Anglo-Dutch premium auctions in eighteenth-century Amsterdam

An Anglo-Dutch premium auction consists of an English auction followed by a Dutch auction, with a cash premium paid to the winner of the first round. We study such auctions used in the secondary debt market in eighteenth-century Amsterdam. This was among the first uses of auctions, or any structured market-clearing mechanism, in a financial market. We find that this market presented two distinct challenges - generating competition and aggregating information. We argue that the Anglo-Dutch premium auction is particularly well-suited to do both. Modeling equilibrium play theoretically, we predict a positive relationship between the uncertainty in a security's value and the likelihood of a second-round bid. Analyzing data on 16,854 securities sold in the late 1700s, we find empirical support for this prediction. This suggests that bidding behavior may have been consistent with (non-cooperative) equilibrium play, and therefore that these auctions were successful at generating competition. We also find evidence suggesting that these auctions succeeded at aggregating information. Thus, the Anglo-Dutch premium auction appears to have been an effective solution to a complex early market design problem

Plane nostris moribus: customary financing on future salary by the Dutch East India Company

Transferring claims has traditionally been a dogmatic near impossibility in the civilian institutional tradition. In practice, however, contractual creativity provided space to develop a variety of mechanisms for transferring claims. Our paper explores such a mechanism, which financed the seamen of the Dutch East India Company (voc), on the basis of their claims to future salary. The associated document, the so-called transportbrief, started from a seaman’s debt, which by mandate the Company accepted to pay to the bearer of the document, if conditions as performance of labor obligations were met. Payment practice itself was carefully orchestrated by resolutions of the voc board, the Heeren xvii, thereby tailoring market and law according to the various interests involved

Historical Diversity in Credit Intermediation: Cosignatory Lending Institutions in Europe and North America, 1700s–1960s

Through a close reading of scattered, disparate, and largely unconnected secondary sources, supplemented with the analysis of primary sources, and backed by economic theory, this paper explores the origins, development, and socio-economic impact of so-called cosignatory lending institutions. These historical institutions were designed to issue small loans to small businesses and households and shared a reliance on cosigners to secure loans and on weekly instalments to repay them. Their shared lending format was flexible enough to display regional variations and this enabled cosignatory lending institutions to operate in societies characterized by notable differences in wealth and economic structure. It also allowed cosignatory lending institutions to fare better in a more urbanized, heterogeneous context than the more well-known credit cooperatives. As such, this systematic overview helps us better understand how credit markets were made more inclusive in urban contexts, which historical circumstances played a role in this, and perhaps even whether and how the success of cosignatory lending institutions may be replicated in present-day developed and less-developed economies

The PRO-RCC study:a long-term PROspective Renal Cell Carcinoma cohort in the Netherlands, providing an infrastructure for ‘Trial within Cohorts’ study designs

BACKGROUND: Ongoing research in the field of both localized, locally advanced and metastatic renal cell carcinoma has resulted in the availability of multiple treatment options. Hence, many questions are still unanswered and await further research. A nationwide collaborative registry allows to collect corresponding data. For this purpose, the Dutch PROspective Renal Cell Carcinoma cohort (PRO-RCC) has been founded, for the prospective collection of long-term clinical data, patient reported outcome measures (PROMs) and patient reported experience measures (PREMs).METHODS: PRO-RCC is designed as a multicenter cohort for all Dutch patients with renal cell carcinoma (RCC). Recruitment will start in the Netherlands in 2023. Importantly, participants may also consent to participation in a 'Trial within cohorts' studies (TwiCs). The TwiCs design provides a method to perform (randomized) interventional studies within the registry. The clinical data collection is embedded in the Netherlands Cancer Registry (NCR). Next to the standardly available data on RCC, additional clinical data will be collected. PROMS entail Health-Related Quality of Life (HRQoL), symptom monitoring with optional ecological momentary assessment (EMA) of pain and fatigue, and optional return to work- and/or nutrition questionnaires. PREMS entail satisfaction with care. Both PROMS and PREMS are collected through the PROFILES registry and are accessible for the patient and the treating physician.TRIAL REGISTRATION: Ethical board approval has been obtained (2021_218) and the study has been registered at ClinicalTrials.gov (NCT05326620).DISCUSSION: PRO-RCC is a nationwide long-term cohort for the collection of real-world clinical data, PROMS and PREMS. By facilitating an infrastructure for the collection of prospective data on RCC, PRO-RCC will contribute to observational research in a real-world study population and prove effectiveness in daily clinical practice. The infrastructure of this cohort also enables that interventional studies can be conducted with the TwiCs design, without the disadvantages of classic RCTs such as slow patient accrual and risk of dropping out after randomization.</p

Werner Scheltjens, Dutch Deltas. Emergence, Functions and Structure of the Low Countries’ Maritime Transport System, ca. 1300-1850.

Contains fulltext : 199567.pdf (publisher's version ) (Open Access)W. Scheltjens Dutch Deltas: Emergence, Functions and Structure of the Low Countries’ Maritime Transport System, ca. 1300-1850 Leiden:Brill ,201