Joint Asset Research Articles

Significance of Spousal Consent in a Loan Agreement as The Enforcement of Joint Asset Provisio

Joint asset causes legal consequences in entering into a loan agreement and its accessor, collateral agreement. These legal consequences shall arise as spousal consent is necessary in entering into such agreement. However, many collateral agreements are arranged without a spousal consent. The purpose of this writing to find out the legal consequences of collateral agreements which are entered into only by one of the parties, husband or wife, over the joint assets and responsibility(s) of the Notary Public and Land Deed Official Certifier (“Pejabat Pembuat Akta Tanah/ PPAT”) regarding the agreement. This study utilizes normative juridical approach which was carried out by examining data from legal norms in the society, including laws and regulations. Based on its characteristic, this research is a descriptive study. The result of this study is agreement remains binding on the joint asset despite the collateral agreement being entered into without spousal consent. Meanwhile, the responsibility of the Notary Public and PPAT if they are proven to neglect their obligation is considered unlawfulacts.

A study on time-varying dependence between energy markets and linked assets based on the Russia-Ukraine conflict

The energy industry, acutely sensitive to geopolitical shifts due to the Russia-Ukraine conflict, experiences sustained disturbances in global energy markets, reshaping global energy supply dynamics and significantly influencing global trade patterns. Utilizing static and dynamic GARCH-Copula models, this study elucidates the dependency between energy markets and related assets. The Copula function, when compared with the multivariate GARCH model, demonstrates distinct advantages, notably in delineating joint asset distributions, capturing market dependence's nonlinear traits, and highlighting robust tail correlation structures. Beyond the average inter-market dependence, its tail correlation offers a vital perspective on market risk. This research delves into the temporal and structural variations in interdependence between energy markets and related assets. It probes potential structural breakpoints in dynamic interdependence and pinpoints their occurrences. By focusing on the Russia-Ukraine conflict, this study offers a holistic view of the changing interplay between the energy market and other asset categories, providing pivotal insights for investor portfolio optimization, regulatory oversight, and risk mitigation. Moreover, employing wavelet analysis, this study examines the frequency domain traits of the interdependency between energy markets and associated assets. As frequency wanes, market price fluctuations become less pronounced. The continuous wavelet power spectrum indicates that price variations are predominantly mid to high frequency. Cross-wavelet transform results suggest that correlations between energy markets and related assets are more influenced by short-term perturbations than enduring shifts.

The Authenticity of Kemenkumham Decree Regarding Limited Liability Company with Husband and Wife Joint Assets Share Establishment Approval Based On Presumptio Iustae Causa Principles

This research will be analyzing the authenticity of Kemenkumham Decree Regarding Limited Liability Company with Husband and Wife Joint Asset Shares Establishment Approval based on Presumptio Iustae Causa principles and the legal effect towards the Kemenkumham Decree if the Establishment Deed a quo declared annulled by the district court. This research is examined through several method, specifically using normative juridical research and statutory approach, also will be written in descriptive literature. The result of the research shows Kemenkumham Decree is considered as a state administration decree. Therefore, based on Presumptio Iustae Causa principle, the Kemenkumham Decree Regarding Limited Liability Company with Husband and Wife Joint Assets Share Establishment Approval that has been issued is an authentic decree. This principle implies that the Kemenkumham decree stands its authenticity for the sake of legal certainty, until an authorized decision from state administrative court proves otherwise and revokes its authenticity. The cancellation event of Limited Liability Company with Husband and Wife Joint Assets Share Establishment Deed condone by the District Court will not affect the authenticity of the Kemenkumham Decree. The authorized court that can revoke Kemenkumham Decree belongs to the State Administrative Court. Keywords: Kemenkumham Decree Authenticity; Limited Liability Company; Husband and Wife; Joint Asset Shares

Fairness asymmetry, changes in mutual trust, and supplier performance in buyer-supplier exchanges in China: A dyadic view

Despite the crucial role of fairness in establishing and maintaining interfirm trust, the literature on how asymmetric perceptions of fairness affect mutual trust over time is limited. Adopting a dyadic view, this study investigates the impacts of fairness asymmetry on changes in mutual trust in marketing channel relationships. We further suggest that fairness asymmetry inhibits supplier performance through the mediating role of changes in mutual trust. With a two-wave sample of 239 buyer–supplier dyads, our study demonstrates that fairness asymmetry leads to a decrease in mutual trust over time, which in turn reduces supplier performance. Moreover, joint asset specificity weakens, whereas market uncertainty and behavioral uncertainty aggravate the negative effect of fairness asymmetry on buyer–supplier mutual trust. Our work offers fresh insights into the implications of fairness in ongoing buyer–supplier relationships and guidelines for practitioners to better manage their channel partnerships.

Legal Sustainability Of Object Gadai Execution By A Porrietary Assets That Are Debt Guaranteed Without Agreement Of Husband Or Wife (Study At PT. Pegadaian in Medan City)

As a marriage bond progresses, there will certainly be tests or trials that come, especially economic problems, of course the husband as the head of the household is the burden of responsibility in providing for his wife both physically and mentally, in this day and age one of the ways that is often taken in solving problems economy is by using bank facilities as referred to in Article 1 point 2 of Law Number 10 of 1998 concerning Amendments to Law Number 7 of 1992 concerning Banking, which states that a bank is a business entity that collects funds from the public in the form of savings and distributes it to the public in the form of credit. and or other forms in order to improve the lives of many people. The type of research used in this research is normative legal research. This type of research was chosen because the study in this study is a study of legal science, therefore it must be studied from its legal aspects. Normative legal research is research on library materials (secondary data) that are relevant to the problems to be analyzed, both in the form of primary legal materials, secondary legal materials, and tertiary legal materials. Legal certainty for the legal arrangement of the object of a pledge which is a joint asset in a marriage which is used as a debt guarantee without the consent of the husband or wife is contained in Article 1 of Law Number 1 Year 1974 concerning Marriage and Article 119 of the Civil Code Kemdian Article 36 paragraph (1) of Law No. 1 of 1974 concerning Marriage has actually provided a legal corridor, that the action to carry out a pledge in the form of joint assets obtained during the marriage period must be based on an agreement between the two parties between the husband and wife. The process of executing the object of the pledge in the form of marital assets which is used as collateral for debt without the consent of the husband or wife at PT. Pegadaian Medan City, first PT. Pegadaian Medan City conveyed that the debtor is due for payment which will be sent via an official letter from PT. Mortgage of Medan City, then starting 7 (seven) days after the official notification to the debtor, there is also no good faith of the debtor in paying the debt bill, so PT. Medan City Pegadaian conducts an auction for the object of the pawn in the form of joint assets of the marriage bond

The Legal Consequences of Divorce on Joint Assets in the Religious Courts

The purpose of this study is to find out and explain the legal consequences of divorce on joint property in religious courts. To find out and explain the obstacles due to divorce law on joint property in religious courts. The method used by the researcher is Juridical Empirical (socio-legal research) and the specifications in this study are descriptive analytical. Based on the results of the study that resulting in marital property controlled by the husband without the consent of the ex-wife cannot/is not allowed to sell or transfer the property without the consent of the ex-wife. The obstacle: shows that there is still a lack of public understanding of the applicable legal provisions governing assets in marriage. Economic factors. Factors of objects or objects (Joint Asset or Gono-Gini property). The responsibility factor of the parties (husband and wife). The solution: the need for legal counseling to the community and the prospective brides who will carry out the marriage. The settlement can be through the village head, but if it cannot be resolved through the village head then through the court institution by attaching a certificate of incapacity (prodeo). The settlement of one of the selling parties must be reduced by the distribution of the value of the price of the goods sold. The settlement in this case is that the collateralized object is confiscated and auctioned by the bank as the creditor who provides the debt facility.

The Legal Consequences of Divorce on Joint Assets in the Religious Courts

The purpose of this study is to find out and explain the legal consequences of divorce on joint property in religious courts. To find out and explain the obstacles due to divorce law on joint property in religious courts. The method used by the researcher is Juridical Empirical (socio-legal research) and the specifications in this study are descriptive analytical. Based on the results of the study that resulting in marital property controlled by the husband without the consent of the ex-wife cannot/is not allowed to sell or transfer the property without the consent of the ex-wife. The obstacle: shows that there is still a lack of public understanding of the applicable legal provisions governing assets in marriage. Economic factors. Factors of objects or objects (Joint Asset or Gono-Gini property). The responsibility factor of the parties (husband and wife). The solution: the need for legal counseling to the community and the prospective brides who will carry out the marriage. The settlement can be through the village head, but if it cannot be resolved through the village head then through the court institution by attaching a certificate of incapacity (prodeo). The settlement of one of the selling parties must be reduced by the distribution of the value of the price of the goods sold. The settlement in this case is that the collateralized object is confiscated and auctioned by the bank as the creditor who provides the debt facility.

Adoption of Innovation through Joint Asset Acquisition: The Case of Women Rice Processor Groups in Nigeria

Small-scale rice processors in Nigeria cannot afford to individually own rice destoners and have therefore not adopted its use. As a result, locally produced rice has failed to satisfy both the local and foreign markets in terms of quality. This study determined the willingness of the women rice processors to own and manage destoners in groups. The survey also determined the factors that influenced their willingness and the constraints to the joint acquisition of destoners. Following a two-stage random sampling technique, 195 respondents were selected on whom a structured interview schedule was administered. Descriptive statistics and the Probit Regression Analysis were used to present and analyse collected data. Findings reveal a high level of willingness (62.6%) influenced by the age of the respondents (-0.0341), their total annual income (0.3864), educational level (0.0757), rice farming experience (-0.7927), access to extension (-0.0089), and credit (0.0079) at P<.05. The burden of joint management (Mean score = 2.56), poor accountability (Mean score = 2.55), and poor organisation of the groups (Mean score = 2.47) were the most severe constraints to the joint acquisition of destoners among the women processors. The study concluded that the willingness of the women was high and influenced by some socio-economic characteristics. Strengthening of the processor groups through training in group dynamics and models of joint acquisition and ownership are some of the recommendations from the study.

KEDUDUKAN HARTA PERKAWINAN SETELAH PERCERAIAN DITINJAU DARI KOMPILASI HUKUM ISLAM

The definition of property in marriage according to Law Number 1 of 1974 concerning marriage is abbreviated (Law No. 1 Year 1974) in Article 35 states that the property obtained in marriage becomes a joint asset, while the subordinate assets of each husband or wife and property acquired by each husband or wife as a gift or inheritance under their respective supervision insofar as the parties do not determine otherwise. According to Article 37 of Law Number 1 Year 1974 concerning abbreviated marriage (Law No. 1 Year 1974), it is explained that: "If marriage breaks out due to divorce, joint assets are regulated according to their respective laws, while for legal matters this marriage property often gets less attention in a marriage. The law of marital property has only recently received attention after a dispute between husband and wife who have broken up in marriage, so that in order to solve the problem of the marriage property an institution which is in it is needed to solve the problem, namely the Religious Court.

PEMBUATAN AKTA PEMBAGIAN HAK BERSAMA DALAM PERALIHAN TANAH KARENA PEWARISAN DI KOTA BUKITTINGGI

The analysis of Article 51 PP 24/1997 explains the registration of the transfer of rights as yet there is no inheritance distribution, so that the inheritance is still in joint ownership, when the right holders agree to share their rights into the rights of each right holder then inheritance based on a joint rights deed made by PPAT. Article 111 paragraph (4) and paragraph 5 PMNA / KBN 3/1997 explain that at the time of registration of the transfer of rights if the heirs agree to give rights to inherited land to one person, it can be proven by deed of deed in the form of deed Notary or in the form deed under the hand. Implementation in Bukittinggi, registration of the transfer of rights cannot use the deed of distribution of inheritance which is carried out in conjunction with the process of inheritance but must be based on the deed of distribution of joint rights made by PPAT. The research issue raised in this article is to find out how the drafting of sharing of joint rights in the transfer of land due to inheritance? how is the distribution of inheritance to land as a joint asset in the family? The approach used by researchers is an Empirical Juridical approach. The results showed that the sharing of shared rights was made with a joint deed of rights distribution by PPAT with due observance to the provisions of Article 51 of Government Regulation Number 24 of 1997. Distribution of inheritance to land as shared assets in the family in the city of Bukittinggi was based on an agreement between the heirs to give up their rights - however, as to who the heirs are entitled to, the land is based on the Civil Code applicable to the testator.

The Back-Door Governance of Crime: Confiscating Criminal Assets in the UK

The policy and practice of confiscating criminal assets to control crime and recover illicit wealth has come to occupy a central position in national and international policing and security agendas. However, this practice has raised many questions about agencies’ abilities to measure success and also the social impacts of asset confiscation. This article contributes to the crime control debates by exploring contemporary literature and drawing upon a subset of data from the Joint Asset Recovery Database (JARD). The first part of the article briefly outlines the key legislative provisions of asset recovery in the UK. The second part explores what the JARD data tells us about the performance of the confiscation of proceeds of crime approach and it will argue that seizing illicit wealth has not been the main priority for government. It will argue instead that the proceeds of crime approach, originally designed to target the most serious and organised crime, has effectively become a disciplining and symbolic tool against relatively lower level acquisitive crimes. It concludes that while technical measures of impact remain inconclusive, it is more important to subject the ideological underpinnings of the proceeds of crime law to critical scrutiny.

Foreign Financing and the International Sources of Property Rights

AbstractHow do firms protect themselves against infringements of their property rights by their own government? The authors develop a theory based on international law and joint asset ownership with foreign firms. Investment agreements protect the assets of foreign firms but are not available to domestic firms. This segmentation of the property rights environment creates a rationale for international financial relationships between firms. By forming financial relationships with foreign firms, domestic firms gain indirect coverage from the property rights available to foreign firms under investment agreements. If a government is less likely to violate the property rights of covered foreign firms, it is also less likely to violate property rights for assets held jointly by domestic and foreign firms. This article presents systematic evidence from data on the activities of firms in countries that have investment agreements with the United States. International financial relationships between firms, through mergers and acquisitions as well as through bond and equity issues, are more common where property rights are weak. The theory suggests a political logic to the fragmentation of firm-ownership stakes across jurisdictions, offers an institutional explanation of international financial flows, and identifies new distributional consequences of international law.

HIBAH BAGIAN HARTA BERSAMA SUAMI KEPADA SAUDARA ISTRI DITINJAU MENURUT HUKUM ISLAM (Studi Kasus di Pengadilan Agama Kelas II Palopo)

The judge's view of the existence of a grant made by an heir to you without the knowledge of other heirs is deemed invalid because the grant must be carried out with the knowledge of the heirs, moreover the donation is still in the status of a joint asset, then the property that is donated cannot be withdrawn back as stipulated in article 212 Compilation of Islamic Law.

The Dyadic Governance: Joint Trust, Trust Asymmetry, and Exchange Performance

Whereas prior literature has long recognized the asymmetric nature of interfirm trust, under-developed is how it affects exchange performance. This study distinguishes between two aspects of interfirm trust: joint trust and trust asymmetry, and examines their performance impacts in buyer-supplier exchanges. We argue that whereas joint trust fosters exchange performance, buyer trust asymmetry (i.e., buyer trust minus supplier trust) decreases exchange performance. Moreover, we posit that with high levels of joint asset specificity, buyer asset specificity asymmetry, and supply market uncertainty, joint trust is more valuable, whereas buyer trust asymmetry becomes more negative in affecting exchange performance. The results of 235 buyer-supplier dyads over two time periods provide strong support to our propositions.

Financial Intermediation and the Market Price of Risk: Theory and Evidence

We theoretically and empirically show financial intermediaries affect the price of risk of the overall market. We first study a continuous-time joint dynamic contracting and asset pricing model, whereby households must contract with and incentivize a financial intermediary to access the financial markets. We show the market price of risk in the intermediated economy is decreasing in the households’ absolute- and increasing in the households’ downside-risk aversions over the intermediary’s wealth. To test this prediction, we use volatilities and credit spreads of the financial sector to empirically proxy for these two risk aversions respectively. Time series regressions and cointegration tests show these two variables affect the equity market Sharpe ratio in the sign directions as predicted by the model. Furthermore, we show short-run shocks to these two variables is a priced factor with a large negative risk price in the cross-section of size, book-to-market, momentum, and also 135 equity and non-equity portfolios. Our theory model shows the role of optimal contracts for portfolio choices and asset pricing in an intermediated economy. The empirical results support our theory predictions, and show uncertainty and downside risks of the financial sector affect the overall market in both the time series and cross-section.

"I DON’T TRADE IN FRIENDSHIP WITH RUSSIA"

"I DON’T TRADE IN FRIENDSHIP WITH RUSSIA"

Asymptotics of Portfolio Tail Risk Metrics for Elliptically Distributed Asset Returns

We develop explicit asymptotic expansions of the portfolio Value-at-Risk (VaR) and portfolio Expected Shortfall (ES) for a large family of multivariate elliptical distributions. The family includes distributions of exponential type such as Kotz distributions, and power type such as the multivariate Student t-distribution. Our results imply that the difference between the portfolio ES and its VaR depends on the tail heaviness of the joint asset return distribution. For assets exhibiting exponential tail decay, the ratio between ES and VaR is asymptotically zero, whereas for assets exhibiting power type tail decay, the portfolio ES is strictly larger than its VaR. The amount of the risk reduction through merging subportfolios into a single portfolio depends solely on the dispersion of the joint asset return distribution.

Credit Implied Volatility

The pricing of corporate credit can be succinctly understood via the credit-implied volatility (CIV) surface. We invert it each month from the firm-by-maturity panel of CDS spreads via the Merton model, transforming CDS spreads into units of asset volatility. The CIV surface facilitates direct comparison of credit spreads at different (firm leverage) and time to maturity. We use this framework to organize the behavior of corporate credit markets into three stylized facts. First, CIV exhibits a steep moneyness smirk: Low leverage (out-of-the money) CDS trade at a large implied volatility premium relative to highly levered (at-the-money) CDS, holding all other firm characteristics fixed. Second, the dynamics of credit spreads can be described with three clearly interpretable factors driving the entire CIV surface. Third, the cross section of CDS risk premia is fully explained by exposures to CIV surface shocks. Using a structural model for joint asset behavior of all firms, we show that the shape of the CIV surface implies that aggregate asset growth is subject to stochastic volatility and severe, time-varying downside tail risk. Lastly, we explore CIV of other credit instruments including corporate bonds and sovereign CDS.

The Ambiguity of Joint Asset Ownership: Cautionary Tales From Uganda and South Africa

ABSTRACTThis study uses individual-level survey data from women and men in Uganda and South Africa to examine coupled women's joint ownership of land and housing. It compares women's control over and benefits from jointly held land and housing with those of coupled women not owning land or housing at all and coupled women owning them solely. The lack of a clear and consistent advantage of joint ownership potentially arises from frequent disagreement within couples about whether the land or house is jointly owned. The study serves as a reminder of the complexities of joint ownership in practice, particularly within families, that need to be considered in order for coupled women to benefit from joint asset ownership. Efforts promoting joint ownership, for example, joint titling and marital property laws supporting joint ownership, should not only consider these complexities but also establish and communicate clear and enforceable rules for joint ownership.

Investments in physical capital, relationship-specificity, and the property rights approach

We reconsider the property rights approach to the theory of the firm based on incomplete contracts. We explore the implications of different degrees of relationship-specificity when there are two parties, A and B, who can make investments in physical capital (instead of human capital). If relationship-specificity is exogenously given, it turns out that joint asset ownership can be optimal only if the degree of relationship-specificity is sufficiently small. If relationship-specificity can be freely chosen and if party A’s investments are more productive, then the parties deliberately choose a strictly positive level of relationship-specificity and they always agree on sole ownership by party A.