[BSHM meetings] Topics in the history of financial mathematics: early commerce to chaos in modern stock markets

This account provides an overview of the study day, entitled 'Topics in the History of Financial Mathematics: Early commerce to chaos in modern stock markets,' held by the British Society for the History of Mathematics jointly with Gresham College, at Gresham College, London on 25th April 2008. The series of talks explored the development of mathematics and mathematical techniques in a commercial and financial context.

Beneficial entitlement: no longer doing justice?

Discusses the House of Lords ruling in Stack v Dowden on the size of each legal owner's share of the equity in the family home in the event of the relationship breakdown of an unmarried couple. Considers whether the parties intended their beneficial interests to be different to their legal interests in the property. Comments on the court's primary concern of establishing, from the parties' conduct, their intention as regards beneficial ownership. Looks at whether indirect financial contributions give rise to a beneficial interest under a constructive trust and notes the relevance of the doctrine of proprietary estoppel.

Beneficial entitlement after Stack

Reviews the approach adopted in Stack v Dowden to determination of beneficial interests in a property purchased in the joint names of cohabitees. Considers two cases which extended the Stack v Dowden approach to encompass the beneficial entitlement of family members, namely: (1) Adekunle v Ritchie on beneficial entitlement in a property jointly purchased by a mother and son, where the transfer document contained no express declaration of trust; and (2) Abbott v Abbott on the impact of a wife's indirect financial contributions in determining her beneficial entitlement in the matrimonial home.

Forfeiture relief

Looks at the common law forfeiture rule, preventing a person who has unlawfully killed another from profiting from the death, and the granting of relief under the Forfeiture Act 1982. Reviews case law on the forfeiture rule, its modification under s.2 in the interests of justice and the provision under s.3 that the rule does not preclude an application under the Inheritance (Provision for Family and Dependants) Act 1975. Reviews the Chancery Division ruling in Land v Land (Deceased), highlighting the ability for a claimant to choose whether to seek relief from forfeiture under s.2 of the 1982 Act or pursue a claim for reasonable financial provision from a deceased's estate under s.2 of the 1975 Act.

The financial crisis and nuclear power

An assessment of the impact of the financial crisis on the prospects for new nuclear power plant orders worldwide.

Estoppel and the interests of the prospective beneficiary

Reviews case law concerning proprietary and testamentary estoppel. Examines two cases in which an elderly person made certain comments and encouraged an understanding between themselves and the claimants, that on death properties would be left to them, but where the requisite legal formalities were not undertaken. Illustrates the contrasting courts' approach, once estoppel has been established, in finding the appropriate remedy to satisfy and considers the challenges faced by the courts in differentiating between constructive trust and proprietary estoppel. [From Legal Journals Index]

Quantifying the beneficial interests of cohabitees

Discusses entitlements to a share of the sale proceeds of the family home where partners are cohabiting but not married and the property is registered in the name of one person only. Explains the obligation to establish that a cohabitee has an equitable interest in the property under the principles of constructive or resulting trusts. Considers how the court is able to quantify the respective shares, both before and after Oxley v Hiscock. [From the Legal Journals Index]

Property development: Appraisal and finance

The book provides an overview to the context of property development so that academics, students and professionals can examine the stages of development in the process - from initial consideration, to site finding, general appraisal, valuation, funding, construction and marketing, with a focus on two key areas of the process: appraisal and finance. The Second Edition reflects the developing research interests of the authors by putting property development and appraisal in a wider economic environment and the appraisal process was treated in a more holistic manner. Secondly, more case studies were included and the chapters framed with clear objectives key terms and summaries. Thirdly, this edition examined in more detail the property development and appraisal process in relation to sustainability and other key issues such as climate change, the changing financial environment, planning design and global influences. Research on appraisal techniques is incorporated in chapters 3-5. Research on property finance based on the original Property Lending Surveys carried out by the author and incorporated in other texts (Property Finance, 1994, 2003) is included in chapters 6-8. Research on property companies and their capital structures in included in chapter 8. Analysis of the relationship between sustainability and design is included in chapter 9. This is a key text in the area of property development, sales of the First Edition and Second Edition have been in the thousands globally to academics, students and practitioners.

Private equity: financial investors, public services, and employment

The report surveys the activity of private equity and other financial investors in the water, waste and healthcare sectors in Europe. It includes the appraisal of a WEF study on employment effects.

The effect of ownership structure, country governance, and financial development on the capital structure of unlisted eastern European firms

This paper investigates the determinants of capital structure for a sample of 20,713 unlisted firms from 11 eastern European countries over the period 1994-2004. We employ usual firm-specific financial variables as well as country-specific variables that describe the degrees of governance structure and financial development of each country. Using regression analysis, our results indicate that firm ownership concentration and country governance structure are insignificant explanatory variables to the degree of leverage of the firms in our sample. On the other hand, indicators of country financial development are robust determinants of capital structure. However, the marginal explanatory power of country-specific variables is small. We conclude that firm-specific characteristics are decisive in capital structure.