Substitutes for legal protection: corporate governance and dividends in Victorian Britain

Companies in Victorian Britain operated in a laissez-faire legal environment from the perspective of outside investors, implying that such investors were not protected by the legal system. This article seeks to identify the alternative mechanisms that outside shareholders used to protect themselves by examining the dividend policy and governance of over 800 publicly traded companies at the beginning of the 1880s. We assess the importance of these mechanisms by estimating their impact on Tobin's Q. Our evidence suggests that dividends and well-structured and incentivized boards of directors may have played a role in protecting the interests of outside investors.

Devolution, Social Policy and Education: Some Observations from Northern Ireland

Many commentaries on social policy in the UK assume that policy as developed in England applies to the constituent countries of Wales, Scotland and Northern Ireland. However, the advent of political devolution in the last five years is slowly being reflected in the literature. This paper takes education policy in Northern Ireland and discusses recent policy developments in the light of the 1998 Belfast Agreement. The Agreement, it is suggested, is providing a framework which promotes equality, human rights and inclusion in policy making. Some early indications of this are discussed and some of the resultant policy dilemmas are assessed. The paper concludes that accounts of policy development
in the UK, which ignore the multi-level policy-making contexts created by devolution, do
a disservice to the subject.

Contact as a Policy Mechanisim in Integrated schools in Israel and Northern Ireland

Policy initiatives in inter-group education evolved in Northern Ireland and Israel at around the same
time. In each jurisdiction, the emphasis is on improving relations between protagonist groups in
ethnically divided societies. Central to this objective and at the core of integrated education
(Northern Ireland) and bilingual/bi-national education (Israel) is sustained contact in a shared
learning environment. Based on qualitative research in four schools, this paper examines the nature
of the contact experience in two integrated schools in Northern Ireland and two bilingual/binational
schools in Israel. Through comparative analysis, and with reference to contact theory, it
illuminates some of the contextual and process variables that seemingly mediate the quality and
moderate the effectiveness of contact in each school setting.