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No / This paper explores the character, density and likely importance of connections between directors of a sample of 12 early-twentieth century British multinational companies. Drawing on the notion of `gentlemanly capitalism¿, a reconstruction of multiple and interlocking directorships for 1899¿1900 and 1929¿1930 indicates that a complex network existed that comprised links, respectively, to 255 and 497 companies. We explore the social, cultural and political characteristics of the directors of our sample and argue that the ways in which members of this group interacted with each other would have influenced business attitudes, facilitated transfers of knowledge and promoted interdependencies, thereby shaping commercial behaviour. We argue that the directors of early multinationals formed the kind of definable `power geometries¿ within the wider corporate elite that have been identified amongst today's business elites. Our results indicate that a distinct and increasingly dynamic multinational corporate community existed in the early 1900s, which was in many respects like its modern counterparts. A key finding is that the complexity of dyadic connections between directors and their personal networks of contacts increased markedly between 1899¿1900 and 1929¿1930.

Yes / Financial performance of insurance companies is captured by changes in rating grades. An insurer is susceptible to a rating transition which is a signal depicting current financial conditions. We employ Rating Transition Matrices (RTM) to analyse these transitions. Within this context, credit quality can either improve, remain stable or deteriorate as reflected by a rating upgrade or downgrade. We investigate rating trends and forecast rating transitions for UK insurers. We also provide insights into the effects of the global financial crisis on financial performance of UK insurance companies, as reflected by rating changes. Our analysis shows a significant degree of rating changes, as reflected by rating fluctuations in rating matrices. We conclude that insurers with higher (better) rating grades depict rating stability over the long-run. An unexpected but interested finding shows that insurers with good rating grades are nevertheless susceptible to rating fluctuations. General insurers are more likely to be rated and they demonstrate higher levels of rating grade variations over the period studied. Using comparative rating transition matrices, we find more variations in rating movements in the post-financial crisis period. We also conclude that general insurers reflect less stable rating outlooks compared to life and general insurers.

Real Estate Construction and Holding Companies (RECHCOs) have been used by governments in the Arab world as a vehicle for stimulus to promote development. This thesis will examine two particular examples of RECHCOs within city centres: Solidere in Beirut and Abdali in Amman. The RECHCOs in these instances were completely private companies presented as the inevitable choice for the rehabilitation of the centre to create a modern downtown, accompanied by a slew of benefits including job creation, investment, increased tourism potential, and upgraded infrastructure. In return the RECHCOs received political support, public subsidies, tax incentives and exemptions, and the right to expropriate privately owned land, generally reserved for governments. The thesis aims to explore this narrative through the lens of RECHCOs' impact on Arab cities' citizens. It will make the argument that though RECHCOs seem to be appealing and easy tools for contemporary cities they do not live up to their promises of political, economic and social benefits, especially as seen from the perspective of city citizens. The thesis contributes a comprehensive empirical case study to the literature on the modern Arab world, which to date has not explored the impacts of projects such as RECHCOs. The research included stakeholder interviews, a representative sample survey of over 1,500 Amman residents, a comprehensive literature review, a thorough media review, a legislative review, examination of company records, and data gathering from government databases and published statistics. Within three chapters dealing with the social, political and economic impacts of RECHCOs, the case studies presented are discussed across several themes central to urban planning literature both in the context of the Arab city and beyond. The Thesis includes a discussion of the role of the city centre within the city, and the RECHCOs' diminishing effect which undermines the centre as a place of society, gathering, economy and politics. The Thesis looks at heritage and memory in the city in the context of RECHCOs whereby as a consequence of ignoring established traditions in cities RECHCOs have a detrimental impact. RECHCOs undercut political processes, bypass social and traditional heritage, and destroy physical historical structures. RECHCOs are framed within an examination of privatised and contested public space within cities. The new RECHCO downtowns are physically isolated and privately guarded. They are housed with exclusive functions, high-end luxury commercial establishments, and highly priced residential and office space. Previous residents are priced out of the area through gentrification, and the economic windfalls of RECHCOs are diverted towards transnational investors and local elite with limited distributional and trickle-down benefits. The subsequent exclusive – and segregated - space created by the RECHCO gives rise to a sense of antagonism amongst city citizens. RECHCOs thus interrupt the interaction between public space and participation damaging active citizenship within the city. The thesis frames RECHCOs as a tool of urban governance and policies, in the context of weakened local governments and the alienation of citizens. The thesis concludes with a series of lessons learnt.

published_or_final_version / Business Administration / Master / Master of Business Administration

The purpose of this study is to determine whether oil and gas producing companies smooth their ending reserve quantities. Smoothing is defined as a reduction in variance in the trend of ending reserve quantities over time compared to the trend of ending reserve quantities less the hypothesized smoothing variable over time. This study focuses on two variables that are most susceptible to manipulation—revisions of previous estimates and additions. This study also examines whether revisions are positively or negatively biased and the variability of the revisions. The sample consists of 70 companies chosen from oil & Gas Reserve Disclosures: 1980-1984 Survey of 400 Public Companies by Arthur Andersen and Company. For each company, ending reserve quantities for the years 1978-1984 were regressed over time, and the standard deviation of the estimate (SDE) was calculated. Then the ending reserve quantities less the hypothesized smoothing variable were regressed over time, and the SDE was calculated. A linear model and a semi-logarithmic model were used. A smoothing ratio (SR) was determined by dividing the SDE of reserves less the hypothesized smoothing variable by the SDE of ending reserve quantities. An SR greater than one indicates smoothing, and an SR less than one indicates that smoothing did not occur. The mean percentage revision and a t-test were used to test for positive or negative bias in the revisions. The mean absolute percentage revision was used to assess the relative variability of revisions. The number of companies classified as smoothers of oil reserves was statistically significant for the semi-logarithmic model but not for the linear model. Under both models the number of companies classified as smoothers of gas reserves was statistically significant. Few companies had mean percentage revisions that were significantly different from zero. The majority of companies had mean absolute revisions of under ten percent.

Les grands marchands italiens des XIIIe et XIVe siècles, ceux qui opéraient sur les marchés internationaux, furent précurseurs de bien des techniques commerciales et de gestion. Ils ont également « inventé » la compagnie commerciale.Les analyses classiques de cette institution ne rendent pas suffisamment compte des causes de son apparition. Les risques moindres ni le montant plus important des capitaux nécessaires ne paraissent, pour cette époque, des facteurs tout à fait déterminants et suffisants. Les influences et les expériences dont ont pu bénéficier les commerçants italiens ne l’expliquent pas non plus.La plupart des documents qui nous sont parvenus apparaissent adaptés, plus qu’à une gestion efficace des opérations à celle de la relation entre les acteurs de ces compagnies. Cela conduit à s’interroger sur les raisons pour lesquelles ces marchands mirent en place à la fois l’institution et ces extraordinaires moyens de gestion.Le parallélisme observé entre l’apparition des compagnies, de ses outils de gestion, les évolutions politiques et celles des administrations publiques au moment de l’ascension du Popolo, fournit un premier indice sur ce moment de création de l’institution. Comme les communes, elle apparaît fondée sur une association originale entre personnes libres, sur la recherche de la concorde, et pour cette raison fut pourvue d’outils de gestion rigoureux.Les apports et les nouvelles conceptions de la science économique institutionnelle, la vision de la « firme » comme une solution alternative moins coûteuse au marché, et comme un outil de gestion du « problème de l’agence », complètent l’explication de l’apparition des compagnies. / The great Italian merchants of the thirteenth and fourteenth centuries, those who operated on international scale, were the precursors of many commercial and management technics. They also "invented" the commercial company. The classical analyzes of this institution do not sufficiently explain their appearance. The lesser risks for this activity and the greater amount of capital required are not decisive and sufficient explanations for this time. Neither do the influences and experiences that Italian traders have benefited. Most of the management documents, especially the ledgers and the letters, seem adapted to the management of the relationship between the actors of these companies rather than of operations. This leads to questions about why these merchants set up both the institution and these extraordinary management methods.The parallel observed and analyzed between the appearance of these companies, their management tools and the political and public administrations evolutions at the time of the rise of the Popolo highlights this moment of creation of the institution. It thus appears, like the communes, based on an original association of free people, on the search for concord and for this reason provided with rigorous management tools.The use of analysis and new conceptions of the "firm", by institutional economics, the vision of it as a less expensive alternative to the market, and as a tool for managing the “agency problem”, complete the explanation to the appearance of companies.