Terrorism and the law:by Clive Walker

Book review: Oxford: Oxford University Press, 2011, lxxiii + 538 + (index) 15pp (£145.00 hardback). ISBN: 978-0-19-956117-9.

Organised crime and the law:a comparative analysis, by Liz Campbell

Book review

Martingálmértékek és a várható diszkontált jelenérték szabály (Martingale measures and the law of the discounted present value)

A dolgozatban a legegyszerűbb kérdést feszegetjük: Hogyan kell az árakat meghatározni véletlen jövőbeli kifizetések esetén. A tárgyalás némiképpen absztrakt, de a funkcionálanalízis néhány közismert tételén kívül semmilyen más mélyebb matematikai területre nem kell hivatkozni. A dolgozat kérdése, hogy miként indokolható a várható jelenérték szabálya, vagyis hogy minden jövőbeli kifizetés jelen időpontban érvényes ára a jövőbeli kifizetés diszkontált várható értéke. A dologban az egyetlen csavar az, hogy a várható értékhez tartozó valószínűségi mértékről nem tudunk semmit. Csak annyit tudunk, hogy létezik a matematikai pénzügyek legtöbbet hivatkozott fogalma, a misztikus Q mérték. A dolgozat megírásának legfontosabb indoka az volt, hogy megpróbáltam kiiktatni a megengedett portfólió fogalmát a származtatott termékek árazásának elméletéből. Miként közismert, a származtatott termékek árazásának elmélete a fedezés fogalmára épül. (...) ____ In the article the author discusses some problems of the existence of the martingale measure. In continuous time models one should restrict the set of self financing portfolios and introduce the concept of the admissible portfolios. But to define the admissible portfolios one should either define them under the martingale measure or to turn the set of admissible portfolios to a cone which makes the interpretation of the pricing formula difficult.

State legislative term limits and the law of unintended consequences: An examination of member behavior, power structures, and legislative organization in Florida

The implementation of term limits on state legislators has provided a wealth of data for study. Florida, the second largest state in the Union with term limits, has not been comprehensively studied. This research examines the effects of term limits on electoral competition, member composition, legislator career paths, legislative leadership, and intra- and inter-governmental influences on Florida's legislature. This study looks at the Florida legislature from 1992 when term limits were enacted through 2004, three electoral cycles in which term limits have been in effect. This study uses both quantitative and qualitative data where appropriate. Electoral data is used to assess electoral and demographic effects, as well as member career trajectories. Interview data with current and former legislators, lobbyists, and executive branch officials is used to analyze both changes in legislative organization and intra- and inter-governmental influences on the legislative process. Term limits has only created greater competition when a legislative seat opens and has actually created a greater advantage for incumbents. Women and minorities have only made minimal gains in winning seats post-term limits. Newly elected legislators are not political novices with a vast majority having previous elective experience. Leadership is more centralized under term limits and the Senate has gained an advantage over the more inexperienced House. Lastly, the influence of staff, lobbyists, and most importantly, the governor has greatly increased under term limits. This research finds that term limits have not produced the consequences that proponents had envisioned.^