Temporary Intervention and Long Term Legacy: Lessons from London Case Studies

The paper explores the issue of temporary projects on vacant land focusing on London in the 2007-2012 downturn. Using a case study approach, a link has been identified between the success of temporary projects and a longer-term vision, as well as a move toward better integration between temporary occupants and developer/land-owner. Within this paradox the whole idea of temporariness is put under question, as is the traditional mainstream depiction of bottom-up in opposition to top-down action. These trends are contextualised within the dynamics of recession that has triggered new types of creative conversations between parties traditionally considered in opposition and may contribute to reframing urban development as an incremental, organic and collaborative process.

Impact of the Financial Crisis on the Performance of European Acquisitions

This study looks at the impact of the recent financial crisis on the short-term performance of European acquisitions. We use institutional theory and transaction cost economic theory to study whether bidders derive lower or higher returns from acquisitions announced after 2008. We investigate shareholders’ stock price reaction to 2245 deals which occurred during 2004–12 across 22 European Union countries. Our results from both univariate and multivariate analysis show that the deals announced in the post-crisis period, corresponding to the period of economic recession, generate higher returns to shareholders as compared to acquisitions announced in the pre-crisis period. We also test the relevance of the Economic and Monetary Union (EMU), that is, the Eurozone, to this value accrual during the recessionary period. We observe that non-EMU transactions obtain significantly higher gains vis-à-vis EMU transactions in the post-crisis years. Overall, announcement returns of European acquisitions have been affected by the financial crisis and the global recession; and companies that target countries with different currency regimes are likely to generate better returns from their acquisitions.

The Crisis in the UK's High Streets: can the evening and night-time economy help?

Changes in retailing over the last half century have had a detrimental effect on the UK’s local high streets. The recession of 2008-2012 exacerbated these trends leading to a high number of vacancies and neglected properties. The impact was sufficiently severe for the term ‘crisis’ to be used in connection with the British high street. In the academic and commercial reports generated by the recognition that the high street needed to adapt to changing circumstances, a view emerged that the leisure component of high street activity would gain in importance. This article reviews the relationship of the evening and nighttime economy to the high street and considers its potential in reinventing the vitality that is normally associated with these mixed-use urban corridors. The article argues that there is hope in the high street offering a different type of experience to the mainstream forms of entertainment that are consolidating in major town and city centres. It concludes by suggesting that for this to be successful, some public support is necessary.