Real property, probate, and trust journal最新文献

{"title":"Impacts of Extreme Weather Events on Mortgage Risks and Their Evolution under Climate Change: A Case Study on Florida","authors":"A. Mandel","doi":"10.2139/ssrn.3929927","DOIUrl":"https://doi.org/10.2139/ssrn.3929927","url":null,"abstract":"We develop an additive Cox proportional hazard model with time-varying covariates, including spatio-temporal characteristics of weather events, to study the impact of weather extremes (heavy rains and tropical cyclones) on the probability of mortgage default and prepayment. We estimate the model on a portfolio of mortgages in Florida, consisting of 69,046 loans and 3,707,831 loan- month observations with localization data at the five-digit ZIP code level. We find a statistically significant and non-linear impact of tropical cyclone intensity on default as well a significant impact of heavy rains in areas with large exposure to flood risks. These findings confirm existing results in the literature and also provide estimates of the impact of the extreme event characteristics on mortgage risk, e.g. the impact of tropical cyclones on default more than doubles in magnitude when moving from a hurricane of category two to a hurricane of category three or more. We build on the identified effect of exposure to flood risk (in interaction with heavy rainfall) on mortgage default to perform a scenario analysis of the future impacts of climate change using the First Street flood model, which provides projections of exposure to floods in 2050 under RCP 4.5. We find a systematic increase in risk under climate change amounting to 1 percentage point in average and much more pronounced in the tail of the distribution, with an increase of 7 percentage points of the default probability at the 99th percentile of the mortgage distribution.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"40 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82649096","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"A Note on Nigerian Law of Landlord and Tenant","authors":"Destiny Aisekhaghe","doi":"10.2139/ssrn.3922616","DOIUrl":"https://doi.org/10.2139/ssrn.3922616","url":null,"abstract":"With the daily increase in population and urbanization, there is a concurrent need for adequate accommodation, particularly in capital and commercial cities across Nigeria. In addition to the efforts of governments at reducing the housing deficits, individuals and corporate entities are making big business in the housing market by building high, middle and low-income apartment for rent. This has brought the need to regulate the relationship between landlords and tenants so as to avoid arbitrary increments in rents, wrongful eviction and illegal holding over of premises. This Note examines the law of landlord and tenant and the procedure for the recovery of possession in Nigeria.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"36 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-09-10","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78708946","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Online Supplement to: The Discriminating (Pricing) Actuary","authors":"E. Frees, Fei Huang","doi":"10.2139/ssrn.3892473","DOIUrl":"https://doi.org/10.2139/ssrn.3892473","url":null,"abstract":"This is online supplement provides and extended abstract, a description of regulation by jurisdiction, several appendices, and an annotated bibliography.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"50 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76334484","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Care-Dependent Tontines","authors":"A. Chen, Yusha Chen, Xian Xu","doi":"10.2139/ssrn.3880661","DOIUrl":"https://doi.org/10.2139/ssrn.3880661","url":null,"abstract":"With the gradual deepening of aging, the medical and pension problems of the half-disabled and disabled elderly will become increasingly prominent. Policymakers, academics, and the public at large shed extensive concerns about the cost of aging societies. Although long-term care (LTC) insurance comes up as one of the solutions, private LTC does not perform well in the market. The combination of tontines with long-term care contingency stands out as an alternative to attract participants. In this article, we propose two ways of designing the care-dependent tontines: (i) all the insured members are considered to be in one pool; (ii) at each time t, we allocate them into two groups: the healthy and the severely sick. We find out the optimal payment structures of the care-dependent tontine as well as the care-dependent annuity that maximize the policyholder’s expected lifetime utility. Based on data from China Health and Retirement Longitudinal Study (CHARLS), we theoretically and numerically compare the different care-dependent products in consideration with an actuarially fair premium. Results imply that the care-dependent annuity is the most attractive one. However, when we take account of the risk charges to further compare the products, we find that both care-dependent tontines present as better choices of policyholders in comparison with care-dependent annuities. Moreover, two-pool care-dependent tontines draw attractions to the policyholder with a smaller risk aversion coefficient, while one-pool care-dependent tontines are more appealing to the more risk-averse policyholders.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"17 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-07-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85998436","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Does a Rising Tide Lift All Boats? Sea Level Rise, Land Use and Property Rights","authors":"Laura Padilla","doi":"10.2139/ssrn.3858213","DOIUrl":"https://doi.org/10.2139/ssrn.3858213","url":null,"abstract":"This Article considers sea level rise and land use adaptation strategies which balance safety and well-being with private property rights. Following the introduction in Part I, Part II provides background on the sea level rise problem and its projected acceleration. Part III describes physical and economic impacts of sea level rise. Part IV explains a range of adaptation responses, including an innovative model that can be tested in San Diego. Part V explores expected legal challenges to sea level rise adaptation strategies and likely outcomes. The Article focuses on California, but the problems, solutions and challenges pervade coastal communities everywhere.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"49 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-06-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87843379","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"An Empirical Model for Corporate Bond Liquidity as a Function of Bond Properties","authors":"Kaihua Cai, P. Yesley","doi":"10.2139/ssrn.3821260","DOIUrl":"https://doi.org/10.2139/ssrn.3821260","url":null,"abstract":"We define liquidity for corporate bonds as the time it takes to liquidate a given position. Our methodology addresses the fact that many bonds are liquidated quickly despite few trades in the recent past. Building on research from the housing market, we apply survival analysis to bond holding times. We generalize across bond properties and market conditions to arrive at a liquidity model for all corporate bonds; regardless of how often they trade.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"47 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-04-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"76948459","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Incentivization in Decentralized Autonomous Organizations","authors":"Alexander Braun, Niklas Häusle, Stephan Karpischek","doi":"10.2139/ssrn.3760531","DOIUrl":"https://doi.org/10.2139/ssrn.3760531","url":null,"abstract":"We propose a mechanism for the incentivization of workers in decentralized autonomous organizations instantiated on the blockchain. Our approach relies on staking, a digital form of collateralization that requires network participants to acquire cryptographic tokens and deposit them in a smart contract or bound wallet. In case of worker malfeasance, the collateral can be reallocated to the customers to compensate them for their losses. We use the nascent decentralized insurance market as a laboratory to apply our model based on real-life data and show that relatively small stakes are sufficient to maximize network throughput, which is equivalent to welfare.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2021-01-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78496036","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Banking Relationships and Financial Decisions of REITs","authors":"Yuan-Chen Chang, Yi‐Ting Hsieh, Kiat Ying Seah, T. Sing","doi":"10.2139/ssrn.3757788","DOIUrl":"https://doi.org/10.2139/ssrn.3757788","url":null,"abstract":"Banking relationships are key factors influencing financing decisions of real estate investment trusts (REITs) that are mandated to hold highly specific assets. Using a comprehensive data set of loan facilities by REITs across different markets, this paper empirically tests the effect of REIT-bank relationships on credit costs and other non-price credit terms. We find that REITs with past banking relationships enjoy favourable loan terms that include lower loan rates, higher loan amount, and a less stringent collateral requirement. These favorable terms were kept by relationship banks during the Global Financial Crisis from 2007 to 2009.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"73 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84285061","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Keeping It Private: The Impossibility to Abandon Ownership and the horror vacui of the Common Law of Property","authors":"Konstanze von Schütz","doi":"10.7202/1089950ar","DOIUrl":"https://doi.org/10.7202/1089950ar","url":null,"abstract":"<b>English Abstract:</b> In the common law of property, it is generally impossible to abandon one’s ownership. This paper explores the impossibility. It shows that owners cannot abandon land and chattels, let alone have a legal right to do so. It then puts forth an account of the common law’s restrictive attitude towards abandonment. I demonstrate that and how this attitude can only be fully understood in light of the common law’s conception of ownership. This is so because the fear that motivates the restrictions on abandonment, the common law of property’s horror vacui, is a fear of the absence of common law ownership in its specific normative significance. Crucial features that characterize common law ownership and that shape the legal rules on abandonment are 1) its monism, 2) its grounding in a private-ownership paradigm, as well as 3) its assignment of proprietary responsibility exclusively to owners. Owing to these features, recourse to a model of ‘public ownership of last resort’ to appease the horror, and as adopted in France and Québec’s civil law, is barred. The common law’s only possibility to appease the horror is to ensure that ownable things are kept in private hands as long as possible—the common law must “keep it private”. An account that identifies the legal rules on abandonment as catering to the common law’s urge to “keep it private” comprehensively captures the entirety of the doctrine. It shows why it can be warranted to oblige owners to continue to assume their proprietary responsibility.<br><br><b>French Abstract:</b> En droit des biens de common law, il est généralement impossible d’abandonner sa propriété. Cet article explore cette impossibilité. Il souligne que ni meubles ni immeubles peuvent être abandonnées, et encore moins qu’il y ait un droit de le faire. L’article propose un nouveau cadre théorique pour expliquer l’attitude restrictive de la common law relativement à l’abandon. Il démontre que cette attitude ne peut être comprise qu’en considérant la conception de ownership qui anime la common law. Il en est ainsi car la peur qui motive les restrictions à l’abandon, l’horror vacui de la common law, est une peur de l’absence de ownership et de sa portée normative particulière. Les règles juridiques sur l’abandon sont façonnées par trois éléments cruciaux qui démarquent ownership, à savoir 1) son monisme, 2) son fondement dans un paradigme de propriété privée ainsi que 3) l’attribution d’une responsabilité spécifiquement propriétaire exclusivement aux propriétaires. Compte tenu de ces caractéristiques, la voie vers un modèle de ‘propriété publique de dernier recours’, comme celui adopté en France et au Québéc, reste fermée. Par conséquent, la seule possibilité pour la common law de calmer l’horreur est que « ça reste privé », c’est-à-dire que les biens soient maintenus entre mains privées le plus longtemps possible. Cette théorie qui met l’accent sur la volonté de la common law de « garder ça privé » rend mieux compt","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-22","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78994430","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}

{"title":"Moment-Matching Approximations for Stochastic Sums in Non-Gaussian Ornstein–Uhlenbeck Models","authors":"R. Brignone, I. Kyriakou, Gianluca Fusai","doi":"10.1016/j.insmatheco.2020.12.002","DOIUrl":"https://doi.org/10.1016/j.insmatheco.2020.12.002","url":null,"abstract":"","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"10 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-12-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"86180521","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}