This paper conducts an ethical analysis of the 2008 closure of a US money market fund entitled the reserve primary fund, which triggered the first run in the money market sector and a resultant liquidity crisis that harmed the entire US financial system. Although many academics and regulators have studied and written about RPF, the question whether the decision that caused the fund to collapse represented any ethical dilemma, has not been addressed to date. With this purpose in mind, the (...) paper will examine the events that culminated in the closure of RPF according to Alasdair MacIntyre’s virtue ethics approach. In so doing, the paper aims to extend the applicability of MacIntyre’s concepts to the finance industry in general, and to provide a framework to predict and so potentially prevent crises like that exemplified by the RPF case. (shrink)

AbstractDuring the last 20 years, the financial sector has undergone an unprecedented transformation due to new regulations and the implementation of several technological advancements. The combination of regulation and technology has brought about new financial processes that have fundamentally changed how financial market making is done. This paper studies the ethics of financial market making and its implications for one of the most controversial financial innovations of modern times, namely high-frequency trading (HFT). We claim that the Aristotelian distinction between natural (...) chrematistics, which is aimed at serving the real economy, and unnatural chrematistics, whose ultimate purpose is wealth accumulation, can be a useful criterion to assess the ethics of financial market making and the goodness of an innovation as HFT, and how it can serve the common good of society. This approach can be defined as ‘purpose oriented’ or ‘purpose fulfillment’. (shrink)

Psychologists live in a globalizing world where traditional boundaries are fading and, therefore, increasingly work with persons from diverse cultural backgrounds. The Universal Declaration of Ethical Principles for Psychologists provides a moral framework of universally acceptable ethical principles based on shared human values across cultures. The application of its moral framework in developing codes of ethics and reviewing current codes may help psychologists to respond ethically in a rapidly changing world. In this article, a model is presented to demonstrate how (...) to use the Universal Declaration as a guide for creating or reviewing a code of ethics. This model may assist psychologists in various parts of the world in establishing codes of ethics that will promote global understanding and cooperation while respecting cultural differences. The article describes the steps involved in the application of the model and provides concrete examples as well as several useful comments and suggestions. This guide for the application of the Universal Declaration may also be used for consultation, education, and training relative to the Universal Declaration of Ethical Principles for Psychologists. (shrink)

General health conditions are related to a great number of factors, including the socio-historical ones. As human beings are part of the social field, personality is also affected by them. Due to this, the main Ethics Codes of psychology, all around the world, remark in their preambles the importance of social responsibility in the practice and training in psychology. Argentina is confronted with several social problems that have severely influenced people’s mental health. In countries like Argentina, the ethical practice of (...) psychology should respect what is explicitly stated in ethic codes about psychologists’ social responsibility, and psychologists should get more involved in promoting this issue in educational training and in national health policies. (shrink)

Localization Wireless Sensor Networks (WSN) represent a research topic with increasing interest due to their numerous applications. However, the viability of these systems is compromised by the attained localization uncertainties once implemented, since the network performance is highly dependent on the sensors location. The Node Location Problem (NLP) aims to obtain the optimal distribution of sensors for a particular environment, a problem already categorized as NP-Hard. Furthermore, localization WSN usually perform a sensor selection for determining which nodes are to be (...) utilized for maximizing the achieved accuracy. This problem, defined as the Sensor Selection Problem (SSP), has also been categorized as NP-Hard. While different metaheuristics have been proposed for attaining a near optimal solution in both problems, no approach has considered the two problems simultaneously, thus resulting in suboptimal solutions since the SSP is biased by the actual node distribution once deployed. In this paper, a combined approach of both problems simultaneously is proposed, thus considering the SSP within the NLP. Furthermore, a novel metaheuristic combining the Black Widow Optimization (BWO) algorithm and the Variable Neighbourhood Descent Chains (VND-Chains) local search, denominated as BWO-VND-Chains, is particularly devised for the first time in the author’s best knowledge for the NLP, resulting in a more efficient and robust optimization technique. Finally, a comparison of different metaheuristic algorithms is proposed over an actual urban scenario, considering different sensor selection criteria in order to attain the best methodology and selection technique. Results show that the newly devised algorithm with the SSP criteria optimization achieves mean localization uncertainties up to 19.66 % lower than traditional methodologies. (shrink)

This chapter presents Davidson’s account of intentional action and intention. Davidson initially discusses intentional action in relation to the explanation and the ontology of action. His earlier view equates acting intentionally with being caused to act by a pair of appropriately related mental states (a pro-attitude and an instrumental belief) and denies the existence of intentions as distinct mental states. Later, in his account of weakness of will, Davidson offers a more complex account of practical deliberation in terms of evaluative (...) judgments. Finally, in "Intending", Davidson discusses intentions for future action and argues that intentions are all-out evaluative judgments, reversing his earlier position about the non-existence of intentions as distinct and irreducible mental states. (shrink)

This article analyzes the relationship between corporate social responsibility (CSR) decoupling and financial market outcomes. CSR decoupling refers to the gap between CSR disclosure and CSR performance. More specifically, we analyze the effect of CSR decoupling on analysts’ forecast errors, cost of capital, and access to finance. We also examine the moderating effect of forecast errors on relationships between CSR decoupling and cost of capital and access to finance. For a sample of U.S. firms consisting of 7,681 firm-year observations for (...) the period 2006–2015, our empirical evidence supports the idea that a wider gap results in higher analysts’ forecast errors, a greater cost of capital, and reduced access to finance. In addition, our results show that forecast errors enhance the effect of the CSR decoupling on cost of capital and access to financial resources. We also note that external monitoring, in the form of greater analysts’ coverage, reduces CSR decoupling. (shrink)

This research focuses on examining the relationship between some attributes of assurance providers and the level of sustainability assurance. By using the propensity to issue negative conclusions in the assurance statement as an indicator of the level of assurance, we examine whether the brand name and industry specialisation of the practitioners have an impact on the assurance opinion issued. Using an international sample of 1233 firm-year observations over the period 2007–2014, the findings document the impact of the brand reputation and (...) industry specialisation of assurance providers on the level of assurance. The probability of detecting material errors and omissions in a sustainability report is higher if it is verified by a Big 4 auditing firm and by an industry expert as an assurance practitioner. The greater experience in providing audit services and the relevant skills and training provided by Big 4 firms, as well as the greater knowledge and experience of industry experts, increase the propensity to report more accurate opinions about a sustainability report. The findings are robust for alternative measures for the level of assurance and the industry specialisation. (shrink)

We highlight how Corporate Social Responsibility can be strategically used against the negative perception from earnings management. Using international data, we analyse the effect of CSR and EM on the cost of capital and corporate reputation. Results confirm that CSR strategy is positively valued by investors and other stakeholders. Contrary to EM, CSR has a positive effect on corporate reputation and lowers the cost of capital. In addition, we also find that the favourable effect of CSR on cost of capital (...) is consistently more intense in firms that show signs of EM indicating that the market does not identify when CSR practices are used as a strategy to mask EM. We also demonstrate how institutional factors influence the above relationship. (shrink)

This paper aims to examine the credibility value of sustainability assurance and the type of assurance provider on cost of capital. A large sample of international companies from the period 2007–2014 was used to develop our models of analysis. We find a greater decrease in cost of capital for companies that publish and assure their social and environmental reports. Thus, voluntary sustainability disclosures decrease the cost of capital. However, companies also have the opportunity to reinforce this decrease by providing an (...) assurance statement, so increasing the credibility of corporate social responsibility information. In addition, the decrease in the cost of capital is significantly higher when such assurance is provided by a top-tier accountancy firm instead of by engineering or consultancy firms; this result supports also the reputational capital of accountancy firms. (shrink)

Business Ethics, the Environment & Responsibility, EarlyView.

El poshumanismo y transhumanismo representa varias y distintas corrientes de pensamiento que ponen de relieve la relación entre la tecnología y los seres humanos actualizando la pregunta acerca de qué es el ser humano. Algunas de estas propuestas sugieren que la tecnología será capaz de vencer todos los límites humanos, e incluso, los humanos serán capaces de conseguir la inmortalidad tecnológica. Pero, una mirada a lo que el ser humano es, indica la necesidad de comprenderlo como frágil y vulnerable. Existe (...) un riesgo de deshumanización en la aplicación de las tecnologías si la vulnerabilidad humana no se tiene en cuenta. (shrink)

Understanding what motivates employees is essential to the success of organizational objectives. Therefore, properly capturing and explaining the full range of such motivations are important. However, the classical and most popular theories describing employee motives have neglected, if not omitted entirely, the importance of the ethical and spiritual dimensions of motivation. This has led to a model of a person as self-interested, amoral, and non-spiritual. In this paper, we attempt to expose this omission and offer a more complete taxonomy of (...) motivations which include these dimensions. Although more work will need to be done to fully develop the ethical and spiritual dimensions of motivation, the expanded taxonomy will provide the foundations and serve as a guide for such further research. Furthermore, this new categorization of motivations brings out the full dimensions of being human, which promises to lead to improved management practices with regard to employees and foster greater human flourishing in the workplace. (shrink)

Online controlled experiments, also known as A/B tests, have become ubiquitous. While many practical challenges in running experiments at scale have been thoroughly discussed, the ethical dimension of A/B testing has been neglected. This article fills this gap in the literature by introducing a new, soft ethics and governance framework that explicitly recognizes how the rise of an experimentation culture in industry settings brings not only unprecedented opportunities to businesses but also significant responsibilities. More precisely, the article (a) introduces a (...) set of principles to encourage ethical and responsible experimentation to protect users, customers, and society; (b) argues that ensuring compliance with the proposed principles is a complex challenge unlikely to be addressed by resorting to a one-solution response; (c) discusses the relevance and effectiveness of several mechanisms and policies in educating, governing, and incentivizing companies conducting online controlled experiments; and (d) offers a list of prompting questions specifically designed to help and empower practitioners by stimulating specific ethical deliberations and facilitating coordination among different groups of stakeholders. (shrink)

For the period 2015–2019 and based on a Spanish sample of 145 listed companies, this paper provides insights into how narcissistic chief executive officers (CEOs) influence the proportion of women in top management teams (TMTs). As a further analysis and in line with social psychology and upper echelons theories, we study whether the power and gender of a CEO and the female proportion in the firm's board moderate the relationship. Our results reveal that narcissistic CEOs are less likely to support (...) women in TMTs, confirming that CEO personality traits influence team structure. Further results suggest that this aversion increases as the CEO's power grows and is a woman, and when female proportion in board decreases. The results have an impact on the gender equality goal, demonstrating that the behavior of women toward promoting gender equality in TMTs depends both on the specific position of women in the firm's hierarchy and on their personal psychological attributes. We find that women directors support social identity values and that narcissistic female CEOs act like queen bees. (shrink)

In this paper, we propose a regularity theory of causation. The theory aims to be reductive and to align with our pre‐theoretic understanding of the causal relation. We show that our theory can account for a wide range of causal scenarios, including isomorphic scenarios, omissions, and scenarios which suggest that causation is not transitive.

The impact of large digital corporations on our freedom is often lamented but rarely investigated systematically. This paper aims to fill this desideratum by focusing on the power of social media corporations and the freedom of their users. In order to analyze this relationship, I distinguish two forms of freedom and two corresponding forms of power. Social media corporations extend their users’ freedom of choice by providing many new options. This provision, however, comes with the domination by these corporations because (...) it is based on their power of uncontrolled interference. Users could escape this domination through exit. One reason why they do not choose this option is that they would lose the benefits associated with the network effects provided by social media services. A second reason is that the power of social media corporations runs so deep that they are able to manipulate the autonomous decision-making processes of their users. Users are provided with many new avenues for authentic self-presentation on social media. By using them, however, users need to conform to a web interface that is designed by corporations to undermine self-control. Through these two mechanisms, corporations are able to promote an interest in users to present themselves on their platforms. Insofar as this works, they secure the users’ compliance to their domination through subjectivation. This double conjunction of choice and domination, on the one hand, and autonomy and subjectivation, on the other, makes the case that the very power of corporate social media stems from their intrinsic connection to genuine practices of freedom. (shrink)

The purpose of this article is to explain the differences between neo-Aristotelian virtue and positive organizational virtuousness from the virtue ethics perspective. Most studies use virtues and virtuousness interchangeably. A few others try to explain their differences from the positive organizational science perspective. Although closely related, we believe that these two notions are not identical. If we understand neo-Aristotelian virtue correctly, then it cannot be judged exclusively on what is externally verifiable, as is the case with virtuousness. For these reasons, (...) we attempt our own differentiation, highlighting the gains and losses realized in the migration from neo-Aristotelian virtue to positive organizational virtuousness, and establishing guideposts to meaningfully combine the strengths of both concepts. (shrink)

In this article, we shall attempt to lay down the parameters within which the practice of the virtues may be enabled in the field of finance. We shall be drawing from the three main sources, Aristotle, Catholic Social Teaching and MacIntyre, on which virtue ethics is based. The research question is what ought to be done for financial activities to truly contribute to eudaimonia or human flourishing, to the achievement of three distinct kinds of goods as required of virtue, “those (...) internal to practices, those which are the goods of an individual life and those which are the goods of the community”, and to “[help] man on the path of salvation” in the midst of complex network of relationships in modern societies. These parameters could then be taken as conditions financiers ought to fulfill in order to live the virtues in their work and across different life spheres. (shrink)

What contributions could we expect from Catholic Social Teaching (CST) on human dignity in relation to the dignity of work? This essay begins with an explanation of CST and its relevance for secular audiences. It then proceeds to identify the main features of human dignity based on the notion of imago Dei in CST. Next comes an analysis of the dignity of work in CST from which two normative principles are derived: the precedence of duties over rights and the priority (...) of the subjective dimension of work over the objective dimension. Afterwards, the “right to work” and the “rights of workers” are engaged with from this normative perspective, particularly within the context of globalization. (shrink)

We aim to devise a Ramsey test analysis of actual causation. Our method is to define a strengthened Ramsey test for causal models. Unlike the accounts of Halpern and Pearl ([2005]) and Halpern ([2015]), the resulting analysis deals satisfactorily with both over- determination and conjunctive scenarios.

Sartre’s account of the emotions presupposes a conception of human nature that is never fully articulated. The paper aims to render such conception explicit and to argue that frustration occupies a foundational place in Sartre’s picture of affective existence.

This research aims to describe how practicing lawyers perceive ‘plain writing’ in the legal field and to conceptualize this notion through the discourse analysis of these specialists. To do so, a qualitative research framed in the interpretive paradigm has been developed. Specifically, 18 practicing lawyers, from different countries and with different specializations in the practicing of Law, were surveyed. After analyzing the discourse of the interviewed lawyers, eight macro categories accounting for plain language both generally and particularly were identified. The (...) audience was identified as a key element in the production of legal texts which facilitate justice to citizens. Based on our analysis, we conclude with a definition of plain writing. (shrink)

ABSTRACTFinance may suffer from institutional deformations that subordinate its distinctive goods to the pursuit of external goods, but this should encourage attempts to reform the institutionalization of finance rather than to reject its potential for virtuous business activity. This article argues that finance should be regarded as a domain-relative practice. Alongside management, its moral status thereby varies with the purposes it serves. Hence, when practitioners working in finance facilitate projects that create common goods, it allows them to develop virtues. This (...) argument applies MacIntyre’s widely acknowledged account of the relationship between practices and the development of virtues while questioning some of his claims about finance. It also takes issue with extant accounts of particular financial functions that have failed to identify the distinctive goods of financial practice. (shrink)

Human-centered explainable AI (HCXAI) advocates for the integration of social aspects into AI explanations. Central to the HCXAI discourse is the Social Transparency (ST) framework, which aims to make the socio-organizational context of AI systems accessible to their users. In this work, we suggest extending the ST framework to address the risks of social misattributions in Large Language Models (LLMs), particularly in sensitive areas like mental health. In fact LLMs, which are remarkably capable of simulating roles and personas, may lead (...) to mismatches between designers' intentions and users' perceptions of social attributes, risking to promote emotional manipulation and dangerous behaviors, cases of epistemic injustice, and unwarranted trust. To address these issues, we propose enhancing the ST framework with a fifth 'W-question' to clarify the specific social attributions assigned to LLMs by its designers and users. This addition aims to bridge the gap between LLM capabilities and user perceptions, promoting the ethically responsible development and use of LLM-based technology. (shrink)

Als Philosoph steht Schleiermacher noch immer im Schatten seiner Zeitgenossen und auch seiner theologischen Werke. Das Buch will seinen eigenständigen Beitrag zur Klassischen Deutschen Philosophie sichtbar machen. Gefragt wird, worin das philosophische Gravitationszentrum der einschlägigen Texte, Entwürfe und Vorlesungen Schleiermachers besteht, mit welchen theoretischen Mitteln er dabei operiert und welche Stellung er in der philosophischen Bewegung seiner Zeit einnimmt. Als zentral erweist sich der Individualitätsgedanke, der aus einer eigenständigen, kritischen Aneignung Kants und Spinozas resultiert. Mit dieser Konzeption begegnet Schleiermacher Friedrich (...) Schlegel auf Augenhöhe und leistet einen eigenständigen Beitrag zur frühromantischen Philosophie, deren grundlegende Positionen er in seinen philosophischen Vorlesungen in Halle (1804-1806) und Berlin (seit 1808) kritisch durcharbeitet und systematisiert. Dies bringt Schleiermacher, wie schon den frühen Friedrich Schlegel, trotz aller gravierenden Unterschiede vielfach in die Nähe Hegels, so dass sich sein Verhältnis zu den philosophischen Zeitgenossen höchst komplex gestaltet. Schleiermacher erweist sich als eigenständiger Denker auf dem gemeinsamen Boden der Klassischen Deutschen Philosophie. (shrink)

In this paper, we analyse actual causation in terms of production. The latter concept is made precise by a strengthened Ramsey Test semantics of conditionals: \ iff, after suspending judgement about A and C, C is believed in the course of assuming A. This test allows us to verify or falsify that an event brings about another event. Complementing the concept of production by a weak condition of difference-making gives rise to a full-fledged analysis of causation.

Constitutivism argues that the source of the categorical force of the norms of rationality and morality lies in the constitutive features of agency. A systematic failure to be guided by these norms would amount to a loss or lack of agency. Since we cannot but be agents, we cannot but be unconditionally guided by these norms. The constitutivist strategy has been challenged by David Enoch. He argues that our participation in agency is optional and thus cannot be a source of (...) categorical demands. In this paper, I defend the viability of constitutivism by showing that agency is indeed a special ‘inescapable’ enterprise. Agency has the largest jurisdiction, and it is closed under rational assessment. This inescapability does not exempt constitutivism from raising the question whether agents have reason to be agents, but this question has to be taken up within agency. If this question is answered affirmatively, then—I argue—the criteria of practical correctness are self-ratifying in a non-circular way. This is sufficient to show the viability of the constitutivist strategy. Whether agents have conclusive reasons to be agents, however, is a matter to be addressed in the terms of particular versions of constitutivism. (shrink)

Der Band bietet einen systematischen Überblick über das Verhältnis von Literatur und Philosophie. Philosophische, literarische und literaturwissenschaftliche Ansätze kommen gleichberechtigt zu Wort. Die Beiträge loten die Bedeutung von Literatur aus und präsentieren gattungstheoretische Überlegungen zu literarischen Formen der Philosophie. Studien über philosophierende Literatur und philosophische Reflexionen über Literatur beschließen den Band.

This chapter contains section titled: Introduction:the European Union and the Law of Peoples The Argument of Law of Peoples Standards and Grounds for International Stability Human Rights in Federations The Argument of Law of Peoples for Inter‐people Inequality Distributive Justice in Federations Federal and Global Implications Toleration and Stability Reconsidered Acknowledgments Notes.

A new and comprehensive look at the reasons behind successful or failed nation building Nation Building presents bold new answers to an age-old question. Why is national integration achieved in some diverse countries, while others are destabilized by political inequality between ethnic groups, contentious politics, or even separatism and ethnic war? Traversing centuries and continents from early nineteenth-century Europe and Asia to Africa from the turn of the twenty-first century to today, Andreas Wimmer delves into the slow-moving forces that encourage (...) political alliances to stretch across ethnic divides and build national unity. Using datasets that cover the entire world and three pairs of case studies, Wimmer's theory of nation building focuses on slow-moving, generational processes: the spread of civil society organizations, linguistic assimilation, and the states' capacity to provide public goods. Wimmer contrasts Switzerland and Belgium to demonstrate how the early development of voluntary organizations enhanced nation building; he examines Botswana and Somalia to illustrate how providing public goods can bring diverse political constituencies together; and he shows that the differences between China and Russia indicate how a shared linguistic space may help build political alliances across ethnic boundaries. Wimmer then reveals, based on the statistical analysis of large-scale datasets, that these mechanisms are at work around the world and explain nation building better than competing arguments such as democratic governance or colonial legacies. He also shows that when political alliances crosscut ethnic divides and when most ethnic communities are represented at the highest levels of government, the general populace will identify with the nation and its symbols, further deepening national political integration. Offering a long-term historical perspective and global outlook, Nation Building sheds important new light on the challenges of political integration in diverse countries. (shrink)

A growing number of consumer technology companies are aiming to convince older people that humanoid robots make helpful tools to support aging-in-place. As hybrid devices, socially assistive robots (SARs) are situated between health monitoring tools, familiar digital assistants, security aids, and more advanced AI-powered devices. Consequently, they implicate older people’s privacy in complex ways. Such devices are marketed to perform functions common to smart speakers (e.g., Amazon Echo) and smart home platforms (e.g., Google Home), while other functions are more specific (...) to older people, including health and safety monitoring and serving as companions to mitigate loneliness. Privacy is a key value central to debates about the ethics of using SARs in aged care, yet there has been very little interchange between these debates and the robust theoretical discussion in the legal literature about the future of privacy and AI governance. Drawing on two qualitative studies of older people’s views on consumer SARs, the paper contributes novel findings about older people’s thinking on privacy and data governance at the intersection of their experiences with present day digital technologies and projections for future AI systems, and places their views in dialogue with debates about the future of privacy protection and AI governance. (shrink)

Powers, capacities and dispositions (in what follows I will use these terms synonymously) have become prominent in recent debates in metaphysics, philosophy of science and other areas of philosophy. In this paper I will analyse in some detail a well-known argument from scientific practice to the existence of powers/capacities/dispositions. According to this argument the practice of extrapolating scientific knowledge from one kind of situation to a different kind of situation requires a specific interpretation of laws of nature, namely as attributing (...) dispositions to systems. My main interest will be to discuss what characteristics these dispositions need to have in order to account for the scientific practice in question. I will furthermore assess whether the introduction of dispositions in the context of the extrapolation argument can be described as a ‘revitalization’ or as a ‘return’ to those notions repudiated by early modern philosophers. More particularly I will argue for the following claims: I. In repudiating scholastic terminology, including substantial forms with their causal powers, post-cartesian philosophers focussed on a concept of causation that was much stronger than 21st century conceptions of causation. For this reason alone, whatever ‘causal’ is supposed to mean in today’s causal powers, embracing causal powers is not a simple return to a pre-cartesian notion. II. The dispositions presupposed in scientific practice need not (and should not) be construed in causal terms (whether strong or weak). III. While some early modern philosophers contrasted the characterisation of the natural world in terms of substantial forms (and their causal powers) on the one hand and a mathematical characterization on the other and suggested that these approaches are incompatible, the dispositions postulated by the extrapolation argument to account for scientific practice are themselves characterized in mathematical terms. More precisely: The behaviour the systems are disposed to display is – at least in physics – often characterized in mathematical terms. IV. The dispositions assumed in the law-statements in scientific practice are determinable rather than determinate properties. (shrink)

Affirmative action is standardly pursued in relation to admissions to prestigious universities, in hiring for prestigious jobs, and when it comes to being elected to parliament. Central to these forms of affirmative action is that they have to do with competitive goods. A good is competitive when, if we improve A’s chances of getting the good, we reduce B’s chances of obtaining the good. I call this Competitive Affirmative Action. I distinguish this from Non-competitive Affirmative Action. The latter has to (...) do with non-competitive goods, e.g., being granted early parole or freedom from arbitrary arrest. I argue that some of the most prominent objections against affirmative action—in particular, the reverse discrimination objection and the merit objection—speak less against Non-competitive Affirmative Action. And that some of the most prominent arguments in favor of affirmative action, insofar as they justify Competitive Affirmative Action, also justify Non-competitive Affirmative Action. (shrink)