El filósofo francés Alain Guy (La Rochelle, 1918 - Narbonne, 1998) dedicó por entero su vida al estudio de la filosofía española e hispanoamericana, dándola a conocer no sólo en el extranjero sino también en nuestro país.
This book collects new studies of the work of F. H. Bradley, a leading British philosopher of the late nineteenth and early twentieth century, and one of the key figures in the emergence of Anglo-American analytic philosophy. Well-known contributors from Britain, North America, and Australia focus on Bradley's views on truth, knowledge, and reality. These essays contribute to the current re-evaluation of Bradley, showing that his work not only was crucial to the development of twentieth-century philosophy, but illuminates contemporary debates (...) in metaphysics, logic, and epistemology. (shrink)
This collection of specially written papers on F. H. Bradley's philosophy makes accessible the writings of one of England's greatest philosophers. The contributors, finding in Bradley's writings arguments that extend topics currently at the forefront of philosophical thought, aim to show the relevance of Bradley's work to contemporary issues in logic, metaphysics, and moral and political philosophy.
A intenção deste artigo é primàriamente exegética. Não pretende chegar a conclusães filosóficas substanciais nem fazer uma apreciação crítica. Pretende simplesmente esclarecer a versão de Russell quanto ao atomismo lógico, apresentando a sua teoria do juízo empírico num contexto histórico. A maior parte dos comentários contemporâneos falham neste ponto; contudo, afigura-se impossível compreender perfeitamente a teoria de Russell aeerca do conhecimento, bem como a Teoria das Descrições, como parte integrante daquela teoria, se não for encarada como uma tentativa para evitar (...) as consequencias de certas teorias alternativas do juízo. Pensa o autor que muitas críticas contemporâneas da Teoria das Descrições estão deslocadas, simplesmente por não conseguirem apreender o papel que aquela teoria devia desempenhar na análise russelliana do juízo empírico. A título de exemplo tenta o autor mostrar como as críticas de P. F. Strawson a respeito da Teoria das Descrições, como foram formuladas no seu artigo On Referring, não vêm a propósito (cf. Secção VT). A principal comparação histórica aqui apresentada refere-se à teoria idealista do juízo de F. H. Bradley. Contudo, parece também importante salientar o acordo que existe entre Russell e Bradley quanto a rejeitar como inadequado o tipo de análise do juízo apresentado por Leibniz e, numa primeira etapa da sua carreira, por G. E. Moore. Leibniz e Moore apresentaram, em moldes diversos, aquilo a que podíamos chamar teorias 'essencialmente genéricas' do juízo. Para Leibniz uma proposição é uma conexão analitica de conceitos, para Moore uma proposição é uma conexão sintética de conceitos. Tanto Russell como Bradley afirmam que é impossível formular uma teoria do juízo satisfatória, se concebermos a relação entre uma mente e uma proposição, implicada no juízo, como uma simples conexao de conceitos. O juízo deve ser apresentado como algo que implica experiência imediata pré-conceitual, experiência essa que, embora em si mesma não seja capaz de verdade ou falsidade, está pressuposta na própria possibilidade de qualquer juízo, verdadeiro ou falso, acerca da realidade. Dum modo geral, podíamos dizer que um juízo, cujo conteúdo é conceitual, é em virtude da experiência imediata que 'atinge a realidade' ('reaches right up to reality'). Contudo, embora Russell e Bradley concordem neste ponto, a análise da experiência imediata apresentada pelo primeiro é muito diferente da do segundo. Na medida em que se pode falar duma tese exegética positiva neste artigo, dir-se-ia que a análise russelliana da experiência imediata, contida na sua doutrina do 'conhecimento por experiência directa' dos particulares na sensação, é formulada especificamente (a) para ser compatível com a existência dum universo pluralista de particulares externamente relacionados e (b) para permitir uma versão da teoria de correspondência da verdade. Por outras palavras, a análise russelliana do juízo empírico, implicando necessàriamente um 'conhecimento por experiência directa' dos particulares na sensação, foi formulada especìficamente para evitar as consequências que, tanto Bradley como Russell, viram seeguir-se da análise idealista do juízo. Isto ilustra uma diferença fundamental entre o método filosófico de Russell e o de Bradley. Bradley aceita o monismo, a irrealidade das relações externas, e a teoria de coerência da verdade como consequência da sua teoria inicial do juízo. Russell, por outro lado, pensa que estas consequências se tornaram inaceitáveis perante a prática e as descobertas da ciência empírica; e tenta, por isso, construir uma teoria do juízo compatível com o tipo de metafísica e com a teoria da verdade, que lhe parece serem exigidos pela ciência empírica. (Resumo do Autor. Trad. A. M.). (shrink)
Review of Julian Savulescu, Ruud ter Meulen and Guy Kahane eds., Enhancing Human Capacities Content Type Journal Article Category Book Review Pages 1-4 DOI 10.1007/s12152-011-9148-y Authors Thomas Johnson, Graduate School of Humanities and Social Sciences, University of Melbourne, Parkville, VIC, Australia Journal Neuroethics Online ISSN 1874-5504 Print ISSN 1874-5490.
Recent changes to accounting standards for employee stock-based compensation with contingent features are examined. The implementation of FAS 123R by the Financial Accounting Standards Board in December 2005 now requires the fair value of such expenses to be recorded in net income. This accounting change is now impacting the reported financial statements of firms that have been substantial users of employee stock options. This provides an opportunity to directly observe the actual impact FAS 123R is having on such (...) firms. Arguments for and against mandatory expensing are reviewed and an assessment of the contrasting positions provided. Significant limitations of current reporting requirements for executive stock options identified in Poitras (2004) still have not been addressed. (shrink)
This article reviews the importance of the French philosopher Guy Hocquenghem. An early theorist of radical homosexuality, Hocquenghem was prescient about the rightward pull on many in the ‘68 generation in France, including those who would go on to media fame in France for liberal critiques of their earlier political incarnations. Hocquenghem would die too soon in 1988, but not before leaving an influential corpus for those thinking non-heterosexist forms of desire and political communities.
This book is for those interested in an extensive review of the field of bioethics. It is for philosophers who wish to understand the core conceptual issues in health care ethics, and for bioethicists who wish to better understand classical problems in philosophy that have a bearing on health care ethics. The Handbook of Bioethics: Taking Stock of the Field from a Philosophical Perspective: -presents a comprehensive survey of bioethics in one volume; -has 27 of the most prominent scholars (...) in the field take stock of the issues they helped define; -contains essays that outline areas where future research is needed; -identifies potential areas for fruitful collaboration between traditional philosophers and bioethicists; -is an ideal text for graduate or upper level undergraduate courses. (shrink)
Textbooks increasingly reflect changes in our sociological stock of knowledge about the founders of the discipline. Richard Hamilton is unaware of this research and its documentation of the flaws in earlier accounts of the history of the profession. In an effort to expand his disciplinary understanding, I briefly review the extensive scholarship on the sociology of Harriet Martineau which has been published over the last quarter of a century.
Unpublished draft. Let me know if you're interested to see it. See also my "Possibility and Permission? Intellectual Character, Inquiry, and the Ethics of Belief," forthcoming in H. Rydenfelt and S. Pihlstrom (eds.) William James on Religion (Palgrave McMillan “Philosophers in Depth” Series, 2012/2013).
Islamic banking, based on the prohibition of interest, is well established throughout the Muslim world. Attention has now turned towards applying Islamic principles in equity markets. The search for alternatives to Western style markets has been given added impetus in Muslim countries by the turmoil in Asian financial markets in 1997. Common stocks are a legitimate form of instrument in Islam, but many of the practices associated with stock trading are not. In this paper the instruments traded and the (...) structure and practices of stock markets are examined from an Islamic perspective. Speculation is not acceptable in Islam and measures would have to be taken to control speculative trading. In addition short selling and margin trading are severely restricted. The use of stock index and equity futures and options are also unlikely to be acceptable within an Islamic market. Regulatory authorities in Muslim countries will therefore find a vast array of problems in attempting to structure a trading system that will be acceptable. (shrink)
The cognitive developmental theory of ethics suggests that there is a positive relationship between ethical reasoning and ethical behavior. In this study, we trained a sample of accounting and finance students in performing competitive stock trading in our state-of-the-art trading room. The subjects then performed trading of stocks under two experimental conditions: insider information, and no-insider information where significant performance-based financial awards were at stake. We also administered the Defining Issues Test (DIT). Ethical behavior, as the dependent variable was (...) measured in a binary scale: whether the subjects used insider information for trading of stocks or not. Ethical reasoning as measured by the DIT P-score indicated statistically significant effect on ethical behavior. The results have important implications for recruitment and training of professionals engaged in the use of financial markets for securities trading. (shrink)
We discuss the cable guy paradox, both as an object of interest in its own right and as something which can be used to illuminate certain issues in the theories of rational choice and belief. We argue that a crucial principle—The Avoid Certain Frustration (ACF) principle—which is used in stating the paradox is false, thus resolving the paradox. We also explain how the paradox gives us new insight into issues related to the Reflection principle. Our general thesis is that principles (...) that base your current opinions on your current opinions about your future opinions need not make reference to the particular times in the future at which you believe you will have those opinions, but they do need to make reference to the particular degrees of belief you believe you will have in the future. (shrink)
Backdating of stock options is an example of an agency problem. It has emerged despite all the measures (i.e., new regulations and additional corporate governance mechanisms) aimed at addressing such problems? Beyond such negative controlling measures, a more positive empowering approach based on ethics may also be necessary. What ethical measures need to be taken to address the agency problem? What values and norms should guide the board of directors in protecting the shareholders' interests? To examine these issues, we (...) first discuss the role values and norms can play with respect to underlying corporate governance and the proper role of directors, such as transparency, accountability, integrity (which is reflected in proper mechanisms of checks and balances), and public responsibility. Second, we discuss various stakeholder approaches (e.g., government, directors, managers, and shareholders) by which conflicts of interest (i.e., the agency problem) can be addressed. Third, we assess the practice of backdating stock options, as an illustration of the agency problem, in terms of whether the practice is legally acceptable or ethically justifiable. Fourth, we proceed to an analysis of good corporate governance practice involving backdating options based on a series of ethical standards including: (1) trustworthiness; (2) utilitarianism; (3) justice; and (4) Kantianism. We conclude that while executive compensation schemes (e. g., stock options) were originally intended to help remedy the agency problem by tying together the interests of the executives and shareholders, these schemes may have actually become "part of the problem," and that the solution ultimately depends upon whether directors and executives accept that all of their actions must be based on a set of core ethical values. (shrink)
We present an annotated bibliography of peer reviewed scientific research highlighting the human health, animal welfare, and environmental risks associated with genetic modification. Risks associated with the expression of the transgenic material include concerns over resistance and non-target effects of crops expressing Bt toxins, consequences of herbicide use associated with genetically modified herbicide-tolerant plants, and transfer of gene expression from genetically modified crops through vertical and horizontal gene transfer. These risks are not connected to the technique of genetic modification (...) as such, but would be present for any conventionally produced crops with the same heritable traits. In contrast, other risks are a direct consequence of the method used in gene manipulation. These come about because of the unstable nature of the transgene and vectors used to insert it, and because of unpredictable interactions between the transgene and the host genome. The debate over the release of genetically modified organisms is not merely a scientific one; it encompasses economics, law, ethics, and policy. Any discussion on these levels does, however, need to be informed by sound science. We hope that the scientific references provided here will provide a useful starting point for further debate. (shrink)
This paper examines the ethics of contemporary managerial compensation in the context of executive stock options. Economic considerations would dictate that executive stock options should be adjusted to eliminate the effect of overall stock market movements which are beyond the control of the executive. However, in practice, most executive stock options are not adjusted to control for these outside factors. Agency considerations are the most likely culprit. Adjusting for the influence of outside factors, such as a (...) generally rising stock market, from executive stock options sets a higher bar for managers to reach. Furthermore, traditional accounting standards permitted firms that did not adjust options to avoid reporting options as expenses. This presents CEOs and boards of directors with a major ethical dilemma. On the one hand, their duty to their shareholders and stakeholders dictates that executive stock options should be adjusted to eliminate outside noise from unrelated movements in the overall stock market. However, financial statements are presented in the language of accounting. If the overwhelming majority of the users of a language define a particular item in one way, then to deviate from the norm implies that the recipient of such a deviant statement may not properly interpret the statement. Likewise, if the standard practice is for firms to use unadjusted options and thus under-report expenses, to deviate from this industry norm risks that users of financial statements would not properly interpret the financial statements, with perhaps negative consequences for the shareholders. In short, if "everyone else does it," then it could be wrong for an individual firm to deviate from the norm as that would harm the shareholders. (shrink)
The Cable Guy is coming. You have to be home in order for him to install your new cable service, but to your chagrin he cannot tell you exactly when he will come. He will definitely come between 8.a.m. and 4 p.m. tomorrow, but you have no more information than that. I offer to keep you company while you wait. To make things more interesting, we decide now to bet on the Cable Guy’s arrival time. We subdivide the relevant part (...) of the day into two 4-hour long intervals, ‘morning’: (8, 12], and ‘afternoon’: (12, 4). You nominate an interval on which you will bet. If he arrives during your interval, you win and I will pay you $10; otherwise, I win and you will pay me $10. Notice that we stipulate that if he arrives exactly on the stroke of noon, then (8, 12] is the winning interval, since it is closed on the right; but we agree that this event has probability 0 (we have a very precise clock!). At first you think: obviously there is no reason to favour one interval over the other. Your probability distribution of his arrival time is uniform over the 8 a.m. – 4 p.m. period, and thus assigns probability 1/2 to each of the two 4-hour periods at issue. Whichever period you nominate, then, your expected utility is the same. The two choices are equally rational. But then you reason as follows. Suppose that you choose the morning interval. Then there will certainly be a period during which you will regard the other interval as.. (shrink)
This article is divided into two parts: in the first we explore the academic debate conducted at an international level about insider trading (IT). In particular, we exame IT on three grounds: economic, ethical and legal. In each section we present the arguments in favour of and against IT and then we give our personal opinion. In the second part we present the situation in the Athens Stock Exchange. We examine its past record on the issue of IT and (...) recent developments, and comment on the implications for the future. (shrink)
Scientific journals can promote ethical publication practices through policies on conflicts of interest. However, the prevalence of conflict of interest policies and the definition of conflict of interest appear to vary across scientific disciplines. This survey of high-impact, peer-reviewed journals in 12 different scientific disciplines was conducted to assess these variations. The survey identified published conflict of interest policies in 28 of 84 journals (33%). However, when representatives of 49 of the 84 journals (58%) completed a Web-based survey about (...) journal conflict of interest policies, 39 (80%) reported having such a policy. Frequency of policies (including those not published) varied by discipline, from 100% among general medical journals to none among physics journals. Financial interests were most frequently addressed with relation to authors; policies for reviewers most often addressed non-financial conflicts. Twenty-two of the 39 journals with policies (56%) had policies about editors’ conflicts. The highest impact journals in each category were most likely to have a published policy, and the frequency of policies fell linearly with rank; for example, policies were published by 58% of journals ranked 1 in their category, 42% of journals ranked third, and 8% of journals ranked seventh (test for trend, p = 0.003). Having a conflict of interest policy was also associated with a self-reported history of problems with conflict of interest. The prevalence of published conflict of interest policies was higher than that reported in a 1997 study, an increase that might be attributable to heightened awareness of conflict of interest issues. However, many of the journals with policies do not make them readily available and many of those policies that were available lacked clear definitions of conflict of interest or details about how disclosures would be managed during peer review and publication. (shrink)
This study adds to the empirical evidence supporting a significant connection between ethics and profitability by examining the connection between published reports of unethical behaviour by publicly traded U.S. and multinational firms and the performance of their stock. Using reports of unethical behaviour published in the Wall Street Journal from 1989 to 1993, the analysis shows that the actual stock performance for those companies was lower than the expected market adjusted returns. Unethical conduct by firms which is discovered (...) and publicized does impact on the shareholders by lowering the value of their stock for an appreciable period of time. Whatever their views on whether ethical behaviour is profitable, managers should be able to see a definite connection between unethical behaviour and the worth of their firm's stock. Stockholders, the press and regulators should find this information important in pressing for greater corporate and managerial accountability. (shrink)
Collectively, institutions own an increasing proportion of outstanding corporate equities. As an emergent force in shaping corporate America, the linkages between institutional ownership and corporate social performance (CSP) require empirical examination. Not only do corporate policy makers need to know those areas where social performance may lure or inhibit capital infusions, lawmakers also need a better understanding of the social forces guiding corporate policy. As anticipated, this study found a positive relationship between the amount of institutional ownership of corporate (...) class='Hi'>stock and a company's social responsiveness as measured by the representation of women on its board of directors; however, no statistically significant relationship with social responsibility as measured by charitable giving was found. The exemplar of social issues management — compliance with the Sullivan principles — showed an unexpected, negative relationship with the level of institutional ownership. (shrink)
Recent scandals at Enron, WorldCom and Global Crossing have put the ethical spotlight on corporate malfeasance as never before. However, these are the situations in which management knew that they made the wrong choice. As professor Joseph Badaracco of Harvard Business School points out, the real ethical dilemmas arise when people must choose between right and right — where both choices can be justified, yet one must be chosen over the other. Whether or not to reprice stock options represents (...) one such ethical dilemma. Repricing can help exodus of talented employees and motivate them to improve firm performance. However, it alienates shareholders and other workers of the company who are left unprotected from the adverse economic consequences of a stock price decline.In this paper we examine the ethics and the economics of stock option repricing. We find that repricing runs counter to two key tenets of business ethics — distributive justice and ordinary decency. To examine the economics of repricing, we draw upon agency theory to identify situations where repricing has the potential to benefit shareholders. However, a survey of empirical research reveals that these benefits do not translate into reality. Repricing does not improve employee retention or firm performance. In addition, managers benefit by opportunistically timing the repricing. Due to weaknesses in corporate governance such as lack of independence and conflicts of interest, the current repricing practice seems to be at odds with the objective of shareholder wealth maximization, and at a more fundamental level, a violation of board's fiduciary duty to shareholders. We offer suggestions that mitigate the ethically undesirable effects of repricing in the wider context of prevailing corporate governance and regulatory environment. We believe that these suggestions, if properly implemented, can transform repricing from a greed-inspired evil to a valuable compensation tool to retain employees, boost their morale, and enhance stockholder wealth. (shrink)
This paper addresses the impact of the unethical business conduct of a few individuals that shook the financial market in 1986. Specifically, in the study undertaken for this paper, the wealth status of the shareholders of securities firms was examined in relation to the public disclosure of the insider-trading scandals involving Dennis Levine, Ivan Boesky, and their confederates. It was hypothesized that the expected market-adjusted stock returns for the securities firms would be negative as a result of the scandals. (...) The findings of the study supported the hypothesis. (shrink)
Extending the work of Davidson and Worrell (1988), we further investigate the stock market''s reaction to announced corporate illegalities. We examine a sample of 535 announcements of corporate crime and obtain an overall insignificant stock market reaction. However, when the sample is divided by type of crime, we find that the stock market reacts significantly to announcements of bribery, tax evasion, and violations of government contracts. We also find a significantly negative reaction to announcements of corporate (...) crime when the company had been previously accused of other illegal activity. For companies accused of crime in the 1970s, 51% of them were accused again in the 1980s. (shrink)
The increased scrutiny of investors regarding the non-financial aspects of corporate performance has placed portfolio managers in the position of having to weigh the benefits of ' holding the market' against the cost of having positions in companies that are subsequently found to have questionable business practices. The availability of stock indexes based on sustainability screening makes increasingly viable for institutional investors the transition to a portfolio based on a Socially Responsible Investment (SRI) benchmark at relatively low cost. The (...) increasing share of socially responsible investments may play a role in providing incentives towards a continuous upgrading of sustainability standards to the extent that their performance is not systematically inferior to that of the other funds. This article examines whether these incentives have been so far detectable with particular reference to the Dow Jones Sustainability Stoxx Index (DJSSI) that focuses on the European corporations with the highest CSR scores among those included in the Dow Jones Stoxx 600 Index. The aim of the article is twofold. First, we analyse the performance of the DJSSI over the period 2001-2006 compared to that of the Surrogate Complementary Index (SCI), a new benchmark that includes only the components of the DJ Stoxx 600 that do not belong to the ethical index to evaluate more correctly the size of possible divergent performances. Second, we perform an event study on the same data set to analyse whether the stock market evaluation reacts to the inclusion (deletion) in the DJSSI. In both cases, the results suggest that the evaluation of the CSR performance of a firm is a significant criterion for asset allocation activities. (shrink)
This work presents a specific stock-effort dynamical model. The stocks correspond to two populations of fish moving and growing between two fishery zones. They are harvested by two different fleets. The effort represents the number of fishing boats of the two fleets that operate in the two fishing zones. The bioeconomical model is a set of four ODE's governing the fishing efforts and the stocks in the two fishing areas. Furthermore, the migration of the fish between the two patches (...) is assumed to be faster than the growth of the harvested stock. The displacement of the fleets is also faster than the variation in the number of fishing boats resulting from the investment of the fishing income. So, there are two time scales: a fast one corresponding to the migration between the two patches, and a slow time scale corresponding to growth. We use aggregation methods that allow us to reduce the dimension of the model and to obtain an aggregated model for the total fishing effort and fish stock of the two fishing zones. The mathematical analysis of the model is shown. Under some conditions, we obtain a stable equilibrium, which is a desired situation, as it leads to a sustainable harvesting equilibrium, keeping the stock at exploitable densities. (shrink)
A time series of the Shanghai stock index in China for the 1990s is studied for the possible existence of nonlinear speculative bubbles. Three alternative specifications of fundamentals are estimated using VAR models of domestic and international variables. These are subjected to regime switching tests and rescaled range analysis tests. Nulls of no persistence were mostly rejected, suggesting the strong possibility of bubbles. Nonlinearities beyond ARCH effects using the BDS test could not be rejected. The paper also discusses the (...) special circumstances of the stock market in an emerging transition economy. (shrink)