Information sources and advice used by small business tenants when leasing commercial property

Many small businesses lease commercial premises. The terms of a lease can affect the ability of the business to grow and adapt and have an impact on cashflow. Ensuring that they have the information with which to negotiate terms is part of the UK government policy focus on small businesses. Such information is most effectively disseminated through the sources of advice that small businesses use during the leasing process. Therefore these sources of advice need identifying. An interview survey of small business tenants who have recently taken leases provides initial results that suggest small businesses do not seek out advice during the leasing process or see the need to be better informed. The only formal professional input is from solicitors but this is not until after the main commercial terms have been agreed. The landlords’ letting agents play a key, but ambiguous, role in providing information as well as advice. These results suggest that the most effective way of disseminating information by government could be via the letting agents, the very people with whom the tenants are negotiating.

Selecting from amongst non–nested conditional variance models: information criteria and portfolio determination

We consider the finite sample properties of model selection by information criteria in conditionally heteroscedastic models. Recent theoretical results show that certain popular criteria are consistent in that they will select the true model asymptotically with probability 1. To examine the empirical relevance of this property, Monte Carlo simulations are conducted for a set of non–nested data generating processes (DGPs) with the set of candidate models consisting of all types of model used as DGPs. In addition, not only is the best model considered but also those with similar values of the information criterion, called close competitors, thus forming a portfolio of eligible models. To supplement the simulations, the criteria are applied to a set of economic and financial series. In the simulations, the criteria are largely ineffective at identifying the correct model, either as best or a close competitor, the parsimonious GARCH(1, 1) model being preferred for most DGPs. In contrast, asymmetric models are generally selected to represent actual data. This leads to the conjecture that the properties of parameterizations of processes commonly used to model heteroscedastic data are more similar than may be imagined and that more attention needs to be paid to the behaviour of the standardized disturbances of such models, both in simulation exercises and in empirical modelling.

Occupants’ behavioural adaptation in workplaces with non-central heating and cooling systems

Occupants’ behaviour when improving the indoor environment plays a significant role in saving energy in buildings. Therefore the key step to reducing energy consumption and carbon emissions from buildings is to understand how occupants interact with the environment they are exposed to in terms of achieving thermal comfort and well-being; though such interaction is complex. This paper presents a dynamic process of occupant behaviours involving technological, personal and psychological adaptations in response to varied thermal conditions based on the data covering four seasons gathered from the field study in Chongqing, China. It demonstrates that occupants are active players in environmental control and their adaptive responses are driven strongly by ambient thermal stimuli and vary from season to season and from time to time, even on the same day. Positive, dynamic, behavioural adaptation will help save energy used in heating and cooling buildings. However, when environmental parameters cannot fully satisfy occupants’ requirements, negative behaviours could conflict with energy saving. The survey revealed that about 23% of windows are partly open for fresh air when air-conditioners are in operation in summer. This paper addresses the issues how the building and environmental systems should be designed, operated and managed in a way that meets the requirements of energy efficiency without compromising wellbeing and productivity.