The changing role of fairs in the long eighteenth century: evidence from the north midlands1

Despite the recent interest of historians in retailing and distribution, little attention has been paid to fairs. It has often been assumed that by 1800 they were mainly occasions for entertainment. Using a range of sources and focusing mainly on the north midlands, this article argues that many fairs remained significant during the eighteenth century for agricultural marketing, some business and financial transactions, and retailing. By the early nineteenth century, rapidly changing economic conditions, coupled with changed attitudes, threatened these traditional roles and fairs had to adapt or face inevitable decline.     

Asset Revaluations and Assessment of Borrowing Capacity

Prior research has found support for contracting, political cost and information asymmetry explanations for managements’ decision to revalue non-current assets. This study proposes that asset revaluations occur to signal available borrowing capacity via an increase in collateral values at the time of increases in secured debt and that the economic benefits associated with an asset revaluation will be greatest for firms when they are experiencing times of declining cash flows from operations. Results imply that firms that have undertaken an asset revaluation are more likely to be experiencing declining cash flows from operations than firms that have not revalued. This study also investigates whether the incidence of valuations coincides with increases in levels of secured borrowings due to lenders’ demands for current values of assets offered as collateral. The evidence indicates that firms are more likely to record an asset revaluation if they have increased their secured borrowings, and that most non-year-end revaluations emanate directly from contracting with lenders.     

The Effects of Alternative Methods of Accounting for Leases – An Experimental Study

A report of an experiment testing analysts' reactions to alternative ways of reporting lease commitments. Results indicate that reporting methods affect the behaviour of financial analysts in projecting earnings, but not in share valuations.     

A MODEL FOR STANDARD SETTING: HIGH DEFINITION TELEVISION

This paper presents a model for high definition television (HDTV) standard setting that can be applied to other technologies. The analysis examines conflict and coordination in the standardization process at three levels: international, domestic, and market. While national governments and firms share common priorities, firms are more likely to require standardization than are governments but are less likely to achieve it unless side payments are possible. Collaboration in standard setting benefits all parties and should be encouraged by the government .     

Sources of Capital and Capitalization in the Scottish Brewing Industry, c. 1750—1830

T he formative years in the development of the Scottish brewing industry coincided with the classic Industrial Revolution between 1770 and 1830. The industry was well established by the middle of the eighteenth century, a number of important firms being founded about 1750. Capital found its way into Scottish brewing from various sources, mainly from agriculture and commerce. Merchants were among the leading groups of investors, which also included lawyers, accountants, and excisemen. Related trades, like malting, distilling, and corn-milling also provided capital. Brewing maintained close contact with the countryside, for many farmers invested in the industry in a modest way; and the waste products of the brewery (called "draff" in Scotland) were returned to the farm for fattening purposes. Most breweries were small, serving only local markets. But in the cities and growing towns, where a more concentrated market existed and transport was a lower proportion of costs, larger units quickly emerged. Urban brewers began to make inroads into country markets during the Industrial Revolution, and also to sell further afield by developing coastal and foreign trades. At the close of the period with which this study is concerned the Scottish brewing industry was becoming increasingly urban in character, dominated by large-scale production units, such as those in Edinburgh, Alloa, Falkirk, and Glasgow. This article examines two aspects of the Scottish brewing trade during the century 1750-1850 through, (i) an analysis of the main sources of capital, and (ii) a breakdown of the size of firms from legal records and insurance valuations.