If you want to use a shortcut to open Outlook to a public folder, you can use the select switch and path to the public folder:
Outlook.exe /select "outlook:\\Public Folders\All Public Folders\folder\subfolder"
This works great in older versions of Outlook but fails in Outlook 2010 with an error message:
Cannot start Microsoft Outlook. Cannot display the selected folder or item.
In Outlook 2010, you need to include your Exchange email address in the path:
outlook.exe /select "outlook:\\Public Folders – email@example.com\All Public Folders\folder\subfolder"
Published May 11, 2010. Last updated on November 16, 2012.