American boomers and the flotation of shares in the city of London in the late nineteenth century

During the late nineteenth century there was a wave of promotions of American companies on the London Stock Exchange, which have been described as ‘free-standing’. The British company promoter, H. Osborne O'Hagan, is often regarded as the first mover in these promotions, a view based on his autobiography. This article suggests that, in fact, the American lawyer promoters, Samuel and Isaac Untermyer, were the first movers in these company promotions. This article looks at a number of free-standing companies where everyday managerial control was retained by the original managers, and in particular, the case of the Untermyer brothers who competed with O'Hagan.     

COLLECTIVE ACTION CLAUSES IN INTERNATIONAL SOVEREIGN BOND CONTRACTS – WHENCE THE OPPOSITION?

Abstract.  In the debate on strengthening the international financial architecture, which peaked in 2002 after a series of emerging market sovereign debt crises, the universal adoption of collective action clauses (CACs) was the most promising reform proposal. Academics and the official sector had been promoting CACs at least since 1995, yet market practice did not begin to change until 2003. This delay is often attributed to the opposition of investors and sovereign borrowers to CACs. This paper evaluates the publicly stated as well as the suspected private motives of the two sides to block the proliferation of CACs. It draws on a wide range of existing evidence and adds some new theoretical considerations to show that there is no reason to be sceptical of CACs unless bailouts exist as an alternative crisis resolution mechanism. This conclusion may be of interest purely for the sake of historical accuracy. But more importantly, it may help to better understand any potential future resistance by market participants, for example in the process of introducing CACs in bonds governed by German law.     

Management Information Needs and Perceptions in Smaller Charities: An Exploratory Study

This article explores the extent and nature of management information needs of trustees, as perceived by selected trustees of smaller charities. It links these perceptions to questions concerning charity performance, drawing on assumptions in the literature (often implicit) that the quality of management information can be gauged. Also, that there is a corresponding link between meeting management information needs and improving organisational performance. The research methodology comprised a general pilot study and trustee survey, followed by accounts analysis and in-depth interviews in selected charities. From this, vignettes of trustees' perceptions were drawn up and case study accounts of three charities' approach to trusteeship, management information handling strategies, and self-assessment of performance were developed. The study discovered the existence of an 'expectations gap'between what charity trustees are supposed to do and what they can actually achieve.