This study analyses the performance and market timing of US socially responsible (SR) mutual funds in relation to business cycle regime shifts and different grouping criteria: Ethical strategy focus, SR attributes scores and Morningstar category. Different methodologies are applied and results highlight the importance of considering specific benchmarks related to the investment style in evaluating the SR fund performance. Our results show that, in aggregate, the abnormal performance of SR funds is negative and significant in expansion periods, but no significant (...) differences are found in recession periods. When specific benchmarks are considered, performance improves in recession periods, particularly for environmental funds, those with high SR attributes scores, and funds from the nine Morningstar style box categories. Market timing of SR funds takes positive values and is partially significant. Previous evidence of negative timing after a recent financial crisis vanishes when specific benchmarks are considered. For comparative purposes the performance of conventional US mutual funds is also analysed. There are no significant differences between the performance of SR and conventional mutual funds when a fair comparison is made within the same style categories. When all the SR funds are considered, they underperform conventional funds in expansion sub‐periods, but in recession sub‐periods they perform better, although the differences observed are not significant. (shrink)

There is currently much debate in the economic literature about whether ethical investment involves a financial sacrifice or premium. One of the most common methods of testing this compares the financial performance of ethical investment funds with that of other funds not considered “socially responsible” or ethical. The majority of these research studies evaluate the performance of the ethical funds according to classic measures, whereby different financial markets, in different countries and for different periods of time serve as reference for (...) evaluation. The ultimate conclusion of all of these studies is that there are no significant differences between the performance results of one type of funds and the other. In Spain, ethical investment funds are still an incipient sector of investment. To date, the Spanish market has not been included in any type of analysis of these characteristics. Therefore the main objective of this article is to compare the financial performance of ethical investment funds to that of other funds in the Spanish retail market. We propose the aggregate type of analysis as the Spanish ethical investment funds have experienced a weaker development in comparison to those of other developed countries. In the first step we suggest the financial performance to be compared by style analysis since the asset distribution of the Spanish Social Return Investment (SRI) funds differs from the European trend. In particular, we use the multifactor regression model with style benchmarks. We found that their financial performance is in all cases superior or similar to that achieved by the rest of the funds. In the second step, to achieve a more robust and homogeneous comparison, we used the bootstrap method, comparing ethical and non-ethical fund subsamples by homogeneous groups. No significant differences between these two types of funds have been found. Thus, if we assume the positive o neutral effect of ethical investment on investor utility in the retail Spanish market the financial and social performance (FSP) of ethical funds will be, in aggregate, superior to the FSP achieved by conventional funds. In conclusion, the financial performance of ethical mutual funds in Spain is no sacrifice. (shrink)

The aim of this study is to analyze investor behavior towards socially responsible mutual funds. The analysis is based on an experimental study where a sample of individuals takes investment decisions under different parameters of information about the investment alternatives and expected returns. In the experiment, each participant decides how to distribute an investment budget between two funds, returns on which are uncertain and change over time. Two treatments are conducted, each providing a different degree of information on the socially (...) responsible (SR) character of one of the two investment alternatives. The results obtained suggest that although individuals’ criteria for investment are essentially guided by returns and diversification, participants invest significantly more in a fund when they are explicitly informed about its SR nature. In particular, participants who declare being concerned about SR actually invest significantly more in the SR alternative. Furthermore, the level of SR faithfulness among a small group of investors is such that they invest the main share of their budget in the SR fund, even when the return differential is highly unfavorable. Providing clear information about the SR characteristics of an investment is crucial to help investors express their preferences. (shrink)

Though laughter and smiles are a part of our everyday lives, they are not always used appropriately. We need to learn how to laugh, to educate our sense of humor. This book is a meditation on humor in general, the humor we deploy and perceive on a day-to-day basis, and on the ethical dimensions that underpin it. It puts forward a new ethical theory, placing humor at the Archimedean point from which to further our understanding as moral subjects, offering explanations (...) as to our moral conduct and pointing the way towards ethical improvement as both individuals and as a group. After defining what humor is and portraying the current state of play among experts on the subject, the author sets out based on the major contributions made by the great philosophers. Then, taking in such fundamental ethical categories as moral sentiment, virtue, duty, capacity and responsibility, he puts forward his own ethical theory (what he refers to as the ethics of humor), based on both linguistic and biological rational. He unveils a new medical/philosophical method: clinical ethics, capable of interpreting humor as a point where ethics and health intersect. This volume also points out various means by which this ethical theory might be brought to bear on fields such as healthcare, business, education, politics, the mass media and everyday life. Above all, it discovers the role that good humor has to play in health and the instruments used to measure it. Juan Carlos Siurana argues that good humor gives expression to freedom, is universal, and contains within itself the basis of a cross-cultural ethical approach, one that is well worth understanding and teaching. Given that humor crosses over into every dimension of our personal and professional lives, the book is aimed at a broad, multidisciplinary public (philosophers, medical practitioners, nurses, company executives, teachers, politicians, psychologists, journalists, etc.), as well as anyone with an interest in the various registers of humor. He offers both theoretical and practical tools for the ethical improvement of professions, organizations and the public at large. (shrink)

What is philosophy? Why does it matter? How have philosophy and its relation to religion and science changed from the ancient to the medieval and modern periods and beyond? What are the central philosophical ideas, from Socrates to Nietzsche? Reexamining Love of Wisdom addresses these questions. It offers a new perspective by organizing the material under the theme of philosophical desire and shows the timeless importance of philosophy understood as the love of wisdom. Flores provides an historical introduction to philosophy (...) suitable for college students that is a resource for more advanced students or scholars interested in the history and nature of philosophy. -- back cover. (shrink)

In connection with some known results on uncountable cardinal sequences for superatomic Boolean algebras, we shall describe some open questions for superatomic Boolean algebras concerning singular cardinals.

By using the notion of a simplified (κ,1)-morass, we construct κ-thin-tall, κ-thin-thick and, in a forcing extension, κ-very thin-thick superatomic Boolean algebras for every infinite regular cardinal κ.

En este artículo nos proponemos exponer, a partir de los límites conceptuales encontrados a los planteamientos arqueo-genealógicos de Michel Foucault, la posibilidad de plantear, en dos momentos –arqueo-genealógico y gubernamental–, una “ética de la insubordinación reflexiva”. Es decir, una “ética de la libertad inmanente” al débil que al decir su palabra, denuncia y al denunciar cuestiona al tirano y su mundo al habar y actuar con –y por– los otros. Esta ética de la intersubjetividad planteada como una ética de la (...) insumisión concertada, crítica y deliberada, pensamos, puede derivar de ciertas “condiciones enunciativas” encontradas en las dos últimas investigaciones concernientes al “decir veraz” o el “hablar franco” expuestos en El gobierno de sí y de los otros y El coraje de la verdad. (shrink)

La migración internacional nos enfrenta con problemas irresolubles desde la figura moderna del Estado nacional, su concepto de ciudadanía y su noción de justicia. Juan Carlos Velasco critica las limitaciones y la orientación de las políticas contemporáneas que nos hacen percibir a la migración como una “invasión”, y propone un modo radicalmente diferente de entender e intervenir el fenómeno desde lo trasnacional. Nacer de uno u otro lado de una línea divisoria es un evento azaroso, no obstante delimitar (...) la frontera es una construcción histórico-política: la desigualdad en las oportunidades que ofrecen las naciones es una situación estructural de injusticia que se perpetúa con las políticas de exclusión de los migrantes y la deslegitimación de su derecho a buscar una vida mejor. Esa circunstancia genera fracturas sociales, injustificables pero normalizadas, que imposibilitan alcanzar la justicia global. Velasco presenta un análisis completo que abarca las dimensiones política, jurídica y moral del tema, en el que lleva a la filosofía política a un terreno práctico del que se desprenden las claves para entender y actuar en esta nueva era en la que, debido a los conflictos sociales y políticos, la migración vuelve a ser argumento de discusión relevante. (Texto de la CONTRAPORTADA del libro). (shrink)

Constituye un lugar común en la filosofía de Kant, reducir el papel del cuerpoal aporte que las intuiciones sensibles ofrecen para el conocimiento fenoménico.Otro lugar común lo constituyen las restricciones que para con éstos,se establecen dentro de la filosofía moral. Desde ambos horizontes lasfunciones tanto de la sensibilidad como de la corporalidad, se presentancomo subordinadas, bien al entendimiento teórico, bien a la razón práctica.El propósito de este artículo está destinado a señalar el rol de primer ordenque ambas facultades, poseen para (...) la comprensión del todo de la existenciahumana. Para ello, ciertas consideraciones kantianas ofrecidas en su Antropologíaen sentido pragmático, como en su estética filosófica, resultan reveladorasdel alto valor que ambos fenómenos tienen para su filosofía. (shrink)

The purpose of this article is making a critical revision of the field of communication –understood as a field of research and reflection– and the way its existence has been tried to be legitimated since the postwar period. Our stance holds that, even though it is possible to find relatively linear and continuous narratives to understand communication, what is regarded here is reaching comprehension of the fragmentation and language games brought together in it. Besides, the core problem does not rely (...) on the consolidation of a linear and scientific epistemological narrative, but on the manner discourse is articulated, giving place to such narratives turning around their political charges and not the supposed scientific value attributed to them. (shrink)

Resumen: Una de las nociones más controvertidas dentro de las interpretaciones contemporáneas de la Crítica de la facultad de juzgar, es la de “sentido común”. Junto a éste, Kant propuso un nuevo modelo de validez normativa calificada como “ejemplar”, cuyo planteamiento resulta bastante problemático. El presente artículo propone una lectura y una interpretación de este tipo de validez, a partir de la reactualización realizada por Alessandro Ferrara, y desde el horizonte de la tradición retórica, representada por Aristóteles Con ello se (...) espera un mejor entendimiento del problema en cuestión, y al mismo tiempo, se pretende hacer mucho más comprensibles las posibilidades que Alessandro Ferrara le atribuye a esta forma de la normatividad.: One of the most controversial notions in contemporary interpretations of the Critique of judgment is that of common sense. Along with it, Kant proposed a new model of normative validity called exemplary, whose approach is quite problematic. This article proposes a reading and an interpretation of this type of validity, based on the reinterpretation carried out by Alessandro Ferrara and from the point of view of the rhetorical tradition as represented by Aristotle. It intends to achieve an improved understanding of the problem in question and, at the same time, to make much more understandable the possibilities that Alessandro Ferrara attributes to this form of normativity. (shrink)

During the sixties, a most curious symbiosis took hold between Heinz von Foerster then the Director of a top-notch and lavishly funded US laboratory [Biological Computer Laboratory, 1958–1975] and the Chilean neuroscientist Humberto R. Maturana professor at the Universidad de Chile. The chance encounter between them triggered a long-lasting friendship and a fundamental change in our understanding of Systems Science. In particular the contributions of Biology of Cognition and Autopoiesis are important to understand this change and the years 1968–1973 are (...) particularly relevant. In this period, Maturana published, as a Technical Report of BCL, the foundational document The Neurophysiology of Cognition. Later, in 1973, the book De Maquinas y Seres Vivos put forward the notion of Autopoietic Systems. Also, between 1971 and 1973, the Allende government tried to cybernitize the Chilean economy with the SYNCO project. In that project, Maturana and von Foerster played a role by teaching Cybernetics to the engineers and administrators of this technological dream. During this same time, Cybernetics was important in Chile and Professors Maturana and von Foerster although not directly involved in the day-to-day running of SYNCO were important in that unique effort. When a military coup deposed Allende and sent Chile into a tailspin of right-wing retribution, von Foerster, a foreigner who loved Chile and its people, did his outmost to assure the safety of many people involved in this unique Latin American Cybernetics dream. (shrink)

The volume gathers theoretical contributions on human rights and global justice in the context of international migration. It addresses the need to reconsider human rights and the theories of justice in connection with the transformation of the social frames of reference that international migrations foster. The main goal of this collective volume is to analyze and propose principles of justice that serve to address two main challenges connected to international migrations that are analytically differentiable although inextricably linked in normative terms: (...) to better distribute the finite resources of the planet among all its inhabitants; and to ensure the recognition of human rights in current migration policies. Due to the very nature of the debate on global justice and the implementation of human rights and migration policies, this interdisciplinary volume aims at transcending the academic sphere and appeals to a large public through argumentative reflections. Challenging the Borders of Justice in the Age of Migrations represents a fresh and timely contribution. -/- IN A TIME when national interests are structurally overvalued and borders increasingly strengthened, it’s a breath of fresh air to read a book in which migration flows are not changed into a threat. We simply cannot understand the world around us through the lens of the ‘migration crisis’-a message the authors of this book have perfectly understood. Aimed at a strong link between theories of global justice and policies of border control, this timely book combines the normative and empirical to deeply question the way our territorial boundaries are justified. Professor Ronald Tinnevelt, Radboud University Nijmegen, The Netherlands.- -/- THIS BOOK IS essential reading for those frustrated by the limitations of the dominant ways of thinking about global justice especially in relation to migration. By bringing together discussions of global justice, cosmopolitan political theory and migration, this collection of essays has the potential to transform the way in which we think and debate the critical issues of membership and movement. Together they present a critical interdisciplinary approach to international migration, human rights and global justice, challenging disciplinary borders as well as political ones. Professor Phil Cole, University of the West of England, UK.-. (shrink)

Los escritos de Jürgen Habermas han despertado en España un interés notable y sostenido en el tiempo. Han ejercido una fuerte influencia intelectual no solo en los círculos académicos, sino también en amplios sectores de la esfera pública, algo sorprendente teniendo en cuenta su complejidad y su carácter más bien técnico. En sus textos los lectores españoles han encontrado elementos que sintonizan constructivamente con los cambios acaecidos en su propia sociedad y en el mundo. Como argumento de autoridad o como (...) referencia a rebatir, Habermas se ha hecho habitual en la filosofía y en la teoría social pensada y escrita en español. En este artículo se tratará de presentar los diversos contextos que posibilitaron la acogida de sus ideas, así como los principales actores que con sus trabajos y reflexiones han protagonizado la propagación de su pensamiento. (shrink)

In 2020, our research collective facilitated a photovoice project titled “Picturing Our Realities: Arts-based Reflections with Central American Youth in Canada,” which brought together young, second-generation, and one-and-a-half-generation (born in another country and moved at a young age) Central American identifying people in Toronto to talk about their experiences growing up as children of immigrants. This photovoice project reveals the ways the civil war and migration process is a haunting presence in the lives of second and 1.5 generation Central American (...) Canadians as they grow up and carve their paths as adults. We can see how unresolved social conflict emerges and shapes family memory, sense of self, understandings of community, and means of engaging in community activism and community work. We argue that this act of remembering and paying homage to previous generations is a means of confronting and resisting past injustices and forming ways of healing from the afterlives of violence. This recognition of the afterlives of mass violence, and the calls of action that this recognition entails, may form a powerful catalyst for community organizing and creating community spaces to respond to historical hauntings and structural violence. (shrink)