Reconsidering the scope of the equitable mortgage arising from deposit of title documents

This article examines the underlying fairness of applying equitable security presumptions to the deposit of title documents belonging to third parties. It argues that within such transactions, the focus of the equitable jurisdiction must be upon the intention of the owner of the title documents rather than presumptions arising from the fact of the deposit. It suggests that there is no logic in applying equitable presumptions, founded on the principles of part performance, to infer a security intention in transactions involving third party title documents. The fact that the parties to a loan advance may have intended to create a mortgage between themselves does not mean that the third party owner of the title documents also intended to create a mortgage. In third party transactions, the objectives of the equity jurisdiction are best achieved through a comprehensive assessment of the intention of all parties and the abolition of presumptions based upon the bare fact of title deposit.

Insuring for a crisis: deposit insurance and the GFC, the Australian and New Zealand experience

Deposit insurance schemes were an important element in policy responses to the global financial crisis (GFC). There has been considerable debate about the nature and efficacy of such policy measures in alleviating the fallout from financial crises. The GFC highlighted problems associated with deposit insurance schemes including moral hazard, coverage limits, co-insurance, cross border issues and market distortions. Despite these shortcomings, deposit insurance schemes were able to ameliorate the financial panic experienced and reduce contagion. This paper evaluates the Australian and New Zealand experience with deposit insurance introduced in response to the GFC, and compares this to the OECD experience. It reflects on the performance of deposit insurance schemes considered against the attributes of good policy design, and evaluates the specific problems and strengths encountered during the GFC.

The pricing of deposit insurance in the presence of systematic risk

Based on the Merton (1977) put option framework, we develop a deposit insurance pricing model that incorporates asset correlations, a measurement for the systematic risk of a bank, to account for the risk of joint bank failures. Estimates from our model suggest that actuarially fair risk-based deposit insurance that considers only individual bank failure risk is underpriced, leaving insurance providers exposed to net losses. Our estimates also capture the size premium where big banks are priced with higher deposit insurance than small banks. This result is particularly relevant to the current regulatory concerns on big banks that are too-big-to-fail. Above all, our approach provides a unifying framework for integrating risk-based deposit insurance with risk-based Basel capital requirements.

Financial safety nets: reconstructing and modelling a policymaking metaphor

This paper explains that financial safety nets exist because of difficulties in enforcing contracts and shows that elements of deposit-insurance schemes differ substantially across countries. It shows that differences in the design of financial safety nets correlate significantly with differences in the informational and contracting environments of individual countries and that a country's GDP per capita is correlated with proxies for a country's level of: (1) informational transparency, (2) contract enforcement and deterrent rights, and (3) accountability for safety net officials. The analysis portrays deposit insurance as a part of a country's larger safety net and contracting environment. This means that there is no universal method for preventing and resolving banking problems and that the structure of a country's safety net should evolve over time with changes in private and government regulators' capacity for valuing financial institutions, disciplining risk taking and resolving insolvency promptly, and for being held accountable for how well they perform these tasks.

Colonisation by epibionts and meiofauna of real and mimic pneumatophores in a cool temperate mangrove habitat

The size and pace of change in meiofaunal assemblages suggest that meiofauna make excellent subjects for testing theories about how ecological communities change. A field experiment was performed in which the  abundance and composition of epibionts and meiofauna on natural,  transplanted and mimic pneumatophores were monitored over a 47 wk period. Meiofaunal density increased with growth of algal epibionts, both reaching maximum values after 24 wk, at the end of winter. At this time the assemblages from the 3 substrata were similar, although the combined abundances of meiofauna on transplants and mimics were only 28% of the average on natural pneumatophores. Meiofaunal abundance on all substrata decreased rapidly during spring as algal cover declined due to desiccation. Twenty-three species of nematode were recorded from mimics compared with 8 and 7 from transplants and pneumatophores, respectively. A temporal sequence of feeding groups occurred in the order of epigrowth feeders, deposit feeders, and omnivore/predators, with the latter 2 adding to rather than replacing earlier trophic groups. Scavengers were found only on natural pneumatophores. The turnover rates of nematode species between all census times were similar, peaking at 63%, but there was no trend in the turnover rates with time. We conclude that mimics are more suitable than transplanted pneumatophores for colonisation studies because of their greater persistence and more easily standardised surface area. Moreover, the composition of colonising assemblages on them closely resembled assemblages on natural pneumatophores at the time of peak meiofaunal abundance.

Nematode assemblages from Avicennia marina leaf litter in a temperate mangrove forest in south-eastern Australia

Meiofauna from Avicennia marina leaf litter in a temperate mangrove forest was enumerated, and the nematode assemblages compared on the bases of leaf colour (used as a guide to leaf age) and shore horizon where samples were collected. Twenty-one putative nematode species were collected from 48 leaf litter samples. Univariate analyses indicated that neither the colour of the leaf nor the shore horizon significantly affected abundance of nematodes. However, of the four (222) treatment groups, rarefaction curves revealed highest diversity on brown leaves from under the shade of the tree canopy (H'=0.751-0.126 SE, n=17). Species diversity of leaf litter nematodes was lower in this temperate mangrove system than reported from tropical mangrove studies. ANOSIM tests confirmed a significant effect of shore horizon on nematode assemblages. The dominant feeding group among nematodes was non-selective deposit feeders (7/21 species, but 77% of all nematodes). Epigrowth grazers were represented by 8/21 species of nematodes, but only 19% of the total number. Excised leaves became skeletonised by about 15 weeks. Shorter temporal scales of life cycles of nematodes compared with leaf degradation, and the dynamic nature of epibiontic assemblages, probably explain the similar assemblage structure on yellow and brown leaves.

Lower permian oncolites from South China: implications for equatorial sea-level responses to late palaeozoic Gondwanan glaciation

The oncoid-bearing Chuanshan Formation is a regionally extensive carbonate deposit of predominantly Asselian to early Sakmarian (Early Permian) age in South China, occupying an area of some 500,000 km2. Throughout South China, the oncoid-bearing horizons are generally stable and broadly comparable in lithology, fossil content and the morphology of the oncoid grains. Four types of microfacies are recognized from the oncolite succession and overall they suggest a moderate- to high-energy, wave-agitated shallow marine carbonate platform environment. An analysis of the stratigraphic distribution of oncoid grain size, density, thickness and the bedding structures of the oncolite beds and the number of coating laminae indicate the presence of metre-scale cyclothems, suggestive of possible high-frequency cycles of sea-level fluctuation. Compared to carbonate successions above and below that lack oncolites, and in conjunction with evidence from sequence stratigraphic and isotopic geochemical analyses of coeval carbonate deposits in South China and elsewhere, the origin of the Chuanshan oncolites is linked to a drastic drop in global sea-level at the Pennsylvanian–Permian boundary, that can be correlated closely in timing with the zenith of the Late Palaeozoic Gondwanan glaciation. It is further suggested that the eustatic changes apparent from the deposition of the Chuanshan oncolites and similar coeval deposits in lower palaeolatitudes were coupled with, and influenced by, the contemporaneous high-latitude Gondwanan glaciation, the largest and longest known such event in Phanerozoic Earth history.

Abnormal behavior detection for early warning of terrorist attack

Many terrorist attacks are accomplished by bringing explosive devices hidden in ordinary-looking objects to public places. In such case, it is almost impossible to distinguish a terrorist from ordinary people just from the isolated appearance. However, valuable clues might be discovered through analyzing a series of actions of the same person. Abnormal behaviors of object fetching, deposit, or exchange in public places might indicate potential attacks. Based on the widely equipped CCTV surveillance systems at the entrance of many public places, this paper proposes an algorithm to detect such abnormal behaviors for early warning of terrorist attack.

Predicting the distribution of discrete spatial events using artificial neural networks

Although the development of geographic information system (GIS) technology and digital data manipulation techniques has enabled practitioners in the geographical and geophysical sciences to make more efficient use of resource information, many of the methods used in forming spatial prediction models are still inherently based on traditional techniques of map stacking in which layers of data are combined under the guidance of a theoretical domain model. This paper describes a data-driven approach by which Artificial Neural Networks (ANNs) can be trained to represent a function characterising the probability that an instance of a discrete event, such as the presence of a mineral deposit or the sighting of an endangered animal species, will occur over some grid element of the spatial area under consideration. A case study describes the application of the technique to the task of mineral prospectivity mapping in the Castlemaine region of Victoria using a range of geological, geophysical and geochemical input variables. Comparison of the maps produced using neural networks with maps produced using a density estimation-based technique demonstrates that the maps can reliably be interpreted as representing probabilities. However, while the neural network model and the density estimation-based model yield similar results under an appropriate choice of values for the respective parameters, the neural network approach has several advantages, especially in high dimensional input spaces.

Soft-sediment deformation structures in the middle permian Wandrawandian siltstone, southern Sydney basin: implications for depositional environment and basin tectonics

The Middle Permian Wandrawandian Siltstone at Warden Head near Ulladulla in the southern Sydney Basin is dominated by fossiliferous siltstone and mudstone, with a large amount of dropstones (lonestones) and some pebbly sandstone beds. Two general types of deposits are recognised from the cliff succession in view of the timing and mechanism of their formation. One is represented by the background (or primary) deposits of offshore to slope environments with abundant dropstones of glacial marine origin. This facies occurs throughout the cliff sections at Warden Head. The second type is distinguished by secondary, soft-sediment deformational deposits and structures of the primary (background) deposits, and comprises three successive layers of sandy mudstone dikes. In the second type of deposit, metre scale, laterally extensive syn-depositional slump deformation structures occur extensively in the middle part of the Wandrawandian Siltstone. The deformation structures vary in morphology and pattern, including large-scale complex-type folds, flexural stratification, concave-up structures, small-magnitude -faults accompanied by folding and brecciation. The slumps and associated syn-depositional structures are herein attributed to penecontemporaneous deformations of soft sediments (mostly mud and silty mud), formed as a result of mass movement of unconsolidated and/or semi-consolidated substrate following earthquake events. The occurrence of the earthquake event deposits (or seismites) at Warden Head supports the current view that the Sydney Basin was located in a back-arc setting near the New England magmatic arc on an active continental margin during the Middle Permian, and the timing of the earthquake events is here interpreted to indicate the onset of the Hunter Bowen Orogeny in the southern Sydney Basin.

Comparison of MLP and Bayesian approaches on mineral prospectivity mapping tasks

Mineral Prospectivity Mapping is the process of combining maps containing different geoscientific data sets to produce a single map depicting areas ranked according to their potential to host mineral deposits of a particular type. This paper outlines two approaches for deriving a function which can be used to assign to each cell in the study area a value representing the posterior probability that the cell contains a deposit of the sought-after mineral. One approach is based on estimating probability density functions (pdfs); the second uses multilayer perceptrons (MLPs). Results are provided from applying these approaches to geoscientific datasets covering a region in North Western Victoria, Australia. The results demonstrate that while both the Bayesian approach and the MLP approach yield similar results when the number of input dimensions is small, the Bayesian approach rapidly becomes unstable as the number of input dimensions increases, with the resulting maps displaying high sensitivity to the number of mixtures used to model the distributions. However, despite the fact that Bayesian assigned values cannot be interpreted as posterior probabilities in high dimensional input spaces, the pixel favorability rankings produced by the two methods is similar.