Rule Britannia!: British Stock Market Returns, 1825-1870

This article presents a new series of monthly equity returns for the British stock market for the period 1825-1870. In addition to calculating capital appreciation and dividend yields, the article also estimates the effect of survivorship bias on returns. Three notable findings emerge from this study. First, stock market returns in the 1825-1870 period are broadly similar for Britain and the United States, although the British market is less risky. Second, real returns in the 1825-1870 period are higher than in subsequent epochs of British history. Third, unlike the modern era, dividends are the most important component of returns.

The rate of return on equity across industrial sectors on the British stock market, 1825-70

This article assesses the contribution of the various industrial sectors to the growth of the British equity market in the 1825–70 period. It also provides estimates of the rates of return on these industrial sectors in this period. The article then proceeds to examine whether differences in rates of return across the various sectors can be explained by risk or other financial factors. One of the main findings is that the relatively high rates of return in the banking, insurance, and miscellaneous sectors appear to be in some measure explained by the presence of extended liability and uncalled capital.

Materials in extreme environments for energy, accelerators and space applications at ELI-NP.

As a leading facility in laser-driven nuclear physics, ELI-NP will develop innovative research in the fields of materials behavior in extreme environments and radiobiology, with applications in the development of accelerator components, new materials for next generation fusion and fission reactors, shielding solutions for equipment and human crew in long term space missions and new biomedical technologies. The specific properties of the laser-driven radiation produced with two lasers of 1 PW at a pulse repetition rate of 1 Hz each are an ultra-short time scale, a relatively broadband spectrum and the possibility to provide simultaneously several types of radiation. Complex, cosmic-like radiation will be produced in a ground-based laboratory allowing comprehensive investigations of their effects on materials and biological systems. The expected maximum energy and intensity of the radiation beams are 19 MeV with 10^9 photon/pulse for photon radiation, 2 GeV with 108 electron/pulse for electron beams, 60 MeV with 10^12 proton/pulse for proton and ion beams and 60 MeV with 107 neutron/pulse for a neutron source. Research efforts will be directed also towards measurements for radioprotection of the prompt and activated dose, as a function of laser and target characteristics and to the development and testing of various dosimetric methods and equipment.

Are older people prescribed antidepressants on the basis of fewer symptoms of depression, and for longer periods of time? A survey of 1825 New Zealanders

Aims: To determine whether older people are prescribed antidepressants at lower levels of depression and with fewer symptoms, and whether they are more likely to engage in chronic usage. Methods: An online survey about experiences with, and opinions about, depression and antidepressants, was completed by 1,825 New Zealand adults who had been prescribed antidepressants in the preceding five years. Results: Participants over 55 were prescribed antidepressants with significantly fewer symptoms and were significantly less likely to meet DSM criteria for depression. They were also significantly more likely to have used the drugs for three years and still be using them. Conclusions: Prescribing physicians and their older patients might benefit from discussing the pros and cons of antidepressants (including the additional risk factors with this age group) and the alternatives; and, if prescription does occur, careful monitoring to avoid unnecessary, potentially damaging, long-term use is recommended.