This paper is based on archival work carried out on the papers of the New Zealand and Australian Land Company Ltd., a Scottish free-standing company founded in Edinburgh in 1867. It explores the development of a hierarchical management system within the company, looking at how the company...

The purpose of this paper is twofold. First, it presents a very concise way of measuring fiscal stance. This procedure is based on the assumption that the ‘neutral change’ in the government budget can best be simulated with a long-term approximation of the underlying trend of total output....

Long run returns of IPO firms’ recommendations in Europe reveal possible conflicts of interest and pressures faced by financial analysts over the 1991-2005 period. Nevertheless, recent European legislations about investment research have led to better long run performance of IPO firms’...