La construction des garanties réelles dans le Code monétaire et financier s’est faite sans approche coordonnée. Le législateur s’est limité à produire des réponses pragmatiques aux besoins des praticiens, dotant ces garanties d'une souplesse et d'une sécurité renforcées. Or, seul le caractère dérogatoire des mesures qui visent à renforcer la sécurité, face aux procédures collectives notamment, caractérise ce que nous identifions comme des garanties réelles dérogatoires tant des garanties réelles de droit commun que des autres garanties sur actifs financiers. Il convient alors d’en tirer les conséquences pour proposer une construction rationnelle d’une garantie réelle financière unique mais protéiforme. C’est l’entrée en vigueur de la directive 2002/47/CE et sa transposition en droit français qui invitent à envisager un remodelage des garanties sur actifs financiers. Une approche commune et unitaire inspirée par cette directive paraît inévitable pour la cohérence de la matière. / France has introduced in the Financial and Monetary Code various types of financial collateral arrangements without organising nor recognising such category. Acting on a case by case basis, the legislator has provided pragmatic tools which offer to the security taker a better flexibility together with an improved security through timely and bankruptcy-remote enforcement. The derogatory regimes appear to be the focal point that characterizes all financial collateral arrangements. The intention of this work is to put forward a unified approach which trades the various types of arrangements in the current heterogeneous set up, often overlapping in their scope of application, for a unique multi-fold financial collateral agreement. In doing so, we assess how such a unified approach, close to the method of the EU Collateral directive can, not only be compatible with our legal concepts, but even offer better clarity to the collateral arrangements, and a strengthened legal certainty.

The success of regenerative cardiac therapy requires reestablishing a capable blood supply via vasculature. The objective of this study was to develop an optimal scaffold formulation for de novo collateral vessel growth of aortic grafts using modified fibrin clots. This ex vivo vascular outgrowth model can be used to interrogate the complex cell or tissue interactions on the angiogenic front as vessels are formed. Based on formulation constraints, the methods used here may provide a clinically applicable option for guided collateral formation. Once understood, the methods and procedures can be tested and modified as necessary for in vivo, in situ regenerative therapy. Aortic segments from wild-type (C57BL/6J) and apolipoprotein-E deficient (ApoE) atherosclerosis-prone mice were cultured in a 3D environment created by various formulations of PEGylated fibrin. Aortic outgrowth was assessed and the optimal formulation was chosen to test the formation of de novo vascular circuits -- the first step necessary for collateral artery formation. The cultures were examined by conventional and confocal microscopy as well as by optical coherence tomography. Experiments testing the relationship between fibrin PEGylation and aortic vascular outgrowth showed that PEGylating fibrinogen prior to clot formation increased outgrowth over non-PEG control (n=6, p<.05) at lower fibrin concentrations. Lowering fibrin concentration to 10, 5, or 2.5mg/ml resulted in significantly higher outgrowth that was 1.92, 2.04, or 2.20 times that of 20mg/ml PEGylated fibrin gels. When multiple aortic segments are cultured in proximity, microvascular outgrowths visually anastamose suggesting that aorta-aorta conduits can be formed in fibrin based hydrogels. Anastomosing circuits appeared between wild-type aortic segments as well as between wild-type and atherosclerotic prone ApoE knockout segments. Fibrin gels, with or without PEGylation, form scaffolds suitable for regenerative vascular outgrowth ex vivo in normal and atherogenic environments. PEGylating fibrin prior to thrombin-initiated polymerization will allow the incorporation of growth factors or other bioactive components, making this a customizable therapy for guided collateral formation. Additionally, the incorporation of PEG itself does not limit and may actually increase the outgrowth from aortic segments in lower density gels. Finally, PEGylated fibrin gels offer an environment that will promote vascular extensions that visually anastamose, making this a viable model for ex vivo collateral formation. / text

This D.Phil. dissertation investigates the areas in financial stability. The three comprising essays have a common ground: money, default and collateral in the theory of finance. Chapter Two (co-authored with Prof. Dimitrios Tsomocos), which is titled “A Dynamic General Equilibrium Model to Analyse Financial Stability”, aims to refine and improve existing DSGE models in two ways. First, it incorporates hitherto neglected components such as endogenous default, money via cash-in-advance constraints and heterogeneous banking sectors. Thus, in contrast to the New Keynesian approach, here it is liquidity and default that are the driving forces behind our results. Second, in focusing on both monetary policy and fiscal policy, it elucidates how interactions between the two policy arenas affect macroeconomic fluctuations, particularly in regard to financial stability. Through these refinements, we put forward the policy response necessary to achieve a stable financial system using a calibrated DSGE model. Chapter Three, entitled “Monetary Policy in a Time of Natural Disaster”, investigates the appropriate monetary policy response to natural disasters in the DSGE framework. I develop a realistic model for financial turmoil by evaluating the impact of natural disasters on credit markets by including financial frictions such as endogenous default and liquidity constraints. I show that the standard Taylor rule (1993) response in models with money and default is to increase the nominal interest rate after a disaster shock. However, in fact an inflation-targeting policy (i.e. monetary contraction) is not compatible with mitigating financial fragility in the highly indebted economy with near-zero interest rate, and arguably the `Taylor Principle' does not hold in such as economy (e.g. Japan in 2011). Nevertheless, expansionary monetary policy induces a debt overhang even further. Chapter Four, “Collateral, Default and Asset Prices”, uses a DSGE framework to put forward a model of how agents adjust their asset holdings in response to deflationary shocks. By introducing collateral constraints in the default decision, I capture some original features of the early debt-deflation literature, such as distress selling and instability. The estimated model successfully delivers a procyclical feedback loop for the default channel, which consists of foreclosure, high borrowing costs, inefficient capital allocation, and a further decrease in the output level. I investigated recessionary shocks inducing deflation in commodity and/or asset prices for monetary policy experiments. This, therefore, underlines the importance of monetary policy in restoring financial stability during a deflationary period.

Šiame darbe visų pirma pateikiama alternatyvaus investavimo fondų apžvalga, vėliau pereinama prie arbitražo strategijų nagrinėjimo. Norint išnaudoti atsiradusį kainų skirtumą tarp dviejų vertybinių popierių su vienodais ateities pinigų srautais reikia pigesnį iš jų pirkti, o brangesnį skolintis ir parduoti. Skirtumui sumažėjus ar išnykus gaunamas pelnas. Skolinantis realiose rinkose beveik visada reikalaujama užstato. Dėl šios priežasties, kainų skirtumui netikėtai padidėjus, patiriamas nuostolis. Arbitražas tampa rizikinga investicija, reikalaujančia pradinio kapitalo. Sukūrėme patį paprasčiausią modelį, parodantį užstato reikalavimo įtaką pelnui iš arbitražo, taip pat randame optimalią strategiją, maksimizuojančią šį pelną. Parodome, kad rinkoje gali egzistuoti arbitražo galimybės, kurios nebus išnaudojamos dėl galimo kainų skirtumo padidėjimo. / This paper, after giving a short introduction to hedge fund industry, studies arbitrage strategies. We consider two assets with identical cash flows. Initially, there is a gap between their prices. Arbitrageur, willing to profit from the mispricing, buys cheaper of the two assets and sells the more expensive one short. If the price difference converges to zero, he makes profit. Arbitrage position can generate losses if the spread widens before converging. Short selling is almost always done with a collateral requirement. For this reason, arbitrage position can generate losses if the spread widens before converging. Arbitrage becomes a risky investment with an initial wealth requirement. We created a simple model, showing how collateral requirement affects profit from an arbitrage opportunity. We also found the optimal strategy to maximize this profit. We showed that arbitrage opportunities can exist in a market; however, they might not be exploitable due to unexpected widening of spreads.

This paper deals with the phenomenon of the financial collateral arrangements, under which parties transfer book-entry securities. It focuses on the legal questions link to the international element. Financial collateral arrangements typically occur in securities repurchase and securities lending. These transactions play important role in order to guarantee liquidity cash and proper functioning of capital markets in the European Union. Simultaneously, securities are no longer only of a tangible goods nature; instead they exists as electronic records in securities accounts. This is why conflicts of law issues have become so paramount. This study analyses the approach of Czech law to financial collateral arrangements. In particular, if the collateral is represented by a book-entry share, bond or fund unit. It pays attention to such a matter from the national as well as the harmonised EU perspective. On an EU level, such arrangements are primarily regulated by the Collateral Directive (FCAD). The Hague Convection on the Law Applicable to Certain Rights in Respect of Securities held with Intermediaries, which has had a profound impact on the notion of book-entry securities conflicts of law rules, is specifically discussed too. Both methods to provide financial collateral, i.e. the outright transfer and...

Recent effort to teach Western science in the Tibetan Buddhist monasteries has drawn interest both within and outside the quarters of these monasteries. This novel and historic move of bringing Western science in a traditional monastic community began around year 2000 at the behest of His Holiness the Dalai Lama, the spiritual head of Tibetan Buddhism. Despite the novelty of this effort, the literature in science education about learners from non-Western communities suggests various "cognitive conflicts" experienced by these non-Western learners due to fundamental difference in the worldview of the two knowledge traditions. Hence, in this research focuses on how six Tibetan Buddhist monks were situating/reconciling the scientific concepts like the theory of evolution into their traditional Buddhist worldview. The monks who participated in this study were engaged in a further study science at a university in the U.S. for two years. Using case study approach, the participants were interviewed individually and in groups over the two-year period. The findings revealed that although the monks scored highly on their acceptance of evolution on the Measurement of Acceptance of Theory of Evolution (MATE) survey, however in the follow-up individual and focus group interviews, certain conflicts as well as agreement between the theory of evolution and their Buddhist beliefs were revealed. The monks experienced conflicts over concepts within evolution such as common ancestry, human evolution, and origin of life, and in reconciling the Buddhist and scientific notion of life. The conflicts were analyzed using the theory of collateral learning and was found that the monks engaged in different kinds of collateral learning, which is the degree of interaction and resolution of conflicting schemas. The different collateral learning of the monks was correlated to the concepts within evolution and has no correlation to the monks’ years in secular school, science learning or their proficiency of English language. This study has indicted that the Tibetan Buddhist monks also experience certain cognitive conflict when situating Western scientific concepts into their Buddhist worldview as suggested by research of science learners from other non-Western societies. By explicating how the monks make sense of scientific theories like the theory of evolution as an exemplar, I hope to inform the current effort to establish science education in the monastery to develop curricula that would result in meaningful science teaching and learning, and also sensitive to needs and the cultural survival of the monastics.

This dissertation examines the effect of the legal environment on access to several types of external finance, and on the decision to invest, for the 3 countries that make up the East African Community (EAC). The results suggest that well defined creditor rights are positively correlated with access to bank loans. Strong creditor rights places pressure on firms to keep good quality financial records. More lending takes place in this environment. A good quality legal system also improves access to non-bank finance, namely trade credit and leasing finance. The analysis demonstrates that collateral in the form of machinery and equipment improves access to bank finance. Collateral appears to be of greater importance when legal enforcement costs are relatively low and information asymmetry is more acute. The results also show that the property rights environment is important for investment. However, the protection of property rights has a more meaningful effect on investment in an environment where the costs of corruption are lower and courts are more efficient. Access to bank finance has a significant positive effect on investment. Thus, a legal system that improves the flow of funds from banks to firms promotes growth enhancing activities. Internal sources of finance are also found to be important for investment. It is recommended that strong emphasis is placed on improving the laws protecting the rights of creditors over property pledged as collateral and over information they can obtain from debtors. Debtor rights over assets in their possession should also be strengthened.

Thesis advisor: Fabio Ghironi / Thesis advisor: Matteo Iacoviello / This dissertation studies the implications of housing market heterogeneity for the trans- mission of shocks, welfare and the conduct of monetary policy. In the first chapter I focus on mortgage contract heterogeneity (fixed vs. variable-rate mortgages). I develop and solve a New Keynesian dynamic stochastic general equilibrium model that features a housing market and a group of constrained individuals who need housing collateral to obtain loans. A given proportion of constrained households borrows at a variable rate, while the rest borrows at a fixed rate. The model predicts that in an economy with mostly variable-rate mortgages, an exogenous interest rate shock has larger effects on borrowers than in a fixed-rate economy. For plausible parametrizations, aggregate differences are muted by wealth effects on labor supply and by the presence of savers. More persistent shocks cause larger aggregate differences. From a normative perspective I find that, in the presence of collateral constraints, the optimal Taylor rule is less aggressive against inflation than in the standard sticky-price model. Furthermore, for given monetary policy, a high proportion of fixed-rate mortgages is welfare enhancing. Then, I develop a two-country version of the model to study the implications of housing market heterogeneity for a monetary union as well as costs and benefits of being in a monetary union when there are asymmetric shocks. Results show that consumption reacts more strongly to common shocks in countries with high loan-to-value ratios (LTVs), a high proportion of borrowers or variable-rate mortgages. I also find that country-specific housing price shocks increase consumption not only in the country where the shock takes place. Welfare analysis shows that housing-market homogeneization is not beneficial per se, only when it is towards low LTVs or predominantly fixed-rate mortgages. As for costs and benefits of monetary unions, when there is a technology shock in one of the countries and they are symmetric, the monetary union regime is welfare worsening. However, results are dependent on whether or not countries are symmetric and on the source of the asymmetry. / Thesis (PhD) — Boston College, 2008. / Submitted to: Boston College. Graduate School of Arts and Sciences. / Discipline: Economics.

Compensation for non-material damage in the event of injury and death in collateral proceedings Abstract The thesis deals with a very current topic of compensation for non-material damage in the event of injury and death in collateral proceedings. The thesis also contains chapters, that focus on an injured person and collateral proceedings, which are concepts directly connected to the main topic of the thesis. The thesis contains the definition of an injured person, rights and obligations of the injured person in the criminal proceedings and also the definition of collateral proceedings and its process. In particular, the thesis focuses on the compensation of non-material damage in the event of injury and death according to § 2958 and 2959 of the Civil code. The thesis also describes the current judicial decisions of criminal courts in the area of compensation for non-material damage in the event of injury and death in collateral proceedings. The thesis is composed of four parts. The first part of the thesis deals with the injured person. It contains the concept of an injured person and its legal definition. The rights and obligations of the injured party in criminal proceedings are also briefly described in this part. The second part of the thesis focuses on collateral proceedings. This part contains the...

Submitted by Filipe dos Santos (fsantos@pucsp.br) on 2017-03-30T12:39:27Z No. of bitstreams: 1 Alexandre Gereto de Mello Faro.pdf: 1426834 bytes, checksum: fdcf05c1165d29b511177c3c9c7415fe (MD5) / Made available in DSpace on 2017-03-30T12:39:27Z (GMT). No. of bitstreams: 1 Alexandre Gereto de Mello Faro.pdf: 1426834 bytes, checksum: fdcf05c1165d29b511177c3c9c7415fe (MD5) Previous issue date: 2017-02-20 / system – is to establish practical and effectiveness rules in order to avoid the instability of the law and facilitate the relations. This mission considered the velocity of relations’ development vis a vis the le giiss laetivveen phroacreddeur reif that, according to the Brazilian reality, tends to be very slow. In this context it is important to point out the development of contracts and legal business on the financial and capital markets, that are an example of complexity and creativity (even more considering sophisticated structured operations). Thus, this study analyses the stock fiduciary collateral and, based on the legal regime of the general fiduciary collateral, develop the law and concepts regarding this collateral when involved stocks. The fiduciary collateral is regulated by several rules, such as (i) Law n. 4.728/1965, that regulates the fiduciary collateral involving movable (fungible and non-fungible assets), and also the fiduciary assignment of writs and credit notes. This law is only applicable for purposes of the financial and capital market; (ii) decree law n. 911/1969 that have amended the Law n. 4.728/1965 and also establishes the procedure to foreclose the fiduciary collateral; (iii) Law 8.514/1997, that stablishes the fiduciary collateral involving real state; and (iv) the Brazilian Civil Code (articles 1.360 and f.), that regulates the fiduciary collateral of movable an non-fungible assets (there is no restriction of parties or environment of appliance of the Civil Code). Based on this general analysis of the fiduciary collateral (according to the parties involved, nature of the assets and contractual arrangements) it is possible to establish the structures of the stocks fiduciary collateral cumulating the Law n. 4p.r7o2p8o/s1it9io6n5 tahnadt /sotro tchkes Bcraanz ibliaen c oCnivsiild Ceoredde manodv atbhlee Lnaown -nfu. n6g.4ib0le4 /a1s9s7e6t,s a asnsdu,m inin gm tohset of cases, incorporeal assets. In other words, the analysis of the general regime of the fiduciary collateral allows to establish the stock fiduciary collateral structure. Notwithstanding, this study brings considerations regarding the procedure to foreclose this collateral, once the absence of specific rules for purposes of the fiduciary collateral involving stocks and incorporeal assets. For that matter, this study contains the analysis of the possibility of extrajudicial foreclose of the collateral and also the judicial actions that could be taken by the creditor according to the interpretation of the general rules of fiduciary collateral. Finally, the intention of this study is to present conclusions regarding the existing law system involving the stocks fiduciary collateral, raising the main discussions and, as possible, establishing solutions based on revision of law, legal-writings and case-law / Não há dúvidas de que um dos maiores desafios do legislador – e do próprio sistema jurídico – é estabelecer normas que sejam, na prática, eficazes, evitando a insegurança jurídica e facilitando as relações. Essa missão é ainda considerarmos a velocidade em que ocorre a evolução das relações mjuraíidsi cdaisfí cvili ss ae vis o processo legislativo que, na realidade brasileira, tende a ser extremamente moroso. Nessa perspectiva, destaca-se a evolução dos negócios jurídicos no ambiente do mercado financeiro e de capitais, expoentes de sofisticação, complexidade e criatividade, principalmente, no tocante às operações estruturadas que tangenciam essas relações. Dentro desse contexto, o presente estudo se volta à análise da alienação fiduciária de ações em garantia, buscando, a partir do estudo do regime jurídico da alienação fiduciária em geral, aprofundar os dispositivos e principais discussões inerentes. Note-se que a alienação fiduciária em garantia é regulada por diversas normas, dentre as quais se destacam (i) Lei n. 4.728/1965, que se refere aos bens móveis fungíveis e infungíveis, assim como à cessão fiduciária de direitos inerentes às coisas móveis e títulos de crédito, tudo, dentro do ambiente do mercado financeiro e do mercado de capitais; (ii) Decreto-Lei n. 911/1969, que, além de ter alterado as Lei n. 4.728/1965, estabelece procedimento para excussão de garantia fiduciária; (iii) Lei n. 9.514/1997, a qual regula a alienação fiduciária de bens imóveis; e (iv) Código Civil, arts. 1.360 e seguintes, que regulam a alienação fiduciária de bens móveis infungíveis. A partir da delimitação da incidência geral das normas, de acordo com as partes envolvidas, natureza do objeto e disposições contratuais disponíveis às partes, é possível estabelecer as possíveis construções jurídicas da alienação fiduciária de ações em garantia (cumulando Lei n. 4.728/1965 e Código Civil, com a Lei n. 6.404/1976), adotando-se, como premissa, de que as ações podem ser consideradas bens infungíveis perante terceiros e, na maioria dos casos, incorpóreos. Por outras palavras, a análise do regime geral da alienação fiduciária em garantia permite chegar à efetiva construção jurídica da alienação fiduciária de ações em garantia. Em paralelo, o estudo traz ainda considerações a respeito da forma de excussão da alienação fiduciária de ações em garantia, principalmente, porque, em face da ausência de normas específicas para ações e bens incorpóreos, a doutrina discute, na prática, a legalidade dos procedimentos a serem adotados. Nesse sentido, o estudo analisa a possibilidade de excussão extrajudicial, a partir das disposições contratuais atinentes, bem como a possibilidade do credor fiduciário se valer de demandas judiciais para excussão, desde que, sob a ótica do regime geral, esse procedimento lhe seja disponível. Enfim, por meio deste estudo se buscou apresentar notas conclusivas a respeito da forma como, atualmente, o ordenamento jurídico regulamenta a alienação fiduciária de ações em garantia, levantando as principais discussões e, dentro do possível, buscando solucioná-las a partir da revisão da lei, doutrina e jurisprudência