This dissertation contains three essays on the non-pecuniary preferences pertaining to financial asset characteristics and their implications for asset pricing. The first essay considers the pricing implications of screens adopted by socially responsible investors. A model including such investors reconciles the empirically observed risk-adjusted sin-stock abnormal return with a systematic “boycott risk premium” which has a substantial financial impact that is, however, not limited to the targeted firms. The boycott effect cannot be displaced by litigation risk, a neglect effect, and liquidity considerations, or by industry momentum and concentration. The boycott risk factor is valuable in explaining cross-sectional differences in mean returns across industries and its premium varies directly with the relative wealth of socially responsible investors and with the business cycle. The second essay generalizes Fama (1996)’s concept of Multi-Factor Efficiency without being limited by additional random state variables that must affect future investment opportunities. Incorporating non-pecuniary preferences into a representative investor’s utility function generates multi-factor pricing implications. A representative investor chooses among expected returns, variances, and levels of characteristics according to their taste, which gives rise to an N-fund separation theorem with static characteristics. If a portfolio is built to maximize the exposure to the asset characteristics, the covariance between asset returns and this portfolio returns will be identical to the underlying characteristics. Such identity makes obsolete any attempts to distinguish between characteristics and risk exposures as the driving forces behind the cross-sectional variation in stock returns. The third essay develops a procedure for deriving systematic factors from characteristics, based on maximizing each factor’s exposure to a characteristic subject to a given level of factor variance. The resulting characteristic-mimicking portfolios (CMP) price mean asset returns identically as the original characteristics, irrespective of the underlying model. Accordingly, differences in the performance of mimicking factors and characteristics in explaining mean returns should be interpreted as an artifact of arbitrary procedural choices for generating mimicking factors. Factors and characteristics may be distinguished usefully only by determining if CMPs have significant explanatory power for the time series of returns. / Thesis / Doctor of Philosophy (PhD)

The aim of this thesis is to describe Czech approach towards pecuniary compensation in connection with immaterial damage arising from providing medical care. Protection of patient's personality rights and eventually that of his relatives is stressed out. Over the last few decades, the issue of compensation for immaterial harm has become more significant, whereas the same could be said about the role of patient in the system of providing medical care. Regarding the fact that there is currently a period of recodification of Czech private law, it is opportunity to have hindsight of where theory, respectively judicial practice, has reached regarding immaterial damage compensations. Therewithal, it is necessary to try to describe and analyze new laws and compare them with the current laws and evaluate their positive and possible negative approaches. This thesis is divided into five chapters. The first one is an introduction and it is divided into three parts. The first one deals with the issue of medical-legal disputes, the second one focuses on the issue of sources of law and the third one on questions arising from protection of personality rights. The second chapter straightly deals with the issue of immaterial satisfaction according to the Civil Code of 1964 and discusses its purpose and questions...

The diploma thesis focuses on the approximation of law of compensation for bodily harm and death, and evaluation of its development especially in connection with the recodification of private law. The main objective of the thesis is to provide a comprehensive overview with emphasis on the most significant changes that occurred in connection with the recodification, and its evaluation. The first chapter deals with theoretical basis of the duty to provide compensation for harm, since the formation of such a duty is a prerequisite for granting compensation. Besides the reasons that lead to the formation of the duty, individual pre-conditions of the duty are discussed as well. These pre-conditions are unlawful act, formation of the damage, causality and fault. The second chapter deals with the concept of harm which replaced the previously more often used term damage. In addition, the second chapter also includes a general introduction to the compensation for bodily harm and death, which is related to the following chapters. The third chapter is a key point of the whole thesis, as the recodification of private law influenced the most compensation of non-pecuniary damage for bodily harm and death. The principle of full compensation for suffered harm, hence the expiation of such harm according to the...

in English This diploma thesis deals with the manner and extent of compensation for damage in civil law, which is systematically included in the fourth part of the Civil Code, entitled Relative property rights and in section named Obligations arising from torts. Specifically, the manner and extent of compensation for damage is defined in articles from 2951 to 2971. The thesis contains basic comparison of the conceptions of the manner and extent of compensation in the former Civil Code and in the new one, with emphasis on the most important reforms. It clarifies new terminology and describes the background of the newly established rules of law. It contains an analysis of the Czech legislation and its comparison with legislation of the neighboring states. It also mentions the European conception of the manner and extent of compensation for damage. The system of the thesis follows the organisation of the provisions on the manner and extent of compensation in the new Civil Code and is also divided into three chapters. The first one deals with compensation for material damage. Its main issue is the manner and extent of the material compensation and the conditions for its reduction. It also contains a provision on compensation for damage caused by an intentional criminal offence and rules for determining...

This thesis deals with the legal regulation of immaterial harm (non-pecuniary loss) in civil law with a necessary extension to other spheres of private and public law. Immaterial harm reflects the personal loss caused by the infringement of human personal rights or other natural rights protected by law. There is no possibility of objective pecuniary evaluation in comparison to the material harm (damage) and so there is no potentiality to recover damages easily. The main goal of the thesis is to compose crucial issues regarding immaterial harm. The thesis uses mainly analysis of primary and secondary sources such as legal regulation, professional literature and judicial decisions. The immaterial harm is linked to the two main areas of law: 1) tort law and 2) the protection of person and personal rights. So the thesis is divided into two parts for that important reason. The first part of the thesis deals with the common regulation of the immaterial loss. Legal provisions encompassing immaterial harm are regulated in the first chapter. Next chapter explains tort law: a wide area including immaterial harm. The third chapter focuses on concept of civil tort; there is an important issue in connection with recodification. The fourth chapter deals with liability in general: this term was replaced by...

Ofta rapporterar massmedia om brott som t.ex. mord, våldtäkt och misshandel. Den ena gärningen är brutalare än den andra. Denna uppsats behandlar ideellt skadestånd för sveda och värk som under vissa omständigheter kan tilldömas den som åsamkas psykiska besvär, till följd av underrättelsen om att en nära anhörig uppsåtligen har berövats livet. Effekterna av det psykiska lidande som närstående till ett brottsoffer tvingas utstå vid grova brott är ofta påtagliga för den som drabbas, varför skadestånd ev. kan bli aktuellt. En välkänd princip inom skadeståndsrätten är att s.k. tredjemansskador inte ersätts. Principen är normalt sett ett hinder för att tillerkännas ersättning i ett sådant fall. Sambandet mellan tredjemansskadan och gärningsmannens handling kan anses vara otillräckligt för att grunda ersättning. Principen har emellertid sitt väsentliga tillämpningsområde i situationer då tredje man drabbas av allmän förmögenhetsskada till följd av att någon annan har lidit en fysisk skada. Numera har det skett en utveckling på området genom att principen, i vissa fall, inte utesluter att ersättning för psykiska besvär kan utgå till den som har fått en underrättelse om att en nära anhörig bragts om livet. Författaren presenterar här den rättsliga utvecklingen gällande sveda- och värkersättningen vars beloppsnivåer tenderar att höjas, och tar därefter ställning till bl.a. frågorna om var gränsen bör dras för skadeståndsansvar de lege ferenda samt vem som bör vara ersättningsberättigad.

<p>Ofta rapporterar massmedia om brott som t.ex. mord, våldtäkt och misshandel. Den ena gärningen är brutalare än den andra. Denna uppsats behandlar ideellt skadestånd för sveda och värk som under vissa omständigheter kan tilldömas den som åsamkas psykiska besvär, till följd av underrättelsen om att en nära anhörig uppsåtligen har berövats livet. Effekterna av det psykiska lidande som närstående till ett brottsoffer tvingas utstå vid grova brott är ofta påtagliga för den som drabbas, varför skadestånd ev. kan bli aktuellt. En välkänd princip inom skadeståndsrätten är att s.k. tredjemansskador inte ersätts. Principen är normalt sett ett hinder för att tillerkännas ersättning i ett sådant fall. Sambandet mellan tredjemansskadan och gärningsmannens handling kan anses vara otillräckligt för att grunda ersättning. Principen har emellertid sitt väsentliga tillämpningsområde i situationer då tredje man drabbas av allmän förmögenhetsskada till följd av att någon annan har lidit en fysisk skada. Numera har det skett en utveckling på området genom att principen, i vissa fall, inte utesluter att ersättning för psykiska besvär kan utgå till den som har fått en underrättelse om att en nära anhörig bragts om livet.</p><p>Författaren presenterar här den rättsliga utvecklingen gällande sveda- och värkersättningen vars beloppsnivåer tenderar att höjas, och tar därefter ställning till bl.a. frågorna om var gränsen bör dras för skadeståndsansvar de lege ferenda samt vem som bör vara ersättningsberättigad.</p>

Šiame magistro baigiamajame darbe autorė analizuoja svarbiausią neturtinės žalos atlyginimo instituto aspektą – kompensacijos dydį. Tyrimas pradedamas „neturtinės žalos“ sąvokos analize, kuri atskleidžia prieštaringą šio instituto prigimtį, taip pat aptariami kiti probleminiai aspektai, tokie kaip piniginio įvertinimo galimybė, santykis su restitutio in integrum principu, istorinė evoliucija, galimybė unifikuoti šį institutą Europos Sąjungos lygiu. Antrajame skyriuje nagrinėjamas neturtinės žalos atlyginimas kaip procesas, ieškoma atsakymo į klausimus, kas galėtų vertinti neturtinės žalos dydį, kokie būdai ir kriterijai padėtų tai padaryti teisingai. Analizuojamas neturtinės žalos dydžio įrodinėjimo aspektas, aptariama prezumcijos įtvirtinimo galimybė, paneigiama įstatymų leidėjo galimybė riboti neturtinės žalos dydį, nustatant maksimalius limitus. Trečiasis šio magistro baigiamojo darbo skyrius yra skirtas Lietuvos teismų praktikos analizei: atskleidžiamos pagrindinės problemos, pateikiami nevienareikšmiško vertinimo pavyzdžiai, galimi problemų sprendimo variantai. / The matter in question of the current master thesis is the most important aspect of compensation of non pecuniary damage - the size of compensation. The master thesis begins at the analysis of concept of "non pecuniary damage", which displays controversial nature of current institute, as well as other problematic aspects are being analysed, such as possibility of pecuniary valuation, relation to restitutio in integrum principle, historic evolution and opportunities of unification of the institute in the European Union. In the second chapter the compensation of non pecuniary damage as a process is being analysed, problems of subjects, which are able to value the size of compensation of non pecuniary damage, as well as methods and criterion that may assist, are being examined. The proving of size of non pecuniary damage is being analysed, possibility of fixing a presumption is being disputed as well as the right of a legislator to limit the size of non pecuniary damage while fixing maximum limits is being denied. The third chapter is based on practice of Lithuanian courts: pricipal problems are being highlighted as well as the examples of ambiguous estimation and the possible solutions are given. / Autor der Arbeit analisiert die wichtigste Frage des Ersatzes des immateriellen Schadens – die Hőhe der Genugtuung. Im ersten Abschnitt der Arbeit beschäftigt sich mit der Konzeption des immateriellen Schadens, die die widerspruchsvolle Natur dieses Institutes zeigt, verhandelt man die andere Probleme: Geld als Mittel der Genugtuung, das Verhaltnis mit dem Prinzip restitutio integrum, historische Entwicklung, die Mőglichkeit der Vereinheitlichung in der EU. In dem zweiten Abschnitt wird der Ersatz des immateriellen Schadens wie der Prozess behandelt. Es handelt um die Subjekten, Weise und Kriterien der Feststellung der Hőhe des immateriellen Schadens, die gerechte Genugtuung garantieren kőnnte. Auch wird das Problem der Beweisung analisiert, behandelt man die Mőglichkeit der Presumtion, widerlegt man die Fähigkeit des Gesetzgebers, die Hőhe des immateriellen Schadens zu beschränken. Im dritten Abschnitt werden einzelne Probleme der Feststellung der Hőhe des immateriellen Schadens in der Rechtsprechung analisiert: einige Beispiele der unterschiedlichen Bemessung werden vorgebracht, die mőglichen Lősungen gezeigt.

Magistriniame darbe nagrinėjamos civilinės atsakomybės už neturtinę žalą draudimo ir draudimo išmokos dėl neturtinės žalos instituto taikymo teorinės ir praktinės problemos. Aptariamas objektyvaus neturtinės žalos įvertinimo realumas esant teismo diskrecijai apskaičiuoti neturtinės žalos dydį, neturtinės žalos atlyginimo įstatyminėms riboms bei konkretaus dydžio įstatymo nustatytai neturtinės žalos atlyginimo sumai. Analizuojant objektyvaus neturtinės žalos atlyginimo dydžio nustatymo realumą prieinama prie išvados, kad neturtinės žalos atlyginimo sumos neįmanoma kiekvieną kartą objektyviai įvertinti pinigais, todėl interesas, susijęs su neturtinės žalos atlyginimu, pagrįstai negali būti traktuojamas kaip draudimo santykių specifiką atitinkantis draudimo interesas. Nagrinėjant civilinės atsakomybės už neturtinę žalą draudimo instituto taikymo praktikoje dažnai sutinkamas problemas, dėl socialinės jų svarbos ir neabejotino viešo intereso apsaugos poreikio šiose srityse, aptariami transporto priemonių savininkų ir valdytojų civilinės atsakomybės privalomasis draudimas ir sveikatos priežiūros įstaigų civilinės atsakomybės privalomasis draudimas. Aptariant šių rūšių civilinės atsakomybės už neturtinę žalą draudimą bandoma parodyti, kaip transporto priemonių savininkų ir valdytojų civilinės atsakomybės privalomajame draudime ir sveikatos priežiūros įstaigų civilinės atsakomybės privalomajame draudime yra derinami draudikų, draudėjų ir draudiminio įvykio metu nukentėjusių asmenų... [toliau žr. visą tekstą] / This research work contains the analysis of theoretical and practical problems of application of the institute of civil liability for non-pecuniary damage, and insurance benefits. It discusses the objective reality of non-pecuniary damage assessment in the event of the discretion of the court to calculate the amount of non-pecuniary damages, legislative limits of non-pecuniary damages, and specific amount of non-pecuniary damages established by the law. After the analysis of objective determination of the amount of non-pecuniary damages, the conclusion is made that it is not possible to determine the amount of non-pecuniary damages in money each time and objectively, therefore the interest related to the compensation for non-pecuniary damage can not reasonably be regarded as the insurance interest corresponding the specifics of the insurance relationships. While examining the most common problems in the practice of application of the institute of civil liability for non-pecuniary damage, their social importance and the certainty of the need to safeguard the public interest in these areas, the work contains a discussion of the on the issues of civil liability insurance of vehicle owners' and holders, and the civil liability insurance of health care institutions. While discussing these types of civil liability insurance for non-pecuniary damage, the work attempts to demonstrate how the interests of insurers, policyholders and victims who suffered during the insured event are... [to full text]

Suggérée à l'analyse de la jurisprudence rendue sur le thème de la flexibilité du contrat, la théorie générale de l'objectif économique du contrat a pour point de départ l'identification d'un premier objectif : l'exploitation commune de clientèle. Parce que le caractère commun de l'exploitation traduit l'existence d'objectifs identiques aux parties, cet objectif de nature économique s'inscrit, en effet, comme celui du contrat, support juridique de sa réalisation. Présent au sein de conventions diverses, il n'est, du reste, pas isolé. La mise en évidence d'autres types d'objectifs économiques construits sur ce même modèle permet ainsi une conceptualisation de la notion. La réalité de l'objectif économique du contrat laisse alors présager de sa possible réception par le Droit. Sa reconnaissance demeure toutefois subordonnée à sa disponibilité, d'une part et à son utilité, d'autre part. Distinct sans pour autant être autonome des conditions de validité que sont la cause et l'objet, l'objectif économique ne saurait davantage s'identifier à l'économie de la convention. Apte à siéger aux côtés de ces notions, l'objectif offre, en outre, de nouvelles perspectives. Indissociable de la notion d'intérêt commun économique, il en constitue le révélateur, justifiant ainsi que tous les contrats marqués par sa présence soient reconnus comme étant d'intérêt commun. Fondement d'une ouverture du domaine de l'intérêt commun, l'objectif permet encore d'étendre le bénéfice du droit à une indemnité compensatrice et de reconnaître l'existence implicite des obligations d'adaptation et de renégociation hors la sphère du mandat d'intérêt commun. La notion aurait donc sa place en Droit positif. / The analysis of the case law relating to the flexibility in contract suggests the general theory of the economic goal of the contract. This theory comes from the identification of a first objective: the common exploitation of a clientele. Since the common nature of exploitation conveys the existence of identical objectives for the parties, this economic goal becomes the objective of the contract, legal mean of its fulfillment. This goal can be found in many agreements and is not isolated. The presentation of other types of economic goals built on the same pattern allows a conceptualization of the notion. The existence of the economic goal of the contract suggests its possible receipt by the Law. However its recognition is conditioned both by its transferability and utility. The economic goal must be distinguished from the validity conditions such as consideration and subject matter, although it is not independent from these conditions. This goal is also different from the economy of the convention. Besides these notions, the economic goal offers new perspectives. Profoundly linked to the notion of common economic interest, it appears as its revealing and justifies that each contract should be qualified as a common interest contract. The economic goal is the ground for the opening of the scope of common interest and enables to extend the benefit of a right to a pecuniary relief and to acknowledge the implicit existence of obligations to adapt and renegotiate, apart from the common interest mandate. This notion should thus find its place in positive law.