The character and denomination of shares in the Victorian equity market

The seminal work of J. B. Jefferys highlighted two unusual features of the Victorian equity market, namely high share denomination and uncalled capital. This article examines the extent to which publicly traded company stocks in the nineteenth century had these features. It also analyses the effect of these features on stock returns using monthly data for the London Stock Market over the period 1825–70. We find that stocks with unpaid capital earned a higher return, which is consistent with investors being rewarded for the risk of a call on their personal assets. We also find that stocks with a high share denomination earned a lower return, which is consistent with the view that this feature was conducive to superior corporate governance.

Spatial segregation and labour market processes in Belfast

This article examines the nature of labour market exclusion in Belfast and policy responses to the dilemmas of ethnic space. It highlights the value of an area-based approach to understanding the way in which social and ethno-sectarian segregation mediates access to production sites and job opportunities in the wider urban economy. Research from the Belfast metropolitan labour market is used to identify the importance of employment in neutral areas, which can stimulate access from ethnically and socially polarised communities. The article argues for a spatial approach to understanding the structuring of labour market opportunities and constraints and it concludes by highlighting the implications for policy and practice in ethnically territorialised spaces.

Unfunded Pension Liabilities and the Corporate CDS Market

This article examines the impact of pension deficits on default risk as measured by the premia on corporate credit default swaps (CDS). We find highly significant evidence that unfunded pension liabilities raise one- and five-year CDS premia. However, this relation is not homogeneous across countries, with the U.S. CDS market leading its European counterparts in the pricing of defined-benefit pension risk.

A study of the 10% electric vehicles target of the single electricity market

In late 2008, the Government of the Republic of Ireland set a specific target that 10% of all vehicles in its transport fleet be powered by electricity by 2020 in order to meet European Union renewable energy targets and greenhouse gas emissions reduction targets. International there are similar targets. This is a considerable challenge as in 2009, transport accounted for 29% of non-emissions trading scheme greenhouse gas emissions, 32% of energy-related greenhouse gas emissions, 21% of total greenhouse gas emissions and approximately 50% of energy-related non-emission trading scheme greenhouse gas emissions. In this paper the impacts of 10% electric vehicle charging on the single wholesale electricity market for the Republic of Ireland and Northern Ireland is examined. The energy consumed and the total carbon dioxide emissions generated under different charging scenarios is quantified and the results of the charging scenarios are compared to identify the best implementation strategy.

An Analysis of the Effect of Electric Vehicle Charging on the Operation of the Single Electricity Market

To meet European Union renewable energy and greenhouse gas emissions reduction targets the Irish government set a target in 2008 that 10% of all vehicles in the transport fleet be powered by electricity by 2020. Similar electric vehicle targets have been introduced in other countries. However, reducing energy consumption and decreasing greenhouse gas emissions in transport is a considerable challenge due to heavy reliance on fossil fuels. In fact, transport in the Republic of Ireland in 2009 accounted for 29% of non-emissions trading scheme greenhouse gas emissions, 32% of energy-related greenhouse gas emissions, 21% of total greenhouse gas emissions and approximately 50% of energy-related non-emission trading scheme greenhouse gas emissions. In this paper the effect of electric vehicle charging on the operation of the single wholesale electricity market for the Republic of Ireland and Northern Ireland is analysed. The energy consumed, greenhouse gas emissions generated and changes to the wholesale price of electricity under peak and off-peak charging scenarios are quantified and discussed. Results from the study show that off-peak charging is more beneficial than peak charging.

Performance and characteristics of platinum, palladium/rhodium and palladium automotive catalysts when subjected to ethanol, acetaldehyde and a synthetic E85 exhaust gas mixture

The performance optimisation of automotive catalysts has been the focus of a great deal of research for many years as the automotive industry has endeavored to reduce the emission of toxic and pollutant gases generated from internal combustion engines. Just as the emissions from diesel and gasoline combustion vary so do the emissions from combustion of alternative fuels such as ethanol; the variation is in both quantity and chemical composition. In particular, when ethanol is contained in the fuel, ethanol and acetaldehyde are present in the exhaust gas stream and these are two compounds which the catalytic converter has not traditionally been designed to manage. The aim of the study outlined in this paper was to assess the performance of various catalyst formulations when subjected to a representative ethanol exhaust gas mixture. Three automotive catalytic converter formulations were tested including a fully Pt sample, a PdRh three-way catalyst sample and a fully Pd sample. Initially the samples were tested using single component hydrocarbon light-off tests followed by a set of tests with carbon monoxide included as an inlet gas to observe its effect on each individual hydrocarbon oxidation. Finally, each formulation was tested using a full E85 exhaust gas mixture. The study was carried out using a synthetic gas reactor along with FTIR and FID exhaust gas analysers. All formulations showed selectivity toward acetaldehyde formation from ethanol dehydrogenation which resulted in negative acetaldehyde conversion across each of the samples during the mixture tests. The fully Pt sample was the most detrimentally affected by the introduction of carbon monoxide into the gas feed. The Pd and PdRh samples exhibited a tendency toward acetaldehyde decomposition resulting in methane and carbon monoxide formation. The Pt sample did not form methane but did form ethylene as a result of ethanol dehydration.