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Mean-variance criterion in optimization AL problem aims at maximizing the final surplus; asset value minus liability value, subject to a given variance of the final surplus or, equivalently, minimizing the variance of the final surplus subject to a given expected final surplus. The stochastic optimal control theory is employed to analytically solve the AL management problem in continuous-time setting. Then the comparison of derived optimal AL management policy and the literatures are examined and the discrepancy in objectives between equity holders and investors of a mutual fund is discussed finally. / Portfolio selection in asset-liability (AL) management is to seek the best allocation of wealth among a basket of securities with taking into account the liabilities. There are a lot of portfolio selection criteria among in the literature. The two of them are mean-variance criterion and Roy's safety-first principle. This thesis investigates the optimal asset allocation for an investor who is facing an uncontrollable liability under either one of these two portfolio constructions. The relation between these two different principles are discussed in the context of AL management. / Roy's safety-first principle (Roy, 1956) asserts that the investor would specify a threshold level of the final surplus below which the outcome is regarded as disaster. The objective is then to minimize the ruin probability or the chance of disaster subject to a constraint that the expected final surplus is higher than the threshold. Roy however solves this problem by minimizing an upper bound of the ruin probability based on the Bienayme-Chebycheff inequality. With the same consideration of Roy, the analytical trading strategy of the safety-first. AL management, problem, in the sense of surplus, under both continuous- and multi-period-time settings are derived. We link this surrogated safety-first principle to the mean-variance ones. / The final objective of this thesis attacks the genuine safety-first AL problem. Without replacing the ruin probability in the objective function by its upper bound, we use a martingale approach and consider the funding ratio which is the total wealth divided by the total liability. Two important situations in the literature are investigated. In the first situation, the mean constraint of the original problem is removed, We show that removing the mean constraint makes the problem become a target reaching problem that can be solved analytically. However, the essence of safety-first is lost. In the second case in which the mean constraint is there, the problem becomes ill-posed and is then solved using an approximation using a martingale approach. The approximation relies on the assumption that the investor gives up unreasonably high profits and sets an upper bounded for the final funding ratio. / Chiu, Mei Choi. / "July 2007." / Adviser: Duan Li. / Source: Dissertation Abstracts International, Volume: 69-02, Section: B, page: 1304. / Thesis (Ph.D.)--Chinese University of Hong Kong, 2007. / Includes bibliographical references (p. 121-126). / Electronic reproduction. Hong Kong : Chinese University of Hong Kong, [2012] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. [Ann Arbor, MI] : ProQuest Information and Learning, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Electronic reproduction. Ann Arbor, MI : ProQuest dissertations and theses, [200-] System requirements: Adobe Acrobat Reader. Available via World Wide Web. / Abstract in English and Chinese. / School code: 1307.

OMISSION OF EU's MEMBER STATES LEADING TO THE LIABILITY FOR DAMAGE RESUMÉ This thesis deals with the responsibility of the member states of EU for damages caused by failure of member states. Both problems are solved in this work, as general requirements for liability relationship, as description of these failures modes with numerous references to case law of the European Court of Justice. Indeed, case law represented a huge range of sources for this thesis. To sum up the work into several points, we can start by making a breakthrough in the issue of liability in the European Union which Francovich case meant. This case established the rule that it is the responsability of member states to implement EU law properly and in time and provide protection to the rights that follow these standards. This rule was followed by other cases which are called "the first generation of cases liability" by many authors. Typical liability sentence: unlawful act (caused by the EU's institution), the damage suffered by the other party and the causal nexus, was subsequently supplemented by the Schöppenstedt criterion, which established the rule that during the process of adopting EU's legislation must be sufficiently serious breach of the law standards, which serves to protect the individual. The last unification of the...

As variantes evolutivas da sociedade, especialmente a pós-moderna, com sua inerente complexidade e riscos, provocam a releitura das funções e estrutura da responsabilidade civil. À referida figura jurídica tanto pela observação ontológica (ser) como deontológica (dever-ser) cumpre tantos modelos quanto forem necessários à revitalização da vítima e avançando além do escopo reparatório à inerente preservação da pessoa humana considerada em suas dimensões individual e coletiva, em órbita de intangibilidade essencial (segurança), pois há danos de intensidade irreparável. O escopo da presente tese é justamente investigar a fragmentação da responsabilidade civil conforme as vicissitudes contemporâneas, imprimindo, para além do silogismo dedutivo-estruturalista, telos argumentativo-funcional, mediante as operações hermenêuticas possíveis proporcionadas pelos Princípios da Precaução e Prevenção, o que permite anunciar o modelo de Responsabilidade Civil Preventiva / The constant evolution of society, especially the postmodern, with its inherent complexity and risk, promotes a new reading of functions and structure of liability. To this legal figure, both by ontological as deontological observation, meets any models as necessary for the revitalization of the victim and - moving beyond the scope of reparation the inherent preservation of the essential intangibility (safety) of the human beings, considered in their individual and collective dimensions, because there are intense and irreparable damages. The scope of this thesis is precisely to investigate the civil liability fragmentation under the contemporary dynamic social changes, bringing, beyond the reasoning deductivestructuralist, meaning argumentative-functional, through the hermeneutical provided by the Precautionary Principle and Prevention, which allows to announce the Preventive Liability model .

Sun, Yu. / "August 2010." / Thesis (M.Phil.)--Chinese University of Hong Kong, 2010. / Includes bibliographical references (leaves 239-245). / Abstracts in English and Chinese. / TABLES AND CHARTS --- p.iv / REGULATIONS AND ABBREVIATIONS --- p.v / Chapter CHAPTER 1 --- INTRODUCTION --- p.1 / Chapter CHATPER 2 --- CONSTRUCTING A FRAMEWORK FOR COMPENSATING WORK-RELATED INJURY: AN IMPORTANT MISSION --- p.31 / Chapter CHAPTER 3 --- WORKERS' COMPENSATION SYSTEM IN CHINA: STRUCTURE AND PROBLEMS --- p.60 / Chapter CHAPTER 4 --- WORKERS' COMPENSATION MODEL THEORY AND ITS CHANGE THROUGH GLOBAL PERSPECTIVE --- p.112 / Chapter CHAPTER 5 --- FEASIBLE STRUCTURE FOR WORKERS' COMPENSATION SYSTEM IN CHINA --- p.146 / Chapter CHAPTER 6 --- FURTHER REFORM CONSIDERATIONS FOR WORKERS' COMPENSATION SYSTEM IN CHINA --- p.201 / DETAILED TABLE OF CONTENTS --- p.233 / REFERENCE --- p.239

O presente estudo aborda o acidente do trabalho e sua reparação pelo direito comum em face dos dois principais sistemas que fundamentam a responsabilização civil do empregador por acidentes do trabalho - subjetivo e objetivo -, principalmente após a entrada em vigor do novel Código Civil brasileiro, o qual, a despeito de ter mantido como regra geral, no caput do seu artigo 927, a responsabilidade subjetiva, estabeleceu, no parágrafo único desse mesmo dispositivo, concomitantemente, regime especial de responsabilidade objetiva nas hipóteses especificadas em lei ou na hipótese de a atividade normalmente desenvolvida pelo autor do dano implicar, por sua natureza, risco para os direitos de outrem. Se há a compreensão imediata da primeira parte do parágrafo único do artigo em comento, na segunda, as hipóteses de risco são dadas sob a forma de cláusula geral, cabendo ao intérprete a tarefa de preencher a lacuna legal. Essa é uma tarefa que deve ser executada à luz da Constituição Federal brasileira, que prevê, em seu artigo 7º, inciso XXVIII, a responsabilidade do empregador por culpa ou dolo. Assim, na questão acidente do trabalho, a presente tese demonstra que a teoria do risco tem avançado cada vez mais sobre o terreno da responsabilidade subjetiva, sem, contudo, ter transformado a responsabilidade objetiva em regra geral incidente a partir de simples avaliação circunstancial de um dano verificado na relação de trabalho. Concluiu-se que as atividades que justifiquem a aplicação de uma responsabilidade especial dependem, na análise do caso concreto, antes da apreciação do mérito, de uma decisão judicial de natureza declaratória nesse sentido, representando valioso instrumento para a reparação dos danos ocorridos em atividades de risco não capituladas em lei. / The present study is concerned with labor-related accidents and their reparations through the normal course of law, taking into consideration the two main systems on which the employers civil liability is based - subjective and objective -, especially after the new Brazilian Civil Code came into force, which, in spite of the general rule of subjective liability being upheld in the caput of article 937, established in the single paragraph of this same article a special regimen of objective liability on the basis of hypotheses specified in law or on the hypothesis that the activity normally undertaken by the author of damages incurred implies by its very nature in risk to the rights of others. If the first part of the single paragraph of the article under discussion may be immediately comprehended, in the second part, the hypotheses are presented as a general rule, thus leaving the task of filling this legal interpretation gap in the hands of the person making the interpretation. This is a task which should be undertaken in the light of the Brazilian Federal Constitution, which, in article 7th subparagraph XXVIII, recognizes the liability of the employer by blame or intention. Thus with regard to labor-related accidents, the present thesis demonstrates that the theory of risk has increasingly advanced into the territory of subjective liability, without however turning objective liability into a general prevailing rule when undertaking circumstantial assessment of damages incurred as a result of work. It is concluded that activities which justify the application of special liability depend, where a concrete case is analyzed and before final judgment is passed, on a judicial declaration for this, and this represents a valuable instrument for reparation of damages incurred in activities of risk not covered by the law.

As variantes evolutivas da sociedade, especialmente a pós-moderna, com sua inerente complexidade e riscos, provocam a releitura das funções e estrutura da responsabilidade civil. À referida figura jurídica tanto pela observação ontológica (ser) como deontológica (dever-ser) cumpre tantos modelos quanto forem necessários à revitalização da vítima e avançando além do escopo reparatório à inerente preservação da pessoa humana considerada em suas dimensões individual e coletiva, em órbita de intangibilidade essencial (segurança), pois há danos de intensidade irreparável. O escopo da presente tese é justamente investigar a fragmentação da responsabilidade civil conforme as vicissitudes contemporâneas, imprimindo, para além do silogismo dedutivo-estruturalista, telos argumentativo-funcional, mediante as operações hermenêuticas possíveis proporcionadas pelos Princípios da Precaução e Prevenção, o que permite anunciar o modelo de Responsabilidade Civil Preventiva / The constant evolution of society, especially the postmodern, with its inherent complexity and risk, promotes a new reading of functions and structure of liability. To this legal figure, both by ontological as deontological observation, meets any models as necessary for the revitalization of the victim and - moving beyond the scope of reparation the inherent preservation of the essential intangibility (safety) of the human beings, considered in their individual and collective dimensions, because there are intense and irreparable damages. The scope of this thesis is precisely to investigate the civil liability fragmentation under the contemporary dynamic social changes, bringing, beyond the reasoning deductivestructuralist, meaning argumentative-functional, through the hermeneutical provided by the Precautionary Principle and Prevention, which allows to announce the Preventive Liability model .

No description available.

This study investigated the effect of arguments for and against defendant's behavior being negligent and for and against defendant's behavior being a cause of damages to the plaintiff. The findings were (a) that negligence arguments affected negligence ratings, causation ratings, and verdicts and (b) that causation arguments affected none of the measures.

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