Much Ado About Nothing: The Limitation of Liability and the Market for 19th century Irish Bank Stock

Abstract Limited liability is widely believed to be a prerequisite for the emergence of an active and liquid securities market because the transactions costs associated with trading ownership of unlimited liability firms are viewed as prohibitive. In this article, we examine the trading of shares in an Irish bank, which limited its liability in 1883. Using this bank’s archives, we assemble a time series of trading data, which we test for structural breaks. Our results suggest that the move to limited liability had a negligible impact upon the trading of this bank’s shares.

Ownership Patterns and Control in Turkish Listed Companies

The purpose of this paper is to document the prevalent ownership concentration, structure and control in the top 100 companies listed on the Istanbul Stock Exchange. The results are discussed in the context of emerging corporate governance trends in Turkey. Where appropriate, comparisons with other countries are provided. The results of the study indicate that ownership of Turkish companies is highly concentrated, families being the dominant shareholders. The separation of ownership and control among Turkish companies is mainly achieved through pyramidal ownership structures and the presence of big business groups. However, the cash flow and voting rights in Turkish companies are relatively more aligned compared to other family–ownership–dominated insider–system countries.

Decision rules, energy metabolism and vigour of hermit-crab fights

Aggressive interactions between animals are often settled by the use of repeated signals that reduce the risk of injury from combat but are expected to be costly. The accumulation of lactic acid and the depletion of energy stores may constrain activity rates during and after fights and thus represent significant costs of signalling. We tested this by analysing the concentrations of lactate and glucose in the haemolymph of hermit crabs following agonistic interactions over the ownership of the gastropod shells that they inhabit. Attackers and defenders play distinct roles of sender and receiver that are fixed for the course of the encounter. Attackers perform bouts of 'shell rapping', which vary in vigour between attackers and during the course of the encounter, and are a key predictor of victory. In contrast to the agonistic behaviour of other species, we can quantify the vigour of fighting. We demonstrate, to our knowledge for the first time, an association between the vigour of aggressive activity and a proximate cost of signalling. We show that the lactate concentration in attackers increases with the amount of shell rapping, and that this appears to constrain the vigour of subsequent rapping. Furthermore, attackers, but not defenders, give up when the concentration of lactate is high. Glucose levels in attackers also increase with the amount of rapping they perform, but do not appear to influence their decision to give up. Defenders are more likely to lose when they have particularly low levels of glucose. We conclude that the two roles use different decision rules during these encounters.

The Definition of Slavery in International Law

On the basis of archival research, this Article considers the negotiation history of both the 1926 Slavery Convention and 1956 Supplementary Convention and demonstrates that an interpretation of the provisions of the definition of slavery consonant with the travaux préparatoires reveal a definition which provides for the possibility of holding States and individuals responsible for not only slavery de jure but also de facto. That understanding is premised on a reading of the definition that speaks not of the ‘ownership’ of one person by another; but of the powers attached to the right of ownership. It is through an exploration of this phrase that a proper understanding of the definition of slavery in international law emerges.

'Leaving Nothing to Chance'?: Joint Tenancies, The 'Right' of Survivorship and Unilateral Severance

The joint tenancy with its inherent right of survivorship is the most prevalent form of co-ownership in the common law world today. Most couples will be joint tenants of a family home, while relations (such as siblings) who purchase property together may opt for this arrangement. Inter vivos acquisitions aside, the huge intergenerational transfer of wealth within families on death can result in a joint tenancy, and it may also be a convenient estate planning device. The fact that property automatically vests in the surviving joint tenants on death is the reason why many people choose this form of co-ownership. However, there is one serious disadvantage. A joint tenancy is an inflexible form of landholding where relationships sour or family circumstances change over time, and co-owners want their respective `shares' of the property to pass to someone else on death. Where consensual severance is not possible, one joint tenant can sever unilaterally. The latter mechanism is vital in terms of giving effect to the wishes of the severing joint tenant, especially in situations of discord or a breakdown in relations with their fellow co-owners. However, unilateral severance also has serious implications for the non-severing joint tenant(s) who expected to inherit property through survivorship, and can impact significantly on ownership of the home and other family property. This article looks at unilateral severance as a means of subverting the right of survivorship. The focus is on personal and inter-family relationships, and the various legal issues and policy considerations associated with unilateral severance across the common law jurisdictions of Britain, Ireland, Australia, Canada, and New Zealand. It assesses the various methods of effecting unilateral severance and proposes specific measures, as well as considering novel arguments for preventing unilateral severance based on contractual agreements to the contrary and proprietary estoppel.

The power of shell rapping influences rates of eviction in hermit crabs

Hermit crabs fight for ownership of shells, and shell exchange may occur after a period of shell rapping, involving the initiating or attacking crab bringing its shell rapidly and repeatedly into contact with the shell of the noninitiator or defender, in a series of bouts. The temporal pattern of rapping contains information about the motivation and/or relative resource holding potential (RHP) of the initiator and acts as a repeated signal of stamina. Here we investigated the role of the force with which the rapping is performed and how this is related to the temporal pattern of rapping by rubberizing the external surface of shells. Initiators that are prevented from rapping with their usual level of force persist with the activity for longer over the whole encounter but use fewer raps per bout and are less likely to effect an exchange than those supplied with control shells. The fact that the force of rapping affects the likelihood of a crab being victorious suggests that either the force of rapping contains information about motivation or RHP or that force directly affects noninitiators, reducing their ability to maintain an adequate grip on their shells. The data suggest that shell rapping is an agonistic signal rather than one that provides information useful to the noninitiator, as has been suggested by the negotiation model of shell exchange.

The Battle of the Somme in Ulster memory and identity

One of the enduring illusions about Northern Ireland is that its society can be conceptualized through a binary distinction between protestant and catholic. unionist and nationalist. It is increasingly apparent that these broad domains are themselves fractured and diverse and that otherness is often conceived from within rather than without. Northern Ireland can also be viewed as a laboratory for identity formation as unionists and loyalists strive to reconcile themselves with the fundamental political changes that have followed in the wake of the Peace Process. This paper considers one aspect of the contestation of belonging that increasingly characterizes unionism. It examines the competition for the ownership of the mythology of the Battle of the Somme ( 1916), long a key event in the unionist narrative. In particular, the paper addresses the ways in which paramilitary organizations are using the Somme to legitimate their own activities but also to distance the loyalist working classes from the former hegemonic Britishness of official unionism and the sectarianism of the Orange Order. The analysis concludes that loyalist identity is being conceptualized thorough a narrative of betrayal from within and at an intensely localized scale.

Capitalism, the state and health care in the age of austerity:A Marxist analysis

The capacity to provide satisfactory nursing care is being increasingly compromised by current trajectories of healthcare funding and governance. The purpose of this paper is to examine how well Marxist theories of the state and its relationship with capital can explain these trajectories in this period of ever-increasing austerity. Following a brief history of the current crisis, it examines empirically the effects of the crisis, and of the current trajectory of capitalism in general, upon the funding and organization of the UK and US healthcare systems. The deleterious effect of growing income inequalities to the health of the population are also addressed. Marx’s writings on the state and its relation to the capitalist class were fragmentary, and historically and geographically specific. From them, we can extract three theoretical variants: the instrumentalist theory of the state, where the state has no autonomy from capital; the abdication theory, whereby capital abstains from direct political power and relies on the state to serve its interests; and the class-balance theory of the state, whereby the struggle between two opposed classes allows the state to assert itself. Discussion of modern Marxist interpretations include Poulantzas’s structuralist abdication theory and Miliband’s instrumentalist theory. It is concluded that, despite the pluralism of electoral democracies, the bourgeoisie do have an overweening influence upon the state. The bourgeoisie’s ownership of the means of production provides the foundation for its influence because the state is obliged to rely on it to manage the supply of goods and services and the creation of wealth. That power is further reinforced by the infiltration of the bourgeoisie into the organs of state. The level of influence has accelerated rapidly over recent decades. One of the consequences of this has been that healthcare systems have become rich pickings for the evermore confident bourgeoisie.

Policy difference and policy ownership under UK devolution: social housing policy in Northern Ireland

This paper assesses the impact of UK devolution on social housing policy in Northern Ireland from 1999 until 2011, with a particular focus on the administration from May 2007 until April 2011, the first in which the elected elements of the process functioned for the entire period. Housing is one of the responsibilities of the Minister for Social Development. Northern Ireland has had a political commitment to the provision of good quality social housing for many years, both before and after the 1998 Good Friday/ Belfast Agreement and the establishment of the Northern Ireland Assembly and Executive in 1999.
The paper begins with an analysis of factors contributing to policy difference within the United Kingdom under the 1999 devolution settlement, noting that these factors may contribute either to policy convergence or divergence between the four UK jurisdictions. There follow reflections on the concept of ‘policy ownership’ in multi-level states and the benefits of this analytical approach for consideration of housing policy under UK devolution. A review of social housing policy since 1999 is followed by discussion of three key issues from the 2007-11 administration: the governance of social housing; the procurement of new social housing; and improving access to shared space and a shared future. The paper concludes that, in Northern Ireland, the 2007-11 administration marked a transition between a technocratic past and the future policy ownership of the social housing policy field by locally elected politicians. Reflections on wider implications for UK social policy, for UK devolution, and for the complex governance structures of devolved and federal states are also included.

'All Good Things Must Come to an End': Terminating Co-Ownership Under the 'Old' Partition and Sale Rules

Despite its benefits, co-ownership of land creates problems where relations between the parties
have soured, or one person simply wants to extricate themselves from this arrangement. The
remedies of compulsory partition and sale allow one joint tenant or tenant in common to terminate
co-ownership against the wishes of the others, by seeking a court order to this effect. Throughout
parts of the common law world, this has be en based on nineteenth century English legislation namely
the Partition Act 1868, the key elements of which remain in force in Western Australia,
South Australia, Tasmania and the Australian Capital Territory. This article provides an up-to-date
analysis of the law on compulsory partition and sale as derived from the 1868 Act and analogous
provisions, drawing not only on Australian cases, but on frequently overlooked decisions from
courts in both parts of Ireland and in parts of Canada, as well as ‘old’ English judgments on the
1868 Act.

'Securing' the past: Policing and the contest over truth in Northern Ireland

The question of whether Northern Ireland should have a formal truth recovery process has been amplified by the recent Report of the Consultative Group on the Past. Compared to the volume at which the truth recovery debate has been played out, relatively little is known about policing attitudes to this form of dealing with the past. This paper analyses the ways in which the history and context of policing in Northern Ireland have shaped attitudes towards truth recovery. It will be argued that differing opinions on the need for truth recovery are part of a debate over 'ownership of the past' between the ardent supporters of the Royal Ulster Constabulary and the new post-Patten managers and modernizers.

Prisons Memory Archive

Between 2006 and 2007, the Prisons Memory Archive (PMA) filmed participants, including former prisoners, prison staff, teachers, chaplains, visitors, solicitors and welfare workers back inside the Maze/Long Kesh Prison and Armagh Gaol. They shared the memory of the time spent in these prisons during the period of political violence from 1970 - 2000 in Northern Ireland, commonly known as the Troubles. Underpinning the overall methodology is co-ownership of the material, which gives participants the right to veto as well as to participate in the processes of editing and exhibiting their stories, so prioritising the value of co-authorship of their stories. The PMA adopted life-story interviewing techniques with the empty sites stimulating participants’ memory while they walked and talked their way around the empty sites. A third feature is inclusivity: the archive holds stories from across the full spectrum of the prison experience. A selection of the material, with accompanying context and links is available online www.prisonsmemoryarchive.com

Further Information:

The protocols of inclusivity, co-ownership and life-story telling make this collection significant as an initiative that engages with contemporary problems of how to negotiate narratives about a conflicted past in a society emerging out of violence. Inclusivity means that prison staff, prisoners, governors, chaplains, tutors and visitors have participated, relating their individual and collective experiences, which sit side by side on the PMA website. Co-ownership addresses the issues of ethics and sensitivity, allowing key constituencies to be involved. Life-story telling, based on oral history methodologies allows participants to be the authors of their own stories, crucial when dealing with sensitive issues from a violent past. The website hosts a selection of excerpts, e.g. the Armagh Stories page shows excerpts from 15 participants, while the Maze and Long Kesh Prison page offers interactive access to 24 participants from that prison. Using an interactive documentary structure, the site offers users opportunities to navigate their own way through the material and encourages them to hear and see the ‘other’, central to attempts at encouraging dialogue in a divided society. Further, public discussions have been held after screening of excerpts with community groups in the following locations - Belfast, Newtownabbey, Derry, Armagh, Enniskillen, London, Cork, Maynooth, Clones, and Monaghan. Extracts have been screened at international academic conferences in Valencia, Australia, Tartu, Estonia, Prague, and York. A dataset of the content, with description and links, is available for REF purposes.

Justice, Truth and Oral History: Legislating the Past 'From Below' in Northern Ireland

Drawing on the ‘from below’ perspective which has emerged in transitional justice scholarship and practice
over the past two decades, this article critically examines the dealing with the past debate in Northern
Ireland. The paper begins by offering an outline of the from below perspective in the context of post-conflict
or post-authoritarian societies which are struggling to come to terms with past violence and human rights
abuses. Having provided some of the legal and political background to the most recent efforts to deal with
the past in Northern Ireland, it then critically examines the relevant past-related provisions of the Stormont
House Agreement, namely the institutions which are designed to facilitate ‘justice’, truth recovery and the
establishment of an Oral History Archive. Drawing from the political science and social movement
literature on lobbying and the ways in which interests groups may seek to influence policy, the paper then
explores the efforts of the authors and others to contribute to the broader public debate, including through
drafting and circulating a ‘Model Bill’ on dealing with the past (reproduced elsewhere in this issue) as a
counterweight to the legislation which is required from the British government to implement the Stormont
House Agreement. The authors argue that the combination of technical capacity, grass-roots
credibility and ‘international-savvy’ local solutions offers a framework for praxis from below in other
contexts where activists are struggling to extend ownership of transitional justice beyond political elites.
Keywords: transitional justice; from below; dealing with the past; legislation; truth
recovery; prosecutions; oral history