Dividend Policies in an Unregulated Market: The London Stock Exchange 1895-1905

We examine the e¤ects of dividend policies on 469 British firms between 1895 and 1905. These firms operated in an environment of very low taxation and an absence of institutional constraints. We find strong support for asymmetric information/signaling theories of dividend policy, and little support for agency models. Our results suggest that dividends can signal information from managers to shareholders, even if dividend payments incur only very low taxes. However, taxes appear to be necessary to allow dividend policies to resolve agency problems between managers and investors.Dividend Policy;London Stock Exchange

How Insiders Traded before Rules

Abstract: U.K. company insiders, such as directors, were legally allowed to trade in the shares of their own companies up until the Companies Act of 1980. We investigate the trading behaviour of directors over the period 1893 to 1907 in the U.K. Although insider trading was profitable, we find relatively few instances of directors who exploited their informational advantage.Corporate Governance;Insider Trading;London Stock Exchange

The Economic Benefits of Political Connections in Late Victorian Britain

The late-Victorian era was characteristed by especially close links between politicians and firms in the UK. Roughly half of all members of Parliament served as company directors, many as directors of multiple firms. We analyze 467 British companies over the period 1895 to 1904 to investigate the interaction of firms and politicians. We find that new-technology firms with politicians serving on their boards were more likely to issue equity finance and had higher Tobin's Q. Our evidence suggests that causality runs from director-politicians to a firm's performance, rather than in the opposite direction.Political Connections;Second Industrial Revolution;External Finance

Addition and some other reactions of sulphanuric chloride

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Utilization of a fixed base simulator to study the stall and spin characteristics of fighter airplanes

Feasibility of using fixed simulator to determine stall and spin characteristics of fighter aircraf

Socioeconomic inequalities in childhood exposure to secondhand smoke before and after smoke-free legislation in three UK countries

Background: Secondhand smoke (SHS) exposure is higher among lower socioeconomic status (SES) children. Legislation restricting smoking in public places has been associated with reduced childhood SHS exposure and increased smoke-free homes. This paper examines socioeconomic patterning in these changes.<p></p> Methods: Repeated cross-sectional survey of 10 867 schoolchildren in 304 primary schools in Scotland, Wales and Northern Ireland. Children provided saliva for cotinine assay, completing questionnaires before and 12 months after legislation.<p></p> Results: SHS exposure was highest, and private smoking restrictions least frequently reported, among lower SES children. Proportions of saliva samples containing <0.1 ng/ml (i.e. undetectable) cotinine increased from 31.0 to 41.0%. Although across the whole SES spectrum, there was no evidence of displacement of smoking into the home or increased SHS exposure, socioeconomic inequality in the likelihood of samples containing detectable levels of cotinine increased. Among children from the poorest families, 96.9% of post-legislation samples contained detectable cotinine, compared with 38.2% among the most affluent. Socioeconomic gradients at higher exposure levels remained unchanged. Among children from the poorest families, one in three samples contained > 3 ng/ml cotinine. Smoking restrictions in homes and cars increased, although socioeconomic patterning remained.<p></p> Conclusions Urgent action is needed to reduce inequalities in SHS exposure. Such action should include emphasis on reducing smoking in cars and homes

Nucleotide sequence of a full length cDNA clone encoding a polyubiquitin gene from Pisum sativum.

[No abstract available

Organizational Analysis in Preparation for LMS Change: A Narrative Case Study

Collaboration and teamwork are concepts routinely attributed to organizational success and successful change management. Yet often the details of these collaborative experiences are limited to participants in the team involved. In this case study we highlight how a learning experience architect, as part of an organizational working group, could leverage human performance technology (HPT) principles to lead the analysis efforts surrounding an LMS platform change at a professional training organization. Human performance technology is the study and practice of improving productivity in organizations. This includes designing and developing effective interventions, processes, and methodologies that are ethical, results-oriented, comprehensive, and systemic (West, 2018). This article covers the project’s genesis, the project team’s creation, and how the analysis work was carried out. The first author’s unique access to the subject matter of this case study provides the ability to present the project’s analysis phase in the following narrative format. This article’s intrinsic case study represents an exploratory inquiry into a single case, as this article’s conclusions are inherently limited to its scope. Nevertheless, the article provides evidence that large scale change within organizations requires a balance of effective communication practices and organizational systems thinking