Multiple Liability Research Articles

Life is pain: Fibromyalgia as a nexus of multiple liability distributions.

Fibromyalgia is a complex disease of unclear etiology that is complicated by difficulties in diagnosis, treatment, and clinical heterogeneity. To clarify this etiology, healthcare-based data are leveraged to assess the influences on fibromyalgia in several domains. Prevalence is less than 1% of females in our population register data, and about 1/10th that in males. Fibromyalgia often presents with co-occurring conditions including back pain, rheumatoid arthritis, and anxiety. More comorbidities are identified with hospital-associated biobank data, falling into three broad categories of pain-related, autoimmune, and psychiatric disorders. Selecting representative phenotypes with published genome-wide association results for polygenic scoring, we confirm genetic predispositions to psychiatric, pain sensitivity, and autoimmune conditions show associations with fibromyalgia, although these may differ by ancestry group. We conduct a genome-wide association analysis of fibromyalgia in biobank samples, which did not result in any genome-wide significant loci; further studies with increased sample size are necessary to identify specific genetic effectson fibromyalgia. Overall, fibromyalgia appears to have strong clinical and likely genetic links to several disease categories, and could usefully be understood as a composite manifestation of these etiological sources.

Immunization Strategies for Funding Multiple Inflation-Linked Retirement Income Benefits

Protecting against unexpected yield curve, inflation, and longevity shifts are some of the most critical issues institutional and private investors must solve when managing post-retirement income benefits. This paper empirically investigates the performance of alternative immunization strategies for funding targeted multiple liabilities that are fixed in timing but random in size (inflation-linked), i.e., that change stochastically according to consumer price or wage level indexes. The immunization procedure is based on a targeted minimax strategy considering the M-Absolute as the interest rate risk measure. We investigate to what extent the inflation-hedging properties of ILBs in asset liability management strategies targeted to immunize multiple liabilities of random size are superior to that of nominal bonds. We use two alternative datasets comprising daily closing prices for U.S. Treasuries and U.S. inflation-linked bonds from 2000 to 2018. The immunization performance is tested over 3-year and 5-year investment horizons, uses real and not simulated bond data and takes into consideration the impact of transaction costs in the performance of immunization strategies and in the selection of optimal investment strategies. The results show that the multiple liability immunization strategy using inflation-linked bonds outperforms the equivalent strategy using nominal bonds and is robust even in a nearly zero interest rate scenario. These results have important implications in the design and structuring of ALM liability-driven investment strategies, particularly for retirement income providers such as pension schemes or life insurance companies.

Equity Finance: Matching Liability to Power

Abstract In this article we question the wisdom of limited liability for all equity holders in the case of banks and systemically important financial institutions (SIFIs), though our proposals could be extended to all public limited companies. Limited liability can be a major source of moral hazard and excessive risk taking—a privilege that allows shareholders to enjoy the upside from their commercial activity while limiting their exposure in the event of failure. We propose that there should be two different classes of equity for banks and SIFIs. The division should be between outsiders, with no inside knowledge of the working of the firm and/or ability to control its decisions, and insiders, who have both the information and capacity to influence corporate decision-making. Outsiders would remain with limited liability, while multiple liability (double, triple, and potentially unlimited) would apply to insiders. The purpose of our proposal is to shift the costs of failure back to those who have responsibility for taking these decisions. The idea of financial liability ‘with teeth’—which is rooted in history—provides an innovative solution that improves the incentives for managers to take responsible decisions, and promotes a radical change in the structure of capitalism—addressing the unfairness of the current system which has enhanced inequality and encouraged populism.

Time Consistent Solvency Capital Requirement Under Solvency II.

In this paper, we analyse the current dynamic definitions of the Solvency Capital Requirement (SCR) and we propose a new dynamic and time consistent formulation of the SCR, that is compliant with the Solvency II directive. In case of a single liability cash-flow at maturity, Devolder and Lebegue (2017) analyse the time-consistent dynamic formulation of the SCR using iterated risk measures. Firstly, we extend the iterated-SCR (ISCR) formulation to the case of multiple liability cash-flows. However, the iterated formulation of the SCR presents some drawbacks. Devolder and Lebegue (2017) show that using iterated risk measures, the ISCR becomes quite expensive for long term liabilities. Moreover, we show that in case of multiple liability cash-flows, the ISCR is not completely compliant with the Solvency II directive. In fact, ISCR does not answer to a fundamental regulator request: the capital to be held by insurance company to meet obligations over the following year. Then, starting from the static definition in Christiansen and Niemeyer (2014), we propose a dynamic version of the SCR, that is time consistent and encompasses the drawbacks of the iterated formulation. Our proposed dynamic definition of the SCR, called additive-SCR (ASCR), indicates the expected total capital requirement for the period from time zero to the liabilities maturity. Moreover, the ASCR can be decomposed in the annual expected-SCRs (ESCR), which represent the expected regulatory capital for the next year, not only at time zero but also at the futures payment dates. Hence, we build a term structure of expected annual SCRs.

Inducing Congress to Create Separate Patent Infringement Categories: A Solution to Multiple Actor Liability Evasion

The definition of infringement is fairly ambiguous in patent law, which presents courts with the unique and difficult problem of determining infringement liability when multiple actors work together to infringe a method patent. Under current statutory guidelines, method patent infringement requires all steps of a patented process to be completed by a single entity, however when multiple parties work together without a contractual relationship, but complete all the patented steps, they may escape liability which results in the violation of the patent holders’ rights. Congress was granted the Constitutional right to promote the arts and sciences, therefore it is their job to ensure that the patent system works efficiently and provides clear guidance to the courts. When drafting the statutes that govern patent law, it was Congress’ intention to protect the rights of inventors, not potential infringers. By allowing evasion of infringement liability to occur, patentees lose their coveted rights which stifles innovation and places a strain on the market system. This article provides the missing solution to multiple actor infringement liability evasion in the scholarly literature by proposing that Congress should create separate infringement subcategories to hold multiple actor infringers liable when all steps of the patented method are completed, regardless of whether the parties are considered a single entity. The statutory amendments would first clearly define infringement, and subsequently create distinct categories under both direct and indirect infringement statutes. Determination of infringement liability would then be based on the relationships between the parties who are involved in the infringement. By Congress revising the statute, courts will have more guidance which would limit the uncertainty of their current decisions, thus providing more reliable outcomes.

Dworkin’s Constructive Interpretation as a Method of Legal Research.

Legal-dogmatic research conducted by legal scholars seems to have decreased in popularity in recent years (Vranken 2014, p. 5). It is said that more attention should instead be paid to interdisciplinary or multidisciplinary aspects, thus allowing other fields of expertise, such as sociology or psychology, to play an important role in legal research. Consequently, an ‘old-fashioned’ legal-dogmatic research that does not involve other disciplines or even a legal comparison may be considered irrelevant in a journal about legal research methodologies. However, traditional legal research can show similarities to Dworkin’s theory of constructive interpretation that, from a methodological point of view, are worth researching. Constructive interpretation is a process of imposing purpose on an object or practice in order to make of it the best possible example of the form or genre to which it is taken to belong (Dworkin 1986, p. 52). Dworkin developed his theory as a method to be used by a judge to determine the right interpretation of a rule in hard cases. This contribution aims to explore the opportunities for using constructive interpretation as a method of legal-dogmatic research and to ascertain whether it is possible to transfer Dworkin’s theory from a method of applying law for a judge to a method of researching law for a legal scholar. I will use the subject of my PhD research – multiple liability in criminal law – as an illustration because the set-up and (partly tentative) conclusions of this research serve to illustrate how Dworkin’s theory can be used as a research methodology. I will begin with a sketch of some key elements of Dworkin’s theory on constructive interpretation. I intend neither to give a full view of Dworkin’s theory nor to investigate in depth the discussions that have since arisen in legal philosophy. The purpose of outlining Dworkin’s theory here is to be able to use his ideas as the basis for conducting legal-dogmatic research. Therefore, I will deal with his theory and critical reflections only insofar as they are relevant to this contribution. As the Dutch legal scholar Scholten devised a method for interpreting Dutch private law that shows striking similarities to Dworkin’s theory on constructive interpretation, I will also mention his ideas, although my main source will be Dworkin. I will then discuss the main elements of my research to illustrate the opportunities for using Dworkin’s theory as a method of legal research. When applying this theory to my topic, I will examine certain difficulties that can arise. I will

Giving Back the Pen: Disclosure, Apology and Early Compensation Discussions after Harm in the Healthcare Setting

In her recently published book After Harm, Nancy Berlinger shares a story about Bishop Desmond Tutu as he comments on the importance of restitution or compensation after an event that has led to harm. Transparency and disclosure are very much on the healthcare agenda in Canada. The increased interest in training providers for difficult conversations and disclosure is a positive sign. Using honest disclosure and apology as important interventions, organizations are beginning to adopt a more open approach to the concept of rebuilding trust after a patient has been harmed. But there continues to be significant reluctance to take the next logical step to solidify the fiduciary relationship between provider and patient - the willingness to enter into early discussions about compensation, non-monetary and otherwise. The Winnipeg Regional Health Authority has developed, with the participation of the facility insurers, a process to identify those cases in which it would be appropriate not only to offer an apology of responsibility but also to initiate discussions around the questions of restitution and compensation. The article describes the steps that led to the development of a detailed process map for such cases and shares the algorithm that has been adopted. As well, the potential challenges associated with such an approach when there are multiple liability and insurance providers are discussed.

How do genes exert their role? Period 3 gene variants and possible influences on mood disorder phenotypes

The action of multiple liability genes is responsible for complex phenotypes at the same time, a single gene, could control several phenotypic features. This is the case of human period 3 gene (h per3), mainly involved in the setting of the biologic clock. Some variants of this gene, besides being associated with the Delayed Sleep Phase Syndrome, showed a key role in determining evening preference rather than morning one. According to this rationale, we hypothesized that this gene could influence circadian mood fluctuations, in mood disorders. Our study demonstrated that rare genetic variants of h per3 are significantly associated to a number of mood disorders features, such as age of onset, response to SSRIs treatment, circadian mood oscillations and characteristics of temperament. These preliminary results could shed further light on the involvement of circadian genes in various aspects of physiological and psychopathological mechanisms of the brain.

A sex-adjusted and age-adjusted genome screen for nested alcohol dependence diagnoses

Alcohol dependence is a complex disorder with a substantial genetic contribution to susceptibility. The Collaborative Study on the Genetics of Alcoholism is a multi-site study whose purpose is to detect, localize, and characterize genes contributing to this susceptibility. Previous linkage analyses of the trait of alcohol dependence in Collaborative Study on the Genetics of Alcoholism have used affected sib-pair methods with a dichotomous phenotype definition. In contrast, the analysis in this paper uses a sex-adjusted and age-adjusted multiple threshold liability model. The use of such a model, in that it includes unaffected as well as as affected subjects and in that it utilizes the differential severity of a diagnosis scale, should heuristically be more powerful than a straight affected sib-pair analysis. Three regions of interest are found on chromosome 1 (lod 5.17), chromosome 4 (lod 3.46), and chromosome 8 (lod 4.31). The region on chromosome 1 near the marker D1S532 is in the region previously reported as linked to alcohol dependence and correlated phenotypes in this dataset. The region on chromosome 4 near the alcohol dehydrogenase gene cluster has been reported to be linked to alcohol dependence in other studies, as well as to the alcohol consumption phenotype 'Maximum Number of Drinks in a 24-Hour Period' in this dataset. The region on chromosome 8 near the marker D8S1988 is homologous to a section of rat chromosome 5 to which an alcohol consumption phenotype has been linked.

On immunization, stop-loss order and the maximum Shiu measure

Some main immunization results are derived in a straightforward way using some well-known equivalent characterizations of the stop-loss order by equal means, also called convex order. In a special case, the conditions by Fong and Vasicek [A risk minimizing strategy for multiple liability immunization. Unpublished; Return maximization for immunized portfolios. In: Kaufmann, G.G., Bierwag, G.O., Toevs, A. (Eds.), Innovation in Bond Portfolio management: Duration Analysis and Immunization. JAI Press, London, pp. 227–238] and Shiu [Insur. Math. Econ. 7 (1988) 219], are extended to a necessary and sufficient condition for immunization under arbitrary convex shift factors of the term structure of interest rates. Based on a linear control problem with the Shiu measure as objective function, we analyze in detail the recent bounds by Uberti [Insur. Math. Econ. 21 (1997) 195] on the change in portfolio value of Shiu decomposable portfolios under α-convex and convex-β shift factors. In particular, we determine corresponding maximal and minimax bounds using notions of absolute maximum and minimax Shiu measure. Finally, we consider partial cash flow matching immunization strategies, which allow to reduce the maximum Shiu measure over a fixed period to the maximum Shiu measure over shorter periods.

Bond Immunization for Affine Term Structures

AbstractThis paper generalizes a number of important immunization theorems. We show that the Fisher and Weil immunization, Bierwag and Khang minimax, Redington multiple liability, and Bierwag, Kaufman, and Toevs coverage theorems can be generalized to the class of affine term structures. This class of term structures contains many models that are commonly used in the finance literature.

Shareholder Liability Regimes, Principal-Agent Relationships, and Banking Industry Performance

We develop an interpretation of the economics of alternative shareholder liability regimes that challenges the view that limited liability always represents the most efficient form of corporate organization. Unlimited liability will prevail when creditors are willing to compensate shareholders for bearing all of the costs of monitoring management and the risk associated with the activities of the firm. When the information about the financial position of the firm that is required to facilitate increased risk-bearing by creditors can be provided at costs lower than those associated with unlimited liability, firms will incorporate. Scottish banking in the nineteenth century provides unique data on the operation of a market in which firms with limited and unlimited liability competed, on the risk premium associated with unlimited liability shares, and on the innovations in information provision that facilitated the move from unlimited to multiple liability.

Multiple drafts and legal liability: a hazard for professional writers

The overall legal significance of multiple drafts of professional communications is discussed. In particular, some of the legal principles that govern the status of written documents, such as the applicable rules of court are reviewed, and the types of litigation in which previous drafts can figure prominently are examined. The possibility of multiple draft liability in light of the current emphasis on writing as a process, with writers encouraged to turn off the editorial sides of their brains during the early stages of composing, is considered. >