Citation: Javier Solana. Climate change litigation as financial risk[J]. Green Finance, 2020, 2(4): 344-372. doi: 10.3934/GF.2020019
[1] | Yanfang Li, Yanmin Liu, Xianghu Liu, He Jun . On the approximate controllability for some impulsive fractional evolution hemivariational inequalities. AIMS Mathematics, 2017, 2(3): 422-436. doi: 10.3934/Math.2017.3.422 |
[2] | Ebrahem A. Algehyne, Abdur Raheem, Mohd Adnan, Asma Afreen, Ahmed Alamer . A study of nonlocal fractional delay differential equations with hemivariational inequality. AIMS Mathematics, 2023, 8(6): 13073-13087. doi: 10.3934/math.2023659 |
[3] | Yongwei Jia . Approximate controllability of evolution hemivariational inequalities under nonlocal conditions. AIMS Mathematics, 2025, 10(2): 3581-3596. doi: 10.3934/math.2025165 |
[4] | Yan Ning, Daowei Lu . A critical point theorem for a class of non-differentiable functionals with applications. AIMS Mathematics, 2020, 5(5): 4466-4481. doi: 10.3934/math.2020287 |
[5] | Chunli You, Linxin Shu, Xiao-bao Shu . Approximate controllability of second-order neutral stochastic differential evolution systems with random impulsive effect and state-dependent delay. AIMS Mathematics, 2024, 9(10): 28906-28930. doi: 10.3934/math.20241403 |
[6] | Ramkumar Kasinathan, Ravikumar Kasinathan, Dumitru Baleanu, Anguraj Annamalai . Well posedness of second-order impulsive fractional neutral stochastic differential equations. AIMS Mathematics, 2021, 6(9): 9222-9235. doi: 10.3934/math.2021536 |
[7] | Qi Wang, Chenxi Xie, Qianqian Deng, Yuting Hu . Controllability results of neutral Caputo fractional functional differential equations. AIMS Mathematics, 2023, 8(12): 30353-30373. doi: 10.3934/math.20231550 |
[8] | Rajesh Dhayal, Muslim Malik, Syed Abbas . Solvability and optimal controls of non-instantaneous impulsive stochastic neutral integro-differential equation driven by fractional Brownian motion. AIMS Mathematics, 2019, 4(3): 663-683. doi: 10.3934/math.2019.3.663 |
[9] | Chengbo Yi, Rui Guo, Jiayi Cai, Xiaohu Yan . Pinning synchronization of dynamical neural networks with hybrid delays via event-triggered impulsive control. AIMS Mathematics, 2023, 8(10): 25060-25078. doi: 10.3934/math.20231279 |
[10] | Gokula Nanda Chhatria . On oscillatory second order impulsive neutral difference equations. AIMS Mathematics, 2020, 5(3): 2433-2447. doi: 10.3934/math.2020161 |
Clarke's subdifferential operator is associated with a type of nonlinear inclusion known as hemivariational inequalities. These inequalities have applications in structural analysis and non-convex optimization. The two main types of inequality problems are variational inequalities and hemivariational inequalities. Hemivariational inequalities handle nonsmooth, nonconvex energy functions, whereas variational inequalities primarily deal with convex energy functions. In 1981, Panagiotopoulos introduced the concept of hemivariational inequality as a method to represent mechanical obstacles. Hemivariational inequalities or subdifferential inclusions can be used to model various nonsmooth contact mechanics issues involving multivalued and nonmonotone constitutive laws with boundary conditions (see [1,2,3]). Since then, numerous researchers have made significant contributions to the field of hemivariational inequalities, as seen in [4,5,6,7,8,9]. Moreover, neutral differential systems with impulsive effects have become a prominent area of research, modeling real-world processes that undergo sudden changes at specific points. This field has far-reaching applications in areas like finance, economics, mechanics, neural networks, electronics, and telecommunications. Notably, the authors of [10] investigated the controllability of nonlocal neutral differential inclusions with impulse effects. Researchers looked at the existence of impulsive multivalued neutral functional differential inclusions [11,12].
Research on controllability in hemivariational-type systems has gained significant attention from the scientific community in recent times. Control problems have significant implications for various fields, including engineering, physics, and finance [13]. Despite the progress made, many intriguing questions and concepts remain unexplored. Notably, the authors of [14,15] established the existence of optimal control in hemivariational inequalities, while [16,17] investigated optimal control in parabolic hemivariational inequalities. Furthermore, [18,19] demonstrated the existence of optimal control in hyperbolic systems, contributing to the advancement of the field. Due to their wide application to numerous pragmatist mathematics fields, neutral systems have attracted attention recently. Neutral systems have numerous applications in various fields, including thermal expansion of materials, biological advancements, surface waves, and stretchability, which benefit from neutral systems either directly or indirectly. Additionally, researchers have extensively studied hemivariational inequalities with a neutral type in [20,21]. For further information regarding the system with hemivariational inequalities, refer to [22,23,24,25,26]. Recently, there has been a surge of interest in Clarke's subdifferential evolution inclusion problems, particularly in the context of nonsmooth analysis and optimization. Frictional contact analysis can effectively characterize the interaction between a piezoelectric body and an electrically conducting foundation, and the frictional contact between a piezoelectric cylinder and a foundation exhibits anti-plane shear deformations. Moreover, the authors of [27] have established approximate controllability results for Sobolev-type Hilfer fractional neutral evolution problems with Clarke's subdifferential-type problems. Our proposed problem presents a model that combines the key elements of hemivariational inequality and fractional impulsive differential equations into a unified framework. This study establishes approximate controllability results for a neutral differential system with impulsive effects, formulated as a hemivariational inequality. Next, we will define the specific system under consideration, which will be the focus of our investigation:
{⟨−ddφ[u′(φ)−g1(φ,u(φ))]+A(φ)u(φ)+Bv(φ),ω⟩M+H∘(φ,u(φ);ω)≥0,φi≠φ∈L=[0,a], ∀ ω∈M,u(0)=u0, u′(0)=u1,Δu(φi)=Li(u(φi)),Δu′(φi)=Ki(u(φi)), i=1,2,3,...,m, 0<φ1<φ2<...<φm<a. | (1.1) |
Here ⟨⋅,⋅⟩M stands for the inner product of the separable Hilbert space M and A:D(A)⊆M→M is a closed, linear, and densely defined operator on M. H∘(φ,⋅;⋅) denotes the generalized Clarke's directional derivative [6] of a locally Lipschitz function H(φ,⋅):M→R. The function g1:L×M→M. The control function v∈V takes values from L2(L,V) and V is the control set which is also a Hilbert space. Let B:V→M be the bounded linear operator. Let 0<φ1<φ2<...<φm<φm+1=a be pre-fixed points and the symbol Δu(φi) represents the jump in the state u at time t which is defined by Δu(φi)=u(φ+i)−u(φ−i), and u(φ−i) and u(φ+i) denote the left and right limit of u at φi. Li:M→M and Ki:M→M,i=1,2,3,...,m, are impulsive functions.
The structure of the article is presented in the following way:
● We begin by reviewing key definitions, fundamental theorems, and initial findings from a previous section.
● The core focus then shifts to exploring the existence of mild solutions for the system represented by Eq (1.1).
● Next, we investigate the approximate controllability of the system (1.1).
● Finally, we solidify our theoretical results by presenting a concrete example.
Let Z and Z∗ be a Banach space and its dual, respectively with ‖⋅‖Z and ⟨⋅,⋅⟩ is the duality pairing of Z and Z∗. The Banach space PC(L,Z) is the set of all piecewise continuous functions from L=[0,a] into Z together with ‖u‖PC=supφ∈L‖u(φ)‖Z. Also,
M(w)k(e)(Z):={℧⊆Z:℧≠∅ is (weakly) compact (convex)};Mf(e)(Z):={℧⊆Z:℧≠∅ is closed (convex)}. |
Consider the non-autonomous second-order initial value problem:
z′′(φ)= A(φ)z(φ)+f(φ),0≤z,φ≤a, | (2.1) |
z(z)= z0,z′(z)=z1, | (2.2) |
where A(φ):D(A(φ))⊆M→M, φ∈[0,a] is a closed densely defined operator and f:[0,a]→M is an appropriate function. One can refer to [15,28,29,30] and the references therein. A significant number of articles relate the existence of solutions to the (2.1)-(2.2) problem to the existence of the evolution operator Q(φ,z) for the homogeneous equation
z′′(φ)= A(φ)z(φ),0≤φ≤a. | (2.3) |
Assume that the domain of A(φ) is a subspace D that is dense in M and independent of φ, and that the function φ↦A(φ)z is continuous for each z∈D(A(φ)).
In view of Kozak's work [31], we shall apply the following evolution operator notion in this study.
Definition 2.1. A family Q of bounded linear operators Q(φ,z):[0,a]×[0,a]→L(M) is called an evolution operator for (2.3) if the following conditions are satisfied:
(Z1) For each z∈M, the mapping [0,a]×[0,a]∋(φ,z)→Q(φ,z)z∈M is of class C1 and
(i) for each φ∈[0,a], Q(φ,φ)=0,
(ii) for all φ,z∈[0,a], and for each z∈M,
∂∂φQ(φ,z)z|φ=z=z,∂∂zQ(φ,z)z|φ=z=−z. |
(Z2) For all φ,z∈[0,a], if z∈D(A), then Q(φ,z)z∈D(A), the mapping [0,a]×[0,a]∋(φ,z)→Q(φ,z)z∈M is of class C2 and
(i) ∂2∂φ2Q(φ,z)z=A(φ)Q(φ,z)z,
(ii) ∂2∂z2Q(φ,z)z=Q(φ,z)B(z)z,
(iii) ∂∂z∂∂φQ(φ,z)z|φ=z=0.
(Z3) For all φ,z∈[0,a], if z∈D(A), and then ∂∂zQ(φ,z)z∈D(A), then ∂2∂φ2∂∂zQ(φ,z)z, ∂2∂z2∂∂φQ(φ,z)z, and
(i) ∂2∂φ2∂∂zQ(φ,z)z=A(φ)∂∂zQ(φ,z)z,
(ii) ∂2∂z2∂∂φQ(φ,z)z=∂∂φQ(φ,z)A(z)z,
and the mapping [0,a]×[0,a]∋(φ,z)→A(φ)∂∂zQ(φ,z)z is continuous.
Let us take
C(φ,z)=−∂Q(φ,z)∂z. |
Also, for some positive constants N1 and N2, we set sup0≤φ,z≤a‖Q(φ,z)‖≤N2 and sup0≤φ,z≤a‖C(φ,z)‖≤N1 and
‖Q(φ+g,z)−Q(φ,z)‖≤N1|g|, | (2.4) |
for all z,φ,φ+g∈[0,a]. The mild solution z:[0,a]→M of (2.1)-(2.2) is:
z(φ)=C(φ,z)z0+Q(φ,z)z1+∫φ0Q(φ,η)f(η)dη. |
Let us start by discussing the necessary definitions and findings from the multivalued analysis. The following sources [7,32,33] are recommended for readers in addition to multivalued maps.
Definition 2.2. Given a Banach space Z and a multivalued map H:Z→2Z∖{∅}=N(Z), we say
(i) H is convex and closed valued, only when H(u) is convex and closed valued for all u∈Z.
(ii) H is said to be upper semicontinuous on Z, if for all y∈Z, H(u)≠∅ is closed in Z and if for each open set J1 of Z which contains H(u), then there is an open neighborhood E of u such that H(E)⊆J1.
(iii) H is bounded on bounded sets if H(B)=∪u∈BH(u) is bounded in Z for all B∈Mb(Z) (i.e., supu∈B{sup{‖k‖:k∈H(u)}}<∞).
(iv) H is supposed to be completely continuous provided that H(J1) is relatively compact, for all bounded subset J1⊆Z.
(v) H has a fixed point if there is a u∈Z such that u∈H(u).
For a locally Lipschitzian functional H:Z→R, we denote H0(q;p), the Clarke's generalized directional derivative of H at point q in the direction of p, that is,
H0(q;p):=limγ→0+supϑ→qH(ϑ+γp)−H(ϑ)γ. |
Also, ∂H(q):={q∗∈Z∗:H0(q;p)≥⟨q∗;p⟩,for every p∈Z} denotes the generalized Clarke's subdifferential.
The subsequent features and outcomes will facilitate our goal achievement:
Lemma 2.3. [9] If the function H:℧→R is a locally Lipschitz on an open set ℧ of Z, then
(i) For all p∈Z, it has H0(q;p)=max{⟨q∗;p⟩: for all q∗∈∂H(q)};
(ii) For all q∈℧, the gradient ∂H(q) is a nonempty, convex, weak∗-compact subset of Z∗ and ‖q∗‖Z∗≤M, for all q∗∈∂H(q);
(iii) The graph of ∂H is closed in ℧×Z∗ℓ∗. That is, if {qn}⊂℧, {q∗n}⊂Z∗ are sequences as q∗n∈∂H(qn) and qn→q∈Z, q∗n→q∗ weakly∗ in Z∗, then q∗∈∂H(q) (where the Banach space Z∗ furnished with the ℓ∗-topology is denoted by Z∗ℓ∗);
(iv) The multifunction ℧∋q→∂H(q)⊆Z∗ is upper semicontinuous which maps ℧ into Z∗ℓ∗.
Lemma 2.4. [9] Let Z be the separable reflexive Banach space, 0<a<∞ and H:(0,a)×Z→R, such that H(⋅,w) is measurable for each w∈Z and H(φ,⋅) is locally Lipschitz on Z for all φ∈(0,a). Then the multifunction (0,a)×Z∋(φ,w)↦∂H(φ,w)⊂Z∗ is measurable.
As discussed in [9], we can investigate the existence of mild solutions and approximate controllability for the following semilinear inclusions:
{ddφ[z′(φ)−g1(φ,u(φ))]∈A(φ)u(φ)+Bv(φ)+∂H(φ,z(φ)), φ∈L=[0,a],u(0)=u0, u′(0)=u1,Δu(φi)=Li(u(φi)), Δu′(φi)=Ki(u(φi)), i=1,2,3,...,m. | (2.5) |
Now, we can explore the implication that every solution to Eq (2.5) is also a solution to Eq (1.1). Hence, if u∈PC(L,M) is a solution of (2.5), there exists h(φ)∈∂H(φ,u(φ)) provided h∈L2(L,M) and
{ddφ[u′(φ)−g1(φ,u(φ))]=A(φ)u(φ)+Bv(φ)+h(φ), φ∈L=[0,a],u(0)=u0, u′(0)=u1,Δz(φi)=Li(u(φi)), Δu′(φi)=Ki(u(φi)), i=1,2,3,...,m, |
which implies
{⟨−ddφ[u′(φ)−g1(φ,u(φ))]+A(φ)u(φ)+Bv(φ),ω⟩M+⟨h(φ),ω⟩M=0, φ∈L=[0,a],for all ω∈M,u(0)=u0, u′(0)=u1,Δz(φi)=Li(u(φi)), Δu′(φi)=Ki(u(φi)), i=1,2,3,...,m. |
Since ⟨h(φ),ω⟩M≤H0(φ,u(φ);ω) and h(φ)∈∂H(φ,u(φ)),
{⟨−ddφ[u′(φ)−g1(φ,u(φ))]+A(φ)u(φ)+Bv(φ),ω⟩M+ H0(φ,u(φ);ω), φ∈L=[0,a], for all ω∈M,u(0)=u0, u′(0)=u1,Δu(φi)=Li(u(φi)), Δu′(φi)=Ki(u(φi)), i=1,2,3,...,m. |
Therefore, our initial focus will be on examining the semilinear inclusion (2.5), which proceeds our investigation of the hemivariational inequality (1.1). According to established literature [33,34], the mild solution for problem (2.5) is defined as below.
Definition 2.5. For all v∈L2(L,V), a function u∈PC(L,M) is a mild solution for (2.5) if there exists h∈L2(L,M) as h(φ)∈∂H(φ,u(φ)) almost everywhere on φ∈L,
u(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u(z))dz+∫φ0Q(φ,z)h(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)), φ∈L. |
Let us take the following assumptions:
(A1) The function H:L×M→R satisfies:
(i) ∀ u∈M, φ↦H(φ,z) is measurable;
(ii) u↦H(φ,u) is locally Lipschitz continuous for a.e. φ∈L;
(iii) There is a function b(φ)∈L2(L,R+) and e>0 such that
‖∂H(φ,u)‖=sup{‖h‖:h(φ)∈∂H(φ,u)}≤b(φ)+e‖u‖,for a.e. φ∈L and for each u∈M. |
(A2) In the function g1:L×M→M, there exists some constants C1,C2>0, and for every u∈M, φ1,φ2∈L, we have
‖g1(φ1,u(φ1))−g1(φ2,u(φ2))‖≤C1‖u(φ1)−u(φ2)‖,‖g1(φ1,u(φ1))‖≤C2(1+‖u(φ1)‖). |
(A3) For some constants ci,li>0, the maps Li,Ki:M→M are continuous, and
‖Li(φ)‖≤ci,‖Ki(φ)‖≤li, i=1,2,3,...,m, for all u∈M. |
Let M:L2(L,M)→2L2(L,M) be defined as below:
M(u)={k∈L2(L,M):k(φ)∈∂H(φ,u(φ)) almost everywhere, φ∈L}, for all u∈L2(L,M). |
Lemma 2.6. [35] Let (A1) and M be true. If un→u in L2(L,M), wn→w weakly in L2(L,M) and un∈M(un), and then u∈M(u).
Lemma 2.7. [9] Let all hypotheses and (A1) hold. Then for every u∈L2(L,M), the set M(u) has nonempty, weakly compact and convex values.
Theorem 2.8. [9] Consider the Banach space Z which is locally convex and Υ:Z→2Z is a compact convex valued, upper semicontinuous multivalued map such that there exists a closed neighborhood J of 0 for which Υ(J) is relatively compact provided
℧={x∈Z:γx∈Υ(u), for some γ>1} |
is bounded. Then Υ has a fixed point.
Theorem 3.1. For all v∈L2(L,V), provided that (A1)–(A3) are fulfilled, then (2.5) has a mild solution on L such that a(N1C2+N2e)<1, where N1:=supφ,z∈[0,a]‖C(φ,z)‖, N2:=supφ,z∈[0,a]‖Q(φ,z)‖.
Proof. Initially, choose any u∈PC(L,M)⊂L2(L,M), by Lemma 2.7. Now, define Υ:PC(L,M)→2PC(L,M) as:
Υ(u)={f∈PC(L,M):f(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u(z))dz+∫φ0Q(φ,z)h(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)), h∈M(u)}, u∈PC(L,M). |
It is clear that we can determine a fixed point of the multivalued map Υ that satisfies Theorem 2.8. First, note that the set-valued map Υ(u) is convex due to the properties of M(u). Now, let us proceed with the proof of the theorem as follows:
Step 1. Υ(Br)⊆(Br),r>0, is bounded in PC(L,M), where Br={u∈PC(L,M):‖u‖PC≤r}. Here, it suffices to demonstrate the existence of a positive constant ℓ such that for each σ∈Υ(u), u∈Br,‖σ‖PC≤ℓ. If σ∈Υ(u), then there is a h∈M(u) provided
σ(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u(z))dz+∫φ0Q(φ,z)h(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)),φ∈L. |
By Hölder's inequality,
‖σ(φ)‖≤‖C(φ,0)u0‖+‖Q(φ,0)[u1−g1(0,u(0))]‖+‖∫φ0C(φ,z)g1(z,u(z))dz‖+‖∫φ0Q(φ,z)h(z)dz‖+‖∫φ0Q(φ,z)Bv(z)dz‖+∑0<φi<φ‖C(φ,φi)Li(u(φi))‖+∑0<φi<φ‖C(φ,φi)Ki(u(φi))‖≤N1‖u0‖+N2‖[u1−g1(0,u(0))]‖+N1∫φ0C2(1+r)dz+N2∫φ0[b(z)+er+‖B‖‖v(z)‖]dz+N1∑0<φi<φ‖Li(u(φi))‖+N2∑0<φi<φ‖Ki(u(i))‖≤N1‖u0‖+N2φ2‖[u1−g1(0,u(0))]‖+N1aC2(1+r)+N2[√a‖b‖L2(Q,R+)+era+√a‖B‖‖v‖L2(Q,V)]+N1m∑i=1ci+N2m∑i=1li:=ℓ. |
Thus, Υ(Br) is bounded.
Step 2. {Υ(u):u∈Br} is completely continuous.
Let us note that for any u∈Br, σ∈Υ(u), there exists h∈M(u) such that for all φ∈L,
‖σ(φ)‖≤‖C(φ,0)u0‖+‖Q(φ,0)[u1−g1(0,u(0))]‖+‖∫φ0C(φ,z)g1(z,u(z))dz‖+‖∫φ0Q(φ,z)h(z)dz‖+‖∫φ0Q(φ,z)Bv(z)dz‖+∑0<φi<φ‖C(φ,φi)Li(u(φi))‖+∑0<φi<φ‖C(φ,φi)Ki(u(φi))‖. |
For 0<ξ1<ξ2≤a and k>0 very small,
‖σ(ξ2)−σ(ξ1)‖M≤‖C(ξ2,0)−C(ξ1,0)‖‖u0‖+‖Q(ξ2,0)−Q(ξ1,0)‖‖[u1−g1(0,u(0))]‖+∫ξ1−k0‖C(ξ2,z)−C(ξ1,z)‖‖g1(z,u(z))‖dz+∫ξ1ξ1−k‖C(ξ2,z)−C(ξ1,z)‖‖g1(z,u(z))‖dz+∫ξ2ξ1‖C(ξ2,z)‖ ‖g1(z,u(z))‖dz+∫ξ1−k0‖Q(ξ2,z)−Q(ξ1,z)‖‖h(z)+Bv(z)‖dz+∫ξ1ξ1−k‖Q(ξ2,z)−Q(ξ1,z)‖ ‖h(z)+Bv(z)‖dz+∫ξ2ξ1‖Q(ξ2,z)‖ ‖h(z)+Bv(z)‖dz+∑0<φi<a‖C(ξ2,φi)−C(ξ1,φi)‖‖Li(u(φi))‖+∑0<φi<a‖Q(ξ2,φi)−Q(ξ1,φi)‖‖Ki(u(φi))‖≤‖C(ξ2,0)−C(ξ1,0)‖‖u0‖+‖Q(ξ2,0)−Q(ξ1,0)‖‖[u1−g1(0,u(0))]‖+∫ξ1−k0‖C(ξ2,z)−C(ξ1,z)‖C2(1+r)dz+∫ξ1ξ1−k‖C(ξ2,z)−C(ξ1,z)‖C2(1+r)dz+N1 C2(1+r)(ξ2−ξ1)+∫ξ1−k0‖Q(ξ2,φi)−Q(ξ1,φi)‖[b(z)+er+‖B‖‖v(z)‖]dz+∫ξ1ξ1−k‖Q(ξ2,z)−Q(ξ1,z)‖[b(z)+er+‖B‖‖v(z)‖]dz+N2∫ξ2ξ1[b(z)+er+‖B‖‖v(z)‖]dz+∑0<φi<a‖C(ξ2,φi)−C(ξ1,φi)‖‖Li(u(φi))‖+∑0<φi<a‖Q(ξ2,φi)−Q(ξ1,φi)‖‖Ki(u(φi))‖. | (3.1) |
From the uniform operator topology [33, Lemma 6.2], it is easily understood that (3.1) tends to zero of u∈Br as ξ2→ξ1 and k→0.
Equivalently, for ξ1=0 and 0<ξ2≤a, we can show that ‖σ(ξ2)−u0‖M tends to zero independently of u∈Br as ξ2→0. Hence, we can conclude that {Υ(u):u∈Br} is equicontinuous of PC(L,M).
Finally, from the assumptions (A1) and (A3) and by the definition of a relatively compact set, it is not difficult to check that {σ(t):σ∈Υ(Br)} is relatively compact in M. Thus, by the generalized Arzelˊa-Ascoli theorem, we get that Υ is a multivalued compact map.
Therefore, based on the above arguments, Υ is completely continuous.
Step 3. Assume un→u∗ in PC(L,M), σn∈Υ(un) and σn→σ∗ in PC(L,M). Let us check σ∗∈Υ(u∗). It is obvious that σn∈Υ(un) exist only when hn∈M(un) such that
σn(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,un(z))dz+∫φ0Q(φ,z)hn(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)). | (3.2) |
Here {hn}n≥1⊆L2(L,M) is bounded from the hypothesis (A2). Hence we may assume that
hn→h∗ weakly in L2(L,M). | (3.3) |
From (3.2) and (3.3), we have
σn(φ)→C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u∗(z))dz+∫φ0Q(φ,z)h∗(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)). | (3.4) |
We can see that σn→σ∗ in PC(L,M) and hn∈M(u). According to Lemma 2.6 and (3.4), h∗∈M(u∗). Then, σ∗∈Υ(u∗), and this shows that Υ has a closed graph. Hence using Proposition 3.12 of [36] implies that it is upper semicontinuous.
Step 4. A priori estimate.
Based on the results from Steps 1–3, we have established that the multivalued map Υ satisfies the following properties: upper semicontinuity, convex-valuedness, compactness, and relative compactness of Υ(Br). Therefore, Υ meets the conditions of Theorem 2.8, which implies that
℧={u∈PC(L,M):γu∈Υ(u), γ>1}, |
is bounded. To prove Υ has a fixed point, let u∈℧, and h∈M(u) such that
u(φ)=γ−1C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+γ−1∫φ0C(φ,z)g1(z,u(z))dz+γ−1∫φ0Q(φ,z)h(z)dz+γ−1∫φ0Q(φ,z)Bv(z)dz+γ−1∑0<φi<φC(φ,φi)Li(u(φi))+γ−1∑0<φi<φQ(φ,φi)Ki(u(φi)). |
From our assumptions,
‖u(φ)‖M≤‖C(φ,0)u0‖+‖Q(φ,0)[u1−g1(0,u(0))]‖+‖∫φ0C(φ,z)g1(z,u(z))dz‖+‖∫φ0Q(φ,z)h(z)dz‖+‖∫φ0Q(φ,z)Bv(z)dz‖+∑0<φi<φ‖C(φ,φi)Li(u(φi))‖+∑0<φi<φ‖Q(φ,φi)Ki(u(φi))‖≤N1‖u0‖+N2‖[u1−g1(0,u(0))]‖+N1∫φ0C2(1+‖u(z)‖)dz+N2∫φ0[a(z)+e‖u(z)‖+‖B‖‖v(z)‖]dz+N1∑0<φi<φ‖Li(u(φi))‖+N2∑0<φi<φ‖Ki(u(φi))‖≤ρ+K1‖u‖, | (3.5) |
where
ρ=N1[u0]+N2[u1−g1(0,u(0))]+N1C2b+N2(‖b‖L2(L,R+)+‖B‖‖v‖L2(L,V))√a+m∑i=1li]+N1m∑i=1ci,K1=a(N1C2+N2e). |
Hence, by the assumption K1<1 and (3.5), we can see that
‖u‖=supφ∈L‖u(φ)‖≤ρ+K1‖u‖, thus ‖u‖≤ρ1−K1=:ℓ2. |
Hence, Υ has a fixed point.
Consider that the mild solution for the Eq (2.5) is u(⋅;v), the control variable v has values in L2(L,V), and the initial value is u0,u1∈M. At the terminal time a, the accessible set of the system (2.5) is defined as R(a,u0,u1)={u(a;u0,u1):v∈L2(L,V)}.
Definition 4.1. The Eq (2.5) is approximately controllable on L, if for any initial value u0,u1∈M, then ¯R(a,u0,u1)=M.
Consider the linear differential system:
{u′′(φ)=A(φ)u(φ)+Bv(φ), φ∈L=[0,a],u(0)=u0,u′(0)=u1. | (4.1) |
Now, define the operators for the system (4.1) as:
Υa0=∫a0Q(a,z)BB∗Q∗(a,z)dzandR(β,Υa0)=(βI+Υa0)−1, β>0, |
where B∗ and Q∗(φ) are adjoint of B and Q(φ), respectively.
Lemma 4.2. [9] The system (4.1) is approximately controllable on L iff β R(β,Υa0)→0 as β→0+ in the strong operator topology.
Choose any β>0, u∈PC(L,M)⊂L2(L,M) and ua∈M, as stated in Lemma 2.7, and it is possible to define a multivalued map Υβ:PC(L,M)→2PC(L,M) given by
Υβ(u)={f∈PC(L,M):f(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u(z))dz+∫φ0Q(φ,z)h(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)),h∈M(u)}, |
and
vβ(φ)=B∗Q∗(a,z)R(β,Υa0)(ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,z)g1(z,u(z))dz−∫a0Q(a,z)h(z)dz−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi))). |
Theorem 4.3. Let (A1)–(A3) be true. Υβ, for all β>0, has a fixed point on L=[0,a] if
a(N1C2+N2e)(1+N22‖B‖2β)<1, |
where N1:=supφ,z∈[0,a]‖C(φ,z)‖, N2:=supφ,z∈[0,a]‖Q(φ,z)‖.
Proof. For every u∈PC(L,M), by the nature of M(u), we can say Υβ is convex.
Step 1. For every p>0,Υβ(Bp) is bounded in PC(L,M),
Bp={u∈PC(L,M):‖u‖PC≤p}. |
Here, it is sufficient to prove that there exists a positive constant lβ and for all σ∈Υβ(u), u∈Bp, ‖σ‖PC≤lβ. If σ∈Υβ(u), there is h∈M(u) such that
σ(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u(z))dz+∫φ0Q(φ,z)h(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)), φ∈L. |
Notice that
‖vβ(φ)‖=‖B∗Q∗(a,z)R(β,Υa0)(ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,z)g1(z,u(z))dz−∫a0Q(a,z)h(z)dz−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi)))‖≤N2‖B‖β[‖ua‖+N1‖u0‖+N2‖u1−g1(0,u(0))‖+aN1C2(1+p)+N2[‖b‖L2(L,R+)√a+epa]+N1m∑i=1ci+N2m∑i=1li]:=Ψ. | (4.2) |
From (4.2),
‖σ(φ)‖M≤‖C(φ,0)u0‖M+‖Q(φ,0)[u1−g1(0,u(0))]‖M+‖∫φ0C(φ,z)g1(z,u(z))dz‖+‖∫φ0Q(φ,z)h(z)dz‖+‖∫φ0Q(φ,z)Bv(z)dz‖+∑0<φi<φ‖C(φ,φi)Li(u(φi))‖+∑0<φi<φ‖C(φ,φi)Ki(u(φi))‖≤N1‖u0‖+N2‖[u1−g1(0,u(0))]‖+N1aC2(1+p)+N2[√a‖b‖L2(L,R+)+epa+‖B‖Ψa]+N1m∑i=1ci+N2m∑i=1li:=lβ. |
Thus Υβ(Bp) is bounded in PC(L,M).
Step 2. Consider any u∈Bp, σ∈Υβ(u). There exists h∈M(u), for every φ∈L,
σ(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u(z))dz+∫φ0Q(φ,z)h(z)dz+∫φ0Q(φ,z)Bv(z)dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)). |
Using ‖vβ(t)‖ as (4.2) and also from Theorem 3.1, Step 2, one can obtain that {Υβ(u):u∈Bp} is completely continuous.
Step 3. Consider un→u∗ in PC(L,M), σn∈Υβ(un) and σn→σ∗ in PC(L,M). We investigate σ∗∈Υβ(u∗). Indeed, σn∈Υβ(un) exists only when hn∈M(un) such that
σn(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,un(z))dz+∫φ0Q(φ,z)hn(z)dz+∫φ0Q(φ,z)BB∗Q∗(a,z)R(β,Υa0)(×)(ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,η)g1(η,un(η))dη−∫a0Q(a,η)hn(η)dη−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi)))dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<ti<tQ(φ,φi)Ki(u(φi)). | (4.3) |
From (A1), we will prove {hn}n≥1⊆L2(L,M) is bounded. Hence,
hn→h∗ weakly in L2(L,M). | (4.4) |
From (4.3) and (4.4),
σn(φ)→C(φ,0)u0+Q(φ,0)[z1−g1(0,z(0))]+∫φ0C(φ,z)g1(z,u∗(z))dz+∫φ0Q(φ,z)h∗(z)dz+∫φ0Q(φ,z)BB∗Q∗(a,z)R(β,Υa0)(×)(ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,η)g1(η,u∗(η))dη−∫a0Q(a,η)h∗(η)dη−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi)))dz+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)). | (4.5) |
Clearly, σn→σ∗ in PC(L,M) and hn∈M(un). According to Lemma 2.6 and (4.5), h∗∈M(u∗). Then, σ∗∈Υ(u∗), and this shows that Υ has a closed graph. Hence, by using Proposition 3.12 of [36] implies that it is upper semicontinuous.
Step 4. A priori estimate.
By Steps 1–3, Υβ is convex valued, compact upper semicontinuous, Υβ(Bp) is a relatively compact set and meets Theorem 2.8, and
J={u∈PC(L,M):γu∈Υβ(u), γ>1}, |
is bounded.
Consider u∈J. Then there exists h∈M(u) such that
u(φ)=γ−1C(φ,0)u0+γ−1Q(φ,0)[u1−g1(0,u(0))]+γ−1∫φ0C(φ,z)g1(φ,u(φ))dz+γ−1∫φ0Q(φ,z)h(z)dz+γ−1∫φ0Q(φ,z)Bvβ(z)dz+γ−1∑0<φi<φC(φ,φi)Li(u(φi))+γ−1∑0<φi<φQ(φ,φi)Ki(u(φi)), |
and
vβ(φ)=B∗Q∗(a,z)R(β,Υa0)(ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,z)g1(z,u(z))dz−∫a0Q(a,z)h(z)dz−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi))). |
Then from our assumptions,
‖u(φ)‖M≤‖C(φ,0)u0‖+‖Q(φ,0)[u1−g1(0,u(0))]‖+‖∫φ0C(φ,z)g1(z,u(z))dz‖+‖∫φ0Q(φ,z)h(z)dz‖+‖∫φ0Q(φ,z)Bvβ(z)dz‖+∑0<φi<φ‖C(φ,φi)Li(u(φi))‖+∑0<φi<φ‖Q(φ,φi)Ki(u(φi))‖≤N1‖z0‖+N2‖[u1−g1(0,u(0))]‖+N1∫φ0C2(1+‖u(φ)‖)dz+N2∫φ0[b(z)+e‖u(z)‖+‖B‖(N2‖B‖β[‖ua‖+N1‖u0‖+N2‖u1−g1(0,z(0))‖+aN1C2(1+p)+N2[‖b‖L2(L,R+)√a+epa]+N1m∑i=1ci+N2m∑i=1li])dz+N1∑0<φi<φ‖Li(u(φi))‖+N2∑0<φi<φ‖Ki(u(φi))‖≤ρ+K2‖u‖, | (4.6) |
where
ρ=N1‖u0‖+N2‖[u1−g1(0,u(0))]‖+N1C2a+N2[‖b‖L2(L,R+)]√a+N22‖B‖2β(‖ua‖+N1‖u0‖+N2‖[u1−g1(0,u(0))]‖+N1C2a+N2[‖b‖L2(L,R+)]√a)+N1m∑i=1ci+N2m∑i=1li.K2=a(N1C2+N2e)(1+N22‖B‖2β). |
According to K2<1 and (4.6), we conclude,
‖u‖=supφ∈L‖u(φ)‖≤ρ+K2‖u‖, and thus ‖u‖≤ρ1−K2=:ℓ3. |
Therefore J is bounded which leads to the conclusion that Υβ has a fixed point.
Theorem 4.4. Suppose the conditions of the above theorem are satisfied. Then, if system (4.1) is approximately controllable on the set L, it follows that system (2.5) is also approximately controllable on L.
Proof. By Theorem 4.3, Υβ, for all β>0, has a fixed point in PC(L,M). Let uβ be a fixed point of Υβ in PC(L,M). Clearly, Υβ is a mild solution of (2.5). Then, there exists hβ∈M(uβ) such that for each φ∈L,
uβ(φ)=C(φ,0)u0+Q(φ,0)[u1−g1(0,u(0))]+∫φ0C(φ,z)g1(z,u(z))dz+∫φ0Q(φ,z)hβ(z)dz+∫φ0Q(φ,z)BB∗Q∗(a,z)R(β,Υa0)(×)(ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,η)g1(η,u(η))dη−∫a0Q(a,η)hβ(η)dη−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi)))du+∑0<φi<φC(φ,φi)Li(u(φi))+∑0<φi<φQ(φ,φi)Ki(u(φi)). |
Since I−Υa0R(β,Υa0)=βR(β,Υa0), we have uβ(a)=ua−βR(β,Υa0)E(hβ). From the above,
E(hβ)=ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,η)g1(η,u(η))dη−∫a0Q(a,η)hβ(η)dη−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi)). |
From the hypothesis (A1) and from Theorem 4.3, ‖∂H(φ,u)‖≤b(φ)+e‖u(φ)‖≤b(φ)+ep:=ν(φ). Then,
∫a0‖hβ(z)‖dz≤‖ν‖L2(L,R+)√a. |
Consequently {hβ} is a bounded sequence in L2(L,M). So, there exists a subsequence, {hβ}, which will converge weakly to h in L2(L,M). It is expressed as
g=ua−C(a,0)u0−Q(a,0)[u1−g1(0,u(0))]−∫a0C(a,η)g1(η,u(η))dη−∫a0Q(a,η)h(η)dη−∑0<φi<aC(a,φi)Li(u(φi))−∑0<φi<aQ(a,φi)Ki(u(φi)). |
Now,
‖E(hβ)−g‖=‖∫a0C(a,η)[g1(η,yβ(η))−g1(η,y(η))]dη‖+‖∫a0S(a,η)[hβ(η)−h(η)]dη‖≤M1sup0≤η≤a[g1(η,yβ(η))−g1(η,y(η))]+M2sup0≤η≤a[hβ(η)−h(η)]. | (4.7) |
From Step 2 in Theorem 4.3 and by the Arzelˊa-Ascoli theorem, we get that the compactness of the right-hand side of (4.7) tends to zero as β→0+, which gives
‖uβ(a)−u1‖=‖βR(β,Υa0)E(hβ)‖≤‖βR(β,Υa0)(g)‖+‖E(hβ)−g‖→0, as β→0+. |
Hence, (2.5) is approximately controllable on L.
We utilize our theoretical findings on a concrete partial differential equation. We need to provide the required technological resources to accomplish our goals.
Now, let us take
A(φ)=A+˜A(φ), |
where A is the infinitesimal generator of a cosine function C(φ) with associated sine function Q(t), and ˜A(φ):D(˜A(φ))→M is a closed linear operator with D⊂D(˜A(φ)), for all φ∈L. We take the space M=L2(T,C), where the group T is defined as the quotient R/2πZ, and we denote by L2(T,C) the space of 2π periodic 2-integrable functions from R to C. Also, we use the identification between functions on T and 2π periodic functions on R. Furthermore, H2(T,C) denotes the Sobolev space of 2π periodic from R to C such that u′′∈L2(T,C).
We define Au(φ)=u′′(φ) with domain D(A)=H2(T,C). Then, A can be written as
Au=∞∑n=1−n2⟨u,xn⟩xn,u∈D(A), |
where xn(φ)=1√2πeinφ(n∈Z) is an orthonormal basis of M. It is well known that A is the infinitesimal generator of a strongly continuous cosine function C(φ) on M. The cosine function C(φ) is given by
C(φ)u=∞∑n=1cosnt⟨u,xn⟩xn,u∈M,φ∈R. |
The connected sine operator (Q(φ))φ∈R is
Q(t)u=∞∑n=1sinntn⟨u,xn⟩xn,u∈M,φ∈R. |
It is clear that ‖C(φ)‖≤1 for all φ∈R, so it is uniformly bounded on R.
Assume the following second-order non-autonomous neutral differential system of the form:
∂∂φ[∂∂φu(φ,℘)−ˆg1(φ,y(φ,℘)]=∂2∂q2u(φ,℘)+B(φ)∂∂φu(φ,℘)+B˜v(φ,℘)+ϕ(φ,u(φ,℘)),0<φ<a,u(φ,0)=u(φ,π)=0, 0<φ<a,u(0,℘)=u0(℘),℘∈(0,π),∂∂φy(0,℘)=u1(℘),Δu(φk)(℘)=∫φk0bk(φk−φ)u(φ,℘)dφ,Δ∂∂φu(φk)(℘)=∫φk0bk(φk−φ)u1(φ,℘)dφ, | (5.1) |
where B:R→R is a continuous function such that supφ∈[0,a]‖B(φ)‖=c0, and u(φ,℘) represents the temperature at ℘∈(0,π) and φ∈(0,a). Let ϕ(φ,u(φ,℘))=ϕ1(ξ1,φ(φ,℘))+ϕ2(φ,u(φ,℘)) and ϕ2(φ,u(φ,℘)) is the temperature function of the form −ϕ2(φ,u(φ,℘))∈∂H(φ,℘,u(φ,℘)),(φ,℘)∈(0,a)×(0,π). Here, the nonsmooth and nonconvex function H=H(φ,℘,k) is defined as a locally Lipschitz energy function. ∂H is the generalized Clarke's gradient in the third variable k [6]. Assume that H fulfills the assumptions (A1), H(k)=min{h1(ν),h2(ν)}, and hi=R→R(i=1,2) are convex quadratic functions [16].
Now we take ˜A(φ)u(℘)=B(φ)u(℘) defined on H1(T,C). It is easy to see that A(φ)=A+˜A(φ) is a closed linear operator. Initially, we will show that A+˜A(φ) generates an evolution operator. It is well known that the solution of the scalar initial value problem
p′′(φ)=−n2p(φ)+q(φ),p(s)= 0, p′(s)= p1, |
is given by
p(t)=p1nsinn(φ−z)+1n∫φzsinn(φ−ı)q(ı)dı. |
Therefore, the solution of the scalar initial value problem
p′′(φ)=−n2p(φ)+inB(φ)p(φ), | (5.2) |
p(z)= 0, p′(z)=p1, | (5.3) |
satisfies the following equation:
p(φ)=p1nsinn(φ−z)+i∫φzsinn(φ−ı)B(ı)q(ı)dı. |
By the Gronwall-Bellman lemma, we obtain
|p(t)|≤p1nec(φ−z) | (5.4) |
for z≤φ and c is a constant. We denote by pn(φ,z) the solution of (5.2)-(5.3). We define
Q(φ,z)u=∞∑n=1pn(φ,z)⟨u,xn⟩xn,u∈M,φ∈R. |
It follows from the estimate (5.4) that Q(φ,z):M→M is well defined and satisfies the condition of Definition 2.1. We set u(t)=u(φ,⋅), that is, u(φ)(℘)=u(φ,℘), φ∈L, ℘∈[0,π]. Then, we assume the infinite dimensional Hilbert space V, and we have
V={v:v∈∞∑ȷ=1vȷxȷ with ∞∑ȷ=2v2ȷ<∞}, |
with V as
‖v‖V=(∞∑ȷ=2v2ȷ)12. |
Let us define B∈L(V,M) as below:
Bv=2v2x1+∞∑ȷ=2vȷxȷ<∞,for all v=∞∑ȷ=2vȷxȷ∈V. |
It continuous that
B∗v=(2v+v2)x2+∞∑ȷ=3vȷxȷ, for all v=∞∑ȷ=2vȷxȷ∈M. |
Assume these functions satisfy the requirements of the hypotheses. From the above choices of the functions and evolution operator A(φ) with B, system (5.1) can be formulated as system (2.5) in M. Since all hypotheses of Theorem 4.4 are satisfied, the approximate controllability of system (5.1) on L follows from Theorem 4.4.
The principles of approximate controllability of second-order differential impulsive systems with the impact of hemivariational inequalities are the main focus of this article. The generalized Clarke's subdifferential technique and multivalued maps were used to suggest and demonstrate the necessary requirements for existence and approximate controllability. In the future, we will extend the results with finite delay and stochastic systems.
Yong-Ki Ma: Conceptualization, Methodology, Validation, Visualization, Writing–original draft. N. Valliammal: Conceptualization, Formal analysis, Methodology, Validation, Visualization, Writing–original draft. K. Jothimani: Conceptualization, Formal analysis, Investigation, Resources, Supervision, Writing–original draft. V. Vijayakumar: Conceptualization, Formal analysis, Resources, Supervision, Writing–original draft, Writing–Review & Editing. All authors have read and approved the final version of the manuscript for publication.
This work was supported by the research grant of Kongju National University in 2024. The authors are immensely grateful to the anonymous referees for their careful reading of this paper and helpful comments, which have been very useful for improving the quality of this paper.
The authors declare that they have no known competing financial interests or personal relationships that could have appeared to influence the work reported in this paper.
[1] |
Arena M, Ferris S (2017) A Survey of Litigation in Corporate Finance. Managerial Financ 43: 4-18. doi: 10.1108/MF-07-2016-0199
![]() |
[2] |
Arena MP, Ferris SP (2018) A Global Analysis of Corporate Litigation Risk and Costs. Int Rev Law Econ 56: 28-41. doi: 10.1016/j.irle.2018.05.003
![]() |
[3] | Armitage J (2013) Credit Rating for RBS Falls as "smallpox" Subprime Lawsuit Costs It. The Independent. Available from: http://www.independent.co.uk/news/business/news/rbs-credit-rating-falls-as-smallpox-subprime-lawsuit-costs-it-154m-8928214.html. |
[4] |
Armour J, Mayer C, Polo A (2017) Regulatory Sanctions and Reputational Damage in Financial Markets. J Financ Quant Anal 52: 1429-1448. doi: 10.1017/S0022109017000461
![]() |
[5] | As You Sow (2019) Shareholders Urge 5 Major U.S. Banks to Act on Climate. Available from: https://www.asyousow.org/press-releases/2019/11/25/shareholders-urge-banks-act-on-climate-change. |
[6] |
Autore DM, Hutton I, Peterson DR, et al. (2014) The Effect of Securities Litigation on External Financing. J Corp Financ 27: 231-250. doi: 10.1016/j.jcorpfin.2014.05.007
![]() |
[7] | BaFin (2019) Guidance Notice on Dealing with Sustainability Risks. Available from: https://www.bafin.de/SharedDocs/Veroeffentlichungen/EN/Meldung/2019/meldung_191220_MB_Nachhaltigkeitsrisiken_en.html. |
[8] | Bank of England (2019a) Life Insurance Stress Test 2019: Scenario Specification, Guidelines and Instructions. Available from: https://www.bankofengland.co.uk/-/media/boe/files/prudential-regulation/letter/2019/life-insurance-stress-test-2019-scenario-specification-guidelines-and-instructions.pdf. |
[9] | Bank of England (2019b) The 2021 Biennial Exploratory Scenario on the Financial Risks from Climate Change. Available from: https://www.bankofengland.co.uk/paper/2019/biennial-exploratory-scenario-climate-change-discussion-paper. |
[10] |
Barker S, Baker-Jones M, Barton E, et al. (2016) Climate Change and the Fiduciary Duties of Pension Fund Trustees - Lessons from the Australian Law. J Sustain Financ Invest 6: 211-244. doi: 10.1080/20430795.2016.1204687
![]() |
[11] |
Bauer R, Braun R (2010) Misdeeds Matter: Long-Term Stock Price Performance after the Filing of Class-Action Lawsuits. Financ Anal J 66: 74-92. doi: 10.2469/faj.v66.n6.6
![]() |
[12] | Braithwaite T, Scannell K, McCrum D (2011) Banks Sued over Mortgage Deals. Financial Times. Available from: https://www.ft.com/content/c3656efc-d57c-11e0-9133-00144feab49a. |
[13] |
Brunnermeier MK, Pedersen LH (2009) Market Liquidity and Funding Liquidity. Rev Financ Stud 22: 2201-2238. doi: 10.1093/rfs/hhn098
![]() |
[14] | Carbon Delta (2019) Climate Change: A Growing Liability for Companies and Investors. Carbon Delta (blog). Available from: https://www.carbon-delta.com/climate-change-a-growing-liability-for-companies-and-investors/. |
[15] | Carney M (2015) Breaking the Tragedy of the Horizon—Climate Change and Financial Stability. Available from: https://www.bankofengland.co.uk/speech/2015/breaking-the-tragedy-of-the-horizon-climate-change-and-financial-stability. |
[16] | Cleary P, Harding W, McDaniels J, et al. (2019) Turning up the Heat—Climate Risk Assessment in the Insurance Sector. Financial Stability Institute insights on policy implementation No 20. Bank for International Settlements. |
[17] | Crow D, Mooney A (2020) Barclays under Pressure over Financing Fossil Fuel Producers. Financial Times. Available from: https://www.ft.com/content/d242263a-4770-11ea-aeb3-955839e06441. |
[18] | Regelink M, Reinders HJ, Vleeschhouwer M, et al. (2017) Waterproof? An exploration of climate-related risks for the Dutch financial sector. De Nederlandsche Bank. Available from: https://www.dnb.nl/en/binaries/Waterproof_tcm47-363851.pdf. |
[19] | De Nederlandsche Bank (2020) Good Practice Integration of Climate-Related Risk Considerations into Banks' Risk Management. Available from: https://www.toezicht.dnb.nl/2/50-238193.jsp. |
[20] |
Deng S, Willis RH, Xu L (2014) Shareholder Litigation, Reputational Loss, and Bank Loan Contracting. J Financ Quant Anal 49: 1101-1132. doi: 10.1017/S002210901400057X
![]() |
[21] | Emons W (2017) Legal Fees and Lawyers' Compensation, In The Oxford Handbook of Law and Economics: Volume 3: Public Law and Legal Institutions, edited by Francesco Parisi. |
[22] | European Central Bank (2020) Guide on Climate-Related and Environmental Risks: Supervisory Expectations Relating to Risk Management and Disclosure. Available from: https://www.bankingsupervision.europa.eu/legalframework/publiccons/pdf/climate-related_risks/ssm.202005_draft_guide_on_climate-related_and_environmental_risks.en.pdf. |
[23] | European Commission (2019) Guidelines on Non-Financial Reporting: Supplement on Reporting Climate-Related Information. Communication 2019/C 209/01. Available from: https://ec.europa.eu/finance/docs/policy/190618-climate-related-information-reporting-guidelines_en.pdf. |
[24] | Fama EF (1970) Efficient Capital Markets: A Review of Theory and Empirical Work. J Financ 25: 383-417. |
[25] | Farrell S (2019) Lloyds to Have Last Word on Scale of PPI Scandal. The Observer. Available from: https://www.theguardian.com/business/2019/oct/27/ppi-scandal-lloyds-bank-have-last-word. |
[26] | Financial Conduct Authority (2020) Proposals to Enhance Climate-Related Disclosures by Listed Issuers and Clarification of Existing Disclosure Obligations. Consultation Paper CP20/3. Available from: https://www.fca.org.uk/publication/consultation/cp20-3.pdf. |
[27] |
Gande A, Lewis CM (2009) Shareholder-Initiated Class Action Lawsuits: Shareholder Wealth Effects and Industry Spillovers. J Financ Quant Anal 44: 823-850. doi: 10.1017/S0022109009990202
![]() |
[28] | Garz H, Hassl T, Oviedo S, et al. (2014) Sector Report: Banks—Like a Phoenix from the Ashes? Sustainalytics. Available from: https://marketing.sustainalytics.com/acton/attachment/5105/f-08ba/1/-/-/-/-/Sector%20Report%202014%2007%20Banks.pdf. |
[29] | Giuzio M, Krušec D, Levels A, et al. (2019) Climate Change and Financial Stability. Financ Stab Rev. Available from: https://www.ecb.europa.eu/pub/financial-stability/fsr/special/html/ecb.fsrart 201905_1~47cf778cc1.en.html. |
[30] | Goldstein M (1998) The Asian Financial Crisis: Causes, Cures, and Systemic Implications, Peterson Institute. |
[31] | Gompertz S (2019) Industry Bill for PPI Claims Could Hit £ 53bn. BBC News. Available from: https://www.bbc.com/news/business-49592643. |
[32] | Gong G, Huang X, Wu S, et al. (2020) Punishment by Securities Regulators, Corporate Social Responsibility and the Cost of Debt. J Bus Ethics, 1-20. |
[33] | Tsleil Waututh Nation, Union of British Columbia Indian Chiefs, Treaty Alliance Against Tar Sands Expansion (2017) Letter to the CEOs of the 14 Banks That Underwrote the Kinder Morgan Canada IPO. Available from: https://www.ubcic.bc.ca/bankswarnedtransmountain. |
[34] | Gu X, Hasan I, Lu H (2018) Corporate Reputation in Bond Market: Evidence from Lawsuits. Gabelli School of Business, Fordham University Research Paper No. 2872705. |
[35] |
Haslem B, Hutton I, Smith AH (2017) How Much Do Corporate Defendants Really Lose? A New Verdict on the Reputation Loss Induced by Corporate Litigation. Financ Manage 46: 323-258. doi: 10.1111/fima.12171
![]() |
[36] | Homanen M (2018) Depositors Disciplining Banks: The Impact of Scandals. Chicago Booth Research Paper No. 28. |
[37] | Intergovernmental Panel on Climate Change (2018) Special Report: Global Warming of 1.5℃ Summary for Policymakers. Available from: https://www.ipcc.ch/sr15/chapter/spm/. |
[38] | International Renewable Energy Agency (2017) Stranded Assets and Renewables: How the Energy Transition Affects the Value of Energy Reserves, Buildings and Capital Stock. Available from: https://www.irena.org/-/media/Files/IRENA/Agency/Publication/2017/Jul/IRENA_REmap_Stranded_assets_and_renewables_2017.pdf. |
[39] | ISDA (2001) User's Guide to the 2001 ISDA Margin Provisions. Available from: https://www.isda.org/book/ug-to-2001-isda-margin-provisions/. |
[40] |
Jones K, Rubin PH (2001) Effects of Harmful Environmental Events on Reputations of Firms. Adv Financ Econ 6: 161-182. doi: 10.1016/S1569-3732(01)06007-8
![]() |
[41] | Karpoff JM (2012) Does Reputation Work to Discipline Corporate Misconduct? Oxf Handb Corp Reput, 361-382. |
[42] |
Karpoff JM, Lee DS, Martin GS (2008) The Cost to Firms of Cooking the Books. J Financ Quant Anal 43: 581-611. doi: 10.1017/S0022109000004221
![]() |
[43] |
Karpoff JM, Lott Jr JR, Wehrly EW (2005) The Reputational Penalties for Environmental Violations: Empirical Evidence. J Law Econ 48: 653-675. doi: 10.1086/430806
![]() |
[44] |
Klein B, Leffler KB (1981) The Role of Market Forces in Assuring Contractual Performance. J Polit Econ 89: 615-641. doi: 10.1086/260996
![]() |
[45] | Langevoort DC (2012) Getting (Too) Comfortable: In-House Lawyers, Enterprise Risk, and the Financial Crisis. Wis Law Rev, 495-520. |
[46] | Lee EG, Willging TE (2010) Litigation Costs in Civil Cases: Multivariate Analysis. Federal Judicial Center. Available from: https://papers.ssrn.com/abstract=1606846. |
[47] | Linklaters (2019) The Rise of Green Loans and Sustainability Linked Lending. Available from: https://www.linklaters.com/en/insights/thought-leadership/sustainable-finance/the-rise-of-green-loans-and-sustainability-linked-lending. |
[48] | Loan Market Association (2019) Sustainability Linked Loan Principles. Available from: https://www.lma.eu.com/sustainable-lending. |
[49] | MacNeil I (2015) Enforcement and Sanctioning, In The Oxford Handbook of Financial Regulation, edited by Niamh Moloney, Eilís Ferran, and Jennifer Payne, Oxford: Oxford University Press. |
[50] | Makortoff K (2019) RBS Posts Quarterly Loss after Extra £ 900m Put aside for PPI Claims. The Guardian. Available from: https://www.theguardian.com/business/2019/oct/24/rbs-posts-quarterly-loss-after-extra-900m-put-aside-for-ppi-claims. |
[51] | Makortoff K, Kollewe J (2019) PPI Claims: Lloyds and Barclays Face Billions of Pounds in Extra Charges. The Guardian. Available from: https://www.theguardian.com/business/2019/sep/09/lloyds-ppi-claims. |
[52] | Marjanac S, Patton L (2018) Extreme Weather Event Attribution Science and Climate Change Litigation: An Essential Step in the Causal Chain? J Energy Nat Resour Law 36: 265-298. |
[53] | Ming WX (2018) The Banking Regulatory Bureau Imposed Penalties for the First Time on the Basis of Green Credit Guidelines: How Should the Banking Industry Respond to the New Requirements for Green Credit. Blue Map. Available from: https://mp.weixin.qq.com/s/T8VcbIZFIVMv40AAodnRSA. |
[54] | Mishina Y, Devers CE (2012) On Being Bad: Why Stigma Is Not the Same as a Bad Reputation. Oxf Handb Corp Reput, 201-220. |
[55] | Monaghan A (2013) Barclays Boss Admits It Could Take 10 Years to Rebuild Public Trust. The Guardian. Available from: https://www.theguardian.com/business/2013/dec/31/barclays-antony-jenkins-trust-ppi-libor. |
[56] | Moody's (2019) Moody's Takes Action on the Ratings of 15 UK Banks and Building Societies. Moodys.Com. Available from: https://www.moodys.com/research/Moodys-takes-action-on-the-ratings-of-15-UK-banks--PR_412737. |
[57] | Mooney A, Nauman B (2020) Climate Campaigners Turn Their Fire on the Financial World. Financial Times. Available from: https://www.ft.com/content/2a27f446-4f15-11ea-95a0-43d18ec715f5. |
[58] | Network for Greening the Financial System (2019) A Call for Action: Climate Change as a Source of Financial Risk. Available from: https://www.ngfs.net/sites/default/files/medias/documents/synthese_ngfs-2019_-_17042019_0.pdf. |
[59] | Network for Greening the Financial System (2020) Guide to Climate Scenario Analysis for Central Banks and Supervisors. Available from: https://www.ngfs.net/sites/default/files/medias/documents/ngfs_guide_scenario_analysis_final.pdf. |
[60] | New City Agenda (n.d.) The Top 10 Retail Banking Scandals: 70 Billion Reasons Why Shareholders Must Play a Greater Role in Changing Bank Culture. New City Agenda (blog). Date unknown. Available from: https://newcityagenda.co.uk/the-top-10-retail-banking-scandals-50-billion-reasons-why-shareholders-must-play-a-greater-role-in-changing-bank-culture/. |
[61] | Osofsky HM, Peel J (2012) Litigation's Regulatory Pathways and the Administrative State: Lessons from U.S. and Australian Climate Change Governance. Georget Int Environ Law Rev 25: 207-260. |
[62] |
Pain N, Pepper R (2019) Legal Costs Considerations in Public Interest Climate Change Litigation. King's Law J 30: 211-223. doi: 10.1080/09615768.2019.1645432
![]() |
[63] | Press Association (2019) CYBG Shares Plunge as It Becomes Latest Bank to Be Hit by PPI Surge. Mail Online. Available from: https://www.thisismoney.co.uk/money/markets/article-7430865/CYBG-shares-plunge-latest-bank-hammered-late-surge-PPI-claims.html. |
[64] | Prudential Regulatory Authority (2015) The Impact of Climate Change on the UK Insurance Sector. Available from: http://www.bankofengland.co.uk/pra/Documents/supervision/activities/pradefra0915.pdf. |
[65] | Prudential Regulatory Authority (2018) Transition in Thinking: The Impact of Climate Change on the UK Banking Sector. Available from: https://www.bankofengland.co.uk/prudential-regulation/publication/2018/transition-in-thinking-the-impact-of-climate-change-on-the-uk-banking-sector. |
[66] | Raudel PM, Hammer S (2016) Environmental and Climate Change Disclosure Under the Securities Laws: A Multijurisdictional Survey. Debevoise & Plimpton Client Update. Available from: https://www.debevoise.com/insights/publications/2016/03/environmental-and-climate-change-disclosure. |
[67] | Reeves J, Umbert JM (2019) Climate Change and Insurance: Litigation Risks for Insurers. Insur Law. Available from: https://www.zelle.com/news-publications-626. |
[68] | Riding S (2019) World's Biggest Pension Fund Steps up Passive Stewardship Efforts. Financial Times. Available from: https://www.ft.com/content/8e5e0476-f046-3316-b01b-e5b4eac983f1. |
[69] | van Schaik S, Morrow D, Burress S, et al. (2015) Insurance: Shedding Light on New Industry Challenges. Sustainalytics. Available from: https://marketing.sustainalytics.com/acton/attachment/5105/f-08c0/1/-/-/-/-/Sector%20Report%202015%2006%20Insurance.pdf. |
[70] | Schwarcz SL (2007) To Make or to Buy: In-House Lawyering and Value Creation. J Corp Law 33: 497-576. |
[71] | Setzer J, Byrnes R (2019) Global Trends in Climate Change Litigation: 2019 Snapshot. Policy report. Grantham Research Institute on Climate Change and the Environment. Available from: https://www.lse.ac.uk/GranthamInstitute/wp-content/uploads/2019/07/GRI_Global-trends-in-climate-change-litigation-2019-snapshot-2.pdf. |
[72] | Setzer J, Byrnes R (2020) Global Trends in Climate Change Litigation: 2020 Snapshot. Policy report. Grantham Research Institute on Climate Change and the Environment. Available from: https://www.lse.ac.uk/granthaminstitute/publication/global-trends-in-climate-change-litigation-2020-snapshot/. |
[73] |
Solana J (2020) Climate Litigation in Financial Markets: A Typology. Transnatl Environ Law 9: 1-33. doi: 10.1017/S2047102520000035
![]() |
[74] | Spicer A, Gond JP, Patel K, et al. (2014) A Report on the Culture of British Retail Banking. Available from: https://newcityagenda.co.uk/wp-content/uploads/2014/11/Online-version.pdf. |
[75] | Task Force on Climate-related Financial Disclosures (2017) Final Report: Recommendations of the Task Force on Climate-Related Financial Disclosures (June 2017). Available from: https://www.fsb-tcfd.org/publications/final-recommendations-report/. |
[76] | UNEP FI (2018) UNEP FI Working with 16 Global Insurers to Better Understand Risk & Implement TCFD Recommendations—United Nations Environment—Finance Initiative. UNEP FI. 13 November 2018. Available from: https://www.unepfi.org/news/industries/insurance/unep-fi-working-with-16-global-insurers-to-better-understand-risk-implement-tcfd-recommendations/. |
[77] | Wearden G (2011) How the PPI Scandal Unfolded. The Guardian, 5 May 2011. Available from: https://www.theguardian.com/business/2011/may/05/how-ppi-scandal-unfolded. |
[78] | Weyzig F, Kuepper B, van Gelder JW, et al. (2014) The Price of Doing Too Little Too Late: The Impact of the Carbon Bubble on the EU Financial System. Available from: https://reinhardbuetikofer.eu/wp-content/uploads/2014/03/GND-Carbon-Bubble-web1.pdf. |
[79] |
Xin Q, Zhou J, Hu F (2018) The Economic Consequences of Financial Fraud: Evidence from the Product Market in China. China Account Stud 6: 1-23. doi: 10.1080/21697213.2018.1480005
![]() |
[80] |
Yuan Q, Zhang Y (2015) Do Banks Price Litigation Risk in Debt Contracting? Evidence from Class Action Lawsuits. J Bus Financ Account 42: 1310-1340. doi: 10.1111/jbfa.12164
![]() |