Changing governance mechanisms and its impact on Australian Building Societies' performance

This paper examines the relation between the governance mechanism (ownership structure) and performance of Australian building societies. Financial performance measures, provided by financial ratios of the major mutual building societies in Australia are used to explore their behaviour under different governance structures in the 1980s and 1990s. The theoretical and empirical literature has suggested that mutual deposit-taking institutions should have lower profitability and higher operating expenses than their publicly listed counterparts. Accounting ratios are observed over time to investigate if governance change in mutual deposit-taking organizations accounted for any discernable differences in profitability and cost efficiency pre- and postdemutualisation.

Does organizational structure matter? The behaviour of Australian Building Societies pre-and post-demutualization

Financial performance measures, provided by accounting-based financial ratios, of the major mutual building societies in Australia are used to explore their behaviour pre-and post-demutualization in the 1980s and 1990s. The theoretical and empirical literature has suggested that mutual deposit-taking institutions would have lower profitability and higher operating expenses than their publicly listed counterparts. Common accounting ratios are observed over time to investigate if ownership change in a mutual deposit-taking organization accounted for any discernable differences in profitability and cost efficiency of the firms after conversion.

Soft-sediment deformation structures interpreted as seismite from the Middle Permian of the southern Sydney Basin, southeastern Australia

The Middle Permian Wandrawandian Siltstone of the southern Sydney Basin is well exposed along the coastline from Lagoon Head in the south to North Head in the north near Ulladulla in southern New South Wales. The unit is dominated by fossiliferous siltstone and mudstone, with abundant dropstones and minor pebbly sandstone interbeds, and contains an interval of well-preserved and extensive soft-sediment deformation structures. These deformation structures occur mainly in the middle part of the cliff sections and are bounded above and below by undeformed sedimentary units of similar lithology. A wide range of soft-sediment deformation structures have been observed, including cracks, sandstone and sandy mudstone dykes, a possible sand volcano, networks of relatively small and closely connected fissure-like structures, metre-scale complex-type slump folds, flexural stratification, concave-up depressional structures, small-scale normal faults (with displacements usually <1 m), shear planes, and breccias (pseudonodules). The slumps and associated deformations are here collectively interpreted as representing a seismite deposit attributable to penecontemporaneous deformation of soft, hydroplastic sediment layers following a liquefaction triggered by seismic shocks. The timing of the inferred earthquake events appears to correspond to the onset of a major basin-wide tectonism during the Middle Permian.

In situ growth of Soletellina alba (Bivalvia: Psammobiidae) in response to detrital supply and mouth status in a seasonally-closed estuary

The supply of detritus is an important food source for many soft-sediment invertebrates, but its importance for their growth and condition is rarely, if ever, tested directly using manipulative field experiments. Therefore, we designed such a study to: (1) test the importance of fine particulate organic matter for the growth and condition of the infaunal bivalve Soletellina alba; (2) indirectly test the feeding mode of S. alba, which has been assumed to be a deposit feeder like other members of the same superfamily (Tellinoidea); (3) compare growth rates across two summers with contrasting patterns of estuary mouth opening/closing; and (4) compare the condition of individuals used in two field studies (i.e. present versus past) and a past laboratory study. Neither growth nor condition differed when organic content of the sediments was varied, which suggests that S. alba is either a suspension feeder or capable of switching modes of feeding. There was considerable interannual variation in growth with greater growth occurring during the summer with a longer period of mouth opening. This suggests that periods of mouth closure may reduce secondary production within seasonally-closed estuaries. Potential artefacts associated with laboratory trials were also identified, with laboratory bivalves exhibiting poorer condition than those used in two field trials. The present study provides no evidence that variable quantities and qualities of organic matter within the sediments influence the growth and condition of S. alba, but future studies should focus on food supplied via the water column when the estuary is open versus closed.

Organisation change and its impact on Australian Building Societies' performance

The paper examines the relation between changing ownership structure and performance of Australian building societies. An analysis and discussion of the theories of organizational development and change is undertaken to explore the mutual building societies' motivation for change. The financial performance measures, provided by financial ratios of the major mutual building societies in Australia, are examined to assess the behaviour of building societies under different governance structures in the 1980s and 1990s. The theoretical and empirical literature has suggested that mutual deposit-taking institutions should have lov^^er profitability and higher operating expenses than their publicly listed counterparts. Accounting ratios are observed over time to investigate if governance change in mutual deposit-taking organizations accounted for any discernable differences in profitability and cost efficiency pre- and post- demutualization. The study finds support for the contention that demutualized building societies will have higher profitability and lower costs than their mutual counterparts. The study is confined to investigation of the six largest building societies that undertook the demutualization process. It could he extended to the entire building society sector. The results have implications for investors, managers and 'ovraers' of firms that retain their mutual structure, suggesting the demutualization vnû benefit these groups. There is no study that compares mutual deposit-taking institutions pre- and post-conversion in Australia.

Preparation of bioactive porous Ti-Sn-Nb alloy for biomedical applications

A porous Ti-16Sn-4Nb alloy with an average pore size of 300 µm and porosity of 60 % was prepared by powder metallurgy, and a bone-like apatite coating was obtained by soaking the samples in a concentrated simulated body fluid (lOx SBF). The changes of the microstructure and composition on the surface with soaking time were investigated by using X-ray diffractometry (XRD), and scanning electron microscopy equipped with energy dispersive spectroscopy (SEM-EDS), The bone-like apatite granules started to deposit throughout the porous Ti alloy foam aner 1 h soaking, and the number of granules increased with the increase of the soaking time. A uniform bone-like apatite layer covered the entire surface of the sample after soaking in Ihe lOx SBF for 6h. The Ti-16Sn-4Nb foam showed a good bioactivity after a thermochemical process and soaking into a 1Ox SBF.

The money laundering risk posed by low-risk financial products in South Africa : findings and guidelines

Purpose – The purpose of this paper is to investigate the level and nature of criminal abuse of financial products that are classified as posing a low anti-money laundering/combating of financing of terrorists (AML/CFT) risk in South Africa to determine the effectiveness of the simplified due diligence measures that apply to these products.

Design/methodology/approach – The paper presents empirical research on the views of bank officials and law enforcement officials regarding the criminal abuse of South African financial products that are subject to simplified customer due diligence controls.

Findings – South Africa's AML/CFT laws allow certain deposit-taking institutions and money remitters to implement simplified customer due diligence measures in relation to specific low-risk products that are mainly designed to allow previously unbanked persons to access financial services. The paper finds that the products have been abused by criminals but that the incidence of such abuse and the amounts involved are low. The paper investigates possible weaknesses in the current system that allow limited criminal abuse to occur. It concludes with a number of guidelines that emerge from the study and are of value to regulators that wish to implement a similar system.

Originality/value – The South African AML/CFT scheme in relation to low-risk products is of interest to many international regulators that are grappling with the interplay between effective AML/CFT controls and the impact of strict controls on the ability of socially and economically excluded persons to access appropriate financial services. This paper provides evidence that appropriately designed controls can facilitate financial inclusion while limiting the risk of criminal abuse.

The application of ultrasound to dairy ultrafiltration : the influence of operating conditions

Work previously presented has shown that ultrasound can be effective in enhancing both the production and cleaning cycles of dairy membrane  processes. In this present work we extend these previous results to consider the effect of ultrasonic frequency and the use of intermittent ultrasound. These results show that the use of continuous low frequency (50 kHz) ultrasound is most effective in both the fouling and cleaning cycles. The application of intermittent high frequency (1 MHz) ultrasound is less effective. At higher transmembrane pressure, high frequency pulsed sonication can indeed lead to a reduction in steady state membrane flux. The benefits of ultrasound arise from a reduction in both concentration polarization and in the resistance provided by the more labile protein deposits that are removed during a water wash. Conversely, the loss of membrane flux when high frequency pulsed sonication is used arises from a significant increase in the more tenacious ‘irreversible’ fouling deposit.

Mechanisms for the ultrasonic enhancement of dairy whey ultrafiltration

Low frequency ultrasound has been used to facilitate cross-flow ultrafiltration of dairy whey solutions. Experimental results show that ultrasonic irradiation at low power levels can significantly enhance the permeate flux with an enhancement factor of between 1.2 and 1.7. The use of turbulence promoters (spacers) in combination with ultrasound can lead to a doubling in the permeate flux. The application of a combined pore blockage/cake resistance model to the observed experimental data suggests that the use of ultrasound acts to lower the compressibility of both the initial protein deposit and the growing cake. Conversely, the pore blockage parameter is not significantly affected. The use of a gel polarization model shows that the ultrasonic irradiation increases the mass transfer coefficient within the concentration polarization layer. Electron microscopy results showed no evidence that the ultrasonic irradiation altered the membrane integrity. HPLC analysis of the whey proteins in the feed solution before and after sonication showed that the concentration profile of the whey proteins was also not affected by the sonication process.

Influence of calcium ion deposition on apatite-inducing ability of porous titanium for biomedical applications

In the present study, the influence of calcium ion deposition on the apatite-inducing ability of porous titanium(Ti) was investigated in a modified simulated body fluid (m-SBF). Calcium hydroxide (Ca(OH)₂) solutions with five degrees of saturation were used to hydrothermally deposit Ca ions on porous Ti with a porosity of 80%. Apatite-inducing ability of the Ca-ion-deposited porous Ti was evaluated by soaking them in m-SBF for up to 14 days. Scanning electron microscopy (SEM) and X-ray diffractometry (XRD) confirmed that a thin layer of calcium titanate (CaTiO₃)/calcium oxide (CaO) mixture with a nanostructured porous network was produced on porous Ti substrates after hydrothermal treatment at 200 °C for 8 h. X-ray photoelectron spectroscopy results demonstrated that the content of the Ca ions deposited on Ti and the thickness of the CaTiO₃/CaO layer increased with increasing saturation degree of the Ca(OH)₂ solution. The thickest (over 10 nm) CaTiO₃/CaO layer with the highest Ca content was achieved on the Ti treated in an oversaturated Ca(OH)₂ solution (0.2 M). SEM, XRD, transmission electron microscopy and Fourier transformed infrared spectroscopy analysis indicated that the porous Ti samples deposited with the highest content of Ca ions exhibited the best apatite-inducing ability, producing a dense and complete carbonated apatite coating after a 14 day soaking in m-SBF. The present study illustrated the validity of using Ca ion deposition as a pre-treatment to endow desirable apatite-inducing ability of porous Ti for bone tissue engineering applications.

Microstructures and bond strengths of the calcium phosphate coatings formed on titanium from different simulated body fluids

Calcium phosphate (Ca-P) coatings were deposited on Ti substrates by a biomimetic method from m-SBF and 10× SBF, respectively. Comparative study of microstructures and bond strengths of the Ca-P coatings deposited from those different SBFs was carried out. Effect of the surface roughness of the substrates on the bond strength of the Ca-P coatings was also studied. Scanning electron microscopy (SEM), X-ray diffractometry (XRD), Fourier transformed infrared spectroscopy (FTIR), inductive coupled plasma spectrometry (ICP) and thermogravimetry (TG) were used to characterize the Ca-P coatings. The bond strengths between the coatings and Ti substrates were measured using an adhesive strength test. Results indicated that the ionic concentrations of the SBFs and the surface roughness of the substrate had a significant influence on the formation, morphology and bond strength of the Ca-P precipitates. The induction period of time to deposit a complete Ca-P layer from the m-SBF is much longer, but the Ca-P coating is denser and has higher bond strength than that formed from the 10× SBF. The Ti with a surface roughness of R_a 0.64 µm and R_z 2.81 µm favoures the formation of a compact Ca-P coating from the m-SBF with the highest bond strength of approximately 15.5 MPa.

Late Silurian trace fossils from the Melbourne Formation, Studley Park, Victoria, southeastern Australia

An ichnoassemblage of 10 ichnospecies is described for the first time from the Late Silurian Melbourne Formation at Studley Park, Victoria, southeastern Australia. The ichnofauna is preserved in a typical deep-water turbidite succession of alternating thin- to thick-bedded sandstone and thin- to medium-bedded mudrocks. Trace fossils observed within the study site have been assigned to three main ichnofacies. Ichnofacies 1 is best developed on the linguoid-rippled upper surface of thin sandstone beds and includes Laevicyclus, Aulichnites, Nereites, Helminthoidichnites, small Chondrites and possible Zoophycos. Ichnofacies 2 is very similar to Ichnofacies 1 in ichnospecies composition but instead contains large forms of Chondrites together with other thin burrow types usually poorly preserved and in very low abundance compared with Ichnofacies 1. Ichnofacies 3 is preserved mainly as casts on the underside of medium- to thick-bedded turbiditic sandstones, and has a very low diversity, with Planolites being the most common trace. A detailed analysis of the ichnofabrics and tiering structures of these ichnofacies suggest that Ichnofacies 1 and 3 represent "simple tiering’, in contrast to Ichnofacies 2, which is more characteristic of 'complex tiering’. Despite the differences in ichnospecies composition and ichnofabrics between the three recognized ichnofacies, the collective ichnoassemblage from the study site can be assigned confidently to the Nereites ichnofacies and is, therefore, interpreted to have formed in a distal submarine fan environment of lower bathyal to abyssal depth. Further, it is possible to recognize two main subenvironments within this deep-sea setting to account for the differences between the ichnofacies. Ichnofacies 1 and 2 are interpreted to represent a typical Nereites ichnofacies located on a level basin floor subenvironment of relatively low energy conditions at the distal end of a submarine fan deposit. In comparison, Ichnofacies 3 is dominated by Planolites with rare other facies-crossing trace fossil forms, and lacks Nereites. It is, therefore, best interpreted as representing a relatively high-energy environment, possibly a distributary channel near the distal end of the submarine fan system.

Molecular depth profiling of organic and biological materials

Atomic depth profiling using secondary ion mass spectrometry, SIMS, is common in the field micro-electronics; however, the generation of molecular information as a function of sample depth is difficult due to the accumulation of damage both on and beneath the sample surface. The introduction of polyatomic ion beams such as SF₅ and C₆₀ have raised the possibility of overcoming this problem as they deposit the majority of their energy in the upper surface of the sample resulting in increased sputter yields but with a complimentary reduction in sub-surface damage accumulation. In this paper we report the depth profile analysis of the bio-polymer polycaprolactone, PCL, using the polyatomic ions Au₃⁺ and C₆₀⁺ and the monoatomic Au+. Results are compared to recent analysis of a similar sample using . depth profiling of cellulose is also demonstrated, an experiment that has been reported as unsuccessful when attempted with implications for biological analysis are discussed.

A new Lewis-base ionic liquid comprising a mono-charged diamine structure : a highly stable electrolyte for lithium electrochemistry

A new Lewis-base ionic liquid (IL) based on mono-charged 1,4-diazabicyclo[2.2.2]octane (dabco) was synthesized and its thermal and electrochemical behaviour was characterized. The dabco-based IL with bis(trifluoromethanesulfonyl)amide (TFSA) anion melts at 76 °C when the N-substituted alkyl chain length is 2. The dabco-based IL showed a wide electrochemical window of over 4 V ranging from −3.5 to +1.5 V vs. Fc/Fc⁺ and was able to deposit and strip lithium from a nickel substrate at reasonable efficiency.

Warrock collection: original line drawings by fourth year Deakin University architecture students of the Warrock Homestead, a local heritage listed property in Victoria

This collection includes the original line drawings by fourth year Deakin University architecture students of a well known local heritage listed property, the Warrock homestead. The Warrock homestead consisted of detailed original timber structures of the 19th century. The drawings are the result of a conservation project funded by the Commonwealth Government of Australia National Estate Grants program. In 1999 a further deposit of original reports relating to individual buildings on the property was received. The collection consists of monographs, photographs and photograph negatives, architectural drawings, VHS tapes and ephemera.