It might be yours there but it’s not down here: Issues arising under the PPSA in cross-border transactions

As a relatively new piece of legislation, the Personal Property Securities Act 2009 (Cth) (PPSA) is yet to be the subject of much significant judicial consideration. Whilst the position of the Australian courts is becoming clearer in relation to domestic disputes, parties to cross-border transactions continue to encounter an alarming number of uncertainties with respect to the enforcement and maintenance of their security interests. This article considers the relevant problematic provisions of the PPSA and considers them in light of the authorities dealing with corresponding legislation in other jurisdictions. It then attempts to provide some guidance and suggestions as to the best means of protecting security interests in cross-border transactions.

ADC Static Nonlinearity Estimation Using Linearity Property of Sinewave

Prohibitive test time, nonuniformity of excitation, and signal nonlinearity are major concerns associated with employing dc, sine, and triangular/ramp signals, respectively, while determining static nonlinearity of analog-to-digital converters (ADCs) with high resolution (i.e., ten or more bits). Attempts to overcome these issues have been examined with some degree of success. This paper describes a novel method of estimating the ``true'' static nonlinearity of an ADC using a low-frequency sine signal (for example, less than 10 Hz) by employing the histogram-based approach. It is based on the well-known fact that the variation of a sine signal is ``reasonably linear'' when the angle is small, for example, in the range of +/- 5 degrees to +/- 7 degrees. In the proposed method, the ADC under test has to be ``fed'' with this ``linear'' portion of the sinewave. The presence of any harmonics and offset in input excitation makes this linear part of the sine signal marginally different compared with that of an ideal ramp signal of equal amplitude. However, since it is a sinusoid, this difference can be accurately determined and later compensated from the measured ADC output. Thus, the corrected ADC output will correspond to the true ADC static nonlinearity. The implementation of the proposed method is discussed along with experimental results for two 8-b ADCs and one 10-b ADC which are then compared with the static characteristics estimated by the conventional DC method.

Snakes with Ellipse-Reproducing Property

We present a new class of continuously defined parametric snakes using a special kind of exponential splines as basis functions. We have enforced our bases to have the shortestpossible support subject to some design constraints to maximize efficiency. While the resulting snakes are versatile enough to provide a good approximation of any closed curve in the plane, their most important feature is the fact that they admit ellipses within their span. Thus, they can perfectly generate circular and elliptical shapes. These features are appropriate to delineate cross sections of cylindrical-like conduits and to outline blob-like objects. We address the implementation details and illustrate the capabilities of our snake with synthetic and real data.

Snakes With an Ellipse-Reproducing Property

We present a new class of continuously defined parametric snakes using a special kind of exponential splines as basis functions. We have enforced our bases to have the shortest possible support subject to some design constraints to maximize efficiency. While the resulting snakes are versatile enough to provide a good approximation of any closed curve in the plane, their most important feature is the fact that they admit ellipses within their span. Thus, they can perfectly generate circular and elliptical shapes. These features are appropriate to delineate cross sections of cylindrical-like conduits and to outline bloblike objects. We address the implementation details and illustrate the capabilities of our snake with synthetic and real data.

Size Control and Magnetic Property Trends in Cobalt Ferrite Nanoparticles Synthesized Using an Aqueous Chemical Route

Cobalt ferrite (CoFe2O4) is an engineering material which is used for applications such as magnetic cores, magnetic switches, hyperthermia based tumor treatment, and as contrast agents for magnetic resonance imaging. Utility of ferrites nanoparticles hinges on its size, dispersibility in solutions, and synthetic control over its coercivity. In this work, we establish correlations between room temperature co-precipitation conditions, and these crucial materials parameters. Furthermore, post-synthesis annealing conditions are correlated with morphology, changes in crystal structure and magnetic properties. We disclose the synthesis and process conditions helpful in obtaining easily sinterable CoFe2O4 nanoparticles with coercive magnetic flux density (H-c) in the range 5.5-31.9 kA/m and M-s in the range 47.9-84.9 A.m(2)Kg(-1). At a grain size of similar to 54 +/- 2 nm (corresponding to 1073 K sintering temperature), multi-domain behavior sets in, which is indicated by a decrease in H-c. In addition, we observe an increase in lattice constant with respect to grain size, which is the inverse of what is expected of in ferrites. Our results suggest that oxygen deficiency plays a crucial role in explaining this inverse trend. We expect the method disclosed here to be a viable and scalable alternative to thermal decomposition based CoFe2O4 synthesis. The magnetic trends reported will aid in the optimization of functional CoFe2O4 nanoparticles

On a Certain Algebraic Property of Block Ciphers

This is a study on a certain group theoretic property of the set of encryption functions of a block cipher. We have shown how to construct a subset which has this property in a given symmetric group by a computer algebra software GAP4.2 (Groups, Algorithms, and Programming, Version 4.2). These observations on group structures of block ciphers suggest us that we may be able to set a trapdoor based on meet-in-the-middle attack on block ciphers.

Synthesis, characterization and optical property of flower-like indium tin sulfide nanostructures

We report a simple method for novel flower-like In4SnS8 nanostructure synthesis. A flower-like In4SnS8 nanostructure was synthesized via a one-pot hydrothermal route using the biomolecule L-cysteine as a sulfur source. The structure was characterized using X-ray powder diffraction (XRPD), scanning electron microscopy (SEM), transmission electron microscopy (TEM), nitrogen adsorption analysis and photoluminescence spectra. This flower-like structure consists of crosslinked nanoflakes and possesses good thermostability and a high BET surface area.

Oligoaniline-Functionalized terpyridine ligands and their ruthenium(II) complexes: synthesis, spectroscopic property and redox behaviors

A series of oligoaniline-functionalized mono- and bis-topic terpyridine ligands, i.e. C6H5[N(R)C6H4](n)TPY (R = H, butyl, tert-butyloxycarbonyl; n = 1-4; TPY = 2,2':6',2"-terpyridyl) and TPYC6H4[N(R)C6H4](m)TPY (R = H, tert-butyloxycarbonyl; m = 2, 4), and the corresponding monoand bis-nuclear ruthenium(II) complexes have been synthesized and verified. The spectroscopic results indicate that two kinds of pi-pi* transitions from TPY and oligoaniline fragments of ligands strongly shift to lower energy, and the metal-to-ligand charge-transfer transition ((MLCT)-M-1) bands of all obtained complexes are considerably red-shifted (Delta lambda(max) = 22-64 nm) and their intensities become much more intense (approximately 4-6 times), compared with those of the reported complex [Ru(TPY)(2)](2+). Moreover, the spectroscopic properties of the ligands and complexes with longer oligoaniline units (n = 3, 4) are markedly influenced by the external stimulus, such as the oxidation and proton acid doping.

Structural characterization and property of in-situ synthesized AZ91-Mg2Si composite

A new-type Mg2Si composite was prepared with Mg-9Al-1Zn (AZ91) alloy and vermiculite as raw materials by melt infiltration method. The results show that the microstructure of composite consists of a large amount Of Mg2Si precipitates and a little amount of MgO embedded in alpha-Mg matrix. The Vickers hardness of the composite is obviously higher than that of matrix of AZ91 alloy. Moreover, the composite exhibits excellent compressive property. The ultimate compressive strength of the material is 290 MPa, the yield strength is 175 MPa, and the elongation is about 5%, which are higher than those of AZ91 alloy.

Systematic property risk: quantifying UK property betas 1983-2005

The increased frequency in reporting UK property performance figures, coupled with the acceptance of the IPD database as the market standard, has enabled property to be analysed on a comparable level with other more frequently traded assets. The most widely utilised theory for pricing financial assets, the Capital Asset Pricing Model (CAPM), gives market (systematic) risk, beta, centre stage. This paper seeks to measure the level of systematic risk (beta) across various property types, market conditions and investment holding periods. This paper extends the authors’ previous work on investment holding periods and how excess returns (alpha) relate to those holding periods. We draw on the uniquely constructed IPD/Gerald Eve transactions database, containing over 20,000 properties over the period 1983-2005. This research allows us to confirm our initial findings that properties held over longer periods perform in line with overall market performance. One implication of this is that over the long-term performance may be no different from an index tracking approach.

Are property agents to blame for upward only rent reviews?

In negotiating commercial leases, many landlords and tenants employ property agents (brokers) to act on their behalf; typically these people are chartered surveyors. The aim of this paper is to explore the role that these brokers play in the shaping of commercial leases in the context of the current debate in the UK on upward only rent reviews. This role can be described using agency theory and the theories of professionalism. These provide expectations of behaviour which show inherent tensions between the role of agent and professional, particularly regarding the use of knowledge, autonomy and the obligation to the public interest. The parties to eleven recent lease transactions were interviewed to see if the brokers conformed to the expectations of agency theory or professionalism. Brokers that acted for industrial and office tenants behaved as professionals in using their expertise to determine lease structures. However, those acting for landlords and retail tenants simply followed instructions and behaved as conduits for their clients, a role more usually associated with that of an agent within the principal-agent relationship. None of the landlords’ brokers saw themselves as having responsibilities beyond their clients and so they were not promoting the discussion of alternatives to the UORR. The evidence from these case studies suggests that agents are not professionals; to behave entirely as an agent is to contradict the essential characteristics of a professional. While brokers cannot be held entirely responsible for the lack of movement on the UORR, by adopting predominantly agent roles then they must take some of the blame. However, behind this may be a much larger issue that needs to be explored; the institutional pressures that lead to professionals behaving in this way.

Liquidity in commercial property markets: deconstructing the transaction process

This paper draws from a wider research programme in the UK undertaken for the Investment Property Forum examining liquidity in commercial property. One aspect of liquidity is the process by which transactions occur including both how properties are selected for sale and the time taken to transact. The paper analyses data from three organisations; a property company, a major financial institution and an asset management company, formally a major public sector pension fund. The data covers three market states and includes sales completed in 1995, 2000 and 2002 in the UK. The research interviewed key individuals within the three organisations to identify any common patterns of activity within the sale process and also identified the timing of 187 actual transactions from inception of the sale to completion. The research developed a taxonomy of the transaction process. Interviews with vendors indicated that decisions to sell were a product of a combination of portfolio, specific property and market based issues. Properties were generally not kept in a “readiness for sale” state. The average time from first decision to sell the actual property to completion had a mean time of 298 days and a median of 190 days. It is concluded that this study may underestimate the true length of the time to transact for two reasons. Firstly, the pre-marketing period is rarely recorded in transaction files. Secondly, and more fundamentally, studies of sold properties may contain selection bias. The research indicated that vendors tended to sell properties which it was perceived could be sold at a ‘fair’ price in a reasonable period of time.

Direct versus search engine traffic : an innovative approach to demand analysis in the property market

Purpose – The application of “Google” econometrics (Geco) has evolved rapidly in recent years and can be applied in various fields of research. Based on accepted theories in existing economic literature, this paper seeks to contribute to the innovative use of research on Google search query data to provide a new innovative to property research.

Design/methodology/approach – In this study, existing data from Google Insights for Search (GI4S) is extended into a new potential source of consumer sentiment data based on visits to a commonly-used UK online real-estate agent platform (Rightmove.co.uk). In order to contribute to knowledge about the use of Geco's black box, namely the unknown sampling population and the specific search queries influencing the variables, the GI4S series are compared to direct web navigation.

Findings – The main finding from this study is that GI4S data produce immediate real-time results with a high level of reliability in explaining the future volume of transactions and house prices in comparison to the direct website data. Furthermore, the results reveal that the number of visits to Rightmove.co.uk is driven by GI4S data and vice versa, and indeed without a contemporaneous relationship.

Originality/value – This study contributes to the new emerging and innovative field of research involving search engine data. It also contributes to the knowledge base about the increasing use of online consumer data in economic research in property markets.