The restructuring and privatisation of British Rail: Was it really that bad?

This paper uses a social cost-benefit analysis (SCBA) framework to assess whether rail privatisation in Britain has produced savings in operating costs. The paper shows that major efficiencies have been achieved, consumers have benefited through lower prices, whilst the increased government subsidy has been largely recouped through privatisation proceeds. We also find that output quality is no lower (and is probably better) than under the counterfactual scenario of public ownership (pre-Hatfield). The achievement of further savings is key to delivering improved rail services in the future. This paper finds that a privatised structure, where shareholders demand a return on their investment, has led to significant improvements in operating efficiency - it remains to be seen whether the new regime, with a not-for-profit infrastructure owner, will deliver the same efficiency improvements

Design management: changing roles of the professions

This paper sets out to explore how recent changes in procurement in construction have affected the roles that professions play in the design process. It discusses how professions that traditionally took the role of design manager now find themselves participating within previously unforeseen contexts, working in multidisciplinary teams led by contractors and with changed responsibilities at the design stage. Supply chain members who were not previously involved during the early project phases are being engaged at the earliest phases of the project life cycle and even taking leadership roles while designers sometimes work as supply chain partners. A study of design in construction and other sectors shows that in dealing with design management issues it is critical to deepen appreciation for the unique characteristics of design and the design process. The paper argues that contractors and designers taking on design management roles in a dynamic industry seeking to explore best practice and innovative approaches to procurement and in the delivery of projects need to acquire new skills, management education and develop the necessary qualities

Vertical monopoly power, profit and risk: The British beer industry, c.1970-2004

By investigating surplus and risk distribution in the British brewing industry, this paper shows that risk and risk transfer are important dimensions of vertical supply chain relationships. A comparative financial analysis shows the effects of models of vertical ownership before and after the break-up of producer controlled tenanted estates and the strategy and performance of pub-owning companies. Contrasting mechanisms for controlling the capture of surplus and division of risk are evaluated. The paper complements prior studies that have concentrated on the brewers by assessing winners and losers amongst pub owning companies and tenants in different models of vertical organisation and how they might be effectively regulated

Target company cross-border effects in acquisitions into the UK

We analyse the abnormal returns to target shareholders in crossborder and domestic acquisitions of UK companies. The crossborder effect during the bid month is small (0.84%), although crossborder targets gain significantly more than domestic targets during the months surrounding the bid. We find no evidence for the level of abnormal returns in crossborder acquisitions to be associated with market access or exchange rate effects, and only limited support for an international diversification effect. However, the crossborder effect appears to be associated with significant payment effects, and there is no significant residual crossborder effect once various bid characteristics are controlled for

“Entering the age of the hypermarket cinema’: the first five years of the multiplex in the United Kingdom’

The file attached to this record is the author's final peer reviewed version. The Publisher's final version can be found by following the DOI link.During the first five years of its development from the opening of The Point in Milton Keynes in 1985 the multiplex cinema radically changed the previous exhibition landscape, modernising the business of cinema exhibition, and shifting the site of film consumption to new, out-of-town shopping and leisure centres. This article considers some key developments in the first five years of the multiplex cinema’s introduction in the UK, with particular emphasis on three aspects of multiplex diffusion: the importance of regeneration and enterprise; the multiplex’s role in stimulating associated leisure and commercial developments; and out-of-town and regional shopping developments. In order to illustrate these themes, the article will consider the opening of four complexes: The Cannon in Salford Quays, and the AMC multiplexes in Telford in Shropshire, Sheffield and Dudley Merry Hill, in the West Midlands

AS-715-10 Resolution on the Academic Policy and Procedures for Reorganization of Academic Programs and Academic Units and Suspension of Programs

Endorses policy for the reorganization of academic programs/units and suspension of programs