Medieval property investors, ca. 1300-1500

This paper utilises a dataset of freehold land and property transactions from medieval England to highlight the growing commercialisation of the economy. By drawing on the legal records we are able to demonstrate that the medieval real estate market provided the opportunity for investors to profit. Careful analysis of the data provides evidence of group purchases, multiple transactions and investors buying outside of their own locality. The identification of these ‘investors’ and their buying behaviours, set within the context of the English medieval economy, contributes to the early commercialisation debate

What makes students satisfied? A discussion and analysis of the UK’s national student survey

This paper analyses data from the National Students Survey, determining which groups of students expressed the greatest levels of satisfaction. We find students registered on clinical degrees and those studying humanities to be the most satisfied, with those in general engineering and media studies the least. We also find contentment to be higher among part-time students, and significantly higher among Russell group and post-1992 universities. We further investigate the sub-areas that drive overall student satisfaction, finding teaching and course organisation to be the most important aspects, with resources and assessment and feedback far less relevant. We then develop a multi- attribute measure of satisfaction which we argue produces a more accurate and more stable reflection of overall student satisfaction than that based on a single question

Is there a ‘magic link’ between research activity, professional teaching qualifications and student satisfaction?

The increasing prominence given to student satisfaction at UK Universities as a response to the introduction of fees and the growing stature of league tables has led to a desire to understand the factors that affect the quality of the student experience. Therefore, this paper examines whether students who study at universities in the UK where research is highly rated or where a high proportion of faculty are professionally qualified are more satisfied, measuring satisfaction through data from the National Student Survey. Our key results are first, that students are happiest at pre-1992 universities outside the Russell group and where the amount of top-rated research is lower. Second, we uncover no link between student contentment and the percentage of faculty holding formal teaching qualifications. Our findings have important implications for university policies regarding the link between research and teaching and for the current drive to ‘professionalise’ teaching in higher education

Fighting merchants

Selected essays from a conference held in November 2013 to celebrate the contribution to scholarship of the medieval historian Professor James L. Bolton

Causal Quantum Theory and the Collapse Locality Loophole

Causal quantum theory is an umbrella term for ordinary quantum theory modified by two hypotheses: state vector reduction is a well-defined process, and strict local causality applies. The first of these holds in some versions of Copenhagen quantum theory and need not necessarily imply practically testable deviations from ordinary quantum theory. The second implies that measurement events which are spacelike separated have no non-local correlations. To test this prediction, which sharply differs from standard quantum theory, requires a precise theory of state vector reduction. Formally speaking, any precise version of causal quantum theory defines a local hidden variable theory. However, causal quantum theory is most naturally seen as a variant of standard quantum theory. For that reason it seems a more serious rival to standard quantum theory than local hidden variable models relying on the locality or detector efficiency loopholes. Some plausible versions of causal quantum theory are not refuted by any Bell experiments to date, nor is it obvious that they are inconsistent with other experiments. They evade refutation via a neglected loophole in Bell experiments -- the {\it collapse locality loophole} -- which exists because of the possible time lag between a particle entering a measuring device and a collapse taking place. Fairly definitive tests of causal versus standard quantum theory could be made by observing entangled particles separated by $\approx 0.1$ light seconds.Comment: Discussion expanded; typos corrected; references adde

‘Leger est aprendre mes fort est arendre’: wool, debt, and the dispersal of Pipewell Abbey (1280-1330)

It has long been known that English Cistercian monasteries often sold their wool in advance to foreign merchants in the late thirteenth century. The abbey of Pipewell in Northamptonshire features in a number of such contracts with Cahorsin merchants. This paper looks again at these contracts in the context of over 200 other such agreements found in the governmental records. Why did Pipewell descend into penury over this fifty year period? This case study demonstrates that the promise of ready cash for their most valuable commodity led such abbots to make ambitious agreements – taking on yet more debt to service existing creditors – that would lead to their eventual bankruptcy

Time-varying price discovery in the eighteenth century: empirical evidence from the London and Amsterdam stock markets

This paper examines the time-varying nature of price discovery in eighteenth century cross-listed stocks. Specifically, we investigate how quickly news is reflected in prices for two of the great moneyed com- panies, the Bank of England and the East India Company, over the period 1723 to 1794. These British companies were cross-listed on the London and Amsterdam stock exchange and news between the capitals flowed mainly via the use of boats that transported mail. We examine in detail the historical context sur- rounding the defining events of the period, and use these as a guide to how the data should be analysed. We show that both trading venues contributed to price discovery, and although the London venue was more important for these stocks, its importance varies over time

Interest rates and efficiency in medieval wool forward contracts

Abstract While it is commonly believed that derivative instruments are a recent invention, we document the existence of forward contracts for the sale of wool in medieval England around 700 years ago. The contracts were generally entered into by English monasteries, who frequently sold their wool for up to twenty years in advance to mostly foreign and particularly Italian merchants. Employing a unique source of data collected by hand from the historical records, we determine the interest rates implied in these transactions and we also examine the efficiency of the forward and spot markets. The calculated interest rates average around 20%, in accordance with available information concerning the interest rates used in other types of transactions at that time. Perhaps surprisingly, we also find little evidence of informational inefficiencies in these markets

Non-local Correlations are Generic in Infinite-Dimensional Bipartite Systems

It was recently shown that the nonseparable density operators for a bipartite system are trace norm dense if either factor space has infinite dimension. We show here that non-local states -- i.e., states whose correlations cannot be reproduced by any local hidden variable model -- are also dense. Our constructions distinguish between the cases where both factor spaces are infinite-dimensional, where we show that states violating the CHSH inequality are dense, and the case where only one factor space is infinite-dimensional, where we identify open neighborhoods of nonseparable states that do not violate the CHSH inequality but show that states with a subtler form of non-locality (often called "hidden" non-locality) remain dense.Comment: 8 pages, RevTe

Real World Interpretations of Quantum Theory

I propose a new class of interpretations, {\it real world interpretations}, of the quantum theory of closed systems. These interpretations postulate a preferred factorization of Hilbert space and preferred projective measurements on one factor. They give a mathematical characterisation of the different possible worlds arising in an evolving closed quantum system, in which each possible world corresponds to a (generally mixed) evolving quantum state. In a realistic model, the states corresponding to different worlds should be expected to tend towards orthogonality as different possible quasiclassical structures emerge or as measurement-like interactions produce different classical outcomes. However, as the worlds have a precise mathematical definition, real world interpretations need no definition of quasiclassicality, measurement, or other concepts whose imprecision is problematic in other interpretational approaches. It is natural to postulate that precisely one world is chosen randomly, using the natural probability distribution, as the world realised in Nature, and that this world's mathematical characterisation is a complete description of reality.Comment: Minor revisions. To appear in Foundations of Physic