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.

The Trading of Unlimited Liability Bank Shares in Nineteenth Century Ireland: The Bagehot Hypothesis

In the mid-1820s, banks became the first businesses in Great Britain and Ireland to be allowed to form freely on an unlimited liability joint-stock basis. Walter Bagehot warned that their shares would ultimately be owned by widows, orphans, and other impecunious individuals. Another hypothesis is that the governing bodies of these banks, constrained by special legal restrictions on share trading, acted effectively to prevent such shares being transferred to the less wealthy. We test both conjectures using the archives of an Irish joint-stock bank. The results do not support Bagehot's hypothesis.

Engineering passive bioreactive barriers: risk-managing the legacy of industrial soil and groundwater pollution

Permeable reactive barriers are a technology that is one decade old, with most full-scale applications based on abiotic mechanisms. Though there is extensive literature on engineered bioreactors, natural biodegradation potential, and in situ remediation, it is only recently that engineered passive bioreactive barrier technology is being considered at the commercial scale to manage contaminated soil and groundwater risks. Recent full-scale studies are providing the scientific confidence in our understanding of coupled microbial (and genetic), hydrogeologic, and geochemical processes in this approach and have highlighted the need to further integrate engineering and science tools.

Treatment of hazardous shipyard wastewater using dolomitic sorbents

Hazardous shipyard wastewater is a worldwide problem, arising from ship repair. In this study an experimental programme was undertaken to establish the suitability of dolomite and dolomitic sorbent materials to remove contaminants from wastewater arising from a commercial shipyard. Experimental data indicate that dolomite and dolomitic sorbents have the ability to significantly reduce the COD concentration of the shipyard effluent (98% reduction). The data gained from trials at a shipyard indicated that the dolomite treatment process could be undertaken in a 8000 L pilot scale reaction vessel. Analysis of the wastewater using ICP-MS during the pilot trial indicated that the dolomite significantly reduced the concentrations of metallic impurities. The concentration of Sn ions, which is indicative of organo-tin complexes commonly found in shipyard wastewater, was reduced by 80% from its initial concentration in the pilot trial. The mechanism for the removal process using dolomite has been ascribed to a metal complexation/sorption process.