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Few studies have examined the impact of portfolio concentration upon the realised volatility of stock index portfolios, such as the FTSE 100. Instead, previous research has focused upon diversification across industries, across geographic regions and across different firms. The present study addresses this imbalance by calculating the daily time series of four concentration metrics for the FTSE 100 Index over the period from January 1984 through March 2003. In addition, the value weighted variance covariance matrix (VCM) of daily FTSE 100 Index constituent returns is decomposed into four sub-components: two from the diagonal elements and two from the off-diagonal elements of the VCM. These consist of the average variance of constituent returns, represented by the sum of diagonal elements in the VCM, and the average covariance represented by the sum of off-diagonal elements in the VCM. The value weighted average variance (VAV) and covariance (VAC) are each subdivided into the equally weighted average variance (EAV) the equally weighted average covariance (EAC) and incremental components that represent the difference between the respective value-weighted and equally weighted averages. These are referred to as the incremental average variance (IAV) and the incremental average covariance (IAC) respectively. The incremental average variance and the incremental average covariance are then combined, additively, to produce the incremental realised variance (IRV) of the FTSE 100 Index. The incremental average covariance and the incremental realised variance are found to be negative during the 1987 crash and the 1992 ERM crisis. They are also negative for a substantial part of the study period, even when concentration was at its highest level. Hence the findings of the study are consistent with the notion that the value weighted, and hence concentrated, FTSE 100 Index portfolio is generally less risky than a hypothetical equally weighted portfolio of FTSE 100 Index constituents. Furthermore, increases in concentration tend to precede decreases in incremental realised volatility and increases in the equally weighted components of the realised VCM. The results have important implications for portfolio managers concerned with the effect of changing portfolio weights upon portfolio volatility. They are also relevant to passive investors concerned about the effects of increased concentration upon their benchmark indices, and to providers of stock market indices.

This project asserts that much of the cultural anxiety found in Gothic-infused late-Victorian fiction derives from literary revelations of the nested spaces, shifting identities, and spontaneous connections inherent to the late-Victorian metropolis. The three literary texts studied here – The Hound of the Baskervilles by Arthur Conan Doyle, Raffles: The Amateur Cracksman by E.W. Hornung, and The Thirty-Nine Steps by John Buchan – all depict London as fundamentally suitable for those who seek to evade the disciplinary gaze and to pursue menacing schemes of criminality and invasion. Doyle’s text illustrates the interconnectedness of the spaces within London as well as the passable threshold between London and the English countryside; both the villain Stapleton and the hero Sherlock Holmes use these connections to attack and defend, respectively, the city and its inhabitants. Hornung’s stories depict the machinations employed by the gentleman-thief Raffles as he alters his identity and his codes of behaviour in order to free himself to pursue criminal ends and thus as he challenges cultural barriers. Buchan’s text, building on the others, explores the dissolution of cultural boundaries and identities incumbent upon the spontaneous connections made between those who attack English culture and those, like Richard Hannay, who defend it. There emerges in these texts a vision of London (and by extension Great Britain) as a swirling vortex of motion, an unknowable labyrinth perpetually threatened by menacing agents from without and within. I have employed Victor Turner’s theories of liminality and communitas to describe how criminal agents, and their equally menacing “good-guy” pursuers, separate themselves from structured society in order to move freely and to gain access to the contested thresholds they seek to infiltrate. I also invoke theories of the Gothic, surveillance, and travel, as well as Jeffrey Cohen’s monster theory, to characterize the anxiety embedded in such invasions. / The transformation of contested space : Baker Street, Grimpen Mire and the battle for thresholds in The hound of the Baskervilles -- Hornung's code-switching monster : threatening ambiguity and liminoid mobility in Raffles, the amateur cracksman -- Towards a more inclusive Britishness : Richard Hannay's transformative connections and evolving identity in The thrity-nine steps. / Department of English

[Truncated abstract] This thesis examines the social and legal dynamics of support as it operated around women charged before the criminal courts in the eighteenth- and early nineteenth-century metropolis. It considers the nature and implications of the support made available to, or withheld from, female defendants by individuals to whom they were in some way connected. To this end, it explores the nuances of testimony offered by witnesses and defendants in an attempt to better understand the extent and effect of the support that could be negotiated by and from a range of groups, including family members, fellow household residents, neighbours and wider community members. How narratives were framed in either sympathetic or condemnatory terms was indicative of broader social attitudes and expectations regarding women and crime as well as of women's own relationships to households and neighbourhood. To the extent that this thesis aims to interrogate negotiations of support, it adopts legal narratives as a window through which to gain an insight into the social interactions and mediation of interpersonal relationships by eighteenth-century London women. The printed accounts of trials conducted at the Old Bailey and legal documents from the London and Middlesex Sessions records form the basis of the source material that contributed towards this study. These records provide contemporary narratives in which participants described their involvement in the legal system and articulated their relationships to events and to each other. As a result, they are invaluable for the wealth of qualitative detail they contain. These legal documents have also been complemented by other contemporary sources including newspaper reports and printed pamphlet literature. ... This thesis concludes first that neighbours and fellow household residents were usually in the strongest position to affect the outcome of criminal cases, either by offering assistance or disclosing incriminating information. The importance of household and neighbours rather than kin was closely tied to the domestic context in which many female crimes took place, and the 'insider knowledge' that was gained by living in close proximity to one another. However, if and when women retained links to family and kin who lived within travelling distance, they remained an important source of support. Secondly, the thesis identifies the detection and prosecution of crime as a gendered experience; contemporary social expectations about gender influenced both legal processes and the shaping of witness accounts. Thirdly, in its examination of local responses to female crime, the thesis supports the theory that a notable shift in sentiment towards female nature and legal culpability occurred during this period, which in turn affected the support offered to female defendants. Overall, the thesis demonstrates the paramount importance of witness testimony in articulating the circumstances surrounding female crimes, and the complex negotiations of interpersonal relationships which influenced how this evidence would be contextualised as supportive or not when it was delivered.

As a consequence to Gilbert and Sullivan's famed Carpet Quarrel, two operettas with decidedly "exotic" themes, The Nautch Girl; or, The Rajah of Chutneypore, and Utopia Limited; or, The Flowers of Progress were presented to London audiences. Neither has been accepted as part of the larger Savoy canon. This thesis considers the conspicuous business atmosphere of their originally performed contexts to understand why this situation arose. Critical social theory makes it possible to read the two documents as overt reflections on British imperialism. Examined more closely, however, the operettas reveal a great deal more about the highly introverted nature of exotic representation and the ambiguous dialogue between race and class hierarchies in late nineteenth-century British society.

Doctor of Philosophy (PhD) / This thesis examines the literary journal Horizon, its editor Cyril Connolly, and a selection of its editorial articles, poems, short stories and essays in the context of the Second World War, from 1939-45. Analyses of these works, their representation of wartime experience, and their artistic merit, serve as evidence of a shared and sustained literary engagement with the war. Collectively, they demonstrate Horizon’s role as one of the primary outlets for British literature and cultural discourse during the conflict. Previous assessments of the magazine as an apolitical organ with purely aesthetic concerns have led to enduring critical neglect and misappraisal. This thesis shows that, contrary to the commonly held view, Horizon consistently offered space for political debate, innovative criticism, and war-relevant content. It argues that Horizon’s wartime writing is indicative of the many varied types of literary response to a war that was all but incomprehensible for those who experienced it. These poems, stories and essays offer a distinctive and illuminating insight into the war and are proof that a viable literary culture thrived during the war years. This thesis also argues that Horizon, as a periodical, should be considered as a creative entity in and of itself, and is worthy of being studied in this light. The magazine’s constituent parts, interesting enough when considered separately, are shaped, informed, and granted new shades of meaning by their position alongside other works in Horizon. Chapters in the thesis cover editorials and editing, poetry, short stories, political essays, and critical essays respectively. Analyses of individual works are situated in the context of larger concerns in order to demonstrate the coherence of debate and discourse that characterised Horizon’s wartime run. In arguing that Horizon is a singular creative entity worthy of consideration in its own right, this thesis locates itself within the emerging field of periodical studies. Further, by arguing that the magazine demonstrates the value of Second World War literature, it articulates with other recent attempts to reassess the scope and quality of that literature. More specifically, this thesis offers the first focused and in-depth analysis of Horizon’s formative years.

Doctor of Philosophy (PhD) / This thesis examines the literary journal Horizon, its editor Cyril Connolly, and a selection of its editorial articles, poems, short stories and essays in the context of the Second World War, from 1939-45. Analyses of these works, their representation of wartime experience, and their artistic merit, serve as evidence of a shared and sustained literary engagement with the war. Collectively, they demonstrate Horizon’s role as one of the primary outlets for British literature and cultural discourse during the conflict. Previous assessments of the magazine as an apolitical organ with purely aesthetic concerns have led to enduring critical neglect and misappraisal. This thesis shows that, contrary to the commonly held view, Horizon consistently offered space for political debate, innovative criticism, and war-relevant content. It argues that Horizon’s wartime writing is indicative of the many varied types of literary response to a war that was all but incomprehensible for those who experienced it. These poems, stories and essays offer a distinctive and illuminating insight into the war and are proof that a viable literary culture thrived during the war years. This thesis also argues that Horizon, as a periodical, should be considered as a creative entity in and of itself, and is worthy of being studied in this light. The magazine’s constituent parts, interesting enough when considered separately, are shaped, informed, and granted new shades of meaning by their position alongside other works in Horizon. Chapters in the thesis cover editorials and editing, poetry, short stories, political essays, and critical essays respectively. Analyses of individual works are situated in the context of larger concerns in order to demonstrate the coherence of debate and discourse that characterised Horizon’s wartime run. In arguing that Horizon is a singular creative entity worthy of consideration in its own right, this thesis locates itself within the emerging field of periodical studies. Further, by arguing that the magazine demonstrates the value of Second World War literature, it articulates with other recent attempts to reassess the scope and quality of that literature. More specifically, this thesis offers the first focused and in-depth analysis of Horizon’s formative years.