Real property, probate, and trust journal最新文献

{"title":"Reserve Management and Audit Committee Characteristics: Evidence from U.S. Property–Liability Insurance Companies","authors":"Wenyen Hsu, Yenyu Huang, Gene C. Lai","doi":"10.1111/jori.12251","DOIUrl":"https://doi.org/10.1111/jori.12251","url":null,"abstract":"We examine the relation between reserve management and a set of audit committee characteristics of property–liability insurers, using reserve errors as a proxy for reserve management. We find that insurers with three audit committee characteristics have more conservative loss reserve estimations: larger audit committee size and more members with accounting expertise, and more audit committee meetings. Our results also find that three recommendations of the 1999 Blue Ribbon Committee can make corporate audit committees more effective: a minimum audit committee size, a minimum level of accounting expertise, and a minimum number of audit committee meetings. These results were obtained when we controlled for board of director characteristics, firm‐specific characteristics, and Sarbanes–Oxley. Some board composition variables (e.g., director ownership) also have an impact on reserve management during our study period. The evidence overall suggests that the audit committee and some board characteristics have an impact on reserve management (earnings management) even in a regulated environment such as the insurance industry.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"5 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74184306","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 Simple Approach to Project Extreme Old Age Mortality Rates and Value Mortality-Related Financial Instruments","authors":"K. Dowd, A. Cairns, D. Blake","doi":"10.2139/ssrn.3552230","DOIUrl":"https://doi.org/10.2139/ssrn.3552230","url":null,"abstract":"This article shows how mortality models that involve age effects can be fitted to ages beyond the sample range using projections of age effects as replacements for age effects that might not be in the sample. This ‘projected age effect’ approach allows insurers to use age-effect mortality models to obtain valuations of financial instruments such as annuities that depend on projections of extreme old age","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"30 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"78003384","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":"How Prevalent Were Racially Restrictive Covenants in 20th Century Philadelphia? A New Spatial Data Set Provides Answers","authors":"Lawrence Santucci","doi":"10.21799/frbp.dp.2019.05","DOIUrl":"https://doi.org/10.21799/frbp.dp.2019.05","url":null,"abstract":"One of the tools used by early 20th century developers, builders, and white homeowners to prevent African Americans from accessing parts of the residential real estate market was the racially restrictive covenant. In this paper, we present a newly constructed spatial data set of properties in the city of Philadelphia with deeds that contained a racially restrictive covenant at any time from 1920 to 1932. To date, we have reviewed hundreds of thousands of property deeds and identified nearly 4,000 instances in which a racial covenant had been included in the deed. The covenanted properties formed an invisible barrier to less densely populated areas sought after by white residents and around predominantly white neighborhoods throughout the city. We present the data in a series of geospatial maps and discuss plans for future enhancements to the data set.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"56 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"89876848","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":"Building and Testing Yield Curve Generators for P&C Insurance","authors":"G. Venter, Kailan Shang","doi":"10.2139/ssrn.3483891","DOIUrl":"https://doi.org/10.2139/ssrn.3483891","url":null,"abstract":"Interest-rate risk is a key factor for property-casualty insurer capital. P&C companies tend to be highly leveraged, with bond holdings much greater than capital. For GAAP capital, bonds are marked to market but liabilities are not, so shifts in the yield curve can have a significant impact on capital. Yield-curve scenario generators are one approach to quantifying this risk. They produce many future simulated evolutions of the yield curve, which can be used to quantify the probabilities of bond-value changes that would result from various maturity-mix strategies. Some of these generators are provided as black-box models where the user gets only the projected scenarios. One focus of this paper is to provide methods for testing generated scenarios from such models by comparing to known distributional properties of yield curves. P&C insurers hold bonds to maturity and manage cash-flow risk by matching asset and liability flows. Derivative pricing and stochastic volatility are of little concern over the relevant time frames. This requires different models and model testing than what is common in the broader financial markets. To complicate things further, interest rates for the last decade have not been following the patterns established in the sixty years following WWII. We are now coming out of the period of very low rates, yet are still not returning to what had been thought of as normal before that. Modeling and model testing are in an evolving state while new patterns emerge. Our analysis starts with a review of the literature on interest-rate model testing, with a P&C focus, and an update of the tests for current market behavior. We then discuss models, and use them to illustrate the fitting and testing methods. The testing discussion does not require the model-building section.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-08","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"74571714","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 Vision of Health Equity in Housing","authors":"S. Burris, Katie Moran-McCabe, Nadya Prood, K. Blankenship, Angus Corbett, A. Gutman, Bethany Saxon","doi":"10.2139/ssrn.3480628","DOIUrl":"https://doi.org/10.2139/ssrn.3480628","url":null,"abstract":"This report is the first in a series of reports exploring the role of law in housing equity and innovative uses of law to improve health equity through housing. The reports are based on extensive literature scans and semi-structured interviews with people who are taking action in housing policy and practice. The full series includes: Report I: A Vision of Health Equity in Housing; Report II: Legal Levers for Health Equity in Housing: A Systems Approach; Report III: Health Equity in Housing: Evidence and Evidence Gaps; Report IV: Creative People and Places Building Health Equity in Housing; Report V: Governing Health Equity in Housing; and Report VI: Health Equity through Housing: A Blueprint for Systematic Legal Action. \u0000 \u0000This report describes the strong relationship between housing, neighborhood and health, and reviews old and new evidence about health, health equity and housing to make the case for “health equity in housing” as a top goal of the movement to create a Culture of Health in America. Achieving health equity in housing means that a substantial proportion of people living in the United States will have the option to live in racially and socio-economically mixed communities where all residents benefit from safe and affordable houses, good schools, transportation, parks and recreational facilities, and economic opportunities.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"12 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-11-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"82227250","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":"Options on Tontines: An Innovative Way of Combining Tontines and Annuities","authors":"A. Chen, Manuel Rach","doi":"10.2139/ssrn.3398144","DOIUrl":"https://doi.org/10.2139/ssrn.3398144","url":null,"abstract":"Increases in the life expectancy, the low interest rate environment and the tightening solvency regulation have led to the rebirth of tontines. Compared to annuities, where insurers bear all the longevity risk, policyholders bear most of the longevity risk in a tontine. Following Donnelly and Young (2017), we come up with an innovative retirement product which contains the annuity and the tontine as special cases: a tontine with a minimum guaranteed payment. The payoff of this product consists of a guaranteed payoff and a call option written on a tontine. Extending Donnelly and Young (2017), we consider the tontine design described in Milevsky and Salisbury (2015) for designing the new product and find that it is able to achieve a better risk sharing between policyholders and insurers than annuities and tontines. For the majority of risk-averse policyholders, the new product can generate a higher expected lifetime utility than annuities and tontines. For the insurer, the new product is able to reduce the (conditional) expected loss drastically compared to an annuity, while the loss probability remains fairly the same. In addition, by varying the guaranteed payments, the insurer is able to provide a variety of products to policyholders with different degrees of risk aversion and liquidity needs.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"51 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-18","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"80197647","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":"Unintended Consequences of Minimum Annuity Laws: An Experimental Study","authors":"Abigail Hurwitz, Orly Sade, Eyal Winter","doi":"10.2139/ssrn.3117804","DOIUrl":"https://doi.org/10.2139/ssrn.3117804","url":null,"abstract":"Abstract The need to ensure that people have adequate savings for retirement has prompted debate among regulators and academics. Certain countries have implemented or are considering implementing mandatory minimum annuity laws (e.g., Singapore and Israel), whereas others have repealed or are considering repealing such legislation (e.g., the U.K.). We investigate the introduction as well as the repeal of a regulatory change—specifically, a mandatory minimum annuity rule—using a laboratory experiment and two surveys. Our results indicate that imposing a mandatory minimum may create an anchoring effect to the threshold level. Furthermore, our results suggest that the mandatory requirement may have unintended consequences: Such laws may fail to provide an increase in the demand for annuities and may even reduce it for certain individuals. The outcome is sensitive to the relation between the level of the mandatory minimum and anticipated consumption (i.e., future financial need). Moreover, we provide novel evidence about the consequences of a repeal of mandatory minimum annuity laws and suggest that it may not restore the demand for annuities to the pre-law level.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"78 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84897293","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":"Intellectual Property and Competition","authors":"Herbert Hovenkamp","doi":"10.4337/9781789903997.00014","DOIUrl":"https://doi.org/10.4337/9781789903997.00014","url":null,"abstract":"A legal system that relies on private property rights to promote economic development must consider that profits can come from two different sources. First, both competition under constant technology and innovation promote economic growth by granting many of the returns to the successful developer. Competition and innovation both increase output, whether measured by quantity or quality. Second, however, profits can come from practices that reduce output, in some cases by reducing quantity, or in others by reducing innovation.IP rights and competition policy were traditionally regarded as in conflict. IP rights create monopoly, which was thought to be inimical to competition. By contrast, competition policy values free entry and asset mobility, which IP rights limit in order to create incentives. Today our view of this relationship is more complex. First, most IP rights are insufficient to produce durable monopoly, although they do facilitate product differentiation. Second, we tend to see IP rules as creating a property rights system in which competition exists for the property rights themselves. Firms compete by innovating and appropriating whatever payoffs they are able to capture, including IPRs. Third, we define competition in terms of output or welfare rather than simple rivalry. A market structure or practice that increases output is more \"competitive\" than a lower output alternative, even though the amount of daily rivalry among firms is less. For example, output in the cellular phone market is much higher because hardware, software, and telecommunications links are all networked by cooperative agreements and standard setting.Under conventional neoclassical assumptions, both innovation and competition increase output, whether measured by the number of units or their quality.At the same time, however, excessive IP protection limits competition by reducing asset mobility further than necessary to facilitate innovation. Excessive antitrust enforcement can also limit asset mobility by benefiting select businesses at the expense of consumers. The policy trick is to find the \"sweet spot\" where the aggregate effects of IP and competition policy are optimized.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"7 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"87420979","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":"Rectification of the Land Register","authors":"Neil Maddox","doi":"10.2139/ssrn.3435021","DOIUrl":"https://doi.org/10.2139/ssrn.3435021","url":null,"abstract":"This article examines another limitation on the register’s conclusiveness; namely the power to rectify errors in registration by virtue of ss.31(1) and 32 of the Registration of Title Act 1964 (the “1964 Act”). Section 32 allows for the rectification of errors originating in the land registry while section 31(1) traces preserves the court’s jurisdiction to rectify on certain specific grounds.Such powers of rectification protect against any error or mistakes made in the process of carrying out registration as well as preserving the rights as against registered land of any person who can have recourse to the court to rectify a contract on the grounds of actual fraud or mistake.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"22 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84775668","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":"Bitcoin Özelinde Kripto Paraların Eşya Niteliği Sorunu (The Question of Property Qualification of Cryptocurrencies Specific to Bitcoin)","authors":"Fatih Bilgili, M. Cengil","doi":"10.2139/ssrn.3432713","DOIUrl":"https://doi.org/10.2139/ssrn.3432713","url":null,"abstract":"<b>Turkish Abstract:</b> Bir kripto para olan Bitcoin dünya çapında yaygınlaşmaktadır. Transfer edilebilen, gelir getiren ve alışverişlerde kullanılan yapısı nedeniyle Bitcoin giderek bir para ya da değişim aracı olarak algılanmakta ve kullanılmaktadır. Bitcoin üzerindeki haklar ne fikrî mülkiyet ne de şahsiyet hakları arasında yer almaktadır. Bu durum, Bitcoin’in hukuken korunması ihtiyacını beraberinde getirmiştir. Çalışmamızda Bitcoin ve Bitcoin’in temelindeki teknoloji olan Blockhain’e ilişkin teknik bilgiler verildikten sonra Bitcoin özelinde kripto paralara eşya hukuku kurallarının uygulanıp uygulanamayacağı sorunu ele alınacaktır.<br><br><b>English Abstract:</b> Bitcoin which is a cryptocurrency, is becoming widespreaded worldwide. Bitcoin is increasingly perceived and used as a money or means of exchange because of its transferable, revenue-generating and used in shopping feature. Rights on Bitcoin are neither an intellectual property right nor a personal right. This status is required legal protection for Bitcoin. In this study, focused on firstly technical informations in regard to Bitcoin and Blockchain, which is underlying technology of Bitcoin, are informed, then the question of whether the rules of property law can be applied to cryptocurrencies specific to Bitcoin will be discussed.","PeriodicalId":82443,"journal":{"name":"Real property, probate, and trust journal","volume":"3 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-05","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88877577","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}