The character and denomination of shares in the Victorian equity market

The seminal work of J. B. Jefferys highlighted two unusual features of the Victorian equity market, namely high share denomination and uncalled capital. This article examines the extent to which publicly traded company stocks in the nineteenth century had these features. It also analyses the effect of these features on stock returns using monthly data for the London Stock Market over the period 1825–70. We find that stocks with unpaid capital earned a higher return, which is consistent with investors being rewarded for the risk of a call on their personal assets. We also find that stocks with a high share denomination earned a lower return, which is consistent with the view that this feature was conducive to superior corporate governance.

Temperature-dependent gap edge in strong-coupling superconductors determined using the Eliashberg-Nambu formalism

Using the theory of Eliashberg and Nambu for strong-coupling superconductors, we have calculated the gap function for a model superconductor and a selection of real superconductors includong the elements Al, Sn, Tl, Nb, In, Pb and Hg and one alloy, Bi2Tl. We have determined thetemperature-dependent gap edge in each and found that in materials with weak electron-phonon ($\lambda 1.20$), not only is the gap edge double valued but it also departs significantly from the BCS form and develops a shoulderlike structure which may, in some cases, denote a gap edge exceeding the $T = 0$ value. These computational results support the insights obtained by Leavens in an analytic consideration of the general problem. Both the shoulder and double value arise from a common origin seated in the form of the gap function in strong coupled materials at finite temperatures. From the calculated gap function, we can determine the densities of states in the materials and the form of the tunneling current-voltage characteristics for junctions with these materials as electroddes. By way of illustration, results are shown for the contrasting cases of Sn ($\lambda=0.74$) and Hg ($\lambad=1.63$). The reported results are distinct in several ways from BCS predictions and provide an incentive determinative experimental studies with techniques such as tunneling and far infrared absorption.

Spatial segregation and labour market processes in Belfast

This article examines the nature of labour market exclusion in Belfast and policy responses to the dilemmas of ethnic space. It highlights the value of an area-based approach to understanding the way in which social and ethno-sectarian segregation mediates access to production sites and job opportunities in the wider urban economy. Research from the Belfast metropolitan labour market is used to identify the importance of employment in neutral areas, which can stimulate access from ethnically and socially polarised communities. The article argues for a spatial approach to understanding the structuring of labour market opportunities and constraints and it concludes by highlighting the implications for policy and practice in ethnically territorialised spaces.

Long-range electronic coupling in bis(cyclometalated) ruthenium complexes

Symmetrical and unsymmetrical ligands containing terpyridyl coordinating units (N, N, N) or a cyclometalating equivalent (N, C, N), connected back-to-back either directly or via a p-terphenylene or 1,3-phenylene spacer, have been used to construct new diruthenium complexes. These compounds incorporate various terdentate chelates as capping ligands, to allow a double control of the electronic properties of each subcomplex and of the ensemble: via the terminal ligand or through the bridging fragment. Electronic coupling was studied from the intervalence transitions observed in several bimetallic ruthenium complexes of the bis-(cyclometalated) type differing by the substitution of a nitrogen atom by carbon in the terminal terpyridyl unit. The largest metal-metal interaction was found in complexes for which the terminal complexing unit is of the 1,3-di-2-pyridylbenzene type, i.e., with the carbon atom located on the metal-metal C-2 axis of the molecule. Investigations of the mechanism of interaction by extended Huckel calculations showed that the replacement of nitrogen by carbon raises the filled ligand levels, increasing the mixing with ligand orbitals and thus the metal-metal coupling. Finally, the intervalence transition was still observed for a bridging ligand containing three phenylene units as spacers, corresponding to a 24-Angstrom metal-metal distance.

Unfunded Pension Liabilities and the Corporate CDS Market

This article examines the impact of pension deficits on default risk as measured by the premia on corporate credit default swaps (CDS). We find highly significant evidence that unfunded pension liabilities raise one- and five-year CDS premia. However, this relation is not homogeneous across countries, with the U.S. CDS market leading its European counterparts in the pricing of defined-benefit pension risk.

A study of the 10% electric vehicles target of the single electricity market

In late 2008, the Government of the Republic of Ireland set a specific target that 10% of all vehicles in its transport fleet be powered by electricity by 2020 in order to meet European Union renewable energy targets and greenhouse gas emissions reduction targets. International there are similar targets. This is a considerable challenge as in 2009, transport accounted for 29% of non-emissions trading scheme greenhouse gas emissions, 32% of energy-related greenhouse gas emissions, 21% of total greenhouse gas emissions and approximately 50% of energy-related non-emission trading scheme greenhouse gas emissions. In this paper the impacts of 10% electric vehicle charging on the single wholesale electricity market for the Republic of Ireland and Northern Ireland is examined. The energy consumed and the total carbon dioxide emissions generated under different charging scenarios is quantified and the results of the charging scenarios are compared to identify the best implementation strategy.

An Analysis of the Effect of Electric Vehicle Charging on the Operation of the Single Electricity Market

To meet European Union renewable energy and greenhouse gas emissions reduction targets the Irish government set a target in 2008 that 10% of all vehicles in the transport fleet be powered by electricity by 2020. Similar electric vehicle targets have been introduced in other countries. However, reducing energy consumption and decreasing greenhouse gas emissions in transport is a considerable challenge due to heavy reliance on fossil fuels. In fact, transport in the Republic of Ireland in 2009 accounted for 29% of non-emissions trading scheme greenhouse gas emissions, 32% of energy-related greenhouse gas emissions, 21% of total greenhouse gas emissions and approximately 50% of energy-related non-emission trading scheme greenhouse gas emissions. In this paper the effect of electric vehicle charging on the operation of the single wholesale electricity market for the Republic of Ireland and Northern Ireland is analysed. The energy consumed, greenhouse gas emissions generated and changes to the wholesale price of electricity under peak and off-peak charging scenarios are quantified and discussed. Results from the study show that off-peak charging is more beneficial than peak charging.

New Cu-Based Catalysts Supported on TiO2 Films for Ullmann SNAr-Type C-O Coupling Reactions

New routes for the preparation of highly active TiO2-supported Cu and CuZn catalysts have been developed for C-O coupling reactions. Slurries of a titania precursor were dip-coated onto glass beads to obtain either structured mesoporous or non-porous titania thin films. The Cu and CuZn nanoparticles, synthesized using a reduction by solvent method, were deposited onto calcined films to obtain a Cu loading of 2 wt%. The catalysts were characterized by inductively coupled plasma (ICP) spectroscopy, temperature-programmed oxidation/reduction (TPO/TPR) techniques, Cu-63 nuclear magnetic resonance (NMR) spectroscopy, X-ray diffraction (XRD), scanning and transmission electron microscopy (S/TEM-EDX) and X-ray photo-electron spectroscopy (XPS). The activity and stability of the catalysts obtained have been studied in the C-O Ullmann coupling of 4-chloropyridine and potassium phenolate. The titania-supported nanoparticles retained catalyst activity for up to 12 h. However, catalyst deactivation was observed for longer operation times due to oxidation of the Cu nanoparticles. The oxidation rate could be significantly reduced over the CuZn/TiO2 catalytic films due to the presence of Zn. The 4-phenoxypyridine yield was 64% on the Cu/nonporous TiO2 at 120 degrees C. The highest product yield of 84% was obtained on the Cu/mesoporous TiO2 at 140 degrees C, corresponding to an initial reaction rate of 104 mmol g(cat)(-1) s(-1). The activation energy on the Cu/mesoporous TiO2 catalyst was found to be (144 +/- 5) kJ mol(-1), which is close to the value obtained for the reaction over unsupported CuZn nanoparticles (123 +/- 3 kJ mol(-1)) and almost twice the value observed over the catalysts deposited onto the non-porous TiO2 support (75 +/- 2 kJ mol(-1)).