Mortgage-Backed Securities (MBS): Is It a Curse or a Blessing for the Australian Home Loan Market? A Natural Experiment

The Australian home loan market has seen a significant and persistent boom over more than two decades. Theextant literature exploring the underlying factors explaining this boom has predominantly looked at thedemand side rather than the supply side. In this paper, we look at a major supply-side issue, the introductionof mortgage-backed securities and its likely impact on the home loan market. In doing so, we have developeda mathematical model that theorises this likely relationship. Our mathematical model predicts possibleexistence of an unstable equilibrium in the home loan market in the presence of mortgage-backed securities.We have subsequently backed up our theoretical exercise with sound empirical evidence acquired andanalysed as a natural experiment in the Australian scenario using quarterly market data on home loans andmortgage-backed securities data for a 36-year period from 1976 to 2012. Using unknown structural breaktests, we have identified significant breaks around late 1992 to mid-1995, clearly indicating that there weresignificant changes in the housing market due to the introduction of mortgage-backed securities in early1993. We have also performed a stability test confirming that under certain conditions this market canbecome unstable.

Psychosocial aspects in home hemodialysis: A review

Psychosocial aspects related to home hemodialysis (HD) play an important role in the success of home HD programs. Once patients commence HD at home, unique psychosocial issues related to patient and care partner burden can emerge. Proactive professional support, peer support, respite care, travel support, and financial support from the home HD health care team must be a priority for patient care. If the psychosocial aspects are not proactively addressed, patients receiving HD at home may return to in-center HD and the program may struggle as a result. This review provides a psychosocial guide for new start-up home HD programs.

At home with the war: The Great War in Victorian private life. The 2014 Augustus Wolskel lecture

This article examines the Great War in Victoria through the lens of private sentiment. It exposes not only the diversity of perspectives and sentiment surrounding the war, but also the stresses endured by Victorians trying to reconcile their commitment to the war with personal and familial needs.Their experience was dominated by a confrontation with powerful currents of anxiety over the war and their loved ones, and increasing tensions within their communities over who was bearing the greater burdens of the war. Investigating private experience of total war at home allows us to see how Victorians made as well as endured the Great War, as their communities struggled to remain cohesive, and individuals struggled to cope with its demands.

Ethical transnational corporate activity at home and abroad: A proposal for reforming continuous disclosure obligations in Australia and the United States

Multinational Corporations establish operations in states with lower legal and ethical standards in areas including the environment, wages, labor standards, human rights, corruption, and company taxation. Corporate law scholars cannot be indifferent to the horrific consequences of these lax standards. From contributing to rapes and violent incidents stemming from trade in conflict minerals in the Congo to the killing of workers due to poor conditions in garment manufacturing units in Bangladesh, multinational corporations exploit conditions in developing countries abroad without disclosing their actions at home. We advance a normative argument to clarify and strengthen the existing model of disclosure-based regulation to hold MNCs accountable. We argue that, since the core expectations held by shareholders of companies are the same whether they are operating within our borders or externally, a harmonization of disclosure obligations imposed by law would be a more flexible and less costly solution. We posit that a broader reading of the disclosure obligations of companies under existing legislation like the Reg. S-K in the United States, the continuous disclosure rules under * Dean and Professor of Law, University of Newcastle Law School. Sandeep Gopalan would like to thank Terrie Troxel, Jack Tatom, Professor Bill Wilhelm, and the Networks Financial Institute at Indiana State University College of Business for their valuable support in conducting research for this article. We are also grateful to Audrey Son, Bassam Khawaja, and the editorial staff of the Columbia Human Rights Law Review for their excellent editorial work. ** Solicitor and doctoral candidate, University of Newcastle Law School. 2 COLUMBIA HUMAN RIGHTS LAW REVIEW [46.2:1 the Australian Corporations Act 2001, and listing rules such as those adopted by the Australian Securities Exchange and the New York Stock Exchange would require the disclosure of material corporate practices outside our national borders.

Terror at home

PEN Melbourne has produced two essays that examine deep concerns around recent legislative challenges to freedom of expression in Australia. In this second essay, Dr Ben Eltham interrogates and responds to the Australian government’s recently introduced ‘anti-terror legislation’ and the ‘metadata bill’.

Home range, habitat use and movements by the little raven (Corvus mellori) in a coastal peri-urban landscape

Context In peri-urban environments, high availability of anthropogenic resources may result in relatively high abundances of some species, with potentially negative implications for other native biota. Effective management of such impacts requires understanding of the spatial ecology of problem species. However, home range and habitat use have not been described for the little raven (Corvus mellori), a superabundant native predator that occurs in urban and natural habitats, including those where threatened shorebirds breed. Aims The aim of this study was to provide basic information on little raven home range, habitat use and movements in a coastal peri-urban landscape. Methods Between October 2011 and January 2012 we radio-tracked 20 little ravens captured in a coastal wetland (near Melbourne, Australia). Key results Little ravens were highly mobile, moving up to 9.9km in an hour (median≤2km), and had large ranges: Minimum Convex Polygons were 1664-9989ha (median≤3362ha). Although most birds used both anthropogenic and natural habitats, some birds strongly selected for coastal wetland habitat. Birds used multiple roosts during the study period, most of which occurred in grassland (58.7%) or urban (22.3%) areas. Movement of up to 8.3km (median≤2.2km) between roosts during the night was also detected. Conclusions Ravens were highly mobile and used large home ranges and a variety of habitats, with habitat preferences varying between birds. Implications Considering the large home ranges and inter-individual variation in habitat preferences of little raven populations, localised management to reduce their impacts on breeding shorebirds is unlikely to be successful. Journal compilation

Multicenter randomized controlled trial of a home walking intervention after outpatient cardiac rehabilitation on health-related quality of life in women

BACKGROUND: Poor health-related quality of life (HRQL) has been shown to be predictive of adverse outcomes in cardiac patients. As women with coronary heart disease have been shown to have lower HRQL than men with coronary heart disease, women are at greater risk of a poor clinical outcome. This study tested the effect of a 12-week home walking intervention after completion of outpatient cardiac rehabilitation (OCR) on HRQL and maintenance of physical activity among women. DESIGN: Multicenter two-group randomized trial. METHODS: After completion of OCR, participants were randomly allocated to the intervention or usual care groups. The outcomes were HRQL (assessed using the MacNew Heart Disease HRQL instrument) and self-reported physical activity (assessed using the Stages of Change model of exercise behavior) at 3, 6, and 12 months after OCR. RESULTS: Seventy-two women were randomized to the intervention and 81 to usual care. Attrition was greater in the treatment group (13 vs. 1%). HRQL scores increased relative to the base level in both arms and were significantly higher in the intervention group at 6 months, but not at 3 or 12 months. Maintenance of physical activity declined over time in both groups, however, this decline was significantly reduced among women in the intervention group. CONCLUSION: HRQL improved in both groups, but seemed to increase earlier among women in the intervention group. As maintenance of physical activity was higher among women in the intervention group, this minimal intervention could be used to facilitate women's progression from supervised to independent exercise.