The University of Buckingham Press Journals
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Balancing the book: Is it necessary and sufficient?
No full textThe solvency of bookmakers has only recently been placed in the spotlight even if it is a multibillion dollar sector. It is industry knowledge that bookmakers attempt to 'balance the book' by adjusting odds in relation to wagers made. This paper proves that the only way that profits are known with certainty is if and only if wagers are in proportion to probabilities implied by odds
CURRENT ISSUES IN SUCCESSION LAW
Get PDFAs the editors observe at the start of this book, the law on succession is a “neglected field”in England whilst Continental and comparative lawyers have rediscovered it to be of immense practical importance which deserves greater academic attention. The rules of succession are of great significance to all; as pointed out by Penelope Reed in Chapter Seven there is no shortage of probate disputes that end up in the Chancery Division as a result of “… an ageing population, the increase in the incidence of dementia and the rise of house prices making estates worth fighting over…” Since death is inevitable and everyone will die either testate, having made a valid will or intestate, without a valid will the law of succession affects us all. In order to address this gap in the law a conference took place in July 2015 at All Souls College Oxford attended by Chancery Judges, a member of the Court of Appeal as well as a number of leading academics and practitioners. This book comprises eleven of the conference papers. The result is an excellent book both as a reference work for students and practitioners and also of interest to the wider public who may be drawn in by the subject matter and possibly the picture on the loose leaf cover showing David Wilkie’s well-known painting Reading of the Will. In many ways the most engaging feature of this collection is the breadth of subjects covered. They range from the more traditional succession issues such as the reform of the rules of intestacy in Chapter One and Mutual Wills in Chapter Five to the more challenging issues of Testamentary dispositions in favour of informal carers in Chapter Eight and Proprietary Estoppel in Chapter Four. Much credit should be given to the conference organisers and book editors for ensuring that the conference and later the book had sufficient breadth and did not dwell overly on the minutiae of the rules of drawing up a valid will although that said Chapter Four shows how this in itself embraces many wider legal issues
EDITORIAL
Get PDFAs the new Editors of the Denning Law Journal, we are proud to present the 2017 edition, which continues the tradition of the University of Buckingham’s Law School of commissioning and publishing the very best in legal scholarship from a variety of perspectives and across a broad range of subjects
Valuation and Hedging of Sports Futures Wagers
No full text This study investigates, in a conceptual way, the intrinsic valuation of sports futures wagers and, given the absence of a viable secondary market, strategies for locking in pre-expiration value by hedging with the existing set of futures wagers, proposition wagers, and game wagers. An interesting finding is that effective hedging with game wagers generally involves games of teams other than the futures team, in addition to the futures-team’s games. The paper also shows how to use current game odds and futures odds to find the implicit projected odds on future games, conditional on the match-ups to be determined by the outcomes of current games.
Profitability of Trading Strategies Before and During the Greek Crisis: An Empirical Study.
No full textThis paper investigates the profitability of technical trading rules in the Athens Stock Exchange (ASE), utilizing the FTSE Large Capitalization index over the seven-year period 2005-2012, which was before and during the Greek crisis. The technical rules that will be explored are the simple moving average, the envelope (parallel bands) and the slope (regression). We compare technical trading strategies in the spirit of Brock, Lakonishok, and LeBaron (1992), employing traditional t-test and Bootstrap methodology under the Random Walk with drift, AR(1) and GARCH(1,1) models. We enrich our analysis via Fourier analysis technique (FFT) and more statistical tests. The results provide strong evidence on the profitability of the examined technical trading rules, even during recession period (2009-2012), and contradict the Efficient Market Hypothesis
The Impact of Incidental and Intentional L2 Vocabulary Learning on Depths and Breadth Dimensions of Vocabulary Knowledge
Get PDFThrough the introduction of different dimensions of vocabulary knowledge, various studies attempted to examine numerous effective factors on these dimensions. The present study aimed to show the effects of different vocabulary learning styles through extensive and intensive reading programs on depth and breadth aspects of vocabulary knowledge. To achieve this goal, 45 sophomore undergraduate students of English language teaching and translation in Payam-e-Noor University participated in this study. Initially, in order to homogenize the learners based on their level of language proficiency, MEPT was administered. Then, by measuring the mean and standard deviation of participants’ scores, the number of participants reduced to 35. The ultimate subjects’ scores on the reading comprehension items of MEPT show that they are all at the intermediate level of reading ability. Participants divided into three experimental groups randomly: two groups were in the extensive reading program with different form-focused and meaning-focused tasks as incidental vocabulary learning style. And the third group was in the intensive reading program as intentional vocabulary learning style. Participants in these experimental groups read long stories or passages per week with ten goal-oriented words. After 8 weeks, Word Associates Test (WAT) and Vocabulary Knowledge Scale (VKS) were administered to measure the acquired knowledge of new words and also, determining the effects of various learning styles on different dimensions of vocabulary knowledge. The results of Paired-samples and Independent T-tests revealed that both incidental and intentional groups developed in the period between the pre- and post-test, but, there was a significant difference between the effects of incidental vocabulary learning in the form of ER program and intentional vocabulary learning in the form of IR program. Moreover, there was a significant difference between the effects of the form-focused and meaning-focused task
The CV Treatment of Consonantal Gemintes in Arabic: A Non-Linear Approach
No full textSeveral general characteristics of consonantal geminates in phonological theory have been investigating for some years. Scholars have attempted to account for these special properties and to see some of the ways as to how geminate behaves phonologically. The present study is a humble attempt to throw some light on how the CV model of phonology tackles certain aspects of consonantal geminates in Arabic. It concentrates on essential points as to whether geminate consonants are treated as one long segment or as two short independent exponents that are found at syllable junctions
REASONABLE REACTIONS TO THE WRONGNESS OF RAPE
Get PDFThe short paper is a reply to bob Watt, who takes issue in an interesting way with the moral psychology implicit in my old paper 'The Wrongness of Rape' (co-authored with Stephen Shute). Watt says that Shute and I make a sideshow of the emotions by holding them answerable to reasons. I show that this charge is false. I show that it is actually Watt who makes a sideshow of the emotions by presenting them as unresponsive to reasons. I also respond to Watt's criticism of the concrete proposal that Shute and I make, namely that rape is sheer use of a person
Australian Government Fiscal stimulus programs and gambling activity levels; an analysis of high-ethnic and low-ethnic communities
No full textThe appropriateness of fiscal stimulus programs has come into question in light of the Global financial crisis. Indeed the austerity movement has called into question the economic benefits of large public spending programs. There is, however, a genuine dearth of research considering the impact of fiscal stimulus activities employed during the global financial crisis on spending behaviours, particularly when considering Australian stimulus programs. Much of the extant literature focuses on key matters such as quantitative easing and credit easing. The extant literature relating to fiscal stimulus research is typified by the utilisation qualitative methods to analyse the impact of the stimulus on economic activity. Most studies concern themselves with a handful of pertinent macroeconomic factors in an effort to surmise whether any possess any explanatory power, employing qualitative frameworks for analysis. The current study considers the impact of a discretionary stimulus program is affording a once off payment to Australian citizens on spending behaviour specifically the study shall consider the impact of government stimulus activities on gambling behaviours. Employing dynamic panel estimation methods, specifically the system GMM estimator, the study finds that fiscal stimulus significantly increased gambling activity in Australia, pertinently noting differential impacts within high ethnic and low ethnic communities
COMMUNITY PROPERTY CLAIMS IN THE PERSONHOOD PERSPECTIVE: PART 1
Get PDFUnder the property and personhood theory the projection by individuals of their personhood into the physical world gives rise to property claims over tangible objects and natural resources. However, the property and personhood theory is generally used as a justification for private property, and it is not clear whether a community personhood can be extended into the physical world, giving rise to communal claims over natural resources, such as land. The property and personhood theory distinguishes between two types of proprietary claim: fungible and personal. Fungible property refers to property that is held purely instrumentally, whereas personal property is property that is bound up with the holder, and should be protected against competing fungible claims. This two-part article argues that community claims to property can be justified by the property and personhood theory, and that the law should recognize these claims, although it fails to do so. The personal claim should establish a community’s entitlement to a natural resource and prevail over the fungible claim of a private landowner. However, current practice does not prioritise the community claim, because the claim is not universally understood. The dominant voice in property narrative is not that of a cohesive and mutual self-interest group, but rather the self-interested individual. Recent legislative amendments have purported to implement the policy of empowering local communities, in particular by increasing community participation in deciding on the use and allocation of resources. However, these policies have proved little more than a Trojan Horse that have perpetuated the favouring of the private property holder over a community claim.