Who Financed the Expansion of the Equity Market? Shareholder Clienteles in Victorian Britain

Who financed the great expansion of the Victorian equity market, and what attracted them to invest? Using data on 453 firm-years and over 172,000 shareholders, we find that the largest providers of capital were rentiers, men with no formal occupation who relied on investment income. We also see a substantial growth in women investors as time progressed. In terms of clientele effects, we find that rentiers invested in large firms, whilst businessmen were the venture capitalists of young, regional enterprises. Women and the middle classes preferred safe investments, whilst financiers and institutional investors were speculators in foreign companies. Our results may help to explain the growth of new types of assets catering for particular clienteles, and the development of managerial policies on dividends and share issues. 

Reframing Public Inquiries as 'Procedural Justice' for Victims of Institutional Child Abuse: Towards a Hybrid Model of Justice

As the number of high profile cases of institutional child abuse mounts internationally, and the demands of victims for justice are heard, state responses have ranged from prosecution, apology, and compensation schemes, to truth commissions or public inquiries. Drawing on the examples of Australia and Northern Ireland as two jurisdictions with a recent and ongoing history of statutory inquiries into institutional child abuse, the article utilises the restorative justice paradigm to critically evaluate the strengths and limitations of the inquiry framework in providing ‘justice’ for victims. It critically explores the normative and pragmatic implications of a hybrid model as a more effective route to procedural justice and suggests that an appropriately designed restorative pathway may augment the legitimacy and utility of the public inquiry model for victims chiefly via improving offender accountability and ‘voice’ for victims. The article concludes by offering some thoughts on the broader implications for other jurisdictions in responding to large-scale historical abuses and seeking to come to terms with the legacy of institutional child abuse.

British Irish Institutional Structures: Towards a New Relationship

Growing institutional cooperation between the Republic of Ireland and the UK,
initially directed explicitly at resolution of the Northern Ireland conflict, has taken the form of three parallel institutional structures. First, an Anglo-Irish (later, British–Irish) Intergovernmental Conference has dealt with matters relating to the government of Northern Ireland in areas to which power is not devolved, and with certain other ‘sovereign’ matters. Second, a British–Irish Council links not just the two sovereign governments but also the devolved institutions in Scotland, Wales and Northern Ireland and the crown dependencies of Jersey, Guernsey and the Isle of Man. Third, a matching British–Irish Parliamentary Assembly provides common ground for representatives of the legislative bodies of the same jurisdictions. The
paper tracks the evolution of these structures, and assesses the significance of the new institutions for the British–Irish relationship.