Leverage and Default in Binomial Economies: A Complete Characterization

Our paper provides a complete characterization of leverage and default in binomial economies with financial assets serving as collateral. Our Binomial No‐Default Theorem states that any equilibrium is equivalent (in real allocations and prices) to another equilibrium in which there is no default. Thus actual default is irrelevant, though the potential for default drives the equilibrium and limits borrowing. This result is valid with arbitrary preferences and endowments, contingent or noncontingent promises, many assets and consumption goods, production, and multiple periods. We also show that only no‐default equilibria would be selected if there were the slightest cost of using collateral or handling default. Our Binomial Leverage Theorem shows that equilibrium Loan to Value (LTV) for noncontingent debt contracts is the ratio of the worst‐case return of the asset to the riskless gross rate of interest. In binomial economies, leverage is determined by down risk and not by volatility.     

冷眼看“法无禁止即自由”——评我国《物权法》抵押物范围的立法模式

“法无禁止即自由”强调私权主体的自由不受公权主体的随意干预，强调私权主体当事人之间的契约自由。我国《物权法》对抵押物的范围采取反面排除的立法模式，是对“法无禁止即自由”的误解。抵押物范围法定，是保护第三人利益、维护交易安全的需要，具有很强的普适性。应当从体系的视角，对我国《物权法》抵押物的范围作出合理的解释。     

我国刑事附带民事诉讼先予执行制度的反思

刑事附带民事诉讼先予执行制度在理论和实践中存在着诸多弊端。因此,应对我国的刑事附带民事诉讼先予执行制度在时间、适用条件和是否要求申请人提供担保等方面进行修改和完善。     

Belief Disagreements and Collateral Constraints

Belief disagreements have been suggested as a major contributing factor to the recent subprime mortgage crisis. This paper theoretically evaluates this hypothesis. I assume that optimists have limited wealth and take on leverage so as to take positions in line with their beliefs. To have a significant effect on asset prices, they need to borrow from traders with pessimistic beliefs using loans collateralized by the asset itself. Since pessimists do not value the collateral as much as optimists do, they are reluctant to lend, which provides an endogenous constraint on optimists' ability to borrow and to influence asset prices. I demonstrate that the tightness of this constraint depends on the nature of belief disagreements. Optimism concerning the probability of downside states has no or little effect on asset prices because these types of optimism are disciplined by this constraint. Instead, optimism concerning the relative probability of upside states could have significant effects on asset prices. This asymmetric disciplining effect is robust to allowing for short selling because pessimists that borrow the asset face a similar endogenous constraint. These results emphasize that what investors disagree about matters for asset prices, to a greater extent than the level of disagreements. When richer contracts are available, relatively complex contracts that resemble some of the recent financial innovations in the mortgage market endogenously emerge to facilitate betting.     

试论北魏以来关东大族的“旁支”——以范阳卢氏、渤海高氏和赵郡李氏为中心

以个案分析的方法,对北魏时期关东大族"旁支"的形成、发展及其在北魏末年战乱中所起的作用等问题进行了多方面的探讨,进而揭示出关东世家大族宗族内部分化的特点,以及大族旁支以武致显并最终在政治上崛起的必然性。     

旁逸修辞格的思维特征

旁逸修辞格作为一种修辞手段,在言语交际中有意离开主题而插入了看似画蛇添足、无关痛痒的“旁枝”,但却增添了语言情趣,提高了表达效果。在实际运用中适情切境的语词采用、“旁枝逸出”的表达方式,都承载着厚重的传统文化信息,都折射出元典时代辩证式整体思维、元典时代变易思维哲学思想对旁逸修辞格的影响。     

论附随义务

在现代合同法上,传统的合同义务发生了扩张。合同法不只保护合同本身,而且更倾向于保护交易发生发展的全过程,附随义务就是这中间引人注意的现象。文章对附随义务的概念、产生的法理基础、内容及法律责任作了探讨。     

商业银行抵押担保贷款面临的风险及防范对策

为了研究商业银行对企业抵押担保贷款风险形成的原因,分析了商业银行抵押担保贷款风险的表现形式及其相关案例。结果表明：商业银行对企业抵押担保贷款风险的形成既有商业银行及其客户自身的原因,也有法律规定不明晰、抵押权实现的程序繁杂、担保登记信息披露缺少统一规定等方面的原因。因此,有必要对担保法等相关法律制度进行完善,从根本上防范和化解抵押担保贷款的风险。     

刑事附带民事诉讼精神损害赔偿问题之思考

随着社会的发展和公民权利意识的增强,刑事案件中受害人要求精神损害赔偿的呼声越来越高, 将“刑附民”案件精神赔偿请求拒之于法院受理大门之外的做法,已不能适应经济的发展。目前, 学术界对这一问题展开大辩论,充分说明我国精神损害赔偿制度难尽如人意。在刑事诉讼领域, 应尽快将精神损害赔偿合法化,并建立完善的刑事附带民事诉讼精神损害赔偿制度。     

Time Does Not Heal All Wounds: Mortality Following the Death of a Parent

People linked through social ties are known to have interdependent health. Our aim was to investigate such collateral health effects in the context of offspring mortality after a parent's death in children aged 10–59 years. The data (N = 3,753,368) were from a linked‐registers database that contains the total Swedish population. In minor children, we found elevations in mortality risks associated with a parent's death. Adult offspring experienced a reduced mortality risk recently after a parent's death, which over time approached, and in some instances even exceeded, that of the general population. Mother's death tended to have a stronger influence than father's death, unnatural parental deaths had a stronger effect than natural ones, and male offspring were more vulnerable than female offspring.