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.

Annotated Bibliography: Grande Bretagne / Great Britain: Part Three: The Problem of Rights and the Literature of Constitutional Reform

(With C.N. Doe.)

Crowd Control? Depictions of the Many in Anglo-Saxon Literature, with Particular Reference to the Old English Legend of the Seven Sleepers

This article argues for the distinctiveness of the presentation of crowds in the Old English version of the Legend of the Seven Sleepers . In traditional Old English poetry, crowds are mostly conspicuous by their absence, since the social groupings portrayed are typically those ofthe lord's retinue and the fellowship of the hall. In writings deriving from Latin traditions (in Anglo-Latin, Old English prose and strands of Old English poetry) such as historiography andhagiography, crowds are presented in highly conventional terms based on literary models. The crowd scenes in the Legend of the Seven Sleepers , on the other hand, have an immediacy and urgency that seem based on real-life experience of Anglo-Saxon England rather than simply imitative of the work's Latin (ultimately Greek) source or of other literary models. Drawing upon crowd theory and historical studies, the article demonstrates that the crowds in this text are presented in “domesticated” Anglo-Saxon terms and may be seen as reflective of growing urbanization in late Anglo-Saxon England. “Real” crowds are glimpsed elsewhere in Anglo-Saxon literature but in the Legend of the Seven Sleepers they are particularly foregrounded; this text also presents the literature's liveliest picture of town life more generally.