License to Sell Distilled Spirits, 1796

A licence to sell foreign distilled spirits in the Town of Westfield in the County of Hampshire in the District of Massachusetts. The license is for Francis Flower to sell spirits from his store. The documents is signed by Collector of the Revenue, Abel Whitney and, the Supervisor of the Revenue for the District of Massachusetts, Nathaniel Gorman.

Liquor License - Montreal, 1805

A license to sell liquor in Montreal in the year 1805. The license is for Jean Baptiste Bureau and is signed by Lieutenant Governor of the Province of Lower-Canada, Robert S. Milnes.

Stock market reactions to changes in the FTSE SmallCap and S&P/TSX SmallCap indices

Stocks added to (deleted from) the Russell 2000 and the S&P 600 indexes experience positive (negative) abnormal returns following the announcement. However, researchers disagree on whether these abnormal returns are permanent or temporary and offer competing explanations. I address this controversy by examining market reactions for firms that are added to or deleted from the FTSE Small Cap index (the main testing sample) and the S&P/TSX SmallCap index (the comparison sample). For the main testing sample, all stocks except pure additions, experience a permanent price change that is accompanied by a permanent change in liquidity. However, for the comparison sample, abnormal returns over the announcement period fully reverted within 30 days. In further examination of stock liquidity for the main testing sample, sample stocks experience permanent change in liquidity. Taken together, the observed results support the price pressure and liquidity hypotheses.

The carbon disclosure project, an evolution in international environmental corporate governance : motivations and determinants of market response to voluntary disclosures

This paper examines the factors associated with Canadian firms voluntarily disclosing climate change information through the Carbon Disclosure Project. Five hypotheses are presented to explain the factors influencing management's decision to disclose this information. These hypotheses include a response to shareholder activism, domestic institutional investor shareholder activism, signalling, litigation risk, and low cost publicity. Both binary logistic regressions as well as a cross-sectional analysis of the equity market's response to the environmental disclosures being made were used to test these hypotheses. Support was found for shareholder activism, low cost publicity, and litigation risk. However, the equity market's response was not found to be statistically significant.

Market reactions to changes in the Nasdaq-100 Index membership

We examine stock market reactions around the Nasdaq-100 Index reconstitutions. We find a symmetric and transitory price response accompanied by a significant increase in trading volume on the effective date. Firms added to the Nasdaq-100 Index experience significant increases in institutional ownership, the number of market makers, and the number of shareholders. In contrast, firms removed from the index show significant decreases in the number of institutional shareholders. Additions to the Nasdaq-100 Index also show significant increases in four liquidity measures, whereas deletions demonstrate significant decreases in two liquidity measures. These changes in liquidity are related to the abnormal return on the announcement day. Taken together, the results suggest support for the price pressure, liquidity, and investor awareness hypotheses.

License no. 144 of season 1872/73 made out to S.D. Woodruff for 36 square miles in berth no. 192

License no. 144 of season 1872/73 made out to S.D. Woodruff for 36 square miles in berth no. 192. This document is slightly torn and stained along the right hand side. This does not affect the text, April 7, 1873.

License no. 145 of season 1872/73 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198

License no. 145 of season 1872/73 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198, April 7, 1873.

License no. 67 of season 1873/74 made out to S.D. Woodruff for 36 square miles in berth no. 192

License no. 67 of season 1873/74 made out to S.D. Woodruff for 36 square miles in berth no. 192, June 13, 1873

License no. 68 of season 1873/74 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198

License no. 68 of season 1873/74 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198, June 13, 1873.

License no. 11 of season 1874/75 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198

License no. 11 of season 1874/75 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198, May 20, 1874.

License no. 5 of season 1875/76 made out to S.D. Woodruff for 36 square miles in berth no. 192

License no. 5 of season 1875/76 made out to S.D. Woodruff for 36 square miles in berth no. 192, June 1, 1875.

License no. 2 of season 1886/87 made out to S.D. Woodruff for 36 square miles in berth no. 192

License no. 2 of season 1886/87 made out to S.D. Woodruff for 36 square miles in berth no. 192, May 15, 1876.

License no. 3 of season 1886/87 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198

License no. 3 of season 1886/87 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198, May 15, 1876

License no. 7 of season 1877/78 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198

License no. 7 of season 1877/78 made out to S.D. Woodruff for 35 ¾ square miles in berth no. 198, May 31, 1877.

License no. 6 of season 1877/78 made out to S.D. Woodruff for 36 square miles in berth no.192

License no. 6 of season 1877/78 made out to S.D. Woodruff for 36 square miles in berth no.192, May 31, 1877.