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This practice paper examines the current practice of Hong Kong Lands Department regarding enforcement against breaches of the “user clause” in the Crown (Government) lease. A total of 26 categories of lease drafting approaches regarding user restrictions are identified. It is argued that unless the relevant lease document expressly pins down the limit of ancillary office uses in industrial premises, as in one of the 26 categories identified, no enforcement of such uses shall be instigated.

The academic literature has examined why bank runs happen based on the work of 2022 Nobel Prize-winning economists Diamond and Dybvig. They have found the source of banking/financial crisis in terms of mismatch between liabilities (deposits being short term and savers wanting to short-term access to their money) and assets (long term and illiquid). The Lakshmi Vilas Bank (LVB) crisis intensified when it came under Prompt Corrective Action (PCA) of the Reserve Bank of India (RBI). This situation provides the opportunity to study whether the elements embodied in the theoretical models like Diamond and Dybvig hold true for LVB crisis. This study aims to examine the reasons for the demise of LVB in India using DuPont financial model, peer group analysis and time series structural break in crucial financial parameters.

The study examines the reason for insolvency of LVB using financial ratios, financial models (DuPont), financial distress model (Z-score) and asset-liability management. The study also adopts univariate structural break models using quarterly financial data covering the key financial measures used in the RBI’s PCA framework.

LVB crisis is like Diamond–Dybvig model, in the sense, savers requiring short-term access to their money (liquidity for their deposits) on the information of high non-performing assets, which further deteriorates the illiquid nature of loan portfolio (assets) of banks. The study finds its profit margin (net interest margin and non-interest margin) and managerial efficiency had started deteriorating since 2018. The study finds that LVB’s main weakness lies in its limited credit appraisal ability, its monitoring and weak internal controls. Lending to sensitive sectors (like real estate, capital markets and commodities) and exposure to large business groups also contributed to its weakness. The study also finds huge, elevated asset-liability mismatch, especially in the short-term maturity buckets. Using univariate econometric time series model, the study also confirms financial weakness being evident much earlier than the time when resolution was undertaken by the RBI through PCA.

The study has implications for analysing and monitoring financial distress of banks. The study also has implications for devising banking regulation and supervision.

The study brings in a perspective of the banking regulations using the application of PCA framework on a listed private sector bank. The authors combine an accounting ratio model and combine risk measures that could identify the incipient risks in a bank. The authors believe this will help in refinement of banking regulations and better monitoring mechanisms.

The purpose of this paper is to discuss how the failed finance companies in Sri Lanka used fair value accounting practices as an opportunistic earnings management practice to launder money under weak corporate governance structures.

This paper uses a qualitative design under the philosophy of interpretivism. The case study research strategy is used inductively to investigate how fair value accounting had been used for money laundering.

The dishonest intention of major shareholders and board of directors had forced failed companies to misuse fair value accounting to manipulate performance and use them for personal benefits which were detrimental to the depositors and stability of the companies. The weak corporate governance structures which were developed because of regulatory forbearance were influential for manipulations. The concentrated ownership had reduced agency conflicts between shareholders and managers because major shareholders were the members of the board of directors. The appointed committees were not effective because of an inadequate number of independent directors with sufficient expertise. The reduced agency conflict between shareholders and managers has exaggerated the agency conflict with depositors. Therefore, it is recommended to dilute ownership concentration to establish good corporate governance structures and make stable institutions.

This study does not discuss the dishonest fair value accounting practices of all licensed finance companies because of the sensitivity of the matter for surviving companies.

This paper is an original work of the authors which discusses how fair value accounting practices had been used to launder money in failed finance companies in Sri Lanka as an emerging market context.

The paper's aim is to build a model that predicts the optimum tactics for capitalizing on inventions within the context of competitive interaction among large firms. For patenting, the paper seeks to show how invention value and firm rivalry drive the tactics of competing, deterring competitors, retreating from markets, and cooperating. It also aims to explore the effects of the contingencies of patent bulking, technology complexity, spheres of influence, resource similarity, and complementary‐resource tacitness.

The work is conceptual.

The base model shows that patenting can be used to protect markets where there is high invention‐value and high rivalry. When both invention‐value and rivalry are low, the best tactic is to cooperate. When value is high and rivalry low, patenting can be used as a signaling and deterring mechanism, but when value is low and rivalry is high the best option is to let patents lapse and retreat from markets. The moderating effects of patent bulking, technology complexity, spheres of influence, resource similarity, and complementary‐resource tacitness affect rivalry and the amount of patenting that will be done.

The paper provides propositions for empirical testing that are predictive of firm performance, rivalry, and patent bulking. Despite the authors' attention to key contingencies, it is impossible to be completely comprehensive in addressing all contingencies.

The framework provides tactics for competing and, consequently, maximizing income and minimizing costs.

The work synthesizes extant thinking on patents and multipoint competition. While the base model should be valuable for managers, the overall work should be valuable for academics.

The purpose of this paper is to provide an indication of the returns to commercial property lending over the last 30 years in the UK.

There is no long-term index of the returns to commercial property lending in the UK. This paper provides a partial solution by simulating the performance of bullet loans of various vintages, based on the value movements of the IPD index.

On average over the long-term debt returns are higher than equity returns. However, in certain periods, the losses incurred by real estate lenders are very large.

No account taken of risk mitigation strategies used by lenders such as cross-collateralisation.

Provides an alternative approach to that recommended by the recent IPF “Vision For Real Estate Finance” Document based on the use of ICR. Makes the case for a loan equivalent of the IPD index.

Reduced chance of resource misallocation and recession due to excess real estate lending.

Very limited information on private real estate debt returns.

This chapter extends Panyagometh and Roberts (2008) by taking into account differences in costs of closure among countries and the effects of subordinated debt on moral hazard problems. Our results show that a mandatory subordinated debt policy (MSDP) can be used with contingent purchase and assumption policy to further reduce probability of future bank failure if the high level of uninsured debt can improve the effectiveness of monitoring. While a MSDP might be appropriate for some developed countries with effective informational and supervisory environments and developed financial markets, such as the U.S., extending a MSDP into developing countries is questionable.

The purpose of this paper is to explicate spiritual leadership lessons of beneficence, courage, hope and ubuntu/humanness that are derived from the experiences of women leaders in Kenya. The paper seeks to connect African data with existing literature on spiritual leadership, to demonstrate where African spiritual leadership is similar to, or different from, western conceptualizations of spiritual leadership.

The study from which this paper is derived employed qualitative methods, specifically interviews with supplemental archival data and observations. Four major themes are explored: beneficence, courage, hope/forbearance and ubuntu/humanness as emerging from the women's leadership stories. These four themes are compared and contrasted against existing literature on spiritual leadership.

It is found that beneficence, courage, and hope are comparable to existing western conceptualizations, whereas ubuntu is unique to the African context.

The paper and the larger study were derived from interviews with 16 participants; as such, generalization was not a goal. The paper provides a deeper understanding of spiritual leadership as enacted by African women, with implications for the need for increased research on non‐western, non‐white perspectives on the phenomenon.

Readers may relate to the women's stories and be both informed and inspired towards their own social justice leadership.

Whereas the paper is derived from field research conducted in 2005 and published variously in other sources as cited, this paper takes an original perspective in comparing and contrasting African and western understandings of spiritual leadership, and expanding the understanding of the same in a novel way not done in previous publications.

The purpose of this paper is to define the key components of an effective regulatory regime.

The paper takes the form of a critical analysis.

Regulatory arbitrage has been one of the major factors contributing to the severity of the crisis. Given the ever more complex set of future regulatory constraints, it may keep generating costly negative spillover effects on the whole economy. Moreover, rules‐based regulation, however carefully constructed, will unfortunately never prevent bank failures. Neither should it attempt to do so. An effective overall regulatory regime must be sufficiently comprehensive and well‐balanced. It must not put too much emphasis on lowering the probability of individual bank failure. The key components of an effective regulatory regime must be: Basel‐type rules robust to off‐balance‐sheet arbitrage; little forbearance in monitoring and supervision by regulatory agencies, with a focus on systemic risk control; automatic and quick intervention as well as resolution mechanisms. While all components are necessary, none is sufficient; and without strong international coordination, none will be effective.

Enhanced supervision of banks.

Less costly bank failures.

The paper presents a critical review of current financial reforms in the banking sector.

This paper aims to analyze and discuss the implications of the August 2010 decision of the D.C. Circuit Court of Appeals vacating and remanding to the SEC its December 2008 order approving a proposed fee filed by NYSE Arca, LLC for its depth‐of‐book product ArcaBook. It also seeks to consider the effect on the court's decision of the Dodd‐Frank Act amendments to Section 19(b) of the Exchange Act.

The paper analyzes the evolution of the SEC's policy regarding SRO market data fees including the 1999 Concept Release on Market Information, the Advisory Committee on Market Information, the effects of decimalization and the 2005 adoption of Regulation NMS. It focuses on market data fee policy in connection with the Commission's decade‐long project to increase the role of competition in the US securities markets, culminating in the 2006 NYSE Arca fee filing, the SEC's 2008 order approving those fees and the NetCoalition decision.

The court's decision that a cost analysis is not irrelevant to the SEC's review of proposed SRO fee filings brings clarity and finality to a long‐standing dispute within the Commission and the securities industry and identifies a procedure for reaching an economically sound determination of “fair and reasonable” fees for SRO market data.

A cost‐based analysis of SRO market data fee filings is likely to result in a significant decline in market data revenues for those exchanges that charge fees for their data. For the Commission, cost‐based analysis is likely to require a significant reallocation of its regulatory staff and resources.

The paper presents a useful analysis for securities regulatory lawyers and financial analysts and investors following the stock exchange and financial information industries.

THE forbearance of readers is requested at the outset for a personal note, considered to be inseparable from the basic purpose of this paper. The author's professional duties for many years prior to this war were concentrated on the specialist work of the design of distribution and transmission networks of various electricity supply undertakings, covering the main development period of electricity supply in this country, and also including the change‐over of direct current consumers to alternating supply. The author was directed for the period of the war into the aircraft industry and again specialized on the electrical side, and the similarity of the technical problems which have arisen in both his experiences leave no doubt that aircraft electrical systems can benefit from the hard‐won success of the electricity undertakings, whose achievements and mistakes alike are given publicity and opportunity for discussion. The technical success of supply systems is generally admitted to be in a large measure due to the freely‐pooled contributions from the experience of engineers in the profession. The author airs very decided personal views, many of them contrary to present practice and forecasts, and in order that the criticism it is hoped to arouse should not be marred by any misunderstandings, it is made clear that his experience is limited to British aircraft; with no knowledge of American practice. The scope of electrical applications in aircraft is very great and it does seem that as each new application arises, those responsible endeavour to design suitable systems and apparatus de novo instead of ascertaining first whether or no there is a similar application in the electrical industry which has been tried out over the years, and which if applied with suitable modification to aircraft would cut out the inexcusable “teething” troubles. For example, the risk of fire being carried along by cables has been very thoroughly studied in switching stations; the deleterious effects of oil upon rubber insulation were appreciated years ago; and telephonic intercommunication has been utilized always in generating stations where the noise is quite equal to that which obtains in aircraft; also the practice of endeavouring to classify cables by their current carrying capacities was abandoned a very long time ago. These are only a few examples in which the author feels that aircraft electrical systems can be improved as a result of experience in the allied industry.