Giving credit where it's due

Discusses the entitlement to occupation rent where one party to a relationship no longer lives in the matrimonial or family home in which he/she has an interest and a right of occupation. Describes the case law illustrating that forceful exclusion of the non-occupying party is not a prerequisite to entitlement to an occupation rent. Considers the calculation of the parties' respective credits where the occupying party has made mortgage repayments since the separation and the other is entitled to an occupation rent.

Effect of reflow profile and thermal cycle ageing on the intermetallic formation and growth in lead-free soldering

The formation and growth of intermetallic compound layer thickness is one of the important issues in search for reliable electronic and electrical connections. Intermetallic compounds (IMCs) are an essential part of solder joints. At low levels, they have a strengthening effect on the joint; but at higher levels, they tend to make solder joints more brittle. If the solder joint is subjected to long-standing exposure of high temperature, this could result in continuous growth of intermetallic compound layer. The brittle intermetallic compound layer formed in this way is very much prone to fracture and cold therefore lead to mechanical and electrical failure of the joint. Therefore, the primary aim of this study is to investigate the growth of intermetallic compound layer thickness subjected to five different reflow profiles. The study also looks at the effect of three different temperature cycles (with maximum cycle temperature of 25 0C, 40 0C and 60 0C) on intermetallic compound formation and their growth behaviour.. Two different Sn-Ag-Cu solder pastes (namely paste P1 and paste P2) which were different in flux medium, were used for the study. The result showed that the growth of intermetallic compound layer thickness was a function of ageing temperature. It was found that the rate of growth of intermetallic compound layer thickness of paste P1 was higher than paste P2 at the same temperature condition. This behaviour could be related to the differences in flux mediums of solder paste samples used.

Sovereign rescheduling probabilities in emerging markets: a comparison with credit rating agencies' ratings

This study estimates default probabilities of 124 emerging countries from 1981 to 2002 as a function of a set of macroeconomic and political variables. The estimated probabilities are then compared with the default rates implied by sovereign credit ratings of three major international credit rating agencies (CRAs) – Moody's Investor's Service, Standard & Poor's and Fitch Ratings. Sovereign debt default probabilities are used by investors in pricing sovereign bonds and loans as well as in determining country risk exposure. The study finds that CRAs usually underestimate the risk of sovereign debt as the sovereign credit ratings from rating agencies are usually too optimistic.

Trade credit linkages along the supply chain: evidence for the Italian textile sector

We examine the trade credit linkages among firms within a supply chain to reckon the effect of such linkages on the propagation of liquidity shocks from downstream to upstream firms. We choose a sample appropriate for this task, consisting of a large data set of Italian firms from the textile industry, a well known example of a comprehensive manufacturing cluster featuring a large number of small and specialized firms at each level of the supply chain. The results of the analysis indicate that the level of trade credit that firms provide to their suppliers is positively related to the level of trade credit granted to their clients: when the level of trade credit granted to clients divided by sales goes up by 1, the level of trade credit provided to suppliers divided by cost-of goods-sold goes up by an amount that varies between 0,22 and 0,52. Since all firms along the chain are linked by trade credit relationships, an increase in the level of trade credit granted by wholesalers generates a liquidity cascade throughout the chain. We designate the overall increase in the level of trade credit among all firms in the chain as a result of a unitary impulse in the level of trade credit granted by wholesalers as the multiplier effect of trade credit for the industry chain. We estimate such multiplier to vary between 1.28 and 2.04. We also investigate the effect of final demand on the level of trade credit sourced by firms at various levels of the chain and, in particular, whether such effect is amplified for firms further up in the chain as a result of liquidity propagation via trade credit linkages. We uncover evidence of such amplification when the links of liquidity transmission along the chain are individually modeled and estimated. An unitary increase in wholesalers’ sales is found to produce an effect on trade payables among firms at the top of the chain (i.e., Preparers and Spinners) that is more than twice as big as the corresponding effect among firms at the bottom of the chain (i.e., Wholesalers).