Founders without Limits

2021 ◽  
Author(s):  
Bobby V. Reddy
Keyword(s):  
Stock Exchange ◽  
High Growth ◽  
Global History ◽  
Public Markets ◽  
The Us ◽  
History Of ◽  
The Uk ◽  
Dual Class ◽  
Blue Chip

Big Tech has flourished on the US public markets in recent years with numerous blue-chip IPOs, from Google and Facebook, to new kids on the block such as Snap, Zoom, and Airbnb. A key trend is the burgeoning use of dual-class stock. Dual-class stock enables founders to divest of equity and generate finance for growth through an IPO, without losing the control they desire to pursue their long-term, market-disrupting visions. Bobby Reddy scrutinises the global history of dual-class stock, evaluates the conceptual and empirical evidence on dual-class stock, and assesses the approach of the London Stock Exchange and ongoing UK regulatory reforms to dual-class stock. A policy roadmap is presented that optimally supports the adoption of dual-class stock while still protecting against its potential abuses, which will more effectively attract high-growth, innovative companies to the UK equity markets, boost the economy, and unleash the true potential of 'founders without limits'.

scholarly journals FINDING THE BRITISH GOOGLE: RELAXING THE PROHIBITION OF DUAL-CLASS STOCK FROM THE PREMIUM-TIER OF THE LONDON STOCK EXCHANGE

2020 ◽  
Vol 79 (2) ◽  
pp. 315-348
Author(s):  
Bobby V. Reddy
Keyword(s):  
Cash Flow ◽  
Stock Exchange ◽  
High Growth ◽  
London Stock Exchange ◽  
Majority Control ◽  
Uk Government ◽  
Policy Priority ◽  
The Uk ◽  
Cash Flow Rights ◽  
Dual Class

AbstractThere is a dearth of British tech-companies listing on the London Stock Exchange (LSE), and the LSE lacks a large, innovative tech-company such as Google. The UK Government, concerned as to the loss of UK tech-companies to foreign acquirors, views the encouragement of UK tech-firm listings as a policy priority. Dual-class stock, currently prohibited from the LSE Main Market's premium-tier, allows founders to list their firms, and retain majority-control, while holding significantly less of the cash-flow rights in the company. This article will broach the potential for dual-class stock to attract UK tech-company listings, and explore the benefits that dual-class stock can engender for UK tech-companies and their public shareholders. The risks of dual-class structures will also be discussed, but it will be shown that in a UK regulatory context, in relation to high-growth tech-companies, the risks may not be as severe as presumed, and easily moderated through judicious controls.

scholarly journals An empirical study of the per capita yield of science Nobel prizes: is the US era coming to an end?

2018 ◽  
Vol 5 (5) ◽  
pp. 180167 ◽  
Author(s):  
Claudius Gros
Keyword(s):  
Success Rates ◽  
Nobel Prizes ◽  
The Us ◽  
The Usa ◽  
History Of ◽  
Entire History ◽  
Per Capita ◽  
Historical Developments ◽  
The Uk

We point out that the Nobel prize production of the USA, the UK, Germany and France has been in numbers that are large enough to allow for a reliable analysis of the long-term historical developments. Nobel prizes are often split, such that up to three awardees receive a corresponding fractional prize. The historical trends for the fractional number of Nobelists per population are surprisingly robust, indicating in particular that the maximum Nobel productivity peaked in the 1970s for the USA and around 1900 for both France and Germany. The yearly success rates of these three countries are to date of the order of 0.2–0.3 physics, chemistry and medicine laureates per 100 million inhabitants, with the US value being a factor of 2.4 down from the maximum attained in the 1970s. The UK in contrast managed to retain during most of the last century a rate of 0.9–1.0 science Nobel prizes per year and per 100 million inhabitants. For the USA, one finds that the entire history of science Noble prizes is described on a per capita basis to an astonishing accuracy by a single large productivity boost decaying at a continuously accelerating rate since its peak in 1972.

The Economics of Air Traffic Control

1980 ◽  
Vol 33 (1) ◽  
pp. 23-29
Author(s):  
Angus Hislop
Keyword(s):  
Traffic Control ◽  
Air Traffic Control ◽  
Air Traffic ◽  
Air Transport ◽  
Civil Aviation ◽  
Department Of Transportation ◽  
Private Industry ◽  
The Us ◽  
The Uk

This paper is based mainly on a study carried out in 1976/7 for the UK Department of Industry into the long-term development of air traffic control systems in Europe by a team drawn from the Civil Aviation Authority, the Royal Signals and Radar Establishment and private industry, in which Coopers and Lybrand provided the economic expertise.Until the early 1970s, air traffic control was almost completely neglected by air transport economists. Economists contributed to the planning of airports and airline operations but not to the third facet of the air transport system. However, in 1970–1, in conjunction with a programme of expansion and improvement of the country's airports and airways, the US Department of Transportation launched a major study of the airport and airways system. This was designed to establish an equitable charging policy between the different categories of user but in the event its recommendations in this area have only recently begun to be followed.

The Problem of Income Inequality

2019 ◽  
pp. 42-44
Author(s):  
Andrew Smithers
Keyword(s):  
Income Inequality ◽  
Gini Coefficient ◽  
Living Standards ◽  
Living Standard ◽  
The Gini Coefficient ◽  
The Us ◽  
The Uk ◽  
Distribution Of Income

Living standards change in line with GDP per head only if the distribution of incomes is unchanged. If incomes become less equally distributed the living standards of most people will fall even if GDP per head is stable. The Gini Coefficient is the most widely used indicator designed to measure the distribution of income. UK inequality, on this measure, has risen since 1977, stabilized since 1987, and fallen in recent years. In the US there has been a long-term increase in income inequality. Unless this US trend for increased income inequality halts, it is quite likely that even if GDP per head rises in the US, the living standard of the average voter will fall. The recent data suggest that changes in income inequality pose less of a threat to living standards in the UK then they do to those in the US.

10. Race, ethnicities, and the criminal justice system

2021 ◽  
pp. 273-307
Author(s):  
Neena Samota
Keyword(s):  
Criminal Justice ◽  
Critical Race Theory ◽  
Criminal Justice System ◽  
Race And Ethnicity ◽  
Justice System ◽  
State Level ◽  
System P ◽  
The Us ◽  
History Of ◽  
The Uk

This chapter explores the broader context and history of race-related issues in the UK, considering why racial disparities persist in diverse societies like the US, Australia, Canada, and the UK, before narrowing the focus to race and ethnicity in the sphere of crime and criminal justice. The concepts of ‘race’ and ‘ethnicity’ have long played major roles in both classroom and broader societal discussions about crime, punishment, and justice, but they have arguably never been more present and visible than today. The chapter looks at the problems with the statistics available on race, ethnicity, and crime, noting the ways in which they may not tell the whole story, before considering the statistics themselves as the chapter discusses the relationships between ethnicity and victimisation and offending. It then moves on to how ethnic minorities experience the various elements of the criminal justice system and the disadvantages they often face, before outlining the attempts that have been made to address these disparities at a state level. Finally, the chapter discusses critical race theory, a key theory in modern criminological examinations of race and its relationship to crime and justice, which grew out of the US but has much broader value and relevance as a framework of analysis.

11. The United Kingdom: Towards a Parting of the Ways

2020 ◽  
pp. 257-279
Author(s):  
Anand Menon ◽  
Luigi Scazzieri
Keyword(s):  
European Union ◽  
Public Opinion ◽  
Institutional Development ◽  
The European Union ◽  
Integration Process ◽  
The United Kingdom ◽  
History Of ◽  
Long Term Trends ◽  
The Uk

This chapter examines the history of the United Kingdom’s relationship with the European integration process. The chapter dissects the long-term trends in public opinion and the more contingent, short-term factors that led to the referendum vote to leave the European Union. The UK was a late joiner and therefore unable to shape the early institutional development of the EEC. British political parties and public opinion were always ambiguous about membership and increasingly Eurosceptic from the early 1990s. Yet the UK had a significant impact on the EU’s development, in the development of the single market programme and eastward enlargement. If Brexit goes through, Britain will nevertheless maintain relations with the EU in all policy areas from agriculture to energy and foreign policy. Europeanization will remain a useful theoretical tool to analyse EU–UK relations even if the UK leaves the Union.

scholarly journals Effect of Exchange Rate Returns on Equity Prices: Evidence from South Africa and Nigeria

2017 ◽  
Vol 9 (11) ◽  
pp. 35
Author(s):  
Jibrin Daggash ◽  
Terfa W. Abraham
Keyword(s):  
South Africa ◽  
Exchange Rate ◽  
Stock Market ◽  
Stock Exchange ◽  
Equity Prices ◽  
The Us ◽  
Short Run ◽  
Us Dollar ◽  
The Exchange Rate ◽  
The Uk

This paper examines the exchange rate returns of the Rand (relative to the US dollar) and the Naira (relative to the US dollar) for the presence of volatility. It also examines the effect of the exchange rate returns on the performance of their respective stock market. While it was found that the returns of the South African Rand was volatile, the Nigerian naira was not. Estimating the effect of exchange rate returns and crude oil price on the stock market indices of both countries showed that exchange rate return have a positive effect on the performance of the Nigerian stock exchange thus, confirming the stock flow hypothesis for Nigeria and refuting same for South Africa. Although the VAR granger causality identifies short run fluctuation of the naira as a significant factor affecting the performance of the Nigerian stock exchange in the short run, the Johannesburg stock exchange was found to be mostly affected by short run changes in the Rand and the UK FTSE 100. The paper concludes that policies aimed at stabilizing exchange rate and encouraing more non-oil stocks to be quoted in the Nigerian stock exchange will important. For the Johanesburg stock exchange, raising the listing requirement for firms quoted in the UK FTSE 100 and also seeking listing or already listed in the JSE will be a plausible idea. For both countries, however, curtailing swings in their exchange rate returns would help attract new investments and sustain existing ones hence, helping to spur growth.

scholarly journals The continuing implications of the ‘crime’ of suicide: a brief history of the present

2016 ◽  
Vol 12 (2) ◽  
pp. 210-224 ◽  
Author(s):  
Gordon Tait ◽  
Belinda Carpenter
Keyword(s):  
Well Being ◽  
Therapeutic Jurisprudence ◽  
Social Perceptions ◽  
Criminal Offence ◽  
Structured Interviews ◽  
Standard Of Proof ◽  
The Us ◽  
Prevention Programmes ◽  
History Of ◽  
The Uk

AbstractThe long history of suicide as a criminal offence still has a significant contemporary effect on how it is perceived, conceptualised and adjudged. This is particularly the case within countries where suicide is largely determined within a coronial system, such as Australia, the UK and the US. This paper details the outcomes of a study involving semi-structured interviews with coroners both in England and Australia, as well as observations at inquests. It focuses around the widely held contention that the suicide rates produced within these coronial systems are underestimations of anywhere between 15 to 50 per cent. The results of these interviews suggest that there are three main reasons for this systemic underestimation. The first reflects the legacy of suicide as a criminal offence, resulting in the highest standard of proof for findings of suicide in the UK, and a continuing stigma attached to families of the deceased. The second is the considerable pressure brought to bear upon coroners by the family of the deceased, who, because of that stigma, commonly agitate for any finding other than that of suicide. The third involves the rise of ‘therapeutic jurisprudence’, wherein coroners take on the responsibility of the emotional well-being of the grieving families, which in turn affects the likelihood of reaching a finding of suicide. The conclusions drawn by the paper are also twofold: first – with respect to the stigma of suicide – it will take a lot more than simple decriminalisation to change deeply held social perceptions within the community. Second, given that suicide prevention programmes and policies are based on such deeply questionable statistics, targeted changes to coronial legislation and practice would appear to be required.

Retrospectives: History of science in France

2019 ◽  
Vol 52 (4) ◽  
pp. 689-695
Author(s):  
JONATHAN SIMON
Keyword(s):  
Eighteenth Century ◽  
History Of Science ◽  
Academic Community ◽  
Personal View ◽  
The Us ◽  
History Of ◽  
Italian Science ◽  
Number Of Publications ◽  
The Uk ◽  
Secure Place

Although maybe not the most fashionable area of study today, French science has a secure place in the classical canon of the history of science. Like the Scientific Revolution and Italian science at the beginning of the seventeenth century, French science, particularly eighteenth-century and early nineteenth-century French science, remains a safe, albeit conservative, bet in terms of history-of-science teaching and research. The classic trope of the passage of the flame of European science from Italy to Britain and France in the seventeenth and then eighteenth centuries is well established in overviews of the field. Specializing in research in this area is not, therefore, unreasonable as a career choice if you are aiming for a history-of-science position in Europe or even in the US. The Académie (royale) des sciences, with its state-sponsored model of collective research, provides a striking counterpoint to the amateur, more individualistic functioning of London's Royal Society – a foretaste of modernity in the institutionalization of science. Clearly naive, such a representation of French science serves as a good initial framework on which to hang half a century of critical historical research. If proof of the continued interest for eighteenth-century French science is needed, we can cite the Web-based project around Diderot and d'Alembert's Encyclopédie currently in progress under the auspices of the French Academy of Sciences. The large number of publications in the history of French science (in English as well as French) make it unreasonable to pick out one or two for special attention here. But what about history of science in France and the academic community that practises this discipline today? Here, I offer a very personal view and analysis of this community, trying to underline contrasts with the history of science in the UK and the US.

Rhabdomyosarcoma of the trachea: first reported case treated with proton beam therapy

2012 ◽  
Vol 126 (9) ◽  
pp. 966-969 ◽  
Author(s):  
R Exley ◽  
J M Bernstein ◽  
B Brennan ◽  
M P Rothera
Keyword(s):  
Proton Beam ◽  
World Literature ◽  
Proton Beam Therapy ◽  
Term Outcome ◽  
Long Term Outcome ◽  
Conventional Radiotherapy ◽  
The Usa ◽  
History Of ◽  
The Uk

AbstractObjective:We report a case of rhabdomyosarcoma of the trachea in a 14-month-old child, and we present the first reported use of proton beam therapy for this tumour.Case report:A 14-month-old girl presented acutely with a seven-day history of biphasic stridor. Emergency endoscopic debulking of a posterior tracheal mass was undertaken. Histological examination revealed an embryonal rhabdomyosarcoma with anaplasia. Multimodality therapy with surgery and chemotherapy was administered in the UK, and proton beam therapy in the USA.Conclusion:Only three cases of rhabdomyosarcoma of the trachea have previously been reported in the world literature. This is the first reported case of treatment of this tumour with proton beam therapy. Compared with conventional radiotherapy, proton beam therapy may confer improved long-term outcome in children, with benefits including reduced irradiation of the spinal cord.

Sign in / Sign up

Export Citation Format

Share Document