Examples of k-iterated spreading models

It is shown that for every $k\in\mathbb{N}$ and every spreading sequence $\{e_n\}_{n\in\mathbb{N}}$ that generates a uniformly convex Banach space $E$, there exists a uniformly convex Banach space $X_{k+1}$ admitting $\{e_n\}_{n\in\mathbb{N}}$ as a $k+1$-iterated spreading model, but not as a $k$-iterated one.Comment: 16 pages, no figure

Beyond categorization: new directions for theory development about entrepreneurial internationalization

Categorizations emphasizing the earliness of internationalization have long been a cornerstone of international entrepreneurship research. Here we contend that the prominence of categories has not been commensurate with theory development associated with them. We draw on categorization theory to explain why earliness-based categories are persistent, and argue that a greater focus on notions related to opportunity can open new avenues of research about the entrepreneurial internationalization of business. We propose and discuss three directions for opportunity-based research on entrepreneurial internationalization, involving context, dynamics and variety

Lease Maturity and Initial Rent: Is There a Term Structure for UK Commercial Property Leases?

This paper investigates the relationship between lease maturity and rent in commercial property. Over the last decade market-led changes to lease structures, the threat of government intervention and the associated emergence of the Codes of Practice for commercial leases have stimulated growing interest in pricing of commercial property leases. Seminal work by Grenadier (1995) derived a set of hypotheses about the pricing of different lease lengths in different market conditions. Whilst there is a compelling theoretical case for and a strong intuitive expectation of differential pricing of different lease maturities, to date the empirical evidence is inconclusive. Two Swedish studies have found mixed results (Gunnelin and Soderbergh 2003 and Englund et al 2003). In only half the cases is the null hypothesis that lease length has no effect rejected. In the UK, Crosby et al (2003) report counterintuitive results. In some markets, they find that short lease terms are associated with low rents, whilst in others they are associated with high rents.  Drawing upon a substantial database of commercial lettings in central London (West End and City of London) over the last decade, we investigate the relationship between rent and lease maturity. In particular, we test whether a building quality variable omitted in previous studies provides empirical results that are more consistent with the theoretical and intuitive a priori expectations. It is found that initial leases rates are upward sloping with the lease term and that this relationship is constant over time.Term Structure of Leases, Office Rents, London