Long run relationships between City office rents and the economy in the UK: creating a database for research

This paper sets out progress during the first eighteen months of doctoral research into the City of London office market. The overall aim of the research is to explore relationships between office rents and the economy in the UK over the last 150 years. To do this, a database of lettings has been created from which a long run index of City office rents can be constructed. With this index, it should then be possible to analyse trends in rents and relationships with their long run determinants. The focus of this paper is on the creation of the rent database. First, it considers the existing secondary sources of long run rental data for the UK. This highlights a lack of information for years prior to 1970 and the need for primary data collection if earlier periods are to be studied. The paper then discusses the selection of the City of London and of the time period chosen for research. After this, it describes how a dataset covering the period 1860-1960 has been assembled using the records of property companies active in the City office market. It is hoped that, if successful, this research will contribute to existing knowledge on the long run characteristics of commercial real estate. In particular, it should add a price dimension (rents) to the existing long run information on stock/supply and investment. Hence, it should enable a more complete picture of the development and performance of commercial real estate through time to be gained.

Rome 1960: making sporting history

The Rome Olympics of August-September 1960.

Intrinsic and rational speculative bubbles in the U.S. housing market 1960-2011

This paper examines the dynamics of the residential property market in the United States between 1960 and 2011. Given the cyclically and apparent overvaluation of the market over this period, we determine whether deviations of real estate prices from their fundamentals were caused by the existence of two genres of bubbles: intrinsic bubbles and rational speculative bubbles. We find evidence of an intrinsic bubble in the market pre-2000, implying that overreaction to changes in rents contributed to the overvaluation of real estate prices. However, using a regime-switching model, we find evidence of periodically collapsing rational bubbles in the post-2000 market

Globalisation and the evolution of international retailing: a comment on Alexander's 'British overseas retailing, 1900-1960'

Nicholas Alexander's (2011. British overseas retailing, 1900–60: International firm characteristics, market selections and entry modes. Business History, 53, 530–556) survey of British overseas retailers from 1900 to 1960 provides pathbreaking new evidence of international retailing activity during the first globalisation boom. The article surveys this and other recent evidence, and confirms that international retailing was far more significant up to 1929 than previously thought. This activity was overwhelmingly undertaken by non-retailers, however, and hence by multinationals whose advantages in retailing were fundamentally unsustainable over the long run. Even the department store format, the principal retail innovation of the period, was not internationalised primarily by multinationals. Rather it was diffused via indigenous entrepreneurs, driven by a rapidly growing global demand for western style fashion and dress.

Attribution of climate change: a methodology to estimate the potential contribution to increases in potato yield in Scotland since 1960

Maincrop potato yields in Scotland have increased by 3035 similar to t similar to ha-1 since 1960 as a result of many changes, but has changing climate contributed anything to this? The purpose of this work was to answer this question. Daily weather data for the period 19602006 were analysed for five locations covering the zones of potato growing on the east coast of Scotland (between 55.213 and 57.646 similar to N) to determine trends in temperature, rainfall and solar radiation. A physiologically based potato yield model was validated using data obtained from a long-term field trial in eastern Scotland and then employed to simulate crop development and potential yield at each of the five sites. Over the 47 similar to years, there were significant increases in annual air and 30 similar to cm soil temperatures (0.27 and 0.30 similar to K similar to decade-1, respectively), but no significant changes in annual precipitation or in the timing of the last frost in spring and the first frost of autumn. There was no evidence of any north to south gradient of warming. Simulated emergence and canopy closure became earlier at all five sites over the period with the advance being greater in the north (3.7 and 3.6 similar to days similar to decade-1, respectively) than the south (0.5 and 0.8 similar to days similar to decade-1, respectively). Potential yield increased with time, generally reflecting the increased duration of the green canopy, at average rates of 2.8 similar to t similar to ha-1 decade-1 for chitted seed (sprouted prior to planting) and 2.5 similar to t similar to ha-1 decade-1 for unchitted seed. The measured warming could contribute potential yield increases of up to 13.2 similar to t similar to ha-1 for chitted potato (range 7.119.3 similar to t similar to ha-1) and 11.5 similar to t similar to ha-1 for unchitted potato (range 7.115.5 similar to t similar to ha-1) equivalent to 3439% of the increased potential yield over the period or 2326% of the increase in actual measured yields.

Trends in Austral jet position in ensembles of high- and low-top CMIP5 models

Trends in the position of the DJF Austral jet have been analysed for multi-model ensemble simulations of a subset of high- and low-top models for the periods 1960-2000, 2000-2050, and 2050-2098 under the CMIP5 historical, RCP4.5, and RCP8.5 scenarios. Comparison with ERA-Interim, CFSR and the NCEP/NCAR reanalysis shows that the DJF and annual mean jet positions in CMIP5 models are equatorward of reanalyses for the 1979-2006 mean. Under the RCP8.5 scenario, the mean jet position in the high-top models moves 3 degrees poleward of its 1860-1900 position by 2098, compared to just over 2 degrees for the low-top models. Changes in jet position are linked to changes in the meridional temperature gradient. Compared to low-top models, the high-top models predict greater warming in the tropical upper troposphere due to increased greenhouse gases for all periods considered: up to 0.28 K/decade more in the period 2050-2098 under the RCP8.5 scenario. Larger polar lower-stratospheric cooling is seen in high-top models: -1.64 K/decade compared to -1.40 K/decade in the period 1960-2000, mainly in response to ozone depletion, and -0.41 K/decade compared to -0.12 K/decade in the period 2050-2098, mainly in response to increases in greenhouse gases. Analysis suggests that there may be a linear relationship between the trend in jet position and meridional temperature gradient, even under strong forcing. There were no clear indications of an approach to a geometric limit on the absolute magnitude of the poleward shift by 2100.

Production around 1960

Film production in Italy 1957-66: a table of costs and receipts to producers for a selection of films; details of ways in which producers have promoted young new authors; comparison with the way formula genres function in the market.

Globalization and the evolution of international retailing: a comment on Alexander’s ‘British Overseas Retailing, 1900-1960'

Nicholas Alexander's (2011. British overseas retailing, 1900–60: International firm characteristics, market selections and entry modes. Business History, 53, 530–556) survey of British overseas retailers from 1900 to 1960 provides pathbreaking new evidence of international retailing activity during the first globalisation boom. The article surveys this and other recent evidence, and confirms that international retailing was far more significant up to 1929 than previously thought. This activity was overwhelmingly undertaken by non-retailers, however, and hence by multinationals whose advantages in retailing were fundamentally unsustainable over the long run. Even the department store format, the principal retail innovation of the period, was not internationalised primarily by multinationals. Rather it was diffused via indigenous entrepreneurs, driven by a rapidly growing global demand for western style fashion and dress.