Benevolence,nationalism and hegemony: fifty years of the National Parks and Access to the Countryside Act 1949

This paper reviews the National Parks and Access to the Countryside Act 1949 fifty years since its enactment. The Act is assessed in the light of fifty years of access policy and within the present context of political debates and manoeuvres over the ‘right to roam’. It is concluded that benevolence is still the prevailing attitude towards access provision, maintaining as it does the scope for alternative freedoms and opportunities to exploit land for consumptive practices such as leisure and recreation. As such, it is argued that the notion of the gift (Mauss, 1990) continues to dominate the provision of countryside access in England and Wales.     

Sexual Selection and Economic Positioning

Synopsis In their recent survey of Darwinian aesthetics, Grammer et al. (2003) note the surprising lack of a connection between studies related to human beauty and the theory of sexual selection. Understanding this missing link sheds new light on recent research that indicates positional concerns Pingle & Mitchell 2002, Solnick & Hemenway 1998, are important factors in the decision-making process. Integrating the theory of sexual selection into the decision framework found in economics makes it possible to explain why individuals are potentially willing to accept less, as long as it places them in a superior position relative to others.     

The restructuring of the institutional real estate portfolio in the UK

Real estate investment portfolios of financial institutions have seen dramatic changes over the last three decades or more. Historically such property investment decisions have been seen within a portfolio diversification paradigm that has sought to balance risk and return. This paper considers the role of the supply of assets in the determining and constraining the UK institutional portfolio. The supply of real estate assets not only expands during property booms but has also been transformed by a long term urban development cycle as cities adapt to cars and the ICT revolution that has brought new property forms. The research examines long term trends in investment change by disaggregating into ten property forms rather than the usual three land use sectors. It then assesses to what extent investment patterns can be explained in terms of portfolio theory, short term net returns of individual sectors or driven by the supply of real estate assets. It concludes that the supply of real assets is an overlooked explanation.     

UK Assessment: Can Recession be Avoided?

There is a growing danger that the UK will suffer a serious recession in 1999. In this article, Adrian Cooper assesses the risks to the OEF/LBS forecast and considers what steps policy-makers might take to support demand and activity. With the weakness of consumer and business confidence currently posing the biggest threat, they must be seen to be decisive, with further substantial interest rate cuts essential.     

Clinical negligence in the UK: throwing the baby out with the bath water?

As the total cost of clinical negligence claims has grown in the UK in recent years, calls for reform have resurfaced. The government now plans a White Paper on the subject next years. This paper assesses some of the economic arguments surrounding such reform. It suggests that the principle of negligence performs a useful economic function, that there is sum uncertainty surrounding the precise costs of the UK's clinical negligence, and that costs of alternative systems may sometimes be larger than they first appear.     

An Evaluation of the Value Relevance of Consolidated versus Unconsolidated Accounting Information: Evidence from Quoted Spanish Firms

In this paper we investigate the value-relevance of consolidated versus parent company accounting information. In particular we investigate the value relevance of the minority interest components of net total assets and earnings as currently reported and under the full entity approach to consolidated reporting. An Edwards-Bell-Ohlson valuation framework is used to generate results. By this means we cast light on the suitability of accounting regulation being developed based upon the entity or parent company theories of consolidation. We carry out the analysis in the Spanish context and the sample contains 474 observations of non-financial firms quoted in the Madrid Stock Exchange for the period 1991–97. The results from this analysis not only have domestic relevance but provide guidance of a more international nature relating to the impact of group definition, concepts of control and the most value relevant method of consolidated disclosure. The results show that, from a valuation perspective, consolidated information dominates non-consolidated, or parent company, information. However, neither the currently reported minority interest components of net total assets and earnings, nor their values under the full equity method of consolidation, are found to be value relevant. These results raise the question of whether group definitions based on the equity theory of consolidation are the most useful to investors.     

A new contract for welfare: partnership in pensions

The government's Green Paper proposes reducing state pension costs whilst encouraging private sector provision. The success of the proposed ‘stakeholder pension schemes’ depends on regulation. However, regulation can penalise those it is intended to protect. This is a sensitive issue, since stakeholder pension schemes are expected to attract financially vulnerable, lower paid, employees. Whilst the flat rate accrual of the state second pension confers some benefit, certain groups are put in a difficult position by the retention of means-tested benefits.     

Do SMEs in deprived areas find it harder to access finance? Evidence from the UK Small Business Survey

Encouraging enterprise in deprived places is an important objective of the UK government policy. Evidence on the perceptions of entrepreneurs suggests that access to finance may be harder for firms in deprived areas, who may have fewer contacts, less collateral or worse access to mainstream banks. Yet there is little empirical evidence on whether this is actually the case. This paper investigates whether firms in deprived areas are more likely to find it hard to access finance than other firms, using a sample of around 3500 UK small and medium sized enterprises (SMEs). We find that firms in deprived areas are more likely to perceive access to finance is a problem. However, controlling for SME characteristics, firm growth, credit scores and selection effects, we find no evidence that they actually do find it harder to obtain. The results suggest that geographical disparities in access to finance are unimportant for the average firm.