The accuracy of valuations: expectation and reality

The relationship between valuations and the subsequent sale price continues to be a matter of both theoretical and practical interest. This paper reports the analysis of over 700 property sales made during the 1974/90 period. Initial results imply an average under-valuation of 7% and a standard error of 18% across the sample. A number of techniques are applied to the data set using other variables such as the region, the type of property and the return from the market to explain the difference between the valuation and the subsequent sale price. The analysis reduces the unexplained error; the bias is fully accounted for and the standard error is reduced to 15.3%. This model finds that about 6% of valuations over-estimated the sale price by more than 20% and about 9% of the valuations under-estimated the sale prices by more than 20%. The results suggest that valuations are marginally more accurate than might be expected, both from consideration of theoretical considerations and from comparison with the equivalent valuation in equity markets.

How many Frenchmen did you kill? British bombing policy towards France (1940-1945)

The Allied bombing of France between 1940 and 1945 has received comparatively little attention from historians, although the civilian death toll, at about 60,000, was comparable to that of German raids on the UK. This article considers how Allied, and particularly British, bombing policy towards France was developed, what its objectives were and how French concerns about attacks on their territory were (or were not) addressed. It argues that while British policymakers were sensitive to the delicate political implications of attacking France, perceived military necessities tended to trump political misgivings; that Vichy, before November 1942, was a stronger constraint on Allied bombing than the Free French at any time and that the bombing programme largely escaped political control from May 1944.

Euthydemoss of Bactria

Euthydemos I (ca. 260–200 bce) was king of Bactria from around 230. He founded a dynasty which, most notably under his son Demetrios I, extended the control of the Greco-Bactrian kings south of the Hindu Kush into Arachosia and India.

The President above parties: a founding illusion of the Fifth Republic

De Gaulle, founder of the Fifth French Republic, cherished the notion that the president of the Republic could somehow stand above party politics. In many ways this belief shaped the early institutional configuration of the new Republic. Party politics, however, rapidly reached the presidency, especially with the move, under the constitutional reform of 1962, to direct election of the president. This article charts the development of France's 'political constitution' and the relationship between president and parties over the first decade of the Fifth Republic. It finds that although the presidency became the prime goal of party political competition, the (often dysfunctional) illusion of a head of state above politics continues to shape the behaviour and perceptions of French presidents.

The credit relationship between Henry III and merchants of Douai and Ypres, 1247-70

This article looks at an important but neglected aspect of medieval sovereign debt, namely ‘accounts payable’ owed by the Crown to merchants and employees. It focuses on the unusually well-documented relationship between Henry III, King of England between 1216 and 1272, and Flemish merchants from the towns of Douai and Ypres, who provided cloth on credit to the royal wardrobe. From the surviving royal documents, we reconstruct the credit advanced to the royal wardrobe by the merchants of Ypres and Douai for each year between 1247 and 1270, together with the king's repayment history. The interactions between the king and the merchants are then analysed. The insights from this analysis are applied to the historical data to explain the trading decisions made by the merchants during this period, as well as why the strategies of the Yprois sometimes differed from those of the Douaissiens.

The Liberal Way of War? French representations of the Allies, 1944-2008

This chapter looks at the ways in which Anglo-American participants in the Liberation of France have been represented in French narratives in the decades since the Second World War, through the developing French historiography of Allied participation in the War, and through the various roles assigned to the Allies in key postwar memorialisation ceremonies in France.

The history of the practice of strategy from Antiquity to Napoleon

This chapter outlines the history of the practice of strategy, predating the introduction of the term. It homes in on episodes of European history since Antiquity for which historians claim to have found evidence of the practice of strategy, defined by Kimberly Kagan as ‘the setting of a state’s objectives and of priorities among those objectives’ in order to allocate resources and choose the best means. While focusing only on Europe, this chapter covers case studies over nearly 2500 ranging from the wars of Ancient Greece, of the Romans to Medieval warfare (here with a focus on English history), the warfare of Philip II of Spain, Louis XIV of France, Frederick II of Prussia, the French Revolutionaries and Napoleon.