Real property, probate, and trust journal最新文献

{"title":"Some Remarks on the Mossin Theorem","authors":"Liang Hong","doi":"10.2139/ssrn.3022595","DOIUrl":"https://doi.org/10.2139/ssrn.3022595","url":null,"abstract":"We establish several new results regarding the Mossin Theorem under both non-random initial wealth and random initial wealth. For the non-random initial wealth case, we show that the Mossin Theorem holds for any constrained class of insurance contracts whose maximum coverage provides full coverage of the potential loss. This result not only settles an open conjecture, but also provides a unified treatment for extant varieties of the Mossin Theorem. For the random initial wealth case, we give a thorough study of the upper-limit insurance. In particular, we show that (i) for a fair premium, the Generalized Mossin Theorem for coinsurance, does not hold for upper-limit insurance, and (ii) for an unfair premium, partial insurance will always be optimal, regardless of the risk preference of the individual and the dependence structure between the random loss and the random initial wealth.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-08-24","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80463176","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":"Non-Cooperative Dynamic Games for General Insurance Markets","authors":"T. Boonen, A. Pantelous, R. Wu","doi":"10.2139/ssrn.3011361","DOIUrl":"https://doi.org/10.2139/ssrn.3011361","url":null,"abstract":"In the insurance industry, the number of product-specific policies from different companies has increased significantly. The strong market competition has boosted the demand for a competitive premium. In actuarial science, scant literature still exists on how competition actually affects the calculation and the cycles of company’s premiums. In this paper, we model premium dynamics via differential games, and study the insurers’ equilibrium premium dynamics in a competitive market. We apply an optimal control theory methodology to determine the open-loop Nash equilibrium premium strategies. The market power of each insurance company is characterized by a price sensitive parameter, and the business volume is affected by the solvency ratio. We study two models. Considering the average market premiums, the first model studies an exponential relation between premium strategies and volume of business. The second model initially characterizes the competition between any selected pair of insurers, and then aggregates all the paired competitions in the market. Numerical examples illustrate the premium dynamics, and show that premium cycles may exist in equilibrium.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"81 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-07-31","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"73910735","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":"Optimal Dividends Under Erlang(2) Inter-Dividend Decision Times","authors":"Benjamin Avanzi, Vincent Tu, Bernard Wong","doi":"10.2139/ssrn.2996146","DOIUrl":"https://doi.org/10.2139/ssrn.2996146","url":null,"abstract":"In the classical dividends problem, dividend decisions are allowed to be made at any time. Under such a framework, the optimal dividend strategies are often of barrier or threshold type, which can lead to very irregular dividend payments over time. In practice however companies distribute dividends on a periodic basis. In that spirit, “Erlangisation” techniques have been used to approximate problems with fixed inter-dividend decision times.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"84 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-07-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79813125","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":"Fraud, Rectification and Land Registration: A Choice","authors":"M. Dixon","doi":"10.17863/CAM.12044","DOIUrl":"https://doi.org/10.17863/CAM.12044","url":null,"abstract":"Examines land registration in England and Wales and the ability to change the land register. Consideration of how fraud may cause the register to be changed.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"9 18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"90247259","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":"Charges for Charges: Home Sales Under the Care Act 2014","authors":"B. Sloan","doi":"10.5040/9781782257578.ch-009","DOIUrl":"https://doi.org/10.5040/9781782257578.ch-009","url":null,"abstract":"Unlike healthcare, broadly provided free at the point of delivery in England, social care is subject to a means test that can include the care recipient’s home. One principle embodied in the Care Act 2014 is nevertheless the frequent undesirability of a recipient being forced to sell her own home during her lifetime to fund her care. It therefore seeks to increase the availability of Deferred Payment Agreements (‘DPAs’), enabling a local authority to make a secured loan to the care recipient. Even if this system is beneficial to such recipients themselves, it can have profound implications for people who wish to remain in the home of a now-deceased recipient. This is particularly true given that the secured loan facilitated by a DPA is due for repayment just 90 days after a recipient’s death, and that former co-residents might be vulnerable former providers of informal care. This paper aims to evaluate the relationship between former co-residents and home sales forced by local authorities, comparing a former co-resident’s position with that of others whose homes are the subject of attempted forced sale by creditors in other contexts, by examining law, guidance and codes of practice. The fundamental question is whether the system of DPAs governed by the Care Act adequately balances the perceived societal interest in ensuring that those with means contribute towards their care costs and the individual interests of former co-residents in remaining in their own homes after the death of a social care recipient.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"23 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"83813541","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":"Empirical Analysis of Expanding Insurers' Duty to Settle: Evidence from the Royal Globe Doctrine","authors":"Brian Richman, Sharon Tennyson","doi":"10.2139/ssrn.2994586","DOIUrl":"https://doi.org/10.2139/ssrn.2994586","url":null,"abstract":"The historic 1979 California Supreme Court decision in Royal Globe Insurance Company v. Superior Court unexpectedly extended insurer’s good faith duty to settle liability claims to the injured third party claimant, expanding the set of eligible plaintiffs to those with the greatest incentive to sue. Theory predicts two competing effects of this expansion: an increase in insurers’ incentives to pay legitimate claims, and a corresponding decrease in insurers’ incentives to investigate potentially fraudulent claims. Using data on automobile bodily injury liability claims, we make use of the quasi-experimental nature of this decision and employ synthetic control methods to examine the relative importance of these two effects. Estimates indicate a significant increase in compensation amounts but little evidence of an increase in fraud indications or a decrease in insurers’ fraud monitoring, among paid claims. Significant differences in treatment effects are found for claims of different sizes and characters, with small claims and claims without fraud suspicion indicators receiving more beneficial treatment under the expanded duty to settle.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"78 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-28","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74026950","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":"The Value of Fiduciary Duties: Evidence from En Bloc Sales in Singapore","authors":"Jianfeng Hu, K. F. Low, Wei Zhang","doi":"10.2139/ssrn.2992656","DOIUrl":"https://doi.org/10.2139/ssrn.2992656","url":null,"abstract":"We explore the causal relationship between the legal doctrine of fiduciary duties and market price response in the setting of collectively selling subdivided residential real estates, the en bloc sales, in Singapore. We used a unique legal shock in 2009, the Ng Eng Ghee v. Mamata Kapildev Dave case decided by the Singapore Court of Appeal, to identify the value of fiduciary duties to actual and potential sellers, i.e. subsidiary proprietors whose condominium units have been sold en bloc or could be sold through the same legal scheme in future. We find that the judicial establishment of fiduciary duties in the en bloc sale process raises the price of these sales. After considering both the increase in price premium and the decrease in deal probability, the new judicial position seems to do no harm to condominium prices. Furthermore, we observe evidence lending persuasive support to the proposition that fiduciary duties is a useful legal device to constrain agency problem which, in the context of en bloc transactions, manifests itself as lowball sales by investor owners at the expense of resident owners. Finally, the findings in this paper demonstrate that fiduciary duties are likely to have enhanced the overall welfare of both sides of en bloc transactions. Our study highlights the importance of judicial oversight in non-consensual land assembly mechanisms that have been contemplated or practiced in a number of jurisdictions. At the same time, it presents a rare piece of empirical evidence illustrating the practical impact of fiduciary duties, a long-standing and widely-adopted legal doctrine. As such, this study also sheds new light on the crucial issue of adapting fiduciary duties to a variety of areas of law including corporate M&A, shareholder activism and broker-dealer obligations.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"13 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-06-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74671544","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":"Listings and the Statute of Frauds","authors":"R. Bernhardt","doi":"10.2139/SSRN.2959846","DOIUrl":"https://doi.org/10.2139/SSRN.2959846","url":null,"abstract":"Commentary on a recent case dealing with an incompletely signed listing agreement.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"94 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-04-27","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80291765","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":"The Enduring (Muted) Legacy of Lucas v. South Carolina Coastal Council: A Quarter Century Retrospective","authors":"L. Wake","doi":"10.2139/SSRN.2960341","DOIUrl":"https://doi.org/10.2139/SSRN.2960341","url":null,"abstract":"Decided 25 years ago this spring, Lucas v. South Carolina Coastal Council, 505 U.S. 1003 (1992), departed from previous regulatory takings cases in pronouncing a concrete rule of takings liability — applicable in cases where an imposed restriction goes so far as to deny an owner all economically beneficial uses, or to render his or her property entirely valueless. Previously the Supreme Court had said that regulatory takings claims should be assessed under the amorphous balancing test set forth in Penn Central Transportation Co. v. New York City, 438 U.S. 104 (1978). And as late as the 1987 term, the Court had disavowed categorical rules. See Keystone Bituminous Coal Assn. v. DeBenedictis, 480 U.S. 470, 495 (1987). Accordingly, many commentators were critical of Lucas, on the view that the decision was fundamentally at odds with Penn Central’s much more flexible approach. \u0000Still, the most controversial aspect of Lucas’ new per se rule was in that it wholly discounted legislative judgments. This not only elicited strenuous dissenting opinions, but prompted near-vitriolic criticism from some scholars who expressed concern that the Court had placed private interests above the public interest, in a manner that might impede the government’s ability to address pressing public concerns through regulation. The most biting critics argued that Lucas had revived the ghost of Lochner v. New York, 198 US 45, 75 (1905). But as explained in this retrospective, these concerns have proven largely unfounded. Lucas did not seriously hamstring environmental regulation, let alone municipal land use planning. And, in any event, the Lochner analogy was improper from the outset because Lucas left undisturbed the general presumption, set forth in Village of Euclid v. Ambler Realty Co., 272 U.S. 365, 391 (1926), that land use restrictions will be upheld so long as they reasonably relate to the advancement of a legitimate state interest. Moreover, as discussed in greater depth within this article, subsequent developments have since placed both Lucas and Village of Euclid in their proper context. \u0000As would only be appropriate in a retrospective analysis, I consider the full implications of Lucas for the development of our modern regulatory takings doctrine. First, I explain that Lucas was a logical outgrowth of the Court’s seminal regulatory takings case in Pennsylvania Coal Co. v. Mahon, 260 U.S. 393, 413 (1922). Second, I evaluate subsequent developments that have minimized the practical impact of Lucas for landowners and land use planners. Yet, at the same time, I also suggest that Lucas was a significant step forward in the development a more sophisticated regulatory takings doctrine, especially in explaining that takings claims are assessed with reference to those rights enuring in the title to land — as defined by objective background principles ensconced in state law. Finally, I conclude that there remains a vital need for the Supreme Court to clarify lingering quest","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"41 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-04-25","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79034720","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":"Testimony Regarding ESA Consultation Impediments to Economic and Infrastructure Development to the House Committee on Natural Resources Subcommittee on Oversight and Investigations","authors":"J. Wood","doi":"10.2139/SSRN.2941086","DOIUrl":"https://doi.org/10.2139/SSRN.2941086","url":null,"abstract":"This testimony, presented to the House Committee on Natural Resources Subcommittee on Oversight and Investigations contends that the Endangered Species Act consultation process obstructs economic and infrastructure development, even to the point of harming species.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"38 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2017-03-26","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77844636","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}