Characterising derivative-based loan arrangements

The income tax and GST laws contain an array of rules that apply to debt and gains in the nature of interest. The definitions of 'debt' or 'loan' and amounts in the nature of 'interest' vary across the provisions and tax officials, taxpayers and courts must decide whether the terms should be read as applying to debt, loans or interest in a narrow legal sense or should be read more broadly to catch multi-element arrangements that give effect to a debt or loan relationship in an economic or commercial sense but not in conventional single document form. This article reviews the UK, US and Australian approaches to interpreting multi-element transactions and considers whether four tax provisions dealing with debt should be interpreted to apply to multi-element, derivative-based loan arrangements.

Using chitosan as a thickener for electrospinning dilute PVA solutions to improve fibre uniformity

Chitosan was added to PVA aqueous solutions as a thickener to improve the electrospinning process. The presence of a small amount of chitosan considerably improved the uniformity of as-spun nanofibres. This improvement is attributed to its significant effect on the solution viscosity and conductivity, with only a slight impact on the surface tension. The concentration of the PVA required to produce bead-free and uniform nanofibres was reduced with the increase in chitosan concentration. The chitosan thickener suppressed the jet break-up and facilitated the jet stretching so that fine and uniform fibres could be electrospun even from a dilute PVA solution.

Correct weight? analysing Australian football through a derivative global or cultural cringe model

The application of a 'global' model, in practice usually British or American, and generalised sociological concepts to a particular sport and its social and cultural context is not always appropriate. In Australian academia, the custom is particularly appealing, due to the Australian colonial 'cultural cringe', the pattern of automatic deference to overseas (termed 'international') knowledge. This article argues that 'Fresh Prince of Coloma! Dome: Indigenous Logic in the AFL' (Football Studies, 8(1), 2005) inappropriately applies American sociological, and American football, logic to the indigenous Australian game Australian football, which differs in character both as a game and in its social, cultural and political context. The three researchers do not take account of the factors of height and weight in Australian football, and the average size of Aboriginal players, and of the relationship between speed and strength in the game as strategies and tactics change. Both omissions constitute fundamental flaws. American football and sports sociology's ideas of 'central position theory', with a suggestion of underlying racism, is of limited relevance to Australian football. It is also possible that the American sitcom, Fresh Prince of Bel Air, was neither a helpful muse nor a suitable metaphor for research into this subj ect. In Australian football, a game in which few 'central positions' are crucial and in which 'leadership positions' can be found in many parts of the ground, including the half-back flank and the wing, neither size nor position are the only major determinants of significance in the team.

On the determinants of derivative usage by Australian companies

This paper provides an examination of the determinants of derivative use by Australian corporations. We analysed the characteristics of a sample of 469 firm/year observations drawn from the largest Australian publicly listed companies in 1999 and 2000 to address two issues: the decision to use financial derivatives and the extent to which they are used. Logit analysis suggests that a firm's leverage (distress proxy), size (financial distress and setup costs) and liquidity (financial constraints proxy) are important factors associated with the decision to use derivatives. These findings support the financial distress hypothesis while the evidence on the underinvestment hypothesis is mixed. Additionally, setup costs appear to be important, as larger firms are more likely to use derivatives. Tobit results, on the other hand, show that once the decision to use derivatives has been made, a firm uses more derivatives as its leverage increases and as it pays out more dividends (hedging substitute proxy). The overall results indicate that Australian companies use derivatives with a view to enhancing the firms' value rather than to maximizing managerial wealth. In particular, corporations' derivative policies are mostly concerned with reducing the expected cost of financial distress and managing cash flows. Our inability to identify managerial influences behind the derivative decision suggests a competitive Australian managerial labor market.

Derivative actions as a mechanism for the protection of minority shareholders in China: a result of convergence or divergence

The protection of minority shareholders has become one of the key features of company law reform in many countries in recent years. Various mechanisms have been created to achieve this objective. Australia has introduced the statutory derivative action procedure mainly based on models drawn from Canada and New Zealand; this provision was inserted into the Corporations Act in March 2000. China has also adopted a similar mechanism – known as the shareholder representative action; this scheme was based upon China’s understanding of statutory derivative actions in Western countries. China’s derivative action mechanism is reflected in amendments to the 2005 PRC Company Law and 2005 Securities Law that both were passed on 27 October 2005 and came into effective on 1 January 2006. The development of statutory derivative actions in different countries demonstrates the interaction between forces of convergence and divergence in company law reforms. This article reviews different mechanisms adopted in the Chinese law for the protection of minority shareholders. It especially focuses on an analysis of the nature of the shareholder representative action and the procedures for its utilisation in China – the equivalent to Western countries’ derivative actions. In comparison with statutory derivative actions in Australia, this article argues that the concept of the shareholder representative action in China rests upon a misunderstanding of Western derivative actions; this has involved a compromise between the dire need to protect shareholders and the ambiguities of a weak court system. As a consequence, China’s reforms in this area are largely a tentative gesture and are therefore unlikely to be very effective.

Does the type of derivative instrument used by companies impact firm value?

We explore the relationship between the type of derivative instrument used and firm value, in a sample of Australian firms. Specifically, we examine the impact of the corporate use of swaps, futures, forwards and options, and the extent of such usage, on firm value. Our findings suggest that a 'discount' is most severely imposed on users of swaps.

Aspergillus species, cyclic dimeric dipeptide derivative substance P antagonist biosynthetic products thereof, and process for preparation thereof

A novel Aspergillus species, cyclic dimeric dipeptide derivatives which are biosynthetic products thereof and are useful as Substance P antagonists and therefore as analgesic and/or antiinflammatory agents, and a process for preparation of the biosynthetic products are disclosed.

Endothelialisation and cell retention on gelation-chitosan coated electrospun polyurethane, poly (lactide-co-glycolide) and collagen-coated pericardium

Arterial bypass and heart valve replacements are two of the most common surgical treatments in cardiovascular surgery today. Currently, artificial materials are used as substitute for these cardiac tissues. However, these foreign materials do not have the ability to grow, repair or remodel and are thrombogenic, leading to stenosis. With the aid of tissue engineering, it is possible to develop functional identical copies of healthy heart valves and arteries, which are biocompatible. Although much effort has been made into this area, there are still inconsistencies with respect to
endothelialisation and cell retention on synthetic biological grafts. These variations may be attributed to differences in factors such as cell seeding density, incubation periods and effects of shear stress. In this study, we have compared the endothelialisation and cell retention between gelain chitosan-coated electrospun polyurethane (PU), poly (lactide co-glycolide) (PGA/PLA) and collagen-coated pericardium. Endothelial cells adhered to all of the materials as early as 1–day post seeding. After 7-day of seeding, the coverage on PU was almost 45% and that on PGA/PLA was about 25% and the least was on collagen-coated pericardium of approximately 15%. It was observed that the PU showed superior cell coverage and cell retention in comparison to the PGA/PLA and collagen-coated pericardium.

Simultaneous incorporation of 5-fluorouracil and leucovorin into chitosan nanoparticle as drug carrier and its characterization

A combined drug loaded system containing two most common anti-cancer drugs 5-fluorouracil (5-FU) and leucovorin (LV) was designed and prepared by ion crosslinking technology. The resulted nanoparticles are spherical in shape, and the particle size becomes larger when drug combination are loaded. Efficient drug encapsulation efficiency (EE) and drug loading (LC) are obtained due to the strong interaction between drugs and polymer. The combined drugs are distributed in the particles in amorpholous state which are demonstrated by the XRD results.

Development of ligand incorporated chitosan nanoparticles for the selective delivery of 5-fluorouracil to colon

Drug delivery systems with active targeting ligand provide improved therapeutic efficiency due to the selectivity towards tumor cells. In this paper we prepared drug loaded nanoparticles (NPs) using folate (FA) incorporated chitosan (FA-CS) based on ionic gelation technology. FA-CS NPs were spherical in shape with an average particle size of 100 nm, while 5-fluorouracil (5-FU) loaded NPs became less circular with average particle size of 100-500 nm. NPs made from FA-CS conjugates exhibited improved capability to encapsulate hydrophilic 5-FU. It was found 5-FU distributed in FA-CS NPs in solid solution state. In vitro release results demonstrated the release of 5-FU from FA-CS NPs was more controllable as compared to that of CS NPs.

Formulation of vanillin cross-linked chitosan nanoparticles and its characterization.

Chitosan nanoparticles were successfully prepared by chemical cross-linking with vanillin. The nanoparticles were spherical in shape with smooth surface, and the average particle size of chitosan nanoparticles was 141 nm. The formulation of chitosan nanoparticles is based on Shiff reaction between aldehyde group of vanillin and amino group of chitosan. Chitosan nanoparticles prepared by crosslinking with vanillin are promising vehicle for the drug delivery of various anticancer drugs in the chemotherapy of cancers.

Preparation of nanoparticles by crosslinking folate conjugated chitosan with vanillin and its characterization

Functionalized chitosan (CS) were widely used as drug delivery system in the chemotherapy of various disease. In this work, folate (FA) was conjugated into chitosan molecular as targeting ligand based on Schiff reaction between –NH₂ group of CS and –COOH group of FA. And nanoparticles were made by emulsion method with vanillin novel cross-linking agent. The FA modified CS and its nanoparticles were characterized by Fourier transform spectroscopy (FT-IR), scanning electron microscope (SEM) and Zeta potential. SEM results confirmed the nanoparticles made from FA-CS conjugate were spherical in shape and were about 100 nm in size. Zeta potential analysis revealed that the nanoparticles were negatively charged with charge density of -7.73mV.