On security of collateral in Danish mortgage finance: a formula of property rights,incentives and market mechanisms

Specialized mortgage intermediaries in Denmark have for over 200 years provided owners and buyers of real property wide access to credit. The present paper sets out to explore the safeguards that nurtured development of a robust, market based financing system and a deep mortgage market. Observations are made on the nature of collateral performance in respect to property rights, mortgage law and market development in search of general features of required institutional arrangements. The robustness of the Danish mortgage finance system is largely accredited to the securitization model based on the balance principle that assigns risks and responsibility to market players in a self-disciplinary manner and protected the mortgage banks against cash flow mismatches even during deep crisis, as history attests. It is shown how property registers and effective enforcement have created transparent property rights and practically reduced legal risks of mortgaging to zero. Standardization and scale of economics supported collateral efficiency, as measured in terms of simplicity, transparency, rapidity and costs. The Danish mortgage finance system illustrates the critical role of government in insuring the quality and enforceability of mortgage collateral, and reducing uncertainty for market players throughout the entire process. The paper suggests that sound incentive structures of the securitization model, strong commitment mechanisms and the market mechanisms constituted a complex formula of safeguards that—rather than specific capital coverage requirements—created the preconditions required for a well-functioning mortgage market.     

‘Life is Not Simply Fact’: Aesthetics,Atmosphere and the Neoliberal University

The main objective of this article is to reflect on the way in which a certain neoliberal logic and rationality have become common-sense and to contemplate the possibility of a different aesthetic. The tone or mood of this piece draws on recent work on atmosphere, affect and complexity, which will be used to explore the theme of neoliberalism within the context of the university. In the course of this discussion, I will consider questions such as: how could a different aesthetic influence the university as public space; the curriculum and academic community and friendship? How could a different aesthetic respond to epistemic, ontological and, inherently tied to them, spatial injustice?     

Starker Steuerwettbewerb – starke Reformen? Ein neuer Blick auf Unternehmenssteuerreformen in 15 EU‐Staaten (1998‐2011)

Although many EU‐countries have reduced corporate taxes in the recent years, there is still a substantial variance between the 12 oldest EU‐member states. This contribution revisits this variation and analyses the determinants of corporate tax reforms and their magnitude from a perspective which is new in two respects: First, we combine logistic panel regression and fsQCA analysis allowing for an integration of qualitative assessments of tax reforms in the QCA analysis. This adds to the existing studies on tax reform which almost exclusively rely on regression techniques. Second, we focus on the time period 1998‐2011 where we expect tax competition to be especially intense. The results of our analyses confirm the major impact of tax competition on national corporate tax policies. This relationship dominates the regression analyses as well as the fsQCA. Furthermore, our findings allow nuancing the existing results on the influence of institutional constraints and partisan politics.     

Injuries of the Head from Backface Deformation of Ballistic Protective Helmets Under Ballistic Impact

Modern ballistic helmets defeat penetrating bullets by energy transfer from the projectile to the helmet, producing helmet deformation. This deformation may cause severe injuries without completely perforating the helmet, termed “behind armor blunt trauma” (BABT). As helmets become lighter, the likelihood of larger helmet backface deformation under ballistic impact increases. To characterize the potential for BABT, seven postmortem human head/neck specimens wearing a ballistic protective helmet were exposed to nonperforating impact, using a 9 mm, full metal jacket, 124 grain bullet with velocities of 400–460 m/s. An increasing trend of injury severity was observed, ranging from simple linear fractures to combinations of linear and depressed fractures. Overall, the ability to identify skull fractures resulting from BABT can be used in forensic investigations. Our results demonstrate a high risk of skull fracture due to BABT and necessitate the prevention of BABT as a design factor in future generations of protective gear.     

A European “Equivalent” to United States Export Controls: European Law on the Control of International Trade in Dual-Use Space Technologies

This article analyzes the system developed within Europe, more precisely within the European Union through European Community law, to address the security-sensitive issues involved in the export of hardware, software, and knowledge for the purpose of space activities and major space applications. The subject is introduced with reference to the far better known export control developments within the United States, such as those concerning International Traffic in Arms Regulations, and the international understandings under the Missile Technology Control Regime and Wassenaar Arrangement. European Community Regulations for export controls provide for a complex system of balances between national sovereignty and Europe-wide harmonization. This European Community regime, though ultimately still dependent upon individual state's sovereign controls, establishes an interesting measure of international harmonization in security-sensitive export controls. Although the European Community regime is fraught with many complexities, it manages to avoid some of the pitfalls evident in the United States and international regimes, notably the confusing discussions on discerning weaponry proper from other space items with dual-use potential. This is the result mainly of an approach characterized by a primary intention to harmonize, rather than to apply strict controls per se, resulting in a transparency and consistency that are not only valuable to commercial entrepreneurs, but also to those concerned primarily with the security risks posed by the international space industry. As for the space industry in particular, it is helpful that the European Community regime specifically carves out civil space activities, for example if conducted within the context of the European Space Agency or national space agency activities.     

Having Your Cake and Eating It,Too: Can Regulatory Agencies Be Both Independent and Accountable?

Independent regulatory agencies (IRAs) were created in various sectors and on different governmental levels to implement liberalization policies. This paper investigates the link between IRAs' independence, which is said to promote regulatory credibility and the use of technical expertise, and their accountability, which is related to the need for controlling and legitimizing independent regulators. The literature on the regulatory state anticipates a positive relation between the independence and accountability of IRAs, but systematic empirical evidence is still lacking. To tackle this question, this paper measures and compares the independence and the accountability of IRAs in three differentially liberalized sectors in Switzerland (telecommunications, electricity and railways). With the application of Social Network Analysis, this piece of research shows that IRAs can be de facto independent and accountable at the same time, but the two features do not necessarily co‐evolve in the same direction.