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.

Soil Carbon stocks and schanges in the Republic of Ireland

The soil carbon (C) stock of the Republic of Ireland is estimated to have been 2048 Mt in 1990 and 2021 Mt in 2000. Peat holds around 53% of the soil C stock, but on 17% of the land area. The C density of soils (t C ha-1) is mapped at 2 km*2 km resolution. The greatest soil C densities occur where deep raised bogs are the dominant soil; in these grid squares C density can reach 3000 t C ha-1. Most of the loss of soil C between 1990 and 2000-up to 23 Mt C (1% of 1990 soil C stock)-was through industrial peat extraction. The average annual change in soil C stocks from 1990 to 2000 due to land use change was estimated at around 0.02% of the 1990 stock. Considering uncertainties in the data used to calculate soil C stocks and changes, the small average annual 'loss' could be regarded as 'no change'.

Letter to the Editor: Calculation of photoionized plasmas with an average-atom model

We use a simple average-atom model (NIMP) to calculate the distribution of ionization in a photoionization-dominated plasma, for comparison with recent experimental measurements undertaken on the Z-machine at the Sandia National Laboratory. The agreement between theory and experiment is found to be as good for calculations with an average-atom model as for those generated by more detailed models.

Prediction of adipose tissue composition using Raman spectroscopy: average properties and individual fatty acids.

Abstract: Raman spectroscopy has been used for the first time to predict the FA composition of unextracted adipose tissue of pork, beef, lamb, and chicken. It was found that the bulk unsaturation parameters could be predicted successfully [R-2 = 0.97, root mean square error of prediction (RMSEP) = 4.6% of 4 sigma], with cis unsaturation, which accounted for the majority of the unsaturation, giving similar correlations. The combined abundance of all measured PUFA (>= 2 double bonds per chain) was also well predicted with R-2 = 0.97 and RMSEP = 4.0% of 4 sigma. Trans unsaturation was not as well modeled (R-2 = 0.52, RMSEP = 18% of 4 sigma); this reduced prediction ability can be attributed to the low levels of trans FA found in adipose tissue (0.035 times the cis unsaturation level). For the individual FA, the average partial least squares (PLS) regression coefficient of the 18 most abundant FA (relative abundances ranging from 0.1 to 38.6% of the total FA content) was R-2 = 0.73; the average RMSEP = 11.9% of 4 sigma. Regression coefficients and prediction errors for the five most abundant FA were all better than the average value (in some cases as low as RMSEP = 4.7% of 4 sigma). Cross-correlation between the abundances of the minor FA and more abundant acids could be determined by principal component analysis methods, and the resulting groups of correlated compounds were also well-predicted using PLS. The accuracy of the prediction of individual FA was at least as good as other spectroscopic methods, and the extremely straightforward sampling method meant that very rapid analysis of samples at ambient temperature was easily achieved. This work shows that Raman profiling of hundreds of samples per day is easily achievable with an automated sampling system.

The Diminishing Returns to Trade Policy in the European Union

The notion that the EU is a trade power is central to studies of the Union’s international presence. Credible threats to withhold access to Europe’s markets are said to provide the Union with leverage in respect of other trade partners. This paper queries the continuing ability of the European Union to act effectively this way. The current Doha malaise is a symptom of deeper changes in the international trade system. As emerging markets become more affluent and participate in foreign direct investment, their interest in market access per se become less important relative to other areas of regulation.