Principal-agent issues in asset acquisition: UK institutions and their investment agents

This paper explores principal‐agent issues in the stock selection processes of institutional property investors. Drawing upon an interview survey of fund managers and acquisition professionals, it focuses on the relationships between principals and external agents as they engage in property transactions. The research investigated the extent to which the presence of outcome‐based remuneration structures could lead to biased advice, overbidding and/or poor asset selection. It is concluded that institutional property buyers are aware of incentives for opportunistic behaviour by external agents, often have sufficient expertise to robustly evaluate agents’ advice and that these incentives are counter‐balanced by a number of important controls on potential opportunistic behaviour. There are strong counter‐incentives in the need for the agents to establish personal relationships and trust between themselves and institutional buyers, to generate repeat and related business and to preserve or generate a good reputation in the market.

Understanding lake and catchment history as a tool for integrated lake management

Sustainable lake management for nutrient-enriched lakes must be underpinned by an understanding of both the functioning of the lake, and the origins of changes in nutrient loading from the catchment. To date, limnologists have tended to focus on studying the impact of nutrient enrichment on the lake biota, and the dynamics of nutrient cycling between the water column, biota and sediments within the lake. Relatively less attention has been paid to understanding the specific origins of nutrient loading from the catchment and nutrient transport pathways linking the lake to its catchment. As such, when devising catchment management strategies to reduce nutrient loading on enriched lakes, assumptions have been made regarding the relative significance of non-point versus point sources in the catchment. These are not always supported by research conducted on catchment nutrient dynamics in other fields of freshwater science. Studies on nutrient enrichment in lakes need to take account of the history of catchment use and management specific to each lake in order to devise targeted and sustainable management strategies to reduce nutrient loading to enriched lakes. Here a modelling approach which allows quantification of the relative contribution of nutrients from each specific point and non-point catchment source over the course of catchment history is presented. The approach has been applied to three contrasting catchments in the U.K. for the period 1931 to present. These are the catchment of Slapton Ley in south Devon, the River Esk in Cumbria and the Deben Estuary in Suffolk. Each catchment showed marked variations in the nature and intensity of land use and management. The model output quantifies the relative importance of point source versus non-point livestock and land use sources in each of the catchments, and demonstrates the necessity for an understanding of site-specific catchment history in devising suitable management strategies for the reduction of nutrient loading on enriched lakes.

Exploring the climatic impact of the continental vegetation on the Mezosoic atmospheric CO2 and climate history

In this contribution, we continue our exploration of the factors defining the Mesozoic climatic history. We improve the Earth system model GEOCLIM designed for long term climate and geochemical reconstructions by adding the explicit calculation of the biome dynamics using the LPJ model. The coupled GEOCLIM-LPJ model thus allows the simultaneous calculation of the climate with a 2-D spatial resolution, the coeval atmospheric CO2, and the continental biome distribution. We found that accounting for the climatic role of the continental vegetation dynamics (albedo change, water cycle and surface roughness modulations) strongly affects the reconstructed geological climate. Indeed the calculated partial pressure of atmospheric CO2 over the Mesozoic is twice the value calculated when assuming a uniform constant vegetation. This increase in CO2 is triggered by a global cooling of the continents, itself triggered by a general increase in continental albedo owing to the development of desertic surfaces. This cooling reduces the CO2 consumption through silicate weathering, and hence results in a compensating increase in the atmospheric CO2 pressure. This study demonstrates that the impact of land plants on climate and hence on atmospheric CO2 is as important as their geochemical effect through the enhancement of chemical weathering of the continental surface. Our GEOCLIM-LPJ simulations also define a climatic baseline for the Mesozoic, around which exceptionally cool and warm events can be identified.

Organizing for sustainable procurement: theories, institutions and practice

That construction procurement needs to be re-organized to make it more sustainable implies that there is a problem with the current situation. Starting from this assumption, an overview of construction procurement sets the scene for a discussion of some recent developments relating to organizational frameworks for sustainable construction procurement. Emergent theories dealing with sustainable procurement are considered. There is a plethora of standards and guidance documents for organizing sustainable procurement, originating from a variety of organizations involved. These considerations form the context for approaches being used in practice to achieve sustainable procurement. The Chapter concludes with reflections on why current approaches are insufficient. It seems difficult to persuade clients to spend less money over the life cycle of their buildings. Future directions needed to translate sustainable procurement from rhetoric to reality include the development of suitable incentives and appropriate organizational structures.

Archive fever: the publishers' archive and the history of the novel

In recent years, archives have been increasingly important to literary scholarship. Drawing upon Derrida’s description of ‘archive fever’ as an always elusive search for origins, this chapter considers the theoretical and methodological issues of reading in the publishers’ archive, questioning what this brings to our histories of the novel. Through examples drawn from the archives of two British publishers – the Hogarth Press (1917-46) and Chatto & Windus (established 1873) – focussing on Virginia Woolf’s Flush (1933) and James Hanley’s The Furys (1935), the chapter assesses the implications of bringing book history to bear on literary history.