Contracts for the sale of land and personal property:the equitable interests of the purchaser

As property lawyers, we are all familiar with the general principle that a contract for the sale of land, which is capable of specific performance, operates in equity so as to confer a trust on the purchaser pending completion of the sale. Although some controversy exists as to the exact nature of the trust, it is well established that, upon exchange of contracts, equity will ‘‘treat that as done which ought to be done’’1 with the consequence that the purchaser acquires equitable ownership even though full (legal) title to the land will not pass until completion (and registration). As land is unique, specific performance is readily available in the context of sales of land where damages would, clearly, not be an adequate remedy. The same cannot be said for contracts for the purchase of personal property where invariably the subject matter is not unique and where a substitute can easily be acquired in the open market. In circumstances, however, where the property is unique or scarce (for example, a rare painting or vintage car), the maxim that ‘‘equity treats as done that which ought to be done’’ may be invoked so as to confer on the seller an equitable obligation to transfer the property to the purchaser in fulfilment of the contract. Where, therefore, the contract is specifically enforceable in this way, the seller, it is submitted, will again hold the property on trust for the purchaser where, as in a contract for the sale of land, there is an interval between the date of the contract and completion of the sale. The notion that a seller holds personal property upon trust for the purchaser pending completion of the sale is admittedly controversial, but this article seeks to argue that the same principles governing equity’s intervention in sales of land should apply in the context of sales of personalty. It is submitted that equity’s role in imposing a trust on the vendor both in relation to sales of land and personalty may be important in safeguarding the interests of the purchaser prior to, as well as after, completion of the transaction.

The Application of Geographic Information Systems to climate change & land evaluation : a study of the effects of climate change upon crop productivity in a sub-tropical environment

This research investigates the contribution that Geographic Information Systems (GIS) can make to the land suitability process used to determine the effects of a climate change scenario. The research is intended to redress the severe under representation of Developing countries within the literature examining the impacts of climatic change upon crop productivity. The methodology adopts some of the Intergovernmental Panel on Climate Change (IPCC) estimates for regional climate variations, based upon General Circulation Model predictions (GCMs) and applies them to a baseline climate for Bangladesh. Utilising the United Nations Food & Agricultural Organisation's Agro-ecological Zones land suitability methodology and crop yield model, the effects of the scenario upon agricultural productivity on 14 crops are determined. A Geographic Information System (IDRISI) is adopted in order to facilitate the methodology, in conjunction with a specially designed spreadsheet, used to determine the yield and suitability rating for each crop. A simple optimisation routine using the GIS is incorporated to provide an indication of the 'maximum theoretical' yield available to the country, should the most calorifically significant crops be cultivated on each land unit both before and after the climate change scenario. This routine will provide an estimate of the theoretical population supporting capacity of the country, both now and in the future, to assist with planning strategies and research. The research evaluates the utility of this alternative GIS based methodology for the land evaluation process and determines the relative changes in crop yields that may result from changes in temperature, photosynthesis and flooding hazard frequency. In summary, the combination of a GIS and a spreadsheet was successful, the yield prediction model indicates that the application of the climate change scenario will have a deleterious effect upon the yields of the study crops. Any yield reductions will have severe implications for agricultural practices. The optimisation routine suggests that the 'theoretical maximum' population supporting capacity is well in excess of current and future population figures. If this agricultural potential could be realised however, it may provide some amelioration from the effects of climate change.

'Family' ownership, tunnelling and earnings management:a review of the literature

In this review paper, we bring together a number of aspects of family firms that are ubiquitous in a number of institutional contexts, often as part of larger business groups. We pay particular attention to the mechanisms by which families retain control over firms, and the incentives of the families in control to expropriate other stakeholders by way of tunnelling. We examine the role of earnings management in facilitating tunnelling, and evidence about the incidence of earnings management in family firms. Our review suggests that while the literature on these aspects of family control is rich, the contexts in which the empirical exercises are undertaken are relatively few, and hence there is considerable opportunity to expand it to other contexts, in particular in the form of cross-country comparisons of the relative impact of agency conflicts and institutions on these issues.

Implications of bank ownership for the credit channel of monetary policy transmission:evidence from India

Using bank-level data from India, we examine the impact of ownership on the reaction of banks to monetary policy, and also test whether the reaction of different types of banks to monetary policy changes is different in easy and tight policy regimes. Our results suggest that there are considerable differences in the reactions of different types of banks to monetary policy initiatives of the central bank, and that the bank lending channel of monetary policy is likely to be much more effective in a tight money period than in an easy money period. We also find differences in impact of monetary policy changes on less risky short-term and more risky medium-term lending. We discuss the policy implications of the findings.

Does ownership structure of emerging-market firms affect their outward FDI? The case of the Indian automotive and pharmaceutical sectors

This paper examines the impact of ownership structures of emerging-market firms, which are shaped by local institutions, on the decision of these firms to undertake outward FDI. Our results suggest that family firms and firms with concentrated ownerships (both ubiquitous in emerging markets) are less likely to invest overseas, and that strategic equity holding by foreign investors facilitates outward FDI. We conclude that organisational forms such as family firms, which are optimal outcomes of institutions prevailing in emerging markets, may be suboptimal in a changing business environment in which outward FDI is necessary for access to resources and markets.

An examination of policies and issues relating to the management of industrial land in core and peripheral urban areas

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