An Economic Analysis of the Legal Concept of Trustees' Power of Investment

Authorised trustee status is a legal concept which has economic implications; one of the major implications is that it assists in the direction of investment funds into particular securities and areas of the economy. The concept of authorised trustee status, while attempting to achieve specific outcomes for the beneficiaries of trusts cannot be relied upon to secure these results. Economic analysis of the role of the trustee maintains that this role is one of portfolio manager; a role which is complex but which is explicable in terms of definable procedures and practices. The role of trustee as portfolio manager is one which requires greater financial knowledge than can be assumed is possessed by all trustees. The trustee as portfolio manager is required to maintain a review of decisions make under powers to invest trust assets. A solution to the problem of authorised trustee status is proposed. The solution takes two parts: the first is the adoption of the prudent person approach but with the codification of duties of the trustee and the explicit listing of the factors that a trustee should consider in using the investment powers. The second part of the proposed solution is to link the investment powers of trustees to the best practice features of securities advisers who are now licensed by a regulatory body, the Australian Securities and Investment Commission

Designing a Conversion Masters Subject with Flexible Assessment

This paper develops a consistent approach to the design of a subject, The Economics of Financial Markets, which is a required course for a conversion Masters program. The course is a large enrolment (>. 50) with students coming from a number of countries and backgrounds in economics. In general, students display anxiety about theoretical aspects of the course and find it difficult to distinguish between the economics of financial markets and financial markets as taught in a standard finance course. Students display a high degree of reliance on lecturer notes and are more equipped to undertake rote learning than analysis. The subject design takes these factors into account and draws on educational principles and on economic analysis to establish the design framework. In order to distinguish the economics of financial markets from financial markets the subject design provides economic organising concepts; these are the efficiency of financial markets and the impact of financial variables on the real sector of the economy. In addition, the subject design develops a standard analytical procedure for analysis of financial instruments and financial markets. In each sector of the subject, standard analytical procedures are identified as are the specialised vocabulary of the economics of financial markets.The subject design incorporates both formative and summative assessment. The summative assessment is flexible allowing for some student choice but also providing incentives for students to undertake more than the minimum assessment tasks. The assessment instruments are related to the objectives of the course. Overall the assessment is designed to reduce student anxiety and encourage learning

Overview of crew member energy expenditure during Shuttle Flight 61-8 EASE/ACCESS task performance

The energy expenditure of the Shuttle Flight 61-B crewmembers during the extravehicular performance of Experimental Assembly of Structures in EVA (EASE) and Assembly Concept of Construction of Space Structures (ACCESS) construction system tasks are reported. These data consist of metabolic rate time profiles correlated with specific EASE and ACCESS tasks and crew comments. Average extravehicular activity metabolic rates are computed and compared with those reported from previous Apollo, Shylab, and Shuttle flights. These data reflect total energy expenditure and not that of individual muscle groups such as hand and forearm. When correlated with specific EVA tasks and subtasks, the metabolic profile data is expected to be useful in planning future EVA protocols. For example, after experiencing high work rates and apparent overheating during some Gemini EVAs, it was found useful to carefully monitor work rates in subsequent flights to assess the adequacy of cooling garments and as an aid to preplanning EVA procedures. This presentation is represented by graphs and charts

Increase in whole-body peripheral vascular resistance during three hours of air or oxygen prebreathing

Male and female subjects prebreathed air or 100% oxygen through a mask for 3.0 hours while comfortably reclined. Blood pressures, heart rate, and cardiac output were collected before and after the prebreathe. Peripheral vascular resistance (PVR) was calculated from these parameters and increased by 29% during oxygen prebreathing and 15% during air prebreathing. The oxygen contributed substantially to the increase in PVR. Diastolic blood pressure increased by 18% during the oxygen prebreathe while stystolic blood pressure showed no change under either procedure. The increase in PVR during air prebreathing was attributed to procedural stress common to air and oxygen prebreathing

Chemistry by Mobile Phone (or how to justify more time at the bar)

By combining automatic environment monitoring with Java smartphones a system has been produced for the real-time monitoring of experiments whilst away from the lab. Changes in the laboratory environment are encapsulated as simple XML messages, which are published using an MQTT compliant broker. Clients subscribe to the MQTT stream, and produce a user display. An MQTT client written for the Java MIDP platform, can be run on a smartphone with a GPRS Internet connection, freeing us from the constraints of the lab. We present an overview of the technologies used, and how these are helping chemists make the best use of their time

Economic Analysis of the Driot de Suite - The Artist's Resale Royalty

The paper reviews Droit de Suite legislation which will provide that living artists and the estates of recently dead artists will receive a percentage royalty on resales of their work

Clinical and serological studies of tuberculosis patients in Argentina receiving immunotherapy with Mycobacterium vaccae (SRL 172)

AbstractTwo small, placebo-controlled studies of immunotherapy with heat killed Mycobacterium vaccae added to routine chemotherapy for pulmonary tuberculosis, together involving 40 HIV seronegative patients, were carried out in Argentina. The immunotherapy was associated with reduced sputum smear positivity of AFB at 1 month and a greater reduction in ESR at 2 months. In the first study radiological improvement was better (P < 0·05) among immunotherapy recipients. In the second study, weight regain and time to become apyrexial were measured and were found to be improved amongst immunotherapy recipients (P < 0·05).In the first month of treatment the levels of IgG to the 65 kDa and 70 kDa heat-shock proteins showed greater falls following immunotherapy (P < 0·05 and P < 0·001, respectively). On admission serum cytokine levels of interleukins 4 and 10 (IL-4, IL-10), interferon gamma (IFN-γ) and tumour necrosis factor alpha (TNF-α) were grossly raised in comparison with a matched control group (P < 0·001). After 1 month. Levels of IL-4, IL-10 and TNF-α fell (P < 0·001, P < 0·01 and P < 0·01, respectively) and levels of IFN-γ rose more (P = 0·005) in immunotherapy recipients than in those receiving chemotherapy alone. The results are in accord with a switch towards a TH1 immunological status and clinical benefit for immunotherapy recipients

Spectroscopic confirmation of a galaxy cluster associated with 7C1756+6520 at z=1.416

We present spectroscopic follow-up of an overdensity of galaxies photometrically selected to be at 1.4<z<2.5 found in the vicinity of the radio galaxy 7C1756+6520 at z=1.4156. Using the DEIMOS optical multi-object spectrograph on the Keck 2 telescope, we observed a total of 129 BzK-selected sources, comprising 82 blue, star-forming galaxy candidates (sBzK) and 47 red, passively-evolving galaxy candidates (pBzK*), as well as 11 mid-infrared selected AGN candidates. We obtain robust spectroscopic redshifts for 36 blue galaxies, 7 red galaxies and 9 AGN candidates. Assuming all foreground interlopers were identified, we find that only 16% (9%) of the sBzK (pBzK*) galaxies are at z<1.4. Therefore, the BzK criteria are shown to be relatively robust at identifying galaxies at moderate redshifts. Twenty-one galaxies, including the radio galaxy, four additional AGN candidates and three red galaxy candidates are found with 1.4156 +/- 0.025, forming a large scale structure at the redshift of the radio galaxy. Of these, eight have projected offsets <2Mpc relative to the radio galaxy position and have velocity offsets <1000km/s relative to the radio galaxy redshift. This confirms that 7C1756+6520 is associated with a high-redshift galaxy cluster. A second compact group of four galaxies is found at z~1.437, forming a sub-group offset by Dv~3000km/s and approximately 1.5' east of the radio galaxy.Comment: 9 pages, 6 figures, 2 tables, accepted for publication in A&A