Serpa cheese: technological, biochemical and microbiological characterisation of a PDO ewe's milk cheese coagulated with Cynara cardunculus L

Portugal has a strong tradition of cheesemaking from raw ewe's milk; most of these cheeses are still made on a traditional farmhouse scale. Their production is protected by Protected Designation of Origin (PDO) but the specific biochemical aspects of the majority still need to be characterised. Two different cheesemaking procedures, traditional and semi-industrial, were compared technologically, biochemically and microbiologically. It was observed that, despite the highly significant difference between artisanal and semi-industrial cheeses (P < 0.001), both products were within the limits of national regulations for most parameters except maturation temperature, humidity and the value for the maturation index. Although the present study was not fully representative of the region, the results obtained suggest that the specific regulations for Serpa cheese should be revised and that other parameters, such as moisture and salt-in-moisture content, which are very much dependent on the cheesemaking process, should be included in order to characterise better this traditional cheese.

Lease maturity and initial rent: is there a term structure for UK commercial property leases?

This paper investigates the relationship between lease maturity and rent in commercial property. Over the last decade market-led changes to lease structures, the threat of government intervention and the associated emergence of the Codes of Practice for commercial leases have stimulated growing interest in pricing of commercial property leases. Seminal work by Grenadier (1995) derived a set of hypotheses about the pricing of different lease lengths in different market conditions. Whilst there is a compelling theoretical case for and a strong intuitive expectation of differential pricing of different lease maturities, to date the empirical evidence is inconclusive. Two Swedish studies have found mixed results (Gunnelin and Soderbergh 2003 and Englund et al 2003). In only half the cases is the null hypothesis that lease length has no effect rejected. In the UK, Crosby et al (2003) report counterintuitive results. In some markets, they find that short lease terms are associated with low rents, whilst in others they are associated with high rents. Drawing upon a substantial database of commercial lettings in central London (West End and City of London) over the last decade, we investigate the relationship between rent and lease maturity. In particular, we test whether a building quality variable omitted in previous studies provides empirical results that are more consistent with the theoretical and intuitive a priori expectations. It is found that initial leases rates are upward sloping with the lease term and that this relationship is constant over time.