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.

New Ways of Looking at the State Apparatus and the State Archive in Nineteenth Century Ireland: Curiosities from that Phonetic Museum - Royal Irish Constabulary Reports and their Political Uses, 1879-91

This essay seeks to contextualise the intelligence work of the Royal Irish Constabulary, particularly in the 1880s, in terms of the wider British and imperial practice and, as a corollary, to reflect upon aspects of the structure of the state apparatus and the state archive in Ireland since the Union. The author contrasts Irish and British police and bureaucratic work and suggests parallels between Ireland and other imperial locations, especially India. This paper also defines the narrowly political, indeed partisan, uses to which this intelligence was put, particularly during the Special Commission of 1888 on 'Parnellism and crime', when governmentheld police records were made available to counsel for The Times. By reflecting on the structure of the state apparatus and its use in this instance, the author aims to further the debate on the governance of nineteenth-century Ireland and to explore issues of colonial identity and practice. The line of argument proposed in this essay is prefigured in Margaret O'Callaghan, British high politics and a nationalist Ireland: criminality, land and the law under Forster and Balfour (Cork, 199