Legal origins: reconciling law and finance and comparative law

In the last few years law and finance scholars have 'discovered' the usefulness of comparative law. Their studies look at the quantifiable effect that legal rules and their enforcement have on financial development in different countries. Moreover, they link their results with the long- standing distinction between Civil Law and Common Law countries. Whether this revival of 'legal families' is a useful way forward is, however, a matter of debate. The following article challenges these studies and looks for characteristic features which are more precise and meaningful than the use of legal families as such.legal origins, legal families, legal traditions, numerical comparative law, law and finance, law and development, Civil Law, Common Law

Shareholder Protection Across Countries – Is the EU on the Right Track?

Anlegerschutz, EU-Recht, EU-Staaten, Investor protection, Community law, EU countries

The End of Comparative Law

Following the 1900 congress in Paris, the beginning of the 20th century saw comparative law emerge as a significant discipline. This paper suggests that the early 21st century is seeing the decline, or maybe even the 'end', of comparative law. In contrast to other claims which see the 21st century as the 'era of comparative law', there are at least four trends which give rise to pessimism: 'the disregard', 'the complexity', 'the simplicity', and 'the irrelevance' of comparative law. These phenomena will be explained in the body of this paper; the concluding part considers suggestions as to how to proceed further.Comparative law, numerical comparative law, legal culture, law and finance, World Bank, harmonisation, convergence, governance.

Driving steady-state visual evoked potentials at arbitrary frequencies using temporal interpolation of stimulus presentation

Date of Acceptance: 29/10/2015 We thank Renate Zahn for help with data collection. This work was supported by Deutsche Forschungsgemeinschaft (AN 841/1-1, MU 972/20-1). We would like to thank A. Trujillo-Ortiz, R. Hernandez-Walls, A. Castro-Perez and K. BarbaRojo (Universidad Autonoma de Baja California) for making Matlab code for non-sphericity corrections freely available.Peer reviewedPublisher PD

Optimal Transport and Skorokhod Embedding

The Skorokhod embedding problem is to represent a given probability as the distribution of Brownian motion at a chosen stopping time. Over the last 50 years this has become one of the important classical problems in probability theory and a number of authors have constructed solutions with particular optimality properties. These constructions employ a variety of techniques ranging from excursion theory to potential and PDE theory and have been used in many different branches of pure and applied probability. We develop a new approach to Skorokhod embedding based on ideas and concepts from optimal mass transport. In analogy to the celebrated article of Gangbo and McCann on the geometry of optimal transport, we establish a geometric characterization of Skorokhod embeddings with desired optimality properties. This leads to a systematic method to construct optimal embeddings. It allows us, for the first time, to derive all known optimal Skorokhod embeddings as special cases of one unified construction and leads to a variety of new embeddings. While previous constructions typically used particular properties of Brownian motion, our approach applies to all sufficiently regular Markov processes.Comment: Substantial revision to improve the readability of the pape

Diversity in Shareholder Protection in Common Law Countries

Aktionär, Anlegerschutz, Common Law, Shareholders, Investor protection

Time-Sliced Perturbation Theory for Large Scale Structure I: General Formalism

We present a new analytic approach to describe large scale structure formation in the mildly non-linear regime. The central object of the method is the time-dependent probability distribution function generating correlators of the cosmological observables at a given moment of time. Expanding the distribution function around the Gaussian weight we formulate a perturbative technique to calculate non-linear corrections to cosmological correlators, similar to the diagrammatic expansion in a three-dimensional Euclidean quantum field theory, with time playing the role of an external parameter. For the physically relevant case of cold dark matter in an Einstein--de Sitter universe, the time evolution of the distribution function can be found exactly and is encapsulated by a time-dependent coupling constant controlling the perturbative expansion. We show that all building blocks of the expansion are free from spurious infrared enhanced contributions that plague the standard cosmological perturbation theory. This paves the way towards the systematic resummation of infrared effects in large scale structure formation. We also argue that the approach proposed here provides a natural framework to account for the influence of short-scale dynamics on larger scales along the lines of effective field theory.Comment: 29 pages, 2 figures, discussion on IR safety expanded, appendix C added; version published in JCA