An Economic Analysis of the Legal Concept of Trustees' Power of Investment

Authorised trustee status is a legal concept which has economic implications; one of the major implications is that it assists in the direction of investment funds into particular securities and areas of the economy. The concept of authorised trustee status, while attempting to achieve specific outcomes for the beneficiaries of trusts cannot be relied upon to secure these results. Economic analysis of the role of the trustee maintains that this role is one of portfolio manager; a role which is complex but which is explicable in terms of definable procedures and practices. The role of trustee as portfolio manager is one which requires greater financial knowledge than can be assumed is possessed by all trustees. The trustee as portfolio manager is required to maintain a review of decisions make under powers to invest trust assets. A solution to the problem of authorised trustee status is proposed. The solution takes two parts: the first is the adoption of the prudent person approach but with the codification of duties of the trustee and the explicit listing of the factors that a trustee should consider in using the investment powers. The second part of the proposed solution is to link the investment powers of trustees to the best practice features of securities advisers who are now licensed by a regulatory body, the Australian Securities and Investment Commission.

Testing for Market Power in Multiple-Input, Multiple-Output Industries: The Australian Grains and Oilseeds Industries

Recent empirical studies have found significant evidence of departures from competition in the input side of the Australian bread, breakfast cereal and margarine end-product markets. For example, Griffith (2000) found that firms in some parts of the processing and marketing sector exerted market power when purchasing grains and oilseeds from farmers. As noted at the time, this result accorded well with the views of previous regulatory authorities (p.358). In the mid-1990s, the Prices Surveillence Authority (PSA 1994) determined that the markets for products contained in the Breakfast Cereals and Cooking Oils and Fats indexes were "not effectively competitive" (p.14). The PSA consequently maintained price surveillence on the major firms in this product group. The Griffith result is also consistent with the large number of legal judgements against firms in this sector over the past decade for price fixing or other types of non-competitive behaviour. For example, bread manufacturer George Weston was fined twice during 2000 for non-competitive conduct and the ACCC has also recently pursued and won cases against retailer Safeway in grains and oilseeds product lines.

Economic incentives for global conservation of wildlife: New international policy directions

Growing economic globalisation by extending the operation of markets is a two-edged sword as far as nature conservation is concerned. In some circumstances, it threatens the conservation of nature and in other cases, it provides economic incentives that foster the conservation of biodiversity. This article shows how global policy directions have altered in that regard. Initially the World Conservation Union (IUCN) favoured bans on trade in endangered species. This view was enshrined in the Convention on International Trade in Endangered Species (CITES). Subsequently, with the upsurge of support for market-based economic liberalism, IUCN recognised that economic and market incentives, if linked to appropriate property rights, could foster biodiversity conservation. This is reflected in the International Convention on Biological Diversity. While there is conflict between this convention and CITES, its extent has been exaggerated. As explained, in certain cases, trade restrictions of the type adopted in CITES are appropriate for nature conservation whereas the market-oriented policy of the Convention on Biological Diversity can be effective in some different situations. Whether or not the extension of markets in wildlife and wildlife products and growing economic globalisation favours nature conservation varies according to the circumstances.

Holocene sediments of Wistari Reef: towards a global quantification of coral reef related neritic sedimentation in the Holocene

Wistari Reef. within the southern Great Barrier Reef. is a shallow coral reef platform featuring a very clearly defined leeward accretionary wedge of carbonate sediments. The total global area of shallowly submerged coral reef has been quantified as 255 000 km(2). The question then becomes: What additional area of sediment of significant thickness is associated with the measured shallow reef areas T At Wistari Reef, the leeward sedimentary wedge has an area and a thickness that are roughly equal to the Holocene sediments that have accumulated on the platform. Several important observations can be made from these data. Firstly. the area of significant neritic carbonate sedimentation ( > 1 m/ka) associated with coral reefs is near 500000 km(2). Secondly, the production rate of neritic carbonates at Wistari Reef is almost 50%, less than the accumulation rate needed to obtain the volume of Holocene reef sediments observed. This implies that both production and accumulation neritic carbonate must have been more than a factor of two higher in the early to mid Holocene. (C) 2001 Elsevier Science B.V. All rights reserved.

A sociolinguistic approach to applied epistemology: Examining technocratic values in global 'knowledge' policy

This special issue presents an excellent opportunity to study applied epistemology in public policy. This is an important task because the arena of public policy is the social domain in which macro conditions for ‘knowledge work’ and ‘knowledge industries’ are defined and created. We argue that knowledge-related public policy has become overly concerned with creating the politico-economic parameters for the commodification of knowledge. Our policy scope is broader than that of Fuller (1988), who emphasizes the need for a social epistemology of science policy. We extend our focus to a range of policy documents that include communications, science, education and innovation policy (collectively called knowledge-related public policy in acknowledgement of the fact that there is no defined policy silo called ‘knowledge policy’), all of which are central to policy concerned with the ‘knowledge economy’ (Rooney and Mandeville, 1998). However, what we will show here is that, as Fuller (1995) argues, ‘knowledge societies’ are not industrial societies permeated by knowledge, but that knowledge societies are permeated by industrial values. Our analysis is informed by an autopoietic perspective. Methodologically, we approach it from a sociolinguistic position that acknowledges the centrality of language to human societies (Graham, 2000). Here, what we call ‘knowledge’ is posited as a social and cognitive relationship between persons operating on and within multiple social and non-social (or, crudely, ‘physical’) environments. Moreover, knowing, we argue, is a sociolinguistically constituted process. Further, we emphasize that the evaluative dimension of language is most salient for analysing contemporary policy discourses about the commercialization of epistemology (Graham, in press). Finally, we provide a discourse analysis of a sample of exemplary texts drawn from a 1.3 million-word corpus of knowledge-related public policy documents that we compiled from local, state, national and supranational legislatures throughout the industrialized world. Our analysis exemplifies a propensity in policy for resorting to technocratic, instrumentalist and anti-intellectual views of knowledge in policy. We argue that what underpins these patterns is a commodity-based conceptualization of knowledge, which is underpinned by an axiology of narrowly economic imperatives at odds with the very nature of knowledge. The commodity view of knowledge, therefore, is flawed in its ignorance of the social systemic properties of ��knowing’.

Moderately strong vorticity in a bathtub-type flow

Theoretical and numerical analysis is performed for an inviscid axisymmetric vortical bathtub-type flow. The level of vorticity is kept high so that the image of the flow on the radial-axial plane (r-z plane) is not potential. The most significant findings are: (1) the region of validity of the strong vortex approximation is separated from the drain by a buffer region, (2) the power-law asymptote of the stream function, specified by Delta Psi similar to r(4/3) Deltaz, appears near the axis when vorticity in the flow is sufficiently strong and (3) the local Rossby number in the region of the 4/3 power-law the initial vorticity level in the flow and the global Rossby number.

Effect of power Doppler and digital subtraction techniques on the comparison of myocardial contrast echocardiography with SPECT

Objective-To compare the accuracy and feasibility of harmonic power Doppler and digitally subtracted colour coded grey scale imaging for the assessment of perfusion defect severity by single photon emission computed tomography (SPECT) in an unselected group of patients. Design-Cohort study. Setting-Regional cardiothoracic unit. Patients-49 patients (mean (SD) age 61 (11) years; 27 women, 22 men) with known or suspected coronary artery disease were studied with simultaneous myocardial contrast echo (MCE) and SPECT after standard dipyridamole stress. Main outcome measures-Regional myocardial perfusion by SPECT, performed with Tc-99m tetrafosmin, scored qualitatively and also quantitated as per cent maximum activity. Results-Normal perfusion was identified by SPECT in 225 of 270 segments (83%). Contrast echo images were interpretable in 92% of patients. The proportion of normal MCE by grey scale, subtracted, and power Doppler techniques were respectively 76%, 74%, and 88% (p < 0.05) at > 80% of maximum counts, compared with 65%, 69%, and 61% at < 60% of maximum counts. For each technique, specificity was lowest in the lateral wail, although power Doppler was the least affected. Grey scale and subtraction techniques were least accurate in the septal wall, but power Doppler showed particular problems in the apex. On a per patient analysis, the sensitivity was 67%, 75%, and 83% for detection of coronary artery disease using grey scale, colour coded, and power Doppler, respectively, with a significant difference between power Doppler and grey scale only (p < 0.05). Specificity was also the highest for power Doppler, at 55%, but not significantly different from subtracted colour coded images. Conclusions-Myocardial contrast echo using harmonic power Doppler has greater accuracy than with grey scale imaging and digital subtraction. However, power Doppler appears to be less sensitive for mild perfusion defects.

Pax Americana: Accent attitudinal evaluations in New Zealand, Australia, and America

This study describes a series of evaluations of gender pairs of New Zealand English, Australian English, American English and RP-type English English voices by over 400 students in New Zealand, Australia and the U.S.A. Voices were chosen to represent the middle range of each accent, and balanced for paralinguistic features. Twenty-two personality and demographic traits were evaluated by Likert-scale questionnaires. Results indicated that the American female voice was rated most favourably on at least some traits by students of all three nationalities, followed by the American male. For most traits, Australian students generally ranked their own accents in third or fourth place, but New Zealanders put the female NZE voice in the mid-low range of all but solidarity-associated traits. All three groups disliked the NZE male. The RP voices did not receive the higher rankings in power/status variables we expected. The New Zealand evaluations downgrade their own accent vis-a`-vis the American and to some extent the RP voices. Overall, the American accent seems well on the way to equalling or even replacing RP as the prestige—or at least preferred—variety, not only in New Zealand but in Australia and some non-English-speaking nations as well. Preliminary analysis of data from Europe suggests this manifestation of linguistic hegemony as ‘Pax Americana’ seems to be prevalent over more than just the Anglophone nations.

China and Southeast Asia

In the new millennium, no issue in international relations will be more important than how to accommodate the rising power of China. Many analysts, especially in the United States, see China as a significant threat to American interests in Asia. Washington has treaty commitments in both Northeast and Southeast Asia and retains a substantial military presence in the region. Beijing claims it does not seek to replace the United States reigning global hegemony, but seeks to promote a multi-polar world in which six states (the US, China, the EU, Russia, Japan, and India) would have pre-eminent status.