This study empirically analyses the exclusion of companies from investors’ investment universe due to a company’s business model or due to a company’s violations of international norms. We conduct a time-series analysis of the performance implications of the exclusion decisions of two leading Nordic investors, Norway’s Government Pension Fund-Global and Sweden’s AP-funds. We find that their portfolios of excluded companies do not generate an abnormal return relative to the funds’ benchmark index. While the exclusion portfolios show higher risk than the (...) respective benchmark, this difference is only statistically significant for the case of GPFG. These findings suggest that the exclusion of the companies generally does not harm funds’ performance. We interpret these findings as indicative that with exclusionary screening, as practiced by the sample funds, asset owners can meet the ethical objectives of their beneficiaries without compromising financial returns. (shrink)

This study explores the underlying drivers of US public pension funds’ tendency to tilt their portfolios towards companies with stronger corporate social responsibility. Studying the equity holdings of large, internally managed US state pension funds, we find evidence that the political leaning of their beneficiaries and political pressures by state politicians affect funds’ investment decisions. State pension funds from states with Democratic-leaning beneficiaries tilt their portfolios more strongly towards companies that perform well on CSR issues, and this tendency is intensified (...) when the state government is dominated by Democratic state politicians. Moreover, we find that funds which tilt their portfolios towards companies with superior CSR scores generate a slightly higher return compared with their counterparts. Overall, our findings indicate that funds align their investment choices with the financial and non-financial interests of their beneficiaries when deciding whether to incorporate CSR into their equity allocations. (shrink)

From a simple idea to unite asset owners in their quest for responsible investment at its launch in April 2006, the United Nations supported Principles for Responsible Investment have grown in just one decade into an initiative with more than 1500 fee-paying signatories. Jointly, the PRI’s signatories hold assets worth more than $80 trillion, making it one of the more prevalent not-for-profit organizations worldwide. Furthermore, the PRI’s ambitious mission to transform the financial system at large into a more sustainable one (...) makes it a worthwhile subject of inquiry from an institutional perspective. We undertake an empirical investigation of the adoption of the PRI by asset owners during five crucial years of the association’s emergence: 2007–2011. Following a tripartite view of institutional theory proposed by Scott, we explore if regulative, normative, and cultural–cognitive factors influence an asset owner’s decision to subscribe to the PRI. Applying both parametric and non-parametric survival analysis, we find that asset owners are indeed significantly affected by normative, cultural–cognitive, and regulative aspects. In particular, public service employee and labor union pension funds from social backgrounds more culturally aligned with values represented by the RI movement with historically more voluntary legislation on environmental, social, and governance issues are most likely to sign the PRI. In contrast, institutional environments with a higher number of pre-existing mandatory ESG regulation decrease the likelihood of signing the PRI. Our results indicate that normative and cultural–cognitive factors were crucial contributors to the PRI’s growth. With respect to the regulative environments, our results imply that some asset owners may use the PRI as a collective industry initiative to substitute for mandatory legislation. Conversely, a high level of historical mandatory legislation may constrain organizational resources that could otherwise be dedicated to voluntary initiatives such as PRI. Our findings are robust to relevant controls and econometric concerns. (shrink)

The present paper explores, theoretically, and empirically, whether compliance with the International Code of marketing of breast-milk substitutes impacts on financial performance measured by stock markets. The empirical analysis, which considers a 20-year period, shows that stock markets are indifferent to the level of compliance by manufacturers with the International Code. Two important issues emerge from this result. Based on our finding that financial performance as measured by stock markets cannot explain the level of compliance, the first issue refers to (...) what alternative types of mechanisms drive manufacturers who comply the least with voluntary codes such as the International Code. Conversely, from our finding that stock markets do not reward the most compliant, the second issue raised is an inherent weakness of stock markets to fully incorporate social and environmental values. (shrink)

How is the tension between conflict and deliberation resolved in shareholder engagement? We address this question by studying shareholder engagement as a deliberative process with three stages: establishing dialogue, solution development, and solution implementation. We theorize that two interactionist mechanisms, deliberative interaction and the voicing of disagreement, play different roles at different stages of the process. We test our hypotheses with a proprietary database of 169 environmental, social, and governance engagements with US public companies over 2007–12. We find that while (...) deliberative interaction does not help advance the engagement process, it positively moderates the effect of disagreement in the solution development stage. By contrast, in the solution implementation stage, deliberative interaction amplifies the negative effect of disagreement, thus hindering progress in the engagement. Our article contributes to shareholder engagement, deliberation theory, and interactionist organization theory by establishing that engagement effectiveness is an interactional achievement shaped by both deliberation and disagreement. (shrink)

Business Ethics, the Environment &Responsibility, Volume 32, Issue 4, Page 1452-1469, October 2023.

A growing group of institutional investors use divestment strategically to deter misconducts that are harmful for the climate and society. Based on Kantian ethics, we propose that divestment represents investors’ universal and absolute moral commitment to socially responsible investing (SRI). Following categorical and hypothetical imperatives and reciprocity as a norm, we hypothesize how institutional investors’ commit to SRI through a divestment strategy against ethically reprehensible behaviour of banks, especially when these investors represent banks themselves. Using a hand-collected database of the (...) revelation dates of enforcement actions on banks, we find evidence that banks are less likely to divest equity holding on banks with misconduct (fined banks) than their non-bank institutional investors peers. Banks that commit to invest responsibly by signing for the Principles for Responsible Investment (PRI) are not significantly more likely to divest on fined banks stocks than non-signatory banks. Moreover, divestment of fined banks whose own legitimacy to operate is in question is not significantly different from non-fined banks divestment. We find that European banks are more inclined to sell their holdings permanently on fined banks than their United States peers. Therefore, bank’s moral commitment to SRI via divestments is influenced more by cultural and reciprocity norms than their moral commitment to participate in the PRI. (shrink)

Given its non-invasive nature, there is increasing interest in the use of transcutaneous vagus nerve stimulation across basic, translational and clinical research. Contemporaneously, tVNS can be achieved by stimulating either the auricular branch or the cervical bundle of the vagus nerve, referred to as transcutaneous auricular vagus nerve stimulation and transcutaneous cervical VNS, respectively. In order to advance the field in a systematic manner, studies using these technologies need to adequately report sufficient methodological detail to enable comparison of results between (...) studies, replication of studies, as well as enhancing study participant safety. We systematically reviewed the existing tVNS literature to evaluate current reporting practices. Based on this review, and consensus among participating authors, we propose a set of minimal reporting items to guide future tVNS studies. The suggested items address specific technical aspects of the device and stimulation parameters. We also cover general recommendations including inclusion and exclusion criteria for participants, outcome parameters and the detailed reporting of side effects. Furthermore, we review strategies used to identify the optimal stimulation parameters for a given research setting and summarize ongoing developments in animal research with potential implications for the application of tVNS in humans. Finally, we discuss the potential of tVNS in future research as well as the associated challenges across several disciplines in research and clinical practice. (shrink)

Given its non-invasive nature, there is increasing interest in the use of transcutaneous vagus nerve stimulation across basic, translational and clinical research. Contemporaneously, tVNS can be achieved by stimulating either the auricular branch or the cervical bundle of the vagus nerve, referred to as transcutaneous auricular vagus nerve stimulation and transcutaneous cervical VNS, respectively. In order to advance the field in a systematic manner, studies using these technologies need to adequately report sufficient methodological detail to enable comparison of results between (...) studies, replication of studies, as well as enhancing study participant safety. We systematically reviewed the existing tVNS literature to evaluate current reporting practices. Based on this review, and consensus among participating authors, we propose a set of minimal reporting items to guide future tVNS studies. The suggested items address specific technical aspects of the device and stimulation parameters. We also cover general recommendations including inclusion and exclusion criteria for participants, outcome parameters and the detailed reporting of side effects. Furthermore, we review strategies used to identify the optimal stimulation parameters for a given research setting and summarize ongoing developments in animal research with potential implications for the application of tVNS in humans. Finally, we discuss the potential of tVNS in future research as well as the associated challenges across several disciplines in research and clinical practice. (shrink)

An action-oriented perspective changes the role of an individual from a passive observer to an actively engaged agent interacting in a closed loop with the world as well as with others. Cognition exists to serve action within a landscape that contains both. This chapter surveys this landscape and addresses the status of the pragmatic turn. Its potential influence on science and the study of cognition are considered (including perception, social cognition, social interaction, sensorimotor entrainment, and language acquisition) and its impact (...) on how neuroscience is studied is also investigated (with the notion that brains do not passively build models, but instead support the guidance of action). A review of its implications in robotics and engineering includes a discussion of the application of enactive control principles to couple action and perception in robotics as well as the conceptualization of system design in a more holistic, less modular manner. Practical applications that can impact the human condition are reviewed (e.g., educational applications, treatment possibilities for developmental and psychopathological disorders, the development of neural prostheses). All of this foreshadows the potential societal implications of the pragmatic turn. The chapter concludes that an action-oriented approach emphasizes a continuum of interaction between technical aspects of cognitive systems and robotics, biology, psychology, the social sciences, and the humanities, where the individual is part of a grounded cultural system. (shrink)

Proximity and interpersonal contact are prominent components of social connection. Giving affective touch to others is fundamental for human bonding. This brief report presents preliminary results from a pilot study. It explores if exposure to bonding scenes impacts the activity of specific muscles related to physical interaction. Fingers flexion is a very important component when performing most actions of affectionate contact. We explored the visuo-motor affective interplay by priming participants with bonding scenes and assessing the electromyographic activity of the fingers (...) flexor muscle, in the absence of any overt movements. Photographs of dyads in social interaction and of the same dyads not interacting were employed. We examined the effects upon the electromyographical activity: during the passive exposure to pictures, and during picture offset and when expecting the signal to perform a fingers flexion task. Interacting dyads compared to matched non-interacting dyads increased electromyographic activity of the fingers flexor muscle in both contexts. Specific capture of visual bonding cues at the level of visual cortex had been described in the literature. Here we showed that the neural processing of visual bonding cues reaches the fingers flexor muscle. Besides, previous visualization of bonding cues enhanced background electromyographic activity during motor preparation to perform the fingers flexion task, which might reflect a sustained leakage of central motor activity downstream leading to increase in firing of the respective motor neurons. These data suggest, at the effector level, an implicit visuo-motor connection in which social interaction cues evoke intrinsic dispositions toward affectionate social behavior. (shrink)

In the eyes of the philosophical public, F.H. Bradley is recognized primarily for the theories he advanced in Appearance and Reality, which themselves are known, on the whole, only through the writings of Bertrand Russell and G.E. Moore. It has been suggested that the rejection of idealism during the early twentieth century, and the subsequent rise to prominence of analysis, was for Moore and Russell in many respects a rejection of the central ideas in Appearance and Reality. History, we are (...) told, is always written by a conflict’s victors, and surely to this philosophy is no exception. Bradley’s notable fall from prominence, however, has deposited him in the philosophical netherworld, and his metaphysical arguments, when mentioned, are often invoked to show students how they by all means must not conduct their own. That Bradley was an idealist, a monist, an absolutist, and even a mystic are all things everyone seems to know, but I suspect that upon the careful inspection of Bradley’s project, these labels can be shown to supply only misleading half truths, and in some cases, might not stick at all. But let me make clear that in this paper, my concern will not be with what has been said about Bradley. Rather, this is a paper about what Bradley says. (shrink)

For every structure M of finite signature Mekler 781) has constructed a group G such that for every κ the maximal number of n -types over an elementary equivalent model of cardinality κ is the same for M and G . These groups are nilpotent of class 2 and of exponent p , where p is a fixed prime greater than 2. We consider stable structures M only and show that M is CM -trivial if and only if G is (...) CM -trivial. Furthermore, we obtain that the free group F 2 in the variety of 2 -nilpotent groups of exponent p>2 with ω free generators has a CM -trivial ω -stable theory. (shrink)

Der Beitrag pr?ft die Frage nach der Verwiesenheit der Philosophie auf eigene Geschichte und wendet sich der geschichtsphilosophischen Antinomie der sog. teleologischen und historischen Sichtweisen. Beiden ist es gemeinsam, dass sie eine vergegenst?ndlichende Vorstellung von Geschichte haben. Die teleologische Sichtweise ist um die geschichtliche Kontinuit?t bem?ht und tendiert dogmatisch dazu, die einzige Wahrheit des geschichtlichen Geschehens zu sein. Die historische Position ist eine relativistische Sichtweise und ist bestrebt, die geschichtlichen Besonderheiten hervorzuheben. Beide Positionen schreiben dem Gegenstand?Geschichte? blo? unterschiedliche Charakteristiken zu. (...) Hier wird die These vertreten, dass das Verstehen etwa einer philosophischen Schrift als das Verstehen des offenen Kontextes, in dem ein Interpretant steht, begriffen werden soll. Die Geschichte ist Produkt unserer Welt, nicht umgekehrt. Der Situationismus der so verstandenen radikalen Hermeneutik ist aber nicht relativistisch. Die Interpretationen haben ihre G?ltigkeit, nur insofern sie die Situation des Interpreten betreffen, d. h. insofern sie als Antworten auf bestimmte Fragen verstanden werden. Dem entspricht am ehesten eine genealogische Betrachtungsweise, die sich f?r die Herkunft der geschichtlichen Ph?nomene interessiert. nema. (shrink)

For f: On → On let supp: = ξ: 0, and let S := {f : On → On : supp finite}. For f,g ϵ S definef ≤ g : ↔ [h one-to-one ⁁ f ≤ g)].A function ψ : S → On is called monotonic increasing, if f≤ψ and if f ≤ g implies ψ ≤ ψ. For a mapping ψ : S → On let Clψ be the least set T of ordinals which contains 0 as an element (...) and which is closed under the following rule: If f ϵ S, range ⊆ T and supp ⊆ T, then ψ ϵ T. Let φ be the enumeration function of the class {ξ: [ξ = ωn]}. Let φ be the induced Schütte-Klammerterm-function which generates the Schütte-Veblen-hierarchy of ordinals. Then φ is monotonic increasing. We show: If ψ: S → On is monotonic increasing, then otyp) ≤ min {ξ : ξ = Φ, where 1ξ = 1 if α = ξ and 1ξ = 0 if α ↔ = 0 if α ≠ ξ. For τ an ordinal let Sτ := {f ϵ S : supp ⊆ τ}. A function ψ : Sτ → On is called τ-monotonic increasing if fξ and if f ≤ g implies ψ ≤ . For a function ψ Sτ → On let Clψ ↔ τ be the least set T of ordinals, which contains 0 as an element, such that if f ϵ Sτ and range ϵ T, then ψ ϵ T. We show: if ≥2 and if ψ Sτ → On is τ-monotonic increasing, then otyp ↔ τ) ≤. We also prove a generalization of this theorem in terms of well-partial orderings. MSC: 03F15, 03E10, 06A06. (shrink)

Let T(Ω) be the ordinal notation system from Buchholz-Schütte (1988). [The order type of the countable segmentT(Ω)0 is — by Rathjen (1988) — the proof-theoretic ordinal the proof-theoretic ordinal ofACA 0 + (Π 1 l −TR).] In particular let ↦Ω a denote the enumeration function of the infinite cardinals and leta ↦ ψ0 a denote the partial collapsing operation on T(Ω) which maps ordinals of T(Ω) into the countable segment TΩ 0 of T(Ω). Assume that the (fast growing) extended Grzegorczyk (...) hierarchy $(F_a )_{a \in T(\Omega )_0 }$ and the slow growing hierarchy $(G_a )_{a \in T(\Omega )_0 }$ are defined with respect to the natural system of distinguished fundamental sequences of Buchholz and Schütte (1988) in the following way: $$\begin{array}{*{20}c} {G_0 (n): = 0,} & {F_0 (n): = (n + 1)^2 ,} \\ {\begin{array}{*{20}c} {G_{a + 1} (n): = G_a (n) + 1,} \\ {G_l (n): = G_{l[n]} (n),} \\ \end{array} } & {\begin{array}{*{20}c} {F_{a + 1} (n): = \underbrace {F_a (...F_a }_{n + 1 - times}(n)...),} \\ {F_l (n): = F_{l[n]} (n),} \\ \end{array} } \\ \end{array}$$ wherel is a countable limit ordinal (term) and (l[n]) n ∈N is the distinguished fundamental sequence assigned tol. For each ordinal (term)a in T(Ω) and each natural numbern letC n (a) be the formal term which results from the ordinal terma by successively replacing every occurence ofψ a by $\psi _{ - 1 + C_n (a)}$ whereψ −1 is considered as a defined function symbol, namely $\psi _{ - 1} b: = F_{\psi _0 b + 1} (n + 1)$ . (Note thatψ a 0=Ω a ) In this article it is shown that for each ordinal termψ 0 a in T(Ω) there exists a natural numbern 0 such thatψ 0 C n (a) ∈ T(Ω) and $G_{\psi _0 a} (n) \leqslant F_{\psi _0 C_n (a) + 1} (n + 1)$ holds for alln≥n 0. This hierarchy comparison theorem yields a plethora of new results on nontrivial lower bounds for the slow growing ordinals — i.e. ordinals for which the slow growing hierarchy yields a classification of the provably total functions of the theory in question — of various theories of iterated inductive definitions (and subsystems ofKPi) and on the number and size of the subrecursively inaccessible ordinals — i.e. ordinals at which the extended Grzegorczyk hierarchy and the slow growing hierarchy catch up — below the proof-theoretic ordinal ofACA 0+(Π 1 l −TR). In particular these subrecursively inaccessibles ordinals are necessarily of the form $\psi _0 \Omega ..._{\Omega _\omega }$. (shrink)

Does action always arise out of desire? G. F. Schueler examines this hotly debated topic in philosophy of action and moral philosophy, arguing that once two senses of "desire" are distinguished - roughly, genuine desires and pro attitudes - apparently plausible explanations of action in terms of the agent's desires can be seen to be mistaken. Desire probes a fundamental issue in philosophy of mind, the nature of desires and how, if at all, they motivate and justify our actions. At (...) least since Hume argued that reason "is and of right ought to be the slave of the passions," many philosophers have held that desires play an essential role both in practical reason and in the explanation of intentional action. G. F. Schueler looks at contemporary accounts of both roles in various belief-desire models of reasons and explanation and argues that the usual belief-desire accounts need to be replaced. Schueler contends that the plausibility of the standard belief-desire accounts rests largely on a failure to distinguish "desires proper," like a craving for sushi, from so-called "pro attitudes," which may take the form of beliefs and other cognitive states as well as desires proper. Schueler's "deliberative model" of practical reasoning suggests a different view of the place of desire in practical reason and the explanation of action. He holds that we can arrive at an intention to act by weighing the relevant considerations and that these may not include desires proper at all. (shrink)

Physico-chemical sciences are dominated by the deterministic interpretation. Scientific medicine has generally been assigned to the area of functional biology and thence to the physico-chemical sciences. In as much as diseases are alterations of physiological processes, they share the ontological status of the latter. However, many diseases cannot be accommodated within a deterministic interpretation. First, many diseases are initiated by errors in transmission of information and followed by natural selection. These diseases, such as tumoural transformations and autoimmune processes, behave as (...) evolutionary processes. Second, physiological processes do not cause irreversible changes while diseases may do so when not followed by restitutio ad integrum. The tendency of living organisms to maintain stationary states of great stability and minimum energy dissipation is largely due to intermolecular forces-stabilized structures, the information for which is selected during phylogenesis and decodified during ontogenesis. Diseases cause alterations of the biological structures, thereby shifting living organisms toward stationary states of lower stability and increased dissipation. The shift, reversible or irreversible, to less stable and efficient stationary states is a common thermodynamic feature of diseases. In spite of the uniqueness of their genotype, living organisms, during ontogenetic development, form spatio-temporal unrestricted classes of infinite membership. Neither stationarity nor environment-induced perturbations and consequent adaptations are sources of historicity because of the genomic programme constraint. Historicity is conferred, however, to each organism by the permanent record of such unique events as: a) the variation-selection processes occurring in the brain-mind and immunological systems; and b) irreversible alterations induced by diseases. The disease-induced changes have ontological and epistemological consequences. Since biological structures and functions are transformed into individual, historical entities, the laws of scientific medicine must be applied in clinical practice to higher levels of organization, namely to the ensembles or groups of individuals affected by the diseases. (shrink)

People act for reasons. That is how we understand ourselves. But what is it to act for a reason? This is what Fred Schueler investigates. He rejects the dominant view that the beliefs and desires that constitute our reasons for acting simply cause us to act as we do, and argues instead for a view centred on practical deliberation--our ability to evaluate the reasons we accept. Schueler's account of 'reasons explanations' emphasizes the relation between reasons and purposes, and the fact (...) that the reasons for an action are not always good reasons. (shrink)

The complexity of equivalence relations has received much attention in the recent literature. The main tool for such endeavour is the following reducibility: given equivalence relations R and S on natural numbers, R is computably reducible to S if there is a computable function f:ω→ω that induces an injective map from R-equivalence classes to S-equivalence classes. In order to compare the complexity of equivalence relations which are computable, researchers considered also feasible variants of computable reducibility, such as the polynomial-time reducibility. (...) In this work, we explore Peq, the degree structure generated by primitive recursive reducibility on primitive recursive equivalence relations with infinitely many equivalence classes. In contrast with all other known degree structures on equivalence relations, we show that Peq has much more structure: e.g., we show that it is a dense distributive lattice. On the other hand, we also offer evidence of the intricacy of Peq, proving, e.g., that the structure is neither rigid nor homogeneous. (shrink)