Non-comital women of twelfth-century England: a charter based analysis

This thesis sets out to explore the place and agency of non-comital women in twelfth-century Anglo-Norman England. Until now, broad generalisations have been applied to all aristocratic women based on a long established scholarship on royal and comital women. Non-comital women have been overlooked, mainly because of an assumed lack of suitable sources from this time period. The first aim of this thesis is to demonstrate that there is a sufficient corpus of charters for a study of this social group of women. It is based on a database created from 5545 charters, of which 3046 were issued by non-comital women and men, taken from three case study counties, Oxfordshire, Suffolk and Yorkshire, and is also supported by other government records. This thesis demonstrates that non-comital women had significant social and economic agency in their own person. By means of a detailed analysis of charters and their clauses this thesis argues that scholarship on non-comital women must rethink the framework applied to the study of non-comital women to address the lifecycle as one of continuities and as active agents in a wider public society. Non-comital women’s agency and identity was not only based on land or in widowhood, which has been the one period in their life cycles where scholars have recognised some level of autonomy, and women had agency in all stages of their life cycle. Women’s agency and identity were drawn from and part of a wider framework that included their families, their kin, and broader local political, religious, and social networks. Natal families continued to be important sources of agency and identity to women long after they had married. Part A of the thesis applies modern charter diplomatic analysis methods to the corpus of charters to bring out and explore women’s presence therein. Part B contextualises these findings and explores women’s agency in their families, landholding, the gift-economy, and the wider religious and social networks of which they were a part.

Essays in asset price bubbles

This thesis studies the field of asset price bubbles. It is comprised of three independent chapters. Each of these chapters either directly or indirectly analyse the existence or implications of asset price bubbles. The type of bubbles assumed in each of these chapters is consistent with rational expectations. Thus, the kind of price bubbles investigated here are known as rational bubbles in the literature. The following describes the three chapters. Chapter 1: This chapter attempts to explain the recent US housing price bubble by developing a heterogeneous agent endowment economy asset pricing model with risky housing, endogenous collateral and defaults. Investment in housing is subject to an idiosyncratic risk and some mortgages are defaulted in equilibrium. We analytically derive the leverage or the endogenous loan to value ratio. This variable comes from a limited participation constraint in a one period mortgage contract with monitoring costs. Our results show that low values of housing investment risk produces a credit easing effect encouraging excess leverage and generates credit driven rational price bubbles in the housing good. Conversely, high values of housing investment risk produces a credit crunch characterized by tight borrowing constraints, low leverage and low house prices. Furthermore, the leverage ratio was found to be procyclical and the rate of defaults countercyclical consistent with empirical evidence. Chapter 2: It is widely believed that financial assets have considerable persistence and are susceptible to bubbles. However, identification of this persistence and potential bubbles is not straightforward. This chapter tests for price bubbles in the United States housing market accounting for long memory and structural breaks. The intuition is that the presence of long memory negates price bubbles while the presence of breaks could artificially induce bubble behaviour. Hence, we use procedures namely semi-parametric Whittle and parametric ARFIMA procedures that are consistent for a variety of residual biases to estimate the value of the long memory parameter, d, of the log rent-price ratio. We find that the semi-parametric estimation procedures robust to non-normality and heteroskedasticity errors found far more bubble regions than parametric ones. A structural break was identified in the mean and trend of all the series which when accounted for removed bubble behaviour in a number of regions. Importantly, the United States housing market showed evidence for rational bubbles at both the aggregate and regional levels. In the third and final chapter, we attempt to answer the following question: To what extend should individuals participate in the stock market and hold risky assets over their lifecycle? We answer this question by employing a lifecycle consumption-portfolio choice model with housing, labour income and time varying predictable returns where the agents are constrained in the level of their borrowing. We first analytically characterize and then numerically solve for the optimal asset allocation on the risky asset comparing the return predictability case with that of IID returns. We successfully resolve the puzzles and find equity holding and participation rates close to the data. We also find that return predictability substantially alter both the level of risky portfolio allocation and the rate of stock market participation. High factor (dividend-price ratio) realization and high persistence of factor process indicative of stock market bubbles raise the amount of wealth invested in risky assets and the level of stock market participation, respectively. Conversely, rare disasters were found to bring down these rates, the change being severe for investors in the later years of the life-cycle. Furthermore, investors following time varying returns (return predictability) hedged background risks significantly better than the IID ones.

Creating a modern home: homeowners in post-war suburban Glasgow, 1945-1975

This thesis examines how married couples bought and created a modern home for their families in suburban Glasgow between 1945-1975. New homeowners were on the cusp of the middle-classes, buying in a climate of renters. As they progressed through the family lifecycle women’s return to work meant they became more comfortably ensconced within the middle-classes. Engaged with a process of homemaking through consumption and labour, couples transformed their houses into homes that reflected themselves and their social status. The interior of the home was focused on as a site of social relations. Marriage in the suburbs was one of collaboration as each partner performed distinct gender roles. The idea of a shared home was investigated and the story of ‘we’ rather than ‘I’ emerged from both testimony and contemporary literature. This thesis considers decision-making, labour and leisure to show the ways in which experiences of home were gendered. What emerged was that women’s work as everyday and mundane was overlooked and undervalued while husband’s extraordinary contributions in the form of DIY came to the fore. The impact of wider culture intruded upon the ‘private’ home as we see they ways in which the position of women in society influences their relationship to the home and their family. In the suburbs of post-war Glasgow women largely left the workforce to stay at home with their children. Mothers popped in and out of each other houses for tea and a blether, creating a homosocial network that was sociable and supportive unique to this time in their lives and to this historical context. Daily life was negotiated within the walls of the modern home. The inter-war suburbs of Glasgow needed modernising to post-war standards of modern living. ‘Modern’ was both an aesthetic and an engagement with new technologies within the house. Both middle and working-class practices for room use were found through the keeping of a ‘good’ or best room and the determination of couples to eat in their small kitchenettes. As couples updated their kitchen, the fitted kitchen revealed contemporary notions of modern décor, as kitchens became bright yellow with blue Formica worktops. The modern home was the evolution of existing ideas of modern combined with new standards of living. As Glasgow homeowners constructed their modern home what became evident was that this was a shared process and as a couple they placed their children central to all aspects of their lives to create not only a modern home, but that this was first and foremost a family home