Deriving the Railway Mania

This article argues that the promotion boom which occurred in the railway industry during the mid 1840s was amplified by the issue of derivative-like assets, which let investors take highly leveraged positions in the shares of new railway companies. The partially paid shares which the new railway companies issued allowed investors to obtain exposure to an asset by paying only a small initial deposit. The consequence of this arrangement was that investor returns were substantially amplified, and many schemes could be financed simultaneously. However, when investors were required to make further payments it put a negative downward pressure on prices.

Retrodirective Terminal Antenna for Satellite and Terrestrial Mobile Communications

The potential for implementation of retrodirective arrays as antenna terminals for future integrated satellite and terrestrial mobile communications is discussed in this paper. Particularly, in the context of the Inmarsat L-band system we address the issues related to array antenna element capacity to produce high-quality circular polarized radiation pattern over large angles of arrival. We also discuss circuitry reduction methodologies and their effect on retrodirected beam characteristics. The possibility of circular polarization modulation of the re-transmit signal is also discussed.