Non-domestic companies are increasingly present on the London Stock Exchange. Such companies have specific governance requirements. They may seek to access capital in a more liquid market and to diversify ownership. The reputational ‘bonding’ to a prestigious exchange should be a statement to the market of a propensity to disclosure and a willingness to protect minority shareholders. Yet, many non-domestic companies retain tightly controlled shareholding structures and are based in emerging regions where national culture norms differ to the UK. We (...) hypothesise that non-domestic companies are likely to be less compliant with the principles of the UK Corporate Governance Code and suggest a correlation between lower levels of compliance and non-domestic companies from countries that demonstrate high power distance in the Hofstede cultural value framework. We find some encouraging signs of compliance with the reigning governance code principles in Board structures. However, we find only partial compliance in leadership and Board effectiveness measures in those companies from cultures high on the power-distance scale. Further, we include analysis into ownership characteristics and find companies from emerging markets are dominated by a single or controlling group of shareholders, which is likely to impact on attitudes to compliance and is particularly evidenced in terms of Board structures with no executive directors or led by an executive Chairman. Much of the prior research effort into the levels of compliance with the UK’s ‘comply-or-explain’ approach to governance has produced mixed results and focused on all companies. In our exploratory approach to analysing only the non-domestic subsample, we report some evidence linking cultural distance to lower levels of compliance with the UK standards. We develop a framework to guide future research into the context and cultural underpinnings of this sub-sample of companies, hypothesising that frequent market capitalisation-induced index changes may divert attention away from any potential compliance issues. On the one hand, our evidence is encouraging for governance regimes based on voluntary compliance disclosures such as the UK and similar European and international markets, as we report partial compliance with the principles of the current governance code. Our research may, however, be helpful in guiding future versions of the UK governance framework and other international governance regimes adopting the ‘comply-or-explain’ approach and in setting policy to improve disclosure. It contributes to the understanding of the specific context of non-domestic companies and any cultural tendencies to non-compliance. By demonstrating evidence of lower levels of compliance with key principles of the Code by non-domestic companies, we present a framework enabling lawmakers to further improve corporate governance codes. (shrink)

From the discovery of distant galaxies and black holes to the tiny interstices of the atom, here is the very best on physics and astronomy from the New York Times! The newspaper of record has always prided itself on its award-winning science coverage, and these 125 articles from its archives are the very best, covering more than a century of breakthroughs, setbacks, and mysteries. Selected by former science editor Cornelia Dean, they feature such esteemed and Pulitzer Prize-winning writers as (...) class='Hi'>Malcolm W. Browne on teleporting, antimatter atoms, and the physics of traffic jams; James Glanz on string theory; George Johnson on quantum physics; William L. Laurence on Bohr and Einstein; Dennis Overbye on the recent discovery of the Higgs Boson; Walter Sullivan on the colliding beam machine; and more. (shrink)

Traditional analyses of the curve fitting problem maintain that the data do not indicate what form the fitted curve should take. Rather, this issue is said to be settled by prior probabilities, by simplicity, or by a background theory. In this paper, we describe a result due to Akaike [1973], which shows how the data can underwrite an inference concerning the curve's form based on an estimate of how predictively accurate it will be. We argue that this approach throws light (...) on the theoretical virtues of parsimoniousness, unification, and non ad hocness, on the dispute about Bayesianism, and on empiricism and scientific realism. * Both of us gratefully acknowledge support from the Graduate School at the University of Wisconsin-Madison, and NSF grant DIR-8822278 (M.F.) and NSF grant SBE-9212294 (E.S.). Special thanks go to A. W. F. Edwards.William Harper. Martin Leckey. Brian Skyrms, and especially Peter Turney for helpful comments on an earlier draft. (shrink)

According to the seventh-century C.E. philosopher Kumārila Bhat.t.a, epistemic agents are warranted in taking their world-presenting experiences as veridical, if they lack defeaters. For him, these experiences are defeasibly sources of knowledge without the agent reflecting on their content or investigating their causal origins. This position is known as svatah prāmāṇya in Sanskrit (henceforth the SP principle). -/- As explicated by the eleventh-century commentator, Pārthasārathi Misŕa, this position entails that epistemic agents know things without simultaneously knowing that they know them, (...) or being in a position to know that they know. In contrast, some contemporary Anglo-analytic philosophers argue for the “knows-knows principle” (KK principle), in which if someone knows that p, then that person also knows that they know that p, or that person is in a position to know that they know p. Despite some apparent similarities, the SP principle is not a version of the KK principle, nor would Pārthasārathi’s Kumārila have held the KK principle. -/- Recently, Daniel Immerman (2018) has argued that the SP principle is a position-to-know version of the “knows-knows principle” (KK-pos principle). By examining Kumārila’s response to his Buddhist opponent, who challenges the veracity of Vedic testimony, we will see that Kumārila understands higher-order knowing as involving an independent check on one’s epistemic processes, through an epistemic instrument known as postulation (arthāpatti). This precludes him from holding the KK-pos principle. (shrink)

First published in 1989, this book tackles a relatively little-explored area of Wittgenstein’s work, his philosophy of psychology, which played an important part in his late philosophy. Writing with clarity and insight, Budd traces the complexities of Wittgenstein’s thought, and provides a detailed picture of his views on psychological concepts. A useful guide to the writings of Wittgenstein, the book will be of value to anyone concerned with his work as a whole, as well as those with a more general (...) interest in the philosophy of psychology. (shrink)

The simple question, what is empirical success? turns out to have a surprisingly complicated answer. We need to distinguish between meritorious fit and ‘fudged fit', which is akin to the distinction between prediction and accommodation. The final proposal is that empirical success emerges in a theory dependent way from the agreement of independent measurements of theoretically postulated quantities. Implications for realism and Bayesianism are discussed. ‡This paper was written when I was a visiting fellow at the Center for Philosophy of (...) Science at the University of Pittsburgh; I thank everyone for their support. †To contact the author, please write to: Department of Philosophy, University of Wisconsin–Madison, 5185 Helen C. White Hall, 600 North Park Street, Madison, WI 53706; e-mail: [email protected]. (shrink)

Stasis-theory seeks to classify rhetorical problems acccording to the underlying structure of the dispute that each involves. Such a classification is of interest to the practising rhetor, since it may help him identify an appropriate argumentative strategy; for example, patterns of argument appropriate to a question of fact may be irrelevant in an evaluative dispute.

Discussion of ecological restoration in environmental ethics has tended to center on issues about the nature and character of the values that may or may not be produced by restored landscapes. In this paper we shift the philosophical discussion to another set of issues: the social and political context in which restorations are performed. We offer first an evaluation of the political issues in the practice of restoration in general and second an assessment of the political context into which restoration (...) is moving. The former focuses on the inherent participatory capacity at the heart of restoration; the latter is concerned with the commodified (primarily in the United States) and nationalized (primarily in Canada) uses to which restoration is being put. By comparing these two areas of inquiry we provide a foundation for a critical assessment of the politics of restoration based on the politics in restoration. (shrink)

In April 1939, G. E. Moore read a paper to the Cambridge University Moral Science Club entitled ‘Certainty’. In it, amongst other things, Moore made the claims that: the phrase ‘it is certain’ could be used with sense-experience-statements, such as ‘I have a pain’, to make statements such as ‘It is certain that I have a pain’; and that sense-experience-statements can be said to be certain in the same sense as some material-thing-statements can be — namely in the sense that (...) they can be safely counted on. When Moore later read his paper to Wittgenstein, Wittgenstein took violent exception to it, and the two entered into a heated exchange. The only known notes of this exchange are a previously unpublished verbatim record of part of it, taken by Norman Malcolm. This paper is an edition of Malcolm’s notes. These notes are valuable for both philosophical and scholarly reasons. They give us a glimpse of a sustained exchange between Wittgenstein and a real-life interlocutor; they contain a defence by Wittgenstein of the idea that a word’s use can illuminate its meaning; and they provide evidence of Wittgenstein’s philosophical engagement with the topic of certainty, and with Moore’s thought on it, long before he began to write the notes which make up On Certainty, in 1949. (shrink)

In his book The View from Nowhere , Thomas Nagel says that ‘the subjectivity of consciousness is an irreducible feature of reality’ . He speaks of ‘the essential subjectivity of the mental’ , and of ‘the mind's irreducibly subjective character’ . ‘Mental concepts’, he says, refer to ‘subjective points of view and their modifications’ : The subjective features of conscious mental processes—as opposed to their physical causes and effects—cannot be captured by the purified form of thought suitable for dealing with (...) the physical world that underlines the appearances. Not only raw feels but also intentional mental states—however objective their content—must be capable of manifesting themselves in subjective form to be in the mind at all. (shrink)

Recently, brain imaging has provided controversial evidence of persisting awareness in some people whose brains are so severely injured that consciousness is minimal or absent, but in whom prolongation of life depends on the provision of continuing medical care. The clinicians understanding of the persistent vegetative state is briefly outlined and the evidence provided by brain imaging of awareness in this condition is reviewed. Information regarding consciousness in progressive acquired dementias are considered in the context of management of these conditions. (...) This leads to the conclusion that quality of consciousness was more important than its presence or absence in managing people with impaired consciousness. (shrink)

The likelihood theory of evidence (LTE) says, roughly, that all the information relevant to the bearing of data on hypotheses (or models) is contained in the likelihoods. There exist counterexamples in which one can tell which of two hypotheses is true from the full data, but not from the likelihoods alone. These examples suggest that some forms of scientific reasoning, such as the consilience of inductions (Whewell, 1858. In Novum organon renovatum (Part II of the 3rd ed.). The philosophy of (...) the inductive sciences. London: Cass, 1967), cannot be represented within Bayesian and Likelihoodist philosophies of science. (shrink)

It has been said that ‘the history of Pindaric criticism is the history of the cardinal problem, unity’; but this history has yet to be fully explored. Young's pioneering study passes dismissively over the centuries preceding the publication, in 1821, of Boeckh's commentary—a landmark, indeed, but Boeckh's approach to the poet did not spring into being from nothing; it was the product of a long tradition of careful study, in which Pindar had been widely admired and diversely understood. This paper (...) attempts to document that claim; its primary purpose is therefore historical. But the study of the history of scholarship is of most value when it helps us to understand our own place in that history, disclosing and encouraging us to think critically about our tacit or ill-considered assumptions. I shall therefore conclude by pointing briefly to a possible implication of this history for some more recent work on the poet. (shrink)

Skyrms's formulation of the argument against stochastic hidden variables in quantum mechanics using conditionals with chance consequences suffers from an ambiguity in its "conservation" assumption. The strong version, which Skyrms needs, packs in a "no-rapport" assumption in addition to the weaker statement of the "experimental facts." On the positive side, I argue that Skyrms's proof has two unnoted virtues (not shared by previous proofs): (1) it shows that certain difficulties that arise for deterministic hidden variable theories that exploit a nonclassical (...) probability theory extend to the stochastic case; (2) the use of counterfactual conditionals relates the Bell puzzle to Dummett's (1976) discussion of realism in quantum mechanics. (shrink)

This article explores Aristotle’s understanding of the value of tragedy. The primarily technical analyses of the Poetics are not sufficient for this purpose: they must be read in the context of Aristotle’s philosophical anthropology. An outline of Aristotle’s understanding of the structure of human motivation provides a framework within which to interpret his discussion of the uses of music, and in particular of music’s status as an intrinsically valuable component of cultivated leisure. Applying that model to tragedy requires an explanation (...) of what motivates engagement with drama that evokes distressing affects. Aristotle’s account of musical katharsis, if read with sufficient attention to its structure and interpreted in the light of his analysis of pleasure, provides a solution. If the importance which Aristotle attaches to intrinsically valuable leisure activities is overlooked, it is not possible to understand his conception of a good human life, or his aesthetics. (shrink)