Electoral reform in Europe since 1945

This article surveys and analyses democratic electoral reform in Europe since 1945 in order to pursue three issues. First, it seeks understanding of the processes through which electoral systems change. Second, it asks how the incidence of these processes varies over context and time. Third, it investigates whether there are relationships between the nature of the processes through which electoral system change occurs and the electoral reforms that are thereby adopted. The analysis suggests, most importantly, that electoral system changes occur via multiple contrasting processes, that there is a tendency towards increasing impact of mass opinion upon these changes, and that this is beginning to generate a trend towards greater personalisation in the electoral systems adopted. These findings are, however, preliminary; the article is intended to encourage further discussion and research.

Real estate in the mixed-asset portfolio: the question of consistency

The recent poor performance of the equity market in the UK has meant that real estate is increasingly been seen as an attractive addition to the mixed-asset portfolio. However, determining whether the good return enjoyed by real estate is a temporary or long-term phenomenon is a question that remains largely unanswered. In other words, there is little or no evidence to indicate whether real estate should play a consistent role in the mixed-asset portfolio over short- and long-term investment horizons. Consistency in this context refers to the ability of an asset to maintain a positive allocation in an efficient portfolio over different holding periods. Such consistency is a desirable trait for any investment, but takes on particular significance when real estate is considered, as the asset class is generally perceived to be a long-term investment due to illiquidity. From an institutional investor’s perspective, it is therefore crucial to determine whether real estate can be reasonably expected to maintain a consistent allocation in the mixed-asset portfolio in both the short and long run and at what percentage. To address the question of consistency the allocation of real estate in the mixed-asset portfolio was calculated over different holding periods varying from 5- to 25-years.