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)

This article shows the precritical principles of beauty in Kant’s thought, in order to understand his main contribution to the theory of beauty. This critical principles are not found in the Observations on the feeling of the beauty and sublime, but in the first and second critique which locate the feeling of pleasure and pain in the sensation faculty, instead of the Judgment, and in the Universal Nature History and the Theory of the Heavens, that considers beauty as the perfection (...) of the object given from a supreme intelligence, instead of an ideal unity brought from the reflexive judgment. (shrink)

Typically, existentialist analyses of “America” have been limited to North America (more specifically, the United States). I argue that developing an adequate framework for existentially analyzing America requires a turn to Mexican existentialism. In Emilio Uranga’s and Jorge Portilla’s writings, we discover new conceptual tools for understanding Americanness as such. These thinkers help us imagine an account of American being that does not restrict itself to the United States by using the concepts of existentialism to describe the crises their neighbors (...) to the north as well as they themselves face. American existence has been historically characterized by a convergence (oftentimes clash) of disparate races, ethnicities, languages, cultures, religions, and identities. As history unfolded, this convergence led to various existential crises across the Americas. Whereas the US American way of life is marred by a blustering, naïve, and purposeless misuse of freedom that disregards the other, the existential crisis the Mexican lives is characterized by “accidentality” and “zozobra.” Despite these important differences, all existentialists, and the Mexican existentialists of the Hyperion Group especially, remind us that there is a common way to overcome the various existential crises plaguing the Americas, and that is to exercise freedom in a purposeful, communally conscious manner. (shrink)

In this article, I argue that, contrary to scholarly consensus, Antonio Caso draws inspiration from important principles and ideas from Kant’s philosophy in his critique of positivism. I first examine the prima facie textual reasons why someone might believe that Caso and Kant are philosophical enemies. To contradict this notion, I proceed by noting and developing three core ideas that the two share in common. First, Caso and Kant are both ardent critics of dogmatic philosophizing. Second, both Caso and Kant (...) carve out special room for intuition in their respective accounts of cognition, resisting the idea that the understanding has a more prominent role in the formation of knowledge. Third, Kant’s doctrine of aesthetic judgment paves the way for Caso’s de-intellectualized aesthetics. In the end, we see that Kant and Caso are closer to being philosophical friends than enemies. (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)

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)

Frecuentemente se ha interpretado la filosofía política de Julien Freund como una lectura decisionista y polemocéntrica de lo político de fuertes ecos schmittianos. Sin entrar en sus raíces intelectuales, pretendo justificar el sentido que asume en su obra la adhesión a la tradición realista, distanciándose sin embargo de una interpretación tanto cratológica como nihilista de la política que tendiera a reducir los asuntos públicos al solo dominio estratégico de los medios. Entiendo, al contrario, que el realismo de Freund coincide con (...) su perspectiva “mesocrática” o, si se prefiere, “liberal” en un sentido “árquico”, no minarquista o neutralizador. Esto exige un cambio de enfoque en el estudio de su obra que evite fundamentalmente dos extremos: la reducción de lo político a la sola dialéctica del mando y la obediencia, a costa de la integración de todos sus factores, y la sobrevaloración del problema de los medios respecto de los fines. (shrink)

O presente trabalho é uma tradução do espanhol para o português de três contos do livro "Cuentos de Amor de Locura y de Muerte" do escritor uruguaio Horacio Quiroga. Os contos selecionados são: "La Gallina Degollada", "El Almohadón de Plumas" e "A la Deriva". Os textos traduzidos ficaram com os seguintes nomes: "A Galinha Degolada" "O Travesseiro de Penas" e "À Deriva".

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)

Se intenta una contribución al conocimiento de la enseñanza de la filosofía en el Colegio de San Carlos de Buenos Aires hacia fines del siglo XVIII. Para ello se examinan las propuestas de Juan Baltasar Maziel (1727-1788) para dicho Colegio en materia de Filosofía, Teología y Derecho. Esta información se complementa con la exposición de otras ideas jurídico-políticas de Maziel, en el contexto de su actividad eclesiástica. The subject is the contribution of Juan Baltasar Maziel (1727-1778) to (...) the teaching of Philosophy, Theology and Law in the Colegio de San Carlos of Buenos Aires, in the last third of the XVIIIth Century. In addition, other political ideas of Maziel are considered. (shrink)

The main aim of this paper is to highlight the need to address the conceptual problem of “implicit knowledge” or “implicit cognition” —a notion especially important in the study of the nonverbal minds of animals and infants. We review some uses of the term ‘implicit’ in psychology and allied disciplines,and conclude that conceptual clarification of this notion is not only lacking, but largely avoided and reduced to a methodological problem. We propose that this elusive notion is central in the study (...) not only of animal and infant minds, but also the human adult mind. Some promising approaches in developmental and evolutionary psychology towards innovative conceptualisation of implicit knowledge remain conceptually underdeveloped and in need of reconsideration and re-elaboration. We conclude by suggesting that the challenge of implicit cognition and nonverbal minds will only be solved through a concerted interdisciplinary approach between psychology and other disciplines. (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)

[EN] In this article the question of cultural diversity as it appears in the perspective of a republican conception of citizenship is discussed within three steps: in a first step, the ambiguous sense of the notion «citizenship» and its recently accelerated evolution will be presented; in a second step, the general features of the neo-republican approach will be outlined; and finally, the chances offered by a relecture of the republican topics with regard to an integration of the plurality of cultures (...) and ways of life, which coexist within the complex contemporary societies and which base on migration processes, will be brought to mind. [ES] En este artículo se aborda la cuestión de la diversidad cultural contemplada desde la concepción republicana de la ciudadanía en tres pasos: en el primero, se presenta el sentido polisémico de la noción de ciudadanía y la acelerada evolución que ha experimentado en los últimos tiempos; en un segundo paso, se ofrecen los rasgos generales que caracterizan el enfoque neorrepublicano; y, finalmente, se da cuenta de las virtualidades que ofrece una relectura de los tópicos republicanos para integrar la pluralidad de culturas y formas de vida que conviven en las complejas sociedades contemporáneas a raíz de los procesos migratorios. (shrink)

Sobre la base de las cartas que se conservan y a la interpretación de Gilson, Pernoud, y otros escritores contemporáneos, el autor se esfuerza por hacer comprensible el drama protagonizado por estos famosos amantes del siglo XII. Mientras el romanticismo se fijó en el aspecto amoroso y trágico, aquí se intenta hacer comprender que, detrás del drama, hay toda una filosofía y una teología que permiten comprender las decisiones tomadas por los amantes. El autor, además, procura que el ejemplo de (...) los famosos amantes sirva de guía para comprender la espiritualidad medieval y hasta qué punto revela cuán cristiana era esa sociedad, en contraste con la actual. (shrink)

La actual dificultad para sostener la existencia de una ley natural estriba fundamentalmente en que se niega la existencia de una esencia o bien la posibilidad de su conocimiento. A este respecto se analiza la posición de Tomás de Aquino, haciendo hincapié en su realismo, que lo hace afirmar que las esencias de las cosas nos son desconocidas. No obstante lo anterior, al analizar esta afirmación en el contexto de su obra, se puede colegir que eso no significa que no (...) sea posible conocer nada acerca de ella. (shrink)

Argumentar constituye un quehacer cotidiano para los diferentes operadores jurídicos y, de modo especial, para quienes desempeñan la función judicial. Dado que las decisiones de los jueces están sometidas a un cierto control de racionalidad, es posible concebir las argumentaciones jurídicas empleadas en la aplicación del derecho como un modo institucionalizado de ejercitar la racionalidad práctica. Sin embargo, esto no implica, en contra de lo que a menudo se suele afirmar, que los procesos argumentatívos jurídicos estén sujetos en exclusiva a (...) las leyes de la lógica deductiva. Cabe sostener el carácter racional de la aplicación del derecho sin caer en un logicísmo a ultranza ni en una defensa de las artes de la retórica y de la tópica: ahí está, entre otras, la vía defendida por la teoría discursiva de la argumentación jurídica elaborada por Robert Alexy a partir de presupuestos básicamente habermasianos, así como las correcciones contextualistas de la misma llevadas a cabo por Klaus Günthcr. (shrink)

En este trabajo se identifican formas de interacción asíncrona asumidas por estudiantes universitarias durante la pandemia por Covid-19. Mediante un estudio de casos se analizó la estructura de participación y los mecanismos discursivos empleados por cuatro grupos de estudiantes, quienes discutieron diferentes temas educativos a lo largo de seis semanas. Como parte del proceso de adaptación a la nueva modalidad de trabajo, los grupos presentaron diversas dificultades para mantener conversaciones constantes y productivas en los foros, no obstante, se aprecia una (...) leve mejora después de la tercera semana de trabajo cuando los estudiantes empiezan a interiorizar la nueva modalidad. (shrink)

El presente artículo explica cuál es la noción de derecho en Leonardo Polo y cómo entendía el derecho natural. Después de una introducción, en el capítulo 2 se hace un análisis histórico, donde se revisa cómo evolucionaron estas nociones en la vida de Polo. El capítulo 3 se centra en la noción poliana de derecho. Con este concepto, en el capítulo 4 se reconstruye la noción de derecho natural que probablemente manejó Polo, para en el capítulo 5 sugerir cuál debería (...) ser la metodología de estudio del derecho natural, según los cánones polianos. (shrink)

[EN] In this article the question of cultural diversity as it appears in the perspective of a republican conception of citizenship is discussed within three steps: in a first step, the ambiguous sense of the notion «citizenship» and its recently accelerated evolution will be presented; in a second step, the general features of the neo-republican approach will be outlined; and finally, the chances offered by a relecture of the republican topics with regard to an integration of the plurality of cultures (...) and ways of life, which coexist within the complex contemporary societies and which base on migration processes, will be brought to mind. [ES] En este artículo se aborda la cuestión de la diversidad cultural contemplada desde la concepción republicana de la ciudadanía en tres pasos: en el primero, se presenta el sentido polisémico de la noción de ciudadanía y la acelerada evolución que ha experimentado en los últimos tiempos; en un segundo paso, se ofrecen los rasgos generales que caracterizan el enfoque neorrepublicano; y, finalmente, se da cuenta de las virtualidades que ofrece una relectura de los tópicos republicanos para integrar la pluralidad de culturas y formas de vida que conviven en las complejas sociedades contemporáneas a raíz de los procesos migratorios. (shrink)

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)