Liquidity and the drivers of search, due diligence and transaction times for UK commercial real estate investments

Trading commercial real estate involves a process of exchange that is costly and which occurs over an extended and uncertain period of time. This has consequences for the performance and risk of real estate investments. Most research on transaction times has occurred for residential rather than commercial real estate. We study the time taken to transact commercial real estate assets in the UK using a sample of 578 transactions over the period 2004 to 2013. We measure average time to transact from a buyer and seller perspective, distinguishing the search and due diligence phases of the process, and we conduct econometric analysis to explain variation in due diligence times between assets. The median time for purchase of real estate from introduction to completion was 104 days and the median time for sale from marketing to completion was 135 days. There is considerable variation around these times and results suggest that some of this variation is related to market state, type and quality of asset, and type of participants involved in the transaction. Our findings shed light on the drivers of liquidity at an individual asset level and can inform models that quantify the impact of uncertain time on market on real estate investment risk.

Monuments, mobility and Medieval perceptions of designed landscapes: The Pleasance, Kenilworth

The Pleasance was a ’virandarium’ or pleasure garden, constructed by Henry V in the grounds of his castle at Kenilworth. Despite its high academic profile and the survival of well-preserved earthwork remains, the Pleasance has never previously been subjected to a programme of detailed archaeological survey and investigation. This article discusses the results of a new analytical earthwork survey undertaken by staff from English Heritage in 2012. It considers the contribution that these new findings make to the wider debate on medieval designed landscapes, with a particular focus on mobility and its role in unlocking the meaning and symbolism embedded in elite landscapes.

Location, location, location? Analysing property rents in medieval Gloucester

Although medieval rentals have been extensively studied, few scholars have used them to analyse variations in the rents paid on individual properties within a town. It has been claimed that medieval rents did not reflect economic values or market forces, but were set according to social and political rather than economic criteria, and remained ossified at customary levels. This paper uses hedonic regression methods to test whether property rents in medieval Gloucester were influenced by classic economic factors such as the location and use of a property. It investigates both rents and local rates (landgavel), and explores the relationship between the two. It also examines spatial autocorrelation. It finds significant relationships between urban rents and property characteristics that are similar to those found in modern studies. The findings are consistent with the view that, in Gloucester at least, medieval rents were strongly influenced by classical economic factors working through a competitive urban property market.

Modelling the medieval economy: money, prices and income in England, 1263-1520

This chapter presents a simple econometric model of the medieval English economy, focusing on the relationship between money, prices and incomes. The model is estimated using annual data for the period 1263-1520 obtained from various sources. The start date is determined by the availability of continuous runs of annual data, while the finishing date immediately precedes the take-off of Tudor price inflation. Accounts from the ecclesiastical and monastic estates have survived in great numbers for this period, thereby ensuring that crop yields can be estimated from a regionally representative set of estates.

One step forward, and two steps back: women and career progression in academia during times of uncertainty

While there is an extensive and still growing body of literature on women in academia and the challenges they encounter in career progression, there is little research on their experience specifically within a business school setting. In this study, we attempt to address this gap and examine the experiences and career development of female academics in a business school and how these are impacted by downsizing programmes. To this end, an exploratory case study is conducted. The findings of this study show that female business school academics experience numerous challenges in terms of promotion and development, networking, and the multiple and conflicting demands placed upon them. As a result, the lack of visibility seems to be a pertinent issue in terms of their career progression. Our data also demonstrates that that, paradoxically, during periods of downsizing women become more visible and thus vulnerable to layoffs as a consequence of the challenges and pressures created in their environment during this process. In this paper, we argue that this heightened visibility, and being subject to possible layoffs, further reproduces inequality regimes in academia.

The lives and deaths of young medieval women: the osteological evidence

Written sources from the medieval period focus mainly on the activities of adults, particularly males and often those from the wealthier sections of society. Recent scholarship has attempted to redress this balance by giving attention to medieval women and children, but we are still limited by what we can learn about the daily lives of all members of medieval English society. Osteology, the study of human skeletal remains, suffers from no such bias and can provide substantial and detailed information on growth, health and daily life of the general population. This paper presents the results of a new analysis of the skeletal remains of over 300 medieval girls and young women aged at between 14 and 25 years from a number of English cemetery sites. We incorporate data from the published archaeological literature as well as documentary evidence to provide new insights into the lives and deaths of young medieval women.

Work and the adolescent in medieval England (AD 900-1550). The osteological evidence

What was it like to be a teenager in medieval England? Despite the fact that medieval society often singled young apprentices and workers out for comment, their study has been largely neglected in medieval archaeology. The skeletal remains of 4940 adolescents (6.6-25 years) from 151 sites in medieval England was compiled from a combination of primary data collection and secondary data from published and unpublished skeletal reports and on-line databases. The aim was to explore whether apprentices could be identified in the archaeological record and if so, at what age they started work and what impact occupation had on their health. The data were divided into urban and rural groups, dating from before and after the Black Death of AD 1348-9, and before the Industrial Revolution. A shift in the demographic pattern of urban and rural adolescents was identified after the Black Death, with a greater number of young females residing in the urban contexts after 14 years. The average age of males increased from 12 years to 14 years after the plague years, contrary to what we might expect from the documentary sources. There were higher rates of spinal and joint disease in the urban adolescents and their injuries were more widespread than their rural counterparts. Domestic service was the potential cause of the greater strain on the knees and backs of the urban females, with interpersonal violence evident in the young urban males. Overall, it was the urban females that carried the burden of respiratory and infectious diseases suggesting they may have been the most vulnerable group. This study has demonstrated the value of adolescent skeletal remains in revealing information about their health and working life, before and after the Black Death.

The influence of chronic conditions and the environment on pubertal development. An example from medieval England

Adolescence is a unique period in human development encompassing sexual maturation (puberty) and the physical and psychological transition into adulthood. It is a crucial time for healthy development and any adverse environmental conditions, poor nutrition, or chronic infection can alter the timing of these physical changes; delaying menarche in girls or the age of peak height velocity in boys. This study explores the impact of chronic illness on the tempo of puberty in 607 adolescent skeletons from medieval England (AD 900-1550). A total of 135 (22.2%) adolescents showed some delay in their pubertal development, and this lag increased with age. Of those with a chronic condition, 40.0% (n=24/60) showed delay compared to only 20.3% (n=111/547) of the non-pathology group. This difference was statistically significant. A binary logistic regression model demonstrated a significant association between increasing delay in pubertal stage attainment with age in the pathology group. This is the first time that chronic conditions have been directly associated with a delay in maturation in the osteological record, using a new method to assess stages of puberty in skeletal remains.

Family, locality and nationality: vernacular adaptations of the Expugnatio Hibernica from late medieval Ireland

This paper examines two late medieval abridgements of Gerald of Wales’ Expugnatio Hibernica, one in Hiberno-English and one in Irish. The manuscripts in which these adaptations survive all date from the late fifteenth century and appear to bear witness to a sudden and pronounced interest in Gerald’s text. Drawing on evidence from the extant manuscripts, this paper explores the readerships of, and the nature of their interest in, these adaptations. A key conclusion is that the Expugnatio, which gives prominence to Gerald's own relatives, the Fitzgeralds, was valued as a family history by the Fitzgerald Earls of Kildare and their allies. The Earls were at the height of their power in the period in which these manuscripts were produced. Examination of this neglected evidence of the adaptation and readership of the Expugnatio in late medieval Ireland suggests that, for some medieval readers at least, the primary identities Gerald’s text expressed were familial and local rather than colonial or national.

Otherworlds: fantasy and history in medieval literature

This book offers a new perspective on the otherworlds of medieval literature. These fantastical realms are among the most memorable places in medieval writing, by turns beautiful and monstrous, alluring and terrifying. Passing over a river or sea, or entering into a hollow hill, heroes come upon strange and magical realms. These places are often very beautiful, filled with sweet music and adorned with precious stones and rich materials. There is often no darkness, time may pass at a different pace, and the people who dwell there are usually supernatural. Sometimes such a place is exactly what it appears to be-the land of heart's desire-but, the otherworld can also have a sinister side, trapping humans and keeping them there against their will. Otherworlds: Fantasy and History in Medieval Literature takes a fresh look at how medieval writers understood these places and why they found them so compelling. It focuses on texts from England, but places this material in the broader context of literary production in medieval Britain and Ireland. The narratives examined in this book tell a rather surprising story about medieval notions of these fantastical places. Otherworlds are actually a lot less 'other' than they might initially seem. Authors often use the idea of the otherworld to comment on very serious topics. It is not unusual for otherworld depictions to address political issues in the historical world. Most intriguing of all are those texts where locations in the real world are re-imagined as otherworlds. The regions on which this book focuses, Britain, Ireland and the surrounding islands, prove particularly susceptible to this characterization.

Transatlantic flight times and climate change

Aircraft do not fly through a vacuum, but through an atmosphere whose meteorological characteristics are changing because of global warming. The impacts of aviation on climate change have long been recognised, but the impacts of climate change on aviation have only recently begun to emerge. These impacts include intensified turbulence and increased take-off weight restrictions. Here we investigate the influence of climate change on flight routes and journey times. We feed synthetic atmospheric wind fields generated from climate model simulations into a routing algorithm of the type used operationally by flight planners. We focus on transatlantic flights between London and New York, and how they change when the atmospheric concentration of carbon dioxide is doubled. We find that a strengthening of the prevailing jet-stream winds causes eastbound flights to significantly shorten and westbound flights to significantly lengthen in all seasons. Eastbound and westbound crossings in winter become approximately twice as likely to take under 5 h 20 min and over 7 h 00 min, respectively. For reasons that are explained using a conceptual model, the eastbound shortening and westbound lengthening do not cancel out, causing round-trip journey times to increase. Even assuming no future growth in aviation, the extrapolation of our results to all transatlantic traffic suggests that aircraft will collectively be airborne for an extra 2000 h each year, burning an extra 7.2 million gallons of jet fuel at a cost of US$ 22 million, and emitting an extra 70 million kg of carbon dioxide, which is equivalent to the annual emissions of 7100 average British homes. Our results provide further evidence of the two-way interaction between aviation and climate change.

Cambium non est mutuum: exchange and interest rates in medieval Europe

A major gap in our understanding of the medieval economy concerns interest rates, especially relating to commercial credit. Although direct evidence about interest rates is scattered and anecdotal, there is much more surviving information about exchange rates. Since both contemporaries and historians have suggested that exchange and rechange transactions could be used to disguise the charging of interest in order to circumvent the usury prohibition, it should be possible to back out the interest rates from exchange rates. The following analysis is based on a new dataset of medieval exchange rates collected from commercial correspondence in the archive of Francesco di Marco Datini of Prato, c.1383-1411. It demonstrates that the time value of money was consistently incorporated into market exchange rates. Moreover, these implicit interest rates are broadly comparable to those received from other types of commercial loan and investment. Although on average profitable, the return on any individual exchange and rechange transaction did involve a degree of uncertainty that may have justified their non-usurious nature. However, there were also practical reasons why medieval merchants may have used foreign exchange transactions as a means of extending credit.