The generation and use of 3D images and visualizations through remote sensing, Building Information Modeling, and Augmented Reality technologies, have come to play a significant role in construction engineering practice. Although these technologies are promising, their potential can be misjudged when potential end-users are unaware of key assumptions that were made by developers. Realistic expectations require insights into the ways in which these technologies transform input collected into 3D visualizations and how these visualizations are possibly used on construction sites. This (...) study’s objective is hence to explore the form of technological mediation that the generation and use of 3D images and visualizations provide between a human and objects, or aspects of these objects, that would otherwise be largely imperceptible to professionals in construction practice. We show that algorithms pre- and post-process data through their technological selectivities, which function as mediators. Double mediations of augmented and engaged relationships play a dominant role in the use of 3D images and visualizations and enhance the situational awareness of professionals in construction practice. This is the first study that applies this perspective to increase the understanding of the mediating role of 3D images and visualizations in construction practice. (shrink)

Most American young people, like their ancestors, harbor desires for a worthy life: a life of meaning, a life that makes sense. But they are increasingly confused about what such a life might look like, and how they might, in the present age, be able to live one. With a once confident culture no longer offering authoritative guidance, the young are now at sea--regarding work, family, religion, and civic identity. The true, the good, and the beautiful have few defenders, and (...) the higher cynicism mocks any innocent love of wisdom or love of country. We are super-competent regarding efficiency and convenience; we are at a loss regarding what it's all for. Yet because the old orthodoxies have crumbled, our "interesting time" paradoxically offers genuine opportunities for renewal and growth. The old Socratic question, "How to live?," suddenly commands serious attention. Young Americans, if liberated from the prevailing cynicism, will readily embrace weighty questions and undertake serious quests for a flourishing life. All they (and we) need is encouragement. This book provides that necessary encouragement by illuminating crucial (and still available) aspects of a worthy life, and by defending them against their enemies. With chapters on love, family, and friendship; human excellence and human dignity; teaching, learning, and truth; and the great human aspirations of Western civilization, it offers people who are looking on their own for meaning, and as well as to people who are looking to deepen what they have been taught or to square it with the spirit of our time. (shrink)

This article argues that Aristotle depicts the soul as a detectable aspect of one’s being, is in the form of properties, and is discernable by cognition. Thus, he proposed that it is possible to discern the complementary connection between one’s being and the first cause of creation. Aristotle, like Kant, recognised that the age-old problem of scepticism posed a challenge to epistemological, ontological, and ethical claims. However, Kant did not develop his ideas regarding bridging the gap between what is demonstrable (...) and the first cause of creation – which resulted in perpetuating problems with scepticism and dualism. Consequently, in the effort to resolve the problems of scepticism and dualism, to promote self-actualisation, holistic well-being and, to help individuals realise their full potential there is a resurgence of Aristotle’s explanation of the relationship between self-knowledge and knowledge of the first cause of creation. This article contributes to the philosophy of science, the philosophy of the social sciences, the philosophy of religion, to contemporary literature on social psychology, and to literature addressing the interface between the sciences and perennial philosophy by demonstrating that Aristotle’s perennial wisdom and his epistemic approach – based on logical positivism – resolve problems related to scepticism, materialism, and dualism. (shrink)

Celebrated as the equal to the great philosophers of old, namely Plato and Aristotle, whom – as Cassiodorus put it – he taught to speak Latin better than they spoke Greek, Boethius aspired to fully emancipate Roman culture from its Greek models through translations and exegesis so faithful they would leave nothing more to be desired from the original. The essay focuses on Boethius philhellenism, without complexes insofar as it had little to do either with the mixed feelings of his (...) Roman predecessors or with the plundering agenda of his Christian contemporaries. Special attention is paid to the close relationship Boethius established between word for word translations and multi-layered commentaries which he thought of and – albeit partially – carried out as part of the same scholarly endeavour. Devoid of literary pretentions as well as free from aspirations to autonomy, Boethius literal rendering and scrupulous interpretation were meant to be completely self-sufficient. Together they stand out as both the most innovative and the most conservative features of his ambitious cultural project. -/- Célébré comme l’égal des grands philosophes du passé, auxquels il aurait appris à parler Latin mieux qu’ils ne parlaient Grec, Boèce a caressé le rêve d’une émancipation radicale de la culture romaine vis-à-vis des modèles grecs qu’il se proposait de traduire et interpréter assez fidèlement pour que la comparaison avec les sources ne soit plus nécessaire. De son effort de livrer un Aristote et un Platon latins à la hauteur des originaux grecs, nous étudions l’étroite solidarité qui relie la traduction mot-à-mot des textes grecs et la restitution scrupuleuse de leur sens. Cette double tâche, que Boèce a conçue et menée d’un seul tenant, nous est dès lors apparue comme le reflet d’un philhellénisme sans complexes, tout aussi éloigné des sentiments ambivalents que nourrissaient vis-à-vis des hellènes ses devanciers romains que des efforts visant à domestiquer l’héritage classique auxquels se livraient certains de ses contemporains de même confession que lui. Affranchis de tout rêve d’autonomie, les traductions et les commentaires de Boèce se conçoivent comme parfaitement autosuffisants. Ensemble ils constituent ce qu’il y a à la fois de franchement novateur et de profondément conservateur dans son projet de faire parler Latin les sources grecques. (shrink)

In this meta-essay, the author, a visionary inspired by cybernetics, probes the causes of intelligence in our world, with some old questions revealing surprising answers. He advocates a humanistic social order that he calls sapiocracy and, in a ‘Buberian Dialogue’, outlines his comprehensive vision of a world with artificial intelligence, which is redefined as an ‘infosomatic presence’. The publication’s innovative form of a coherent collection of essays serves the holistic and synthetic purpose of profiling cross-discourse similarities against their differences. The (...) authentic language used in the publication is due to the author’s natural lecturing style, which he calls ‘wording by thinking’. (shrink)

This article analyzes the first animal cruelty conviction in the United States. Members of America’s founding generation worked to enhance awareness of animal cruelty, while drawing out its ethical implications and linking them to the nation’s birth struggles. They then took action to alter how animals were viewed in the inchoate American legal system. Perhaps the solution to contemporary animal cruelty lies in reexamining our past. A conviction for animal cruelty was unprecedented in 18th-century America. A revolution of thought regarding (...) animals needed to occur. Dusting off centuries-old documents may reveal how we can have a revolution of thought today. (shrink)

Until now studies on the historical development of atomic spectroscopy have focused on three main aspects-its first applications as a method of chemical analysis, the formulation of spectral laws , and the rise of the old quantum theory. These developments of spectroscopy were based on the same assumption: the invariance of the atomic spectrum after fixing the chemical element . This paper shows that running alongside these lines of research there was another, no less important area of study based on (...) the negation of this assumption. The focus of these latter studies was the behaviour of atomic spectra as a function of different working conditions. English astrophysicist Sir Norman Lockyer played a central role in this research. While studying the effect of temperature on spectral lines and comparing stellar spectra with laboratory spectra, he discovered a new class of spectral lines . In an attempt to explain the origin of these lines, Lockyer, at the beginning of 1897 , hypothesized the 'dissociation' of the chemical elements into simplified forms of matter, named proto-elements. Lockyer's studies are mentioned by Thomson in the paper which introduces the corpuscle for the first time. In this paper we have tried to reconstruct the history of Lockyer's proto-elements and highlight the links between them and Thomson's corpuscle. Our analysis has shown that not only the famous studies on discharges in rarefied gases but also Lockyer's stellar spectroscopy played an important role in the work of J. J. Thomson, convincing him that the atom was complex and divisible. (shrink)

The dramatic events of 1989 and their aftermath raise fundamental questions about the nature of social and intellectual change, about the relation of philosophy to politics, and above all about human values within the global structures of today. This book offers a sober, critical analysis of the post-Marxist realities of the old Eastern Bloc and provides an overview of significant aspects of both the 'bygone era' and the present situation in the region. It analyzes the phenomenon of ideological conversation, re-examines (...) the relationship of philosophy to politics, and revisits questions about freedom, democracy, justice, civil society, religion, nationalism, and human relationships, in light of the changes there, together with the entire question of 'globalization.'. (shrink)

Child-to-parent violence has dramatically risen in the last decade, becoming a concerning issue in many countries, so research on this issue has also increased. However, most of the studies on this topic have been conducted with samples of adolescents, and very few with samples of parents. In addition, the variety of assessment instruments does not reflect the elements of this type of violence. Thus, the current study was aimed to examine the factor structure, reliability, and validity of the Child-to-parent Violence (...) Questionnaire, parents’ version, in a sample of Spanish parents of adolescents. Moreover, the prevalence rates of the different types of violence and the reasons for violence were also examined. A total of 1,012 Spanish parents of adolescents aged between 12 and 17 years old were assessed using the CPV-Q-P. Data indicated a matrix of four factors with 14 items, assessing psychological violence, physical violence, financial violence, and control/domain over parents, and two factors with 8 items capturing the reasons for child-to-parent violence, with adequate psychometric properties. The more frequent type of violence was control and domain over parents, followed by psychological, financial, and physical violence, with no significant differences between mothers and fathers. Otherwise, instrumental reasons were more frequent than reactive types, with no differences between mothers and fathers. The CPV-Q-P is a useful instrument to assess child-to-parent violence from the parents’ perspective in both professional and research settings. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Ethics, Theory and the NovelLeon SuretteEthics, Theory and the Novel, by David Parker; x & 218 pp. Cambridge: Cambridge University Press, 1994, $54.95.David Parker’s stated purpose in Ethics, Theory and the Novel is to ground the value of “canonical works” of literature in the “ethical interest,” which each of them embodies in the meditation and exploration of “the clashes of moral value” (p. 38). He is self-consciously responding (...) to the strictures of neo-Marxism, feminism, and deconstruction which allegedly see “the canon simply as the repository of conservative values” and therefore reject it (p. 51). In order to demonstrate this capacity of imaginative literature Parker provides ethical analyses of scenes in George Eliot’s Middlemarch, Tolstoy’s Anna Karenina, and D. H. Lawrence’s The White Peacock, Women in Love, and Lady Chatterley’s Lover. The book divides into two projects, since Parker also argues for the pertinence of ethics itself quite apart from the value of imaginative literature as a repository of serious ethical thought. Part one makes the theoretical case, and part two applies the theory.For the theory he takes as his champions Martha Nussbaum, Iris Murdoch, the late Australian critic, S. L. Golberg, and the Canadian political scientist, Charles Taylor. From Nussbaum he derives the claim that “literature can be moral philosophy” (p. 34). From Taylor he takes a triadic schema of Western [End Page 247] culture: Judeo-Christian-Kantian, Liberal-Enlightenment-rational, and Romantic-irrational-egoistic (p. 20) as the sources of our ethical thinking. Murdoch and Goldberg are deployed as predecessors in his own practice of ethical analysis of literary works. Parker’s claim is that imaginative literature exhibits the dynamic tensions of these conflicting ethical discourses.Parker’s discussion is intelligent and well-informed. His position is, in my view, perfectly defensible—indeed traditional. That said, this book seems to be as much a symptom of the malaise afflicting literary criticism as a cure. To this reader the theoretical portion is not faithful to any of his champions, but is a dog’s breakfast of “theoretical” postures gathered from Derrida, Cavell, de Man, Rorty, Foucault, and Frederic Jameson—as well as from those named above. The problem is not that Parker misunderstands or misrepresents their thought, but rather that he treats theoretical discourse as a flea market from which he can assemble pre-owned furniture for his own residence.The practice of literary criticism encourages such rummaging among other people’s belongings. It is appropriate for commentators on a literary work of art to select from previous commentary those observations and insights they regard as sound, and to reject or ignore those viewed as unsound. Nonetheless it is difficult to understand how a discourse which finds one leg in Marxist discourse, a second in Freudian, a third in phenomenological, and a fourth in Heideggerean or Derridean discourse can be expected to stand four square.Ethics, Theory and the Novel can be defended as an exercise in bricolage—and quite an impressive one in its own way. Like the handyman, Parker has cobbled together an ethicist criticism out of what is available or ready-at-hand in other discourses. But—as with many a home project—one can still see its flea market provenance. In his critical analysis of the novels, Parker shows himself to be a careful and perceptive reader. But I must confess that his ethical analyses seemed very like old-fashioned moral analysis of character motivation. I would not disagree with his claim that “an ethical vocabulary... is essential to the full understanding of the created fictional situation” (p. 191). However, his argument for a dialogic plurivocity in the ethical discourse of Western fiction is one that has been previously put by Mikhail Bakhtin from within Marxism. It is, I think, a serious oversight that Bakhtin is never mentioned—even though Parker’s position is distinguishable from Bakhtin’s in that his dialogue is between perennial ethical schemata and Bakhtin’s is between hegemonic and subversive discourses.Leon SuretteUniversity of Western OntarioCopyright © 1996 The Johns Hopkins University Press... (shrink)

The spread of COVID-19 in Italy resulted in the implementation of a lockdown that obligated the first time the general populace to remain at home for approximately two months. This lockdown interrupted citizens’ professional and educational activities, in addition to closing shops, offices and educational institutions. The resulting changes in people’s daily routines and activities induced unexpected changes in their thoughts, feelings and attitudes, in addition to altering their life perceptions. Consequently, the present study explores how young adults perceived their (...) lives under lockdown during the final week of March 2020, when the reported number of daily coronavirus infections reached its peak in Italy. The research was carried out among 293 university students (234 women and 59 men) with an average age of 20.85 years old (SD = 3.23). The researchers asked participants to describe the emotions, thoughts and experiences that characterized their time under lockdown. The study analyzed specific narratives related to time and space using grounded theory methodology, which was applied using Atlas 8 software, leading to the creation of 68 codes. The study organized these codes into three specific categories: confined in the present, confined in the past, and striving toward one’s goals. Finally, the researchers also created a core-category labeled “continuity of being.” The results showed that the closure of open spaces caused a division in participants’ perceptions of time continuity, with many viewing themselves as feeling fragmented and as living the present in a static and fixed way. Additionally, participants also saw the present as being discontinuous from the past, while, simultaneously, projecting toward the future and the changes it might bring. Finally, this study examined further implications surrounding individual projecting among young people in greater depth. (shrink)

Children and adolescents are not indifferent to the dramatic impact of the COVID-19 pandemic, and the need to be forced to live in confinement. The change in life to which they have been abruptly subjected forces us to understand the state of their mental health in order to adequately address both their present and future needs. The present study was carried out with the intention of studying the consequences of confinement on anxiety, sleep routines and executive functioning of 1,028 children (...) and adolescents, aged from 6 to 18 years, residing in Spain to; assess if there are differences regarding these consequences in terms of sex and age; how anxiety affects executive functioning in males and females; and to examine the possible correlations between the measured variables. For this purpose, an online questionnaire containing five sections was designed: the first section gathers information on sociodemographic and health data, while the following sections gather information from different standardized scales which measure anxiety, sleep and executive functions, whose items were adapted in order to be completed by parents, and/or legal guardians. The statistical analyzes carried out highlights significant differences in executive functioning between males and females. In turn, in regards to age, greater difficulties were detected in anxiety in the 9 to 12 age group and greater sleep disturbances between 13 and 18 year olds. On the other hand, significant differences were found in intra-sexual executive functioning depending on whether they presented greater or lesser anxiety, with executive functioning being more tendentiously maladjusted in males than in females, revealing a significantly relevant effect size. Positive correlations are obtained between state anxiety and sleep and executive functioning alterations. Finally, through Path Analysis, it is verified that state anxiety is the variable with the greatest weight within the model that would explain the alteration in the executive functioning of the present sample. (shrink)

Even though disquotationalism is not correct as it is usually formulated, a deep insight lies behind it. Specifically, it can be argued that, modulo implicit commitment to reflection principles, all there is to the notion of truth is given by a simple, natural collection of truth-biconditionals.

The Structure of the ' Scienza Nuova ' One of the main reasons for the failure of Vico's Scienza Nuova to establish itself as a widely read philosophical ...

We are walking too quickly down the road to physical and psychological utopia without pausing to assess the potential damage to our humanity from this brave new ...

Professor Pompa's study of Vico has done a great deal to stimulate and inform the growing interest in the English-speaking world in this remarkable figure. It remains the only work devoted almost exclusively to an interpretation of the New Science and offers a comprehensive guide to the main theoretical problems to which the text gives rise. For this second edition Professor Pompa has responded to the reactions of reviewers and critics and added a new chapter which analyses Vico's conception of (...) the principles which govern the development of law. (shrink)

Among the problems of ancient history of which no solution has yet been generally recognized as definitive is that of the battle-field where the struggle between Pompey and Caesar was decided. Colonel Leake's exposition was rejected by von Göler and Sir William Napier; and the paper in which he endeavoured to vindicate it produced little effect. Napier and von Göler constructed theories which were vitiated by the misleading maps on which they worked. M. Léon Heuzey, the chief of the (...) Macedonian mission which collected information for the contemplated final volume of Napoleon the Third's Histoire de Jules César, performed a valuable service by preparing, with the aid of an engineer officer, M. Laloy, the first trustworthy survey of the Pharsalian region; but his dissertation on the battle, published in 1886, was bitterly derided by Colonel Stoffel, who, however, appropriated his predecessor's maps without acknowledgment. About the same time Mr. Perrin published in the American Journal of Philology a valuable article, which, although it convinced many that the battle had been fought, as von Göler, Napier, and Long maintained, on the northern bank of the Enipeus, was necessarily written without any knowledge of the works of Heuzey and Stoffel. (shrink)

In addition to its interest as one of Plato's most brilliant dramatic masterpieces, the Protagoras presents a vivid picture of the crisis of fifth-century Greek thought, in which traditional values and conceptions of man were subjected on the one hand to the criticism of the Sophists and on the other to the far more radical criticism of Socrates. The dialogue deals with many themes which are central to the ethical theories which Plato developed under the influence of Socrates, notably the (...) nature of human excellence, the relation of knowledge to right conduct, and the place of pleasure in the good life. This translation of the Protagoras was originally published in 1976. In this revised edition, C. C. W. Taylor has made a number of changes in the translation and commentary, and has added a new Preface and Introduction. The Bibliography has also been extended to include titles published up to 1990. (shrink)

Phenomenal Difference' grants new attention to contemporary black British art, exploring its critical and social significance through attention to embodied experience, affectivity, the senses and perception. Much before scholars in the arts and humanities took their recent 'ontological turn' toward the new materialism, black British art had begun to expose cultural criticism's overreliance on the concepts of textuality, representation, identity and difference. Illuminating that original field of aesthetics and creativity, this book shows how black British artworks themselves can become the (...) basis for an engaged and widely-reaching philosophy. (shrink)

Prior studies in business ethics highlight the role of philanthropy in shaping stakeholders’ perceptions of a firm’s underlying moral tendencies and values. Scholars argue that philanthropy-based character inferences influence whether and how stakeholders engage with firms. We extend this line of reasoning to examine the impact of philanthropy on firms’ contracting costs in the capital market. We posit that philanthropy-based character inferences reduce investors’ agency concerns, thereby reducing firms’ cost of capital. We also posit that the strength of the philanthropy–cost (...) of capital relationship is contingent on uncertainty regarding a firm’s character, visibility of a firm, and prevailing philanthropic norms. We test and find support for our arguments in a longitudinal study of philanthropy and the cost of capital. Our findings have implications for business ethics research on corporate philanthropy and corporate social performance and for organizational research on social judgment. (shrink)

Christopher Hom has recently argued that the best-overall account of the meaning of pejorative terms is a semantic account according to which pejoratives make a distinctive truth-conditional contribution, and in particular express complex, negative socially constructed properties. In addition, Hom supplements the semantic account with a pragmatic strategy to deal with the derogatory content of occurrences of pejorative terms in negations, conditionals, attitude reports, and so on, according to which those occurrences give rise to conversational implicatures to the effect that (...) the pejorative terms are non-empty, which explains the offensiveness of those occurrences. In this paper, I aim to defend this semantic strategy from several recent objections, and I will also present a novel objection, which in my view shows that we should understand the semantic account as a version of inferentialism, rather than radical externalism. (shrink)

Volume I provides a detailed analysis of cylindric algebras, starting with a formulation of their axioms and a development of their elementary properties, and proceeding to a deeper study of their interrelationships by means of general algebraic notions such as subalgebras, homomorphisms, direct products, free algebras, reducts and relativized algebras.

Wilson and Kass talked about their book, The ethics of human cloning, which is about the ethical debate over human cloning.

The work of mathematician and logician Alfred Tarski (1901--1983) marks the transition from substantial to deflationary views about truth.

ArgumentIt seems theoretically convenient to construe knowledge practices in financial markets and organizations as “applied economics.” Alternatively or additionally, one might argue that practitioners draw on economic knowledge in order to systematically orient their actions towards profit-maximization; models, then, are understood as devices that make calculative rationality possible. However, empirical studies do not entirely confirm these theoretical positions: Practitioners’ actual calculations are often not “framed” by models; organizations and institutions influence the choice and adoption of models; and different professional groups (...) in financial markets have diverging attitudes towards model calculations. In order to account for this diversity, this article proposes the concept ofcultures of economic and financial expertise; the concept focuses on the patterns of knowledge practices and knowledge-related self-definitions of groups within financial organizations and markets; it also facilitates an analysis of the relations between and, more specifically, the hierarchies among different practices and identities. The article then goes on to explore the process of foreign exchange forecasting in a particular bank. The description immediately reveals that two groups are involved in this process: economists and analysts. These groups maintain quite different practices and self-descriptions in relation to models: While the economists in the bank use the models as organizational resources for consistent forecasting procedures and observe data with the help of simple model structures, analysts approach model forecasts from the perspective of critics: They see limits in the variable-centered, as opposed to a “thematic” approach and they disregard a model's imposed temporality. Nevertheless, analysts use model forecasts as anchors for developing their own “paths” and stories about possible future expectation changes in the markets. The specific division of labor between economists and analysts, and specifically the dominant role of analysts in the forecasting process, fit into a larger picture: The rise of institutional investors in the foreign exchange markets and their demand for genuine market knowledge for speculative investment projects has contributed to the rise and dominance of analysts’ culture. (shrink)

Central banks have accumulated unparalleled power over the conduct of macroeconomic policy. Key for this development was the articulation and differentiation of monetary policy as a distinct policy domain. While political economists emphasize the foundational institutional changes that enabled this development, recent performativity-studies focus on central bankers’ invention of expectation management techniques. In line with a few other works, this article aims to bring these two aspects together. The key argument is that, over the last few decades, central banks have (...) identified different strategies to assume authority over “expectational politics” and reinforced dominant institutional forces within them. I introduce a comparative scheme to distinguish two different expectational governance regimes. My own empirical investigation focuses on a monetarist regime that emerged from corporatist contexts, where central banks enjoyed “embedded autonomy” and where commercial banks maintained conservative reserve management routines. I further argue that innovations towards inflation targeting took place in countries with non-existent or disintegrating corporatist structures and where central banks turned to finance to establish a different version of expectation coordination. A widespread adoption of this “financialized” expectational governance has been made possible by broader processes of institutional convergence that were supported by central bankers themselves. (shrink)

The Hungry Soul is a fascinating exploration of the natural and cultural act of eating. Kass brilliantly reveals how the various aspects of this phenomenon, and the customs, rituals, and taboos surrounding it, relate to universal and profound truths about the human animal and its deepest yearnings. "Kass is a distinguished and graceful writer. . . . It is astonishing to discover how different is our world from that of the animals, even in that which most evidently betrays that we (...) too are animals--our need and desire for food."--Roger Scruton, Times Literary Supplement "Yum."--Miss Manners. (shrink)

THEIR MORALS AND OURS By Leon Trotsky MORAL EFFLUVIA During an epoch of triumphant reaction, Messrs. Democrats, Social-Democrats, Anarchists, ...

This study examines the influence of mood on corporate philanthropic giving. Drawing on group emotions theory and affect-infused decision theory, we advance the argument that firms allocate greater resources to philanthropy when headquarters-based employees are in a more positive affective state. We also describe three boundary conditions in this relationship—executives’ embeddedness in the firm, executives’ latitude to engage in philanthropic giving, and the firm’s track record of corporate social irresponsibility. We test our arguments using a longitudinal dataset of philanthropic giving (...) by U.S. firms. Our study contributes to the literature by shedding light on the role of affect in shaping the decision to allocate resources to corporate philanthropy. (shrink)

The reign of Ferdinand III of Castile and León constitutes a period of transition between the old royal curiae of the early and high Middle Ages into the Cortes of the late medieval period when the institution will fully develop. Throughout this work we approach the study of the juridical and institutional transformation of the old royal curiae from the second half of the twelfth century, as well as the evidence revealed about this process in the reign of Ferdinand III, (...) with special focus on the "ordinances" promulgated by this monarch at the Cortes of Seville in 1250. (shrink)

Prior studies suggest that firms headquartered in areas with strong religious social norms have higher ethical standards. In this study, we examine whether the ethical standards associated with local religious norms influence the M&A announcement returns. We document that the M&A announcement returns of acquirer firms increase with the strength of religious social norms in the area surrounding firms’ headquarters. We also document that the relationship is attenuated when acquirer firms have strong corporate social responsibility credentials, is amplified when public (...) trust that firms act in the best interest of stakeholders suffers a negative shock and when the M&A deal has greater economic significance for the acquirer, and manifests predominantly in the lower tail of the distribution of M&A returns. Our findings are consistent with investor assessments of firms’ ethical standards driving the relationship between local religious social norms and M&A announcement returns. We find no evidence for the competing explanation—that investor assessments of firms’ risk preferences drive the documented relationship. (shrink)

How do we theorize and analyze the structural power of finance when global capitalism itself undergoes constant and profound structural transformation? The literature continues to assume that the source of financial structural power is its unique ability to provide credit to the real economy, playing a crucial role in meeting the investment imperative. But recent research documents that most financial market activities no longer facilitate productive investment and can even be a drag on economic development. If the financial sector's primary (...) role is not to support productive investments, then on what basis does it continue to hold structural power? The contributions to this special issue engage with how decades of financialization have transformed the basis of structural power toward alternative functions that have gone unnoticed in the existing literature. These include household and real estate lending that fuels consumption-led growth, concentration and expansion of financial institutions as tools of geo-economic strategy, financing current account deficits that facilitate global imbalances, and wealth preservation that bolsters inequality. (shrink)

Money markets are at the heart of financialized capitalism, as those markets that provide the funding liquidity needed for credit creation and leveraged trading. How have these markets evolved, grown, and become critical for larger financial flows? To answer this question, I distinguish an early period of financial globalization marked by regulatory arbitrage, offshoring, deregulation, and informal trading practices from a period of regime-consolidation marked by formal institutionalization. Concentrating on repo markets as the key funding sources for market-based banking, I (...) demonstrate that new institutional arrangements for these markets were initiated by private sector associations, but supported and authorized by public authorities. Bond trader groups codified new contractual arrangements and these were validated via reforms of bankruptcy codes and changes in central banks’ policy frameworks in the United States and European Union. Through these modifications and re-articulations in institutional conditions, transactions and large exposures on money markets became routine affairs—for shadow banking actors like money market funds as well as for commercial banks. The article concludes by discussing the continuity of regime-consolidation efforts after the transatlantic financial crisis and hypothesizes that they reveal “neo-patrimonial” features. (shrink)