The development of awareness training requires a deep understanding of staff perceptions of patient inequalities in a secure mental health care setting and the impact that this can have on mental illness.

The study was carried out using a qualitative design, where staff were asked to complete a 22-question survey from which the output is analysed using thematic analysis. In total, 100 patient-facing staff members working in a secure mental health facility completed the survey.

The results highlight that staff employed in a secure mental health care setting have an understanding of patient inequalities and how these can impact on patients in both the short and longer terms. The results highlighted the importance of awareness by staff and how an increase can have a significant benefit on the quality of the care provided within secure mental health facilities.

There is an increasing awareness of the impact of inequalities on mental health and how this can influence a patient’s journey. This study involving staff employed in a secure care mental health facility highlights the role of staff awareness of inequalities and also underlines the importance of understanding the key role of staff awareness in mental ill health.

The purpose of this paper is to consolidate and advance the understanding of brand meaning and the evolving process by which it is determined by introducing and explicating the concept of brand meaning cocreation (BMCC).

In-depth review and integration of literature from branding, cocreation, service systems, and practice theory. To support deep theorizing, the authors also examine the role of institutional logics in the BMCC process in framing interactions and brand meaning outcomes.

Prior research is limited in that it neither maps the process of cocreation within which meanings emerge nor provides theoretical conceptualizations of brand meaning or the process of BMCC. While the literature acknowledges that brand meaning is influenced by multiple interactions, their nature and how they contribute to BMCC have been overlooked.

This paper reveals a significant gap in knowledge of how brand meaning is cocreated, despite the essential role of brand meaning for firm success and increasing academic interest in the notion of cocreation. Ultimately, this paper builds a conceptual foundation for empirical research in this regard.

This paper proposes that brand meaning is cocreated through the interconnection of different social and service systems, across system levels, time, and geographic space. Marketing theory is advanced by outlining a set of research propositions pertaining to the BMCC process. The authors consider how discrete actor-based brand meanings contribute to an overall brand gestalt and how such a gestalt potentially evolves along a continuum. Additionally, the authors provide a managerially and theoretically relevant research agenda to guide much needed empirical research into BMCC.