UK commercial property lease structures: Landlord and tenant mismatch

UK commercial property lease structures have come under considerable scrutiny during the past decade since the property crash of the early 1990s. In particular, tenants complained that the system was unfair and that it has blocked business change. Government is committed, through its 2001 election manifesto, to promote flexibility and choice in the commercial property lettings market and a new voluntary Commercial Leases Code of Practice was launched in April 2002. This paper investigates whether occupiers are being offered the leases they require or whether there is a mismatch between occupier requirements and actual leases in the market. It draws together the substantial data now available on the actual terms of leases in the UK and surveys of corporate occupiers' attitude to their occupation requirements. Although the data indicated that UK leases have become shorter and more diverse since 1990, this is still not sufficient to meet the current requirements of many corporate occupiers. It is clear that the inability to manage entry and exit strategies is a major concern to occupiers. Lease length is the primary concern of tenants and a number of respondents comment on the mismatch between lease length in the UK and business planning horizons. The right to break and other problems with alienation clauses also pose serious difficulties for occupiers, thus reinforcing the mismatch. Other issues include repairing and insuring clauses and the type of review clause. There are differences in opinion between types of occupier. In particular, international corporate occupiers are significantly more concerned about the length of lease and the incidence of break clauses than national occupiers and private-sector tenants are significantly more concerned about leasing in general than public-sector occupiers. Proposed solutions by tenants are predictable and include shorter leases, more frequent breaks and relaxation of restrictions concerning alienation and other clauses. A significant number specify that they would pay more for shorter leases and other improved terms. Short leases would make many of the other terms more acceptable and this is why they are the main concern of corporate occupiers. Overall, the evidence suggests that there continues to be a gap between occupiers' lease requirements and those currently offered by the market. There are underlying structural factors that act as an inertial force on landlords and inhibit the changes which occupiers appear to want. Nevertheless, the findings raise future research questions concerning whether UK lease structures are a constraining factor on UK competitiveness.

Bayesian estimation of the spatial Durbin error model with an application to voter turnout in the 2004 presidential election

The potential for spatial dependence in models of voter turnout, although plausible from a theoretical perspective, has not been adequately addressed in the literature. Using recent advances in Bayesian computation, we formulate and estimate the previously unutilized spatial Durbin error model and apply this model to the question of whether spillovers and unobserved spatial dependence in voter turnout matters from an empirical perspective. Formal Bayesian model comparison techniques are employed to compare the normal linear model, the spatially lagged X model (SLX), the spatial Durbin model, and the spatial Durbin error model. The results overwhelmingly support the spatial Durbin error model as the appropriate empirical model.

In the shadow of Grexit: the Greek election of 17 June 2012

This article provides an overview and analysis of the Greek June 2012 elections. Placing the elections within the broader framework of the Greek socio-political and economic context, it discusses the electoral campaign and results, juxtaposing them to the 6 May electoral round. The election results confirmed many of the trends of the previous round, including electoral volatility, the fragmentation of the party system and the rise of anti-establishment forces. The main difference was the entrenchment of the pro- versus anti- bailout division and the prominence of the question of Greece’s continued Eurozone membership.

On the typological economy of syntactic transfer: word order and relative clause high/low attachment preference in L3 Brazilian Portuguese

One central question in the formal linguistic study of adult multilingual morphosyntax (i.e., L3/Ln acquisition) involves determining the role(s) the L1 and/or the L2 play(s) at the L3 initial state (e.g., Bardel & Falk, Second Language Research 23: 459–484, 2007; Falk & Bardel, Second Language Research: forthcoming; Flynn et al., The International Journal of Multilingualism 8: 3–16, 2004; Rothman, Second Language Research: forthcoming; Rothman & Cabrelli, On the initial state of L3 (Ln) acquisition: Selective or absolute transfer?: 2007; Rothman & Cabrelli Amaro, Second Language Research 26: 219–289, 2010). The present article adds to this general program, testing Rothman's (Second Language Research: forthcoming) model for L3 initial state transfer, which when relevant in light of specific language pairings, maintains that typological proximity between the languages is the most deterministic variable determining the selection of syntactic transfer. Herein, I present empirical evidence from the later part of the beginning stages of L3 Brazilian Portuguese (BP) by native speakers of English and Spanish, who have attained an advanced level of proficiency in either English or Spanish as an L2. Examining the related domains of syntactic word order and relative clause attachment preference in L3 BP, the data clearly indicate that Spanish is transferred for both experimental groups irrespective of whether it was the L1 or L2. These results are expected by Rothman's (Second Language Research: forthcoming) model, but not necessarily predicted by other current hypotheses of multilingual syntactic transfer; the implications of this are discussed.