Land Covenants in Pennsylvania

Real Covenants and Other Interests Which “Run with the Land”

Bitcoin Covenants

This paper presents an extension to Bitcoin’s script language enabling covenants, a primitive that allows transactions to restrict how the value they transfer is used in the future. Covenants expand the set of financial instruments expressible in Bitcoin, and enable new powerful and novel use cases. We illustrate two novel security constructs built using covenants. The first, vaults, focuses on...

Covenants and reputations

In their classic analyses, Hobbes and Hume argue that offensively violating a covenant is irrational because the offense ruins one’s reputation. This paper explores conditions under which reputation alone can enforce covenants. The members of a community are modeled as interacting in a Covenant Game repeated over time. Folk theorems are presented that give conditions under which theHumean strat...

Non-Competition Covenants in Acquision Deals

We study the optimal strategic behaviour of the target of a business acquisition where the acquirer is afraid that the former may returns to the market after the sale, and therefore uses a non-competition covenant which protects her (new) business against the future competition from the target. Yet, as the target can return to the market any time after the covenant expiry date, the value of the...

A bank covenants pricing model

This paper contributes to the ongoing debate on the relationship between artefacts and organizational structuration by describing the dynamics surrounding the collaborative development of Information Technology artefacts. The research addresses a clear gap in the literature, as cooperation in artefact design has rarely been analyzed. To explore this issue, we analyze as a case study the various...