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.

Space Science News: from archive to teaching resource, the secret life of newspapers

Worldwide, science education reform is aiming to promote 'scientific literacy' among young people. Typically, this is taken to include empowering them to engage critically with science in news media. This study explored the extent and nature of secondary science teachers' use of newspapers. It found that, though a great many use the resource, the majority do so incidentally and with the intention of showing the relevance of the subject rather than developing their students' criticality.