1977 Board of Trustees

Pictured here from left to right are: T. Breithaupt, Marianne Stevens, J. Miller, T. Briant, M. Van Neirpt, C. McMillan, D. Townson, R. Bannister, E. Marsh, T. Varcoe, A. Earp, A. Chown, R. Nairn, W. Jolly, M. Miller, and C. Shaver.

2004-05 Board of Trustees

The 2004-2005 Board of Trustees. Pictured here from left to right are: Front Row - Val Fleming; Dr. Patricia Teal; Wendy Staff; Dr. Norris Walker, Chair; Dr. David Atkinson, President and Vice Chancellor; Dr. Val Jaeger; Donna Scott; and Steven Lalinovich. Middle Row - Mike Farrell, Secretary to the University; Rudi Kroeker; Brandon Larry, President, Brock University Students' Union; Dr. Terry Boak, Vice-President, Academic and Provost; Mitzi Banders; Geeta Powell; Dr. Sid Segalowitz; Tom Gauld; Karin Jahnke-Haslam; and Dr. Mohammed Dore. Back Row - David Edwards, Immediate Past Chair; Bruce Wormald; Willy Heldbuechel, Vice-Chair; Brad Clarke; David Howes, Vice-Chair; Mark Steinman; Peter Partridge; Michael Sidenberg; Angelo Nitsopoulos; Steven Pillar, Vice President, Finance and Administration; Ron Dubien, Chief Information Officer. Absent from photo - Dr. Raymond Moriyama, Chancellor; Eleanor Ross; Jagoda Pike; Dr. Mary Frances Richardson; and Nick Brown.

Stan and Carol Chapman stand behind Edy and Ernie Chapman

Chapman College trustees, left to right [above] Stan and Carol Chapman; [seated] Edy and Ernie Chapman at a dinner event.

Chapman College Alumni Trustees pose for a portrait on the campus in Orange, California

Chapman College Alumni Trustees pose for a portrait on the campus in Orange, California in the late 1980s. Left to right: James Roosevelt, A. Andrew Johnson, George Argyros, Harmon Wilkinson, Irvin C. Chapman and Myron Cole.

Indenture between Robert Sparrow Delatre, Thomas Sheppard Smyth, Thomas Hector, and Arthur Shaw

Indenture between Robert Sparrow Delatre of Stamford Township, Thomas Sheppard Smyth of Brussels, Belgium, formerly of Stamford Township and Thomas Hector of Quebec, trustees of the last will and testament of Philip Chesneau Delatre to the Bank of Upper Canada and Arthur Shaw of Niagara Township regarding Lot no. 3 in the 1st Concession and Lot no. 4 in the 1st Concession, part of Lot no. 3 in the 2nd Concession, 50 acres of Lot no. 4 in the 4th Concession, 200 acres in Lot no. 8 in the 11th Concession in Blandford in the County of Oxford and broken Lot no. 11 in the 18th Concession in the Township of Zorra - instrument no. 6083. This is listed in the Blandford folio 184 and 185 in folio 63 and 64. Joseph Woodruff has signed this as conveyancer, March 29, 1853.

Letter to Mr. W.D. Woodruff from John A. Macomber of N.W. Harris and Co. of New York

Letter to Mr. W.D. Woodruff from John A. Macomber of N.W. Harris and Co. of New York stating that they have delivered securities for trusts on the St. Clair County 5’s and Chicago Rock Island and Pacific 4s. Also included are 2 receipts for these bonds, May 23, 1910.

The growth of private property vehicles in the UK: causes and conditions

The UK private indirect real estate market has seen a rapid growth in the last seven years. The gross asset value (GAV) of the private property vehicle (PPV) market has about tripled from a GAV of £22.6bn in 1998 to a GAV of £67.1 billion at the end of 2005 (OPC, 2006). Although this trend of growing syndication of real estate is not only a UK phenomenon, the rate of growth has been significantly faster in the UK. For example the German open-ended funds have grown over the same period from €50.4bn to €85.1bn (BVI, 2006). In the US the market capitalization of equity real estate investment trusts (REIT) has grown 155% since 1999 to US$ 301bn (NAREIT, 2006). Each jurisdiction is offering different formats to invest indirectly into real estate but at the core all these vehicles are the same in that they provide a different route for investors to access real estate. In the UK, although the range of ‘products’ is now quite diverse, all structures have in common the ‘wrapping’ of property assets into a multi-investor vehicle. This paper examines the nature, pattern and process of market growth in PPVs and constructs a series of associations between causes and effects to explain this market shift.

Dynamic correlations between REIT sub-sectors and the implications for diversification

The issue of whether Real Estate Investment Trusts (REITs) should pursue a focused or diversified investment strategy remains an ongoing debate within both the academic and industry communities. This article considers the relationship between REITs focused on different property sectors in a Generalized Autoregressive Conditional Heteroscedasticity-Dynamic Control Correlation (GARCH-DCC) framework. The daily conditional correlations reveal that since 1990 there has been a marked upward trend in the coefficients between US REIT sub-sectors. The findings imply that REITs are behaving in a far more homogeneous manner than in the past. Furthermore, the argument that REITs should be focused in order that investors can make the diversification decision is reduced.

The prevalence and nature of prescribing and monitoring errors in English general practice – a retrospective case note review

Objective To determine the prevalence and nature of prescribing and monitoring errors in general practices in England. Design Retrospective case note review of unique medication items prescribed over a 12 month period to a 2% random sample of patients. Mixed effects logistic regression was used to analyse the data. Setting Fifteen general practices across three primary care trusts in England. Data sources Examination of 6048 unique prescription items prescribed over the previous 12 months for 1777 patients. Main outcome measures Prevalence of prescribing and monitoring errors, and severity of errors, using validated definitions. Results Prescribing and/or monitoring errors were detected in 4.9% (296/6048) of all prescription items (95% confidence interval 4.4 - 5.5%). The vast majority of errors were of mild to moderate severity, with 0.2% (11/6048) of items having a severe error. After adjusting for covariates, patient-related factors associated with an increased risk of prescribing and/or monitoring errors were: age less than 15 (Odds Ratio (OR) 1.87, 1.19 to 2.94, p=0.006) or greater than 64 years (OR 1.68, 1.04 to 2.73, p=0.035), and higher numbers of unique medication items prescribed (OR 1.16, 1.12 to 1.19, p<0.001). Conclusion Prescribing and monitoring errors are common in English general practice, although severe errors are unusual. Many factors increase the risk of error. Having identified the most common and important errors, and the factors associated with these, strategies to prevent future errors should be developed based on the study findings.

Conscience, discretion and the creation of property rights

This paper considers the utility of the concept of conscience or unconscionable conduct as a contemporary rationale for intervention in two principles applied where a person seeks to renege on an informal agreement relating to land: the principle in Rochefoucauld v Boustead; and transfers 'subject to' rights in favour of a claimant. By analysing the concept in light of our current understanding of the nature of judicial discretion and the use of general principles, it responds to arguments that unconscionability is too general a concept on which to base intervention. In doing so, it considers the nature of the discretion that is actually in issue when the court intervenes through conscience in these principles. However, the paper questions the use of constructive trusts as a response to unconscionability. It argues that there is a need, in limited circumstances, to separate the finding of unconscionability from the imposition of a constructive trust. In these limited circumstances, once unconscionability is found, the courts should have a discretion as to the remedy, modelled on that developed in the context of proprietary estoppel. The message underlying this paper is that many of the concerns expressed about unconscionability that have led to suggestions of alternative rationales for intervention can in fact be addressed whilst retaining an unconscionability analysis. Unconscionability remains a preferable rationale for intervention as it provides a common thread that links apparently separate principles and can assist our understanding of their scope.

Roles of the non-medical prescribing leads within organisations across a Strategic Health Authority: perceived functions and factors supporting the role

Objectives Extending the roles of nurses, pharmacists and allied health professionals to include prescribing has been identified as one way of improving service provision. In the UK, over 50 000 non-medical healthcare professionals are now qualified to prescribe. Implementation of non-medical prescribing ( NMP) is crucial to realise the potential return on investment. The UK Department of Health recommends a NMP lead to be responsible for the implementation of NMP within organisations. The aim of this study was to explore the role of NMP leads in organisations across one Strategic Health Authority (SHA) and to inform future planning with regards to the criteria for those adopting this role, the scope of the role and factors enabling the successful execution of the role. Methods Thirty-nine NMP leads across one SHA were approached. Semi-structured telephone interviews were conducted. Issues explored included the perceived role of the NMP lead, safety and clinical governance procedures and facilitators to the role. Transcribed audiotapes were coded and analysed using thematic analytical techniques. Key findings In total, 27/39 (69.2%) NMP leads were interviewed. The findings highlight the key role that the NMP lead plays with regards to the support and development of NMP within National Health Service trusts. Processes used to appoint NMP leads lacked clarity and varied between trusts. Only two NMP leads had designated or protected time for their role. Strategic influence, operational management and clinical governance were identified as key functions. Factors that supported the role included organisational support, level of influence and dedicated time. Conclusion The NMP lead plays a significant role in the development and implementation of NMP. Clear national guidance is needed with regards to the functions of this role, the necessary attributes for individuals recruited into this post and the time that should be designated to it. This is important as prescribing is extended to include other groups of non-medical healthcare professionals.

The trouble with income trusts

This paper sketches broadly the efficiency and equity effects of income trusts that make their use as a substitute for the direct holding of shares of a corporation problematic for tax policy purposes. The paper also considers the potential effectiveness of an equity recharacterization rule applicable to the high-yield junk debt that is the common feature of the basic income trust structure. The author suggests that this type of narrowly focused rule would be more target-efficient than other possible responses to income trusts, such as fundamental reform of the corporate income tax or the restrictions on the holding of trust units proposed in the 2004 budget. However, a principal difficulty in designing an equity recharacterization rule is ensuring that it applies equally to structures that realize the same effect as the basic income trust structure but do not use high-yield junk debt.
The author argues that income trusts are examples of tax-driven financial innovation in the sense that they replicate an existing set of securities and therefore have no nontax rationale. These securities are essentially redundant, and the innovative process of which they are a product does not constitute “genuine” financial innovation. This essential characteristic of income trusts distinguishes them from real estate investment trusts, which arguably do not present a tax policy problem (or at least not the same one). More particularly, income trust transactions are redundant in the sense that they do not complete capital markets by providing investors with a risk and return payoff profile that is otherwise unavailable. In the absence of any efficiency gains or desirable distributional effects associated with income trusts, the available tax benefit is the subject of a defensible government response intended to eliminate it. But without any clear evidence that income trusts are substituted generally for the corporate form, any response can defensibly be limited to a narrowly targeted one that introduces a “taxlaw friction” by shifting the debt-equity boundary that is the focus of the basic income trust structure. Because the precise dividing points along this boundary lack any obvious normative content, the suggested policy focus should be the development of a legislative response that redraws the debt-equity boundary in a manner that minimizes perceived efficiency losses otherwise associated with the use of income trusts.