Global Benchmark Research Articles

Spatial-temporal analysis for the business performance of construction consultancy services in China

PurposeThis paper presents a developed spatial-temporal analysis framework for the case of investigating the business performance of construction consultancy services (CCS) in China.Design/methodology/approachThe spatial-temporal analysis is based on the data envelopment analysis (DEA) technique. The spatial analysis follows the DEA results under a contemporaneous benchmark technology and a virtual decision-making unit, consisting of ranking analysis, cluster analysis and variation analysis. The temporal analysis is reliant on the DEA results under a global benchmark technology and the time value of money, including trend analysis and driving force analysis containing pure technical and scale efficiency factors.FindingsThree CCS types in China are investigated, including engineering survey and design, construction supervision and procurement agency. The performance rank order and cluster classifications are mainly related to economic development levels. Engineering survey and design demonstrates the best performance and higher imbalances; however, construction supervision and procurement agency illustrate lower performance and imbalances. Scale efficiency significantly promotes business performance, whereas pure technical efficiency plays an inconspicuous role.Practical implicationsThe CCS promote technical efficiency by developing their service and innovation levels. The service of engineering survey and design registered in Beijing, Shanghai and Guangdong is recommended for entering the service market in China.Originality/valueThe spatial-temporal analysis framework was developed, which is generic and provides a pathway to measure, compare and assess performance comprehensively. The CCS business performance is firstly measured.

Adaptation of Industrial Revolution 4.0 in a Seaport System

As pillars of logistics, supply chains, and transport networks, seaports have led to a substantial demand for countless economic advantages. The sustainability and competitive advantage of seaport businesses depend on their ability to adapt to changing business requirements, while Industrial Revolution 4.0 (IR 4.0) is a current phenomenon that connects the global market through smart technologies involving cyber-physical systems to overcome global trade uncertainty. However, focusing only on growing economic benefits might lead to an ineffective sustainable implementation of IR 4.0 within a seaport system. Therefore, this paper compares the current status of IR 4.0 global implementation against the current Malaysian seaport system to ensure that the development of seaports in Malaysia is aligned with technological trends and global requirements. In addition, this paper investigates the critical sustainable factors (CSFs) for the implementation of IR 4.0 in Malaysian seaports. A Focus Group Discussion (FGD) is used to obtain the data from 13 domain experts, from various maritime stakeholders, which is further analysed by using Thematic Analysis. The result has shown that most seaports have started to initiate a fusion by focusing on IR 4.0 adaptation. In contrast, in Malaysia, the seaports in this country are still behind the global trend and are just starting to explore the concept of IR 4.0 instead of expanding to the next level (global benchmark). The current status and CSFs, for the implementation of IR 4.0 in Malaysian seaports, are presented in comparison to global requirements, and the marginal associations between them are shown. As a conclusion, by comparing a global seaport scenario with Malaysian seaports, the main considerations for sustaining the implementation of IR 4.0 in Malaysian seaports can be discovered.

Optimal adaptive race strategy for a Formula-E car

Appropriately managing battery state-of-charge and temperature while ensuring minimized lap time represents a crucial issue in Formula-E competitions. An open research question might relate to simultaneously guarantee near-optimality in the race strategy solution, computational light-weighting, and effective adaptability with respect to varying and unpredictable race conditions. In this paper, a novel near-optimal real-time capable Formula-E race controller is introduced that takes inspiration from the adaptive equivalent consumption minimization strategy (A-ECMS) approach. A reduced-order Formula-E car plant model is detailed first. The optimal Formula-E race problem subsequently discussed involves controlling at each lap the depletable battery energy, the thermal management mode, and the race mode in order to minimize the overall race time. Moreover, avoiding excessively depleting the battery energy and overheating the battery are considered as constraints for the race optimization problem. Dynamic programing (DP) is implemented first to obtain the global optimal Formula-E race strategy solution in an off-line control approach. The proposed real-time capable A-ECMS based race controller finds then detailed illustration. The flexibility of the introduced A-ECMS Formula-E race controller is guaranteed by optimally calibrating the related equivalence factors to adapt to the current vehicle states (i.e. battery state-of-charge, battery temperature, and lap number). Simulation results for the Marrakesh e-prix considering different race scenarios in terms of battery initial temperature and Safety car entry demonstrate that the estimated race time achieved by the A-ECMS race controller is always near-optimal being 1.7% higher at most compared with the corresponding global optimal benchmark provided by DP.

Nonlinearity in Global Crude Oil Benchmarks: Disentangling the Effect of Time Aggregation

We model the first and second moments of global crude oil benchmarks, using iterative pre-whitened generalized autoregressive conditional heteroskedasticity (GARCH) models and, in doing so, validate the efficacy of such models in assimilating the neglected nonlinearities in the underlying data-generating processes. The benchmarks considered for this study are Brent, Dubai/Oman, and West Texas Intermediate (WTI) crude oil. While nonlinear serial dependence happens to be a stylized fact across different asset classes, it is our view that prior scholarly contributions have not adequately untangled the effect of data aggregation (in time) in the examination of nonlinear dependencies. In this context, the present study strives to untangle the critical role that time aggregation plays in the examination of nonlinearity in global crude oil benchmarks using data at daily, weekly as well as monthly time frequencies. Our findings are as follows: the optimum GARCH models perform well in capturing all of the neglected nonlinearity in monthly returns of the crude benchmarks. When it comes to daily and weekly returns, our study reveals traces of neglected nonlinearities that are not completely captured by GARCH models. Moreover, such residual traces of neglected nonlinear dependencies are relatively more pronounced at the granular levels and become more and more elusory as the data get aggregated in time. JEL Codes: C22, C53, C58, G1, Q47

글로벌 벤치마크 개혁과 국내 금융거래지표법의 발전 방향

빠르면 2022년 1월 1일부터 그간 글로벌 금융거래의 핵심적인 지표금리(benchmark)로서 널리 사용된 대부분의 리보 금리에 대한 산출이 중단된다. 그리고 2023년 6월말 이후부터 모든 리보 금리 사용이 중단될 수 있다. 이에 따라 대표적 지표금리 규제인 EU BMR (Benchmark Regulation)이 2016년 6월말 제정되었으며 2018년 1월부터 시행되었다. 이와 관련하여 우리 금융당국은 글로벌 벤치마크 규제에 적극 동참하는 한편 국내 파생상품시장에서 이자율스왑과 통화스왑 거래시 준거금리로 널리 사용되는 CD금리 등 국내 금융거래지표에 대한 자유로운 국제 거래 보장을 위하여 2019년 11월 26일「금융거래지표의 관리에 관한 법률」(“지표법”)을 제정하였으며 지표법은 2020년 11월 27일부터 시행되었다. 본 논문은 글로벌 벤치마크 규제 체계의 패러다임 변화를 소개하고 이에 대응한 우리나라 지표법의 주요내용과 쟁점 및 대응방안 등을 간략하게 설명한다.

What matters in COVID-19 mitigation

This article discusses national and local strategies for confronting COVID-19 pandemic. The analysis sheds light on how societal context, institutional arrangements, knowledge culture, and technology deployment manifest in national responses to the pandemic. Discussion describes country cases from East and South East Asia, on the one hand, and from Europe and Asia-Pacific, on the other. The overall impression is that Asian cases reflect proactivity and diligence, while Western responses are reactive and more often than not slightly delayed. Both country groups include successes, while the overwhelming majority of global benchmarks are Asian. As the management of COVID-19 crisis is essentially a multi-level governance issue, discussion about national strategies is supplemented with a glance at the role of cities. The COVID-19-related urban challenges revolve around increased interest in urban safety, creative approaches to and the uses of urban space, the rise of digital urban platforms, and deeper insights on citizen engagement.

Worldwide Assessment of Low- and Middle-Income Countries' Regulatory Preparedness to Approve Medical Products During Public Health Emergencies.

Background: Regulatory preparedness for public health emergencies is critical. However, responses to past emergencies, such as the 2009 H1N1 influenza pandemic and medical product shortages, have revealed sizable gaps in countries' regulatory capacity and preparedness. A systematic analysis of the regulatory preparedness of countries around the world has not yet been performed. The purpose of this study was to analyze and document the current regulatory preparedness status, highlight the related gaps and challenges in order to propose strategic, harmonized, and sustainable regulatory solutions to improve future responses to public health emergencies.Methods: From 2016 to 2020, we used the World Health Organization (WHO)'s Global Benchmarking Tool (GBT), a standardized instrument for identifying national regulatory authorities' strengths and gaps, to analyze the regulatory preparedness of 84 Member States, 95% of which were low- or middle-income countries. We analyzed whether participating Member States had not implemented, displayed ongoing implementation, had partially implemented, or had fully implemented 10 of the GBT's 268 sub-indicators most relevant to regulatory preparedness for public health emergencies.Findings: Only 10 Member States (12%) that underwent benchmarking had fully implemented all 10 sub-indicators related to regulatory preparedness for public health emergencies; 34 (40%) had fully implemented ≥50% of the emergency sub-indicators, and 20 (24%) had not fully implemented any of the sub-indicators. With regard to individual sub-indicators, regulatory preparedness ranged from 19 Member States (23%) fully implementing reliance on clinical trial decisions of others to 45 (59%) fully implementing legal provisions to fast-track (or expedite) marketing authorization applications.Interpretation: Many WHO Member States have limited regulatory preparedness for a public health emergency. Strengthening regulatory systems and promoting Good Regulatory Practices and reliance in these countries, to enable efficient response to emergencies, should be a global health priority.

Humanizing the Localizing Sustainable Development Goals (SDGs) in Education and Research at Higher Education Institutions (HEIs)

Preliminary actions taken by the Universiti Teknologi Malaysia (UTM) towards the value-added from the Sustainable Development Goals (SDGs) framework that may relevant in the current indicators, elements, values and impacts, and the also constructive analysis by different sectors at High Educational Institutions (HEIs). Typically, the instrumentation on performances of each element (or indicator) in research and education portfolios are majorly defined as Key Performance Index (KPI) and/or Key Achievement/Amal Index (KAIs). All of instrumentations suitable at the vertical strategic plan to disseminate the workload across stakeholders in the HEIs. A strategic plan by each university will represent the core values and relevancy of niche area in academic and research sectors. However, UTM already is identifying the most critical element, far beyond the KPI/KAI successful story which focusses under the Pelan Global Universiti (PGU I-III) to outstanding values of inclusiveness, synergy and visibility with the important Desired State 2020. The UTM core values will serve Integrity, Synergy, Excellent and Sustainability (ISES) in all operation/services throughout trustworthy engagement with stakeholders. Meantime, the action plan for enVision 2025 institualized the pragmatic roadmaps align with the SDGs at the global benchmark, in order to horizontally manage the great grassroots improvement and further develop unique vision to UTM; named as UTMDNA. This paper describes the proactive strategic plan by UTM management to advocate the next roadmap altogether with high impact sustainable education and research works. Most of the concurrent achievement, action-plan and long-term Industrial Revolution 4.0 (IR 4.0) is emphasized in the life-balance strategy framework. The second wave (2020 - 2030) of SDGs in UTM is among the most recent thoughts towards the sustainability requirements specially to serve the UN SDG and enVision 2025 (UTM). Therefore, Malaysian higher education institutions should take proactive steps in culturing SDG initiatives – guided but not bounded by the specific measures set-out in the UN Conference

South African specific complexities in aligning graduate attributes to employability

South African higher education (HE) cannot be compared to any other country’s HE systems due to the unique political landscape and structural narrative that it has undergone. Subsequent to the reorganisation of HEIs in 2004, a number of complexities arose. These included accessibility to education across race and the alignment of the South African HEIs to global pedagogic benchmarks. With the changing political landscape, transformations within higher education, socio economic inequities and changes in the workplace, researchers failed to cognize the impact of these factors on graduate employability. Changing graduate attributes to align with a decolonised curriculum and Fourth Industrial Revolution (4IR) workspaces were transiently underway when COVID-19 set a new narrative for the future of employability. This paper seeks to identify the impact of workplace changes and its direct influence on successful graduate employment and integration into the HE curriculum. The work environment has cursorily moved from 4IR to an advanced stage of the 4IR, where there is a full emphasis on digitisation, non-localised workspaces and is an ostensible playground for digital natives (Generation Z). This paper provides a systematic review of literature in the South African HE contexts that pertains to graduate attributes for employability within the workplace. The adoption of malleable secondary data will allow for an understanding of the relationship between changing workplace environments and expectations from graduates. This correlation is directly linked to graduate attributes which students need to comply with from year one. The paper will provide context to changes which are required for the future success of graduates, and whether graduate attributes are adequate preparation for employability. A clinical model is recommended with an intervention to manage the risk factors of decolonisation of curriculum, the 4IR and multi-generational workplace and responses to COVID-19.

Scrutiny of COVID-19 response strategies among severely affected European nations.

Although the health care systems in Europe are considered the global benchmark, European nations were severely affected by the coronavirus disease 2019 (COVID-19) pandemic. This manuscript aimed to examine the strategies implemented to combat the COVID-19 pandemic by France, the United Kingdom, Spain, Italy, Germany, and Russia and their outcomes in terms of the number of cases, testing, and deaths. This is the first review of its kind that extensively analyzes the preparedness, mitigation, and response strategies against the COVID-19 pandemic adopted by these nations. This paper further suggests a strategic preparedness model for future pandemics. From the analysis, we found that a decentralized approach, prompt decision-making and timely execution, coordination between local health authorities, and public participation in the implementation of strategies could substantially reduce the case fatality rate. Nations with a high percentage of gross domestic product invested in the health sector, as well as more nurses, physicians, hospital beds, intensive care unit beds, and ventilators, better managed the pandemic. Instead, nations that postponed their pandemic response by delaying tracking, tracing, testing, quarantine, and lockdown were badly affected. The lessons learned from the present pandemic could be used as a guide to prepare for further pandemics.

Human capital, risk and the World Bank’s reintermediation in global development

This article examines an attempt to reconstitute global development governance in a context of growing influence for private finance. We focus on the World Bank’s Human Capital Project (HCP) and Human Capital Index (HCI), which have stated aims of promoting economic growth and accelerating progress towards achievement of the Sustainable Development Goals. Informed by a review of publicly available World Bank materials, we argue that, through its HCP and HCI, the World Bank is responding to its own institutional sidelining in development financing and governance with a strategy of reintermediation. Its leaders have pursued a system of governance in which the World Bank creates and instrumentalises knowledge on human capital – an asset to be accumulated through judicious investments in markets for self-betterment. Through its HCI the World Bank has expanded its global benchmarking practices, encompassing new domains and quantified predictions of future productivity, in the hope of shaping domestic policy processes. Its leaders propose to use HCI scores to signal risk to investors and political leaders, triggering political shocks that will spur policy reform. Crucially, these efforts seek to reassert the World Bank’s epistemic authority and financing clout as the influence of its own lending wanes. Supplemental data for this article is available online at https://doi.org/10.1080/01436597.2021.1953980 .

Shanghai crude oil futures: Flagship or burst?

This study examines the potential of Shanghai crude oil (SCO) futures as a benchmark in the Asian market. We investigate the market efficiency and long-term equilibrium of SCO futures in comparison with global benchmarks, such as West Texas Intermediate, Brent, and Dubai crude oil futures. Despite the weak market integration between SCO futures and other international benchmarks, we find strong evidence that their market efficiency and long-term equilibrium do not significantly differ. We explain how current market properties are achieved using the information flow from international crude oil to the SCO futures market. Our findings present implications for investors and policymakers based on the unilateral information flow at the level and rise–fall pattern in the price series: (1) investors could exploit this pattern’s predictability in their investment strategy, and (2) regulators could implement open trading policies that would enable SCO futures to integrate with global benchmarks.

Performance of Foreign Direct Investment in Commercial Real Estate in Nigeria from 2006-2017

Performance of FDI in commercial real estate in Nigeria when compared to international benchmark figures is yet to be established and documented in literature. The aim of the study was to appraise the performance of FDI in commercial real estate in Nigeria from 2006 to 2017 in a bid to empirically assist foreign direct investors’ decisions on investing in the Nigerian commercial real estate sector. The objectives were to; ascertain and compare returns from foreign direct investments in commercial real estate in Nigeria with international benchmark; and to examine how FDI tax responsibilities in Nigeria compare with the global benchmark rate. The study adopted ex post facto research design, and the unit of analysis was selected foreign controlled commercial real estate investments in Lagos and Abuja. The study adopted the Jones Lang LaSalle benchmark settings for commercial real estate performance indicator due to its empiricism from an international perspective where yield is 5.7%, capital growth is 7% and rental growth is 5.5%. Data were collected on rental values, capital values, tax responsibilities, and was analyzed using T-test. The study showed a yield of 4%, (t = 6.364; p < 0.05) and a capital growth rate of 21%, (t = 1.592; p > 0.05), while there was no negative variation in FDI tax responsibilities in Nigeria and international benchmark rate cap of 30% (t = .8666; p > 0.05). The study recommended that property managers should practice tenant mix and flexible leases and spaces.

The presence of sodium content and sodium-containing food additives in packaged foods and beverages sold in Turkey

Excess sodium (Na) intake is a significant leading cause of the development of non-communicable diseases. However, there is no scientific evidence on Na content (and its variation) in packaged products sold in Turkey. This study aimed to determine Na levels and Na-containing food additives of packaged products that are available in supermarkets across Turkey in 2020 in addition to evaluating the proportion of foods that comply with the World Health Organization global Na benchmark targets (2021). Of the 2975 packaged products analyzed, 60.3 % of products contained salt and 53.5 % of them contained a Na-containing food additive. A total of 31.8 % of products were classified as having a high Na content and the highest median Na levels were among the soy sauces and fish sauce group (4280 mg/100 g or ml; followed by olive group (2160 mg/100 g or ml), and soft to medium ripened cheese group (1880 mg/100 g or ml). The most used Na-containing food additive was sodium carboxymethyl cellulose. New regulations can be developed for the reformulation of packaged products containing high Na content and the progress of reducing Na intake of the population and improved health outcomes can be monitored over time.

Social Work and Digital Activism: Sorority, Intersectionality, Homophily and Polarisation in #MeToo

Introduction. Social Work is currently facing the significant challenge of dealing with social networking sites – which have become a parallel universe of socialisation – in which ever-increasing digital activism is taking place. The #MeToo movement stands out as a global benchmark. It has established itself as a digital-global feminist movement, fighting harassment and the abuse of women. Methodology. Adopting a social work perspective, a longitudinal analysis was performed of the #MeToo movement on Twitter between 2018-2019 based on social network analysis and netnography, in conjunction with specific algorithms. Results. The results showed significant patterns of sorority, homophily and affective polarisation through the echo chambers and filter bubbles that were identified in the detected Twitter communities. Furthermore, these online communities reflected real offline characteristics (geographical location, affinities, similarities). Discussion and conclusions. The #MeToo movement’s global effect and durability has led to a new understanding of social movements in the digital era. Social workers must not be blind to the exciting digital opportunities arising from digitalisation. They must combat homophily and the polarisation of global society on social networking sites, promoting values oriented towards tolerance of diversity. Practitioners must show awareness and intervene proactively in global digital spheres to understand, reflect and promote social justice, equality of rights and the empowerment of disadvantaged, vulnerable and oppressed people.

Benchmarking for Sustainable Touristic Development: the Case of Pavia (Lombardy, Italy).

The paper analyzes in detail the implementation and the process of benchmarking for improving territorial and touristic development. This research uses primary and secondary data. The results show as the benchmarking methodology can be a tool for improving the strategy. Collaborative benchmarking can be useful to share models and experiences between partners and also global benchmarking is important for the international research of the best practices.

Learning curve and global benchmark values of laparoscopic sleeve gastrectomy: results of first 100 cases of a newly trained surgeon in an Italian center of excellence

To evaluate whether the learning curve for sleeve gastrectomy could be completed after 50 cases. First 100 patients undergoing LSG under a newly trained laparoscopic surgeon were included in this study and divided into two groups of 50 consecutive patients each. Perioperative outcomes were compared to recently introduced global benchmarks. Short-term weight loss was calculated as Total Weight Loss Percent (%TWL) and complications were classified in accordance with the Clavien–Dindo classification. CUSUM analysis was performed for operative time and hospital stay. Mean preoperative age and BMI were 41.8 ± 10.3 years and 42.9 ± 5.4 kg/m2, respectively. Demographics and rate of patients with previous surgery were comparable preoperatively in the two groups. Mean operative time was 92.1 ± 19.3 min and hospital stay was 3.4 ± 0.6 days as per our standard protocol of discharge. Uneventful postoperative course was recorded in 93% of patients and only one case of staple line leak was registered in the first 50 cases (group 1). No statistical difference in BMI and %TWL was found between the two groups at any time of follow-up. Comparison between two groups showed a significant reduction in hospital stay and operative time after the first 50 LSGs (p < 0.05). LSG can be performed by newly trained surgeons proctored by senior tutors. At least 50 cases are needed to meet global benchmark cut-offs and few more cases may be required to reach the plateau of the learning curve.

Improving Global Surgical Oncology Benchmarks: Defining the Unmet Need for Cancer Surgery in Ghana.

The Lancet Commission on Global Surgery (LCoGS) recommended an annual surgical rate at which low- and middle-income countries (LMICs) could achieve most of the population-wide benefits of surgery. However, condition-specific guidelines were not proposed. To inform rates of surgery for cancer, we sought to assess the current met and unmet need for oncologic surgery in Ghana. Data on all operations performed in Ghana over a one-year period (2014-15) were obtained from representative samples of 48/124 first-level and 12/16 referral hospitals and scaled-up for nationwide estimates. Procedures for cancer were identified by indication. Using modified LCoGS methodology with disease prevalence, Ghana's annual rate of cancer surgery was compared to that of New Zealand to quantify current unmet needs. 232,776 surgical procedures were performed in Ghana; 2,562 procedures (95%UI 1878-3255) were for cancer. Of these, 964 (37%) were surgical biopsies. The annual rate of procedures treating cancer was 2115 surgeries/100,000 cancer cases, or 21% of the New Zealand benchmark. Cervical, breast, and prostate cancer were found to meet 2.1%, 17.2%, and 32.1% of their respective surgical need. There is a large unmet need for cancer surgery in Ghana. Cancer surgery constitutes under 2% of the total surgeries performed in Ghana, an important proportion of which are used for biopsies. Therapeutic operative rate is deficient across most cancer types, and may lag behind improvements in screening efforts. As cancer prevalence and diagnosis increase in LMICs, cancer-specific surgical capacity must be increased to meet these evolving needs.

Growing physical rehabilitation needs in resource-poor world regions: secondary, cross-regional analysis with data from the global burden of disease 2017

Purpose This paper aims to analyze the levels and trajectories of physical rehabilitation needs across five resource-poor world regions, against global and key country-specific benchmarks. Materials and methods This comparative, secondary cross-region analysis uses data from the Global Burden of Diseases study 2017 [1990–2017], specifically varied metrics of the Years Lived with Disability (YLD) measure from the health conditions likely benefiting from physical rehabilitation. Results All the resource-poor world regions had significant increases (p < 0.01) in the absolute, relative, and percentage of physical rehabilitation needs [1990–2017]. Nonetheless, The Asia-Pacific region stood out with the greatest YLD Rates (i.e., per population size) in 2017, the greatest growth in YLD Rates since 1990 (38%), and an exponential growth in the rehabilitation-sensitive YLD Rates. The Asia-Pacific region also had the greatest portion of their YLDs coming from rehabilitation-sensitive conditions (72% in 2017), closely followed by the Latin America & Caribbean (67%). Nonetheless, in South Asia and Sub-Saharan Africa, we observed the greatest percent increases in the portion of physical rehabilitation needs among all YLDs, out of lower initial values. Conclusions An overall growth but differential patterns were observed in the evolution of physical rehabilitation needs across the resource-poor world regions. IMPLICATIONS FOR REHABILITATION Asia-Pacific and Latin America & Caribbean regions had over than two-thirds of their non-fatal health loss arising from conditions sensitive to physical rehabilitation, and important growths in rehabilitation need indicators have been observed also for South Asia and Sub-Saharan Africa. The scale-up and strengthening of rehabilitation services and resources should be informed by needs-based data. The needs-based data from this study can inform trans-national developments and the planning of rehabilitation resources, inclusively at the world-region level.

The Global Market Portfolio

Two years after the global capital stock report of Gadzinski, Schuller, and Vacchino (2018) and 36 years after the world market wealth portfolio of Ibbotson, Siegel, and Love (1985), investors still lack a global composite portfolio benchmark that includes a broad spectrum of assets with weights in line with a fair representation of the stock of capital for each asset class. Despite ample evidence of the substantial use of alternatives and real assets in institutional portfolios, the authors argue that existing academic and practitioner attempts are still unable to provide a satisfactory approximation of the “true” global market portfolio. The authors fill this gap and provide two benchmarks: one for retail investors constrained by liquidity needs and one for institutional investors with access to illiquid assets. <b>TOPICS:</b>Portfolio construction, real assets/alternative investments/private equity, global markets, performance measurement <b>Key Findings</b> ▪ The authors provide two global market portfolio benchmarks, for retail and institutional investors, based on a measurable global capital stock, which includes 87 existing indices within 11 asset classes. ▪ Their investable global market portfolio is built with ETFs only and is therefore transparent and systematic. The total return index realizes a compounded annual average return of 4.7%, with a standard deviation of 10.1% during the period 2005 Q1–2020 Q2. ▪ Their noninvestable global market portfolio realizes a compounded average return of 5.9%, with a standard deviation of 6.3% and a maximum cumulative drawdown of 20%. Thanks to a better allocation of resources toward real assets, diversification is then achieved and makes their total return index an efficient long-term portfolio benchmark.