This article provides a comprehensive analysis of the stock market reaction to green bond issuance announcements for a large, international sample of listed companies. Existing empirical studies find mixed results regarding this issue. Using a sample of 595 green bonds issued between 2014 and 2021, we conducted a series of event studies to analyze the changes in issuer returns and liquidity following the announcements. We find that the market reaction is significantly negative, more severe compared to conventional bond issues, but (...) improves over time. Green bonds issued by companies with poor environmental performance or without prior experience in issuing such bonds generate a more negative market reaction. We also find that stock liquidity improves for issuers with good environmental performance. Our findings have significant implications as they suggest the existence of economies of scale in repeated issuances of green bonds and/or increasing reliability in the bond’s greenness. (shrink)

Using an international sample of environmental and social firm-level ratings between 2007 and 2019, we form synthetic overlapping region-based equity portfolios to examine the impact of screening stringency on abnormal returns and specific risk. While previous literature analyzes this relationship in a bidimensional setting, inferences made in this study are additionally robust to regional levels of market efficiency. Our results suggest that (1) screening stringency displays an inverted curvilinear relationship with risk-adjusted returns and (2) the impact on specific risk is (...) strictly increasing. Thus, portfolios that employ marginal and substantial screening incur the cost of responsible investing. However, moderate screening has the benefit of increasing performance without the burden of financing the least responsible corporations. (shrink)

Leading invasion biologists sometimes dismiss critics and criticisms of their field by invoking “the straw man” fallacy. Critics of invasion biology are also labelled as a small group of “naysayers” or “contrarians”, who are sometimes engaging in “science denialism”. Such unfortunate labels can be seen as a way to possibly suppress legitimate debates and dismiss or minimize reasonable concerns about some aspects of invasion biology, including the uncertainties about the geographic origins and complex environmental impacts of species, and the control (...) programs against species perceived as “invasive”. In assessing the quality of the debate in this area, we examine the validity of the use of various strategies, including the “straw man” concept, and explore a range of potential logical fallacies present in some recent prominent discussions about invasion biology and so-called “invasive” species. The goal is to add some clarity to the concepts involved, point out some problematic issues, and improve the quality of the debates as the discussions move forward. (shrink)

Cyber risk has become one of the greatest threats to firms in recent years. Accordingly, boards of directors must be continually vigilant about this danger. They have a duty to ensure that the companies adopt appropriate cybersecurity measures to manage the risk of cyber fraud. Boards should also ensure that the firm disclose material cyber risk and breaches. We examine how the board’s gender composition can influence the extent of such disclosure, based on a sample of the companies listed on (...) the S&P/TSX 60 Index over the period 2014–2018. Results show evidence of a positive association between the presence and level of cybersecurity disclosure and board gender diversity. However, the board must boast a critical mass of at least three women before this positive impact can be observed. Our findings contribute to the debate on the importance of gender diversity by adding the concept of the positive influence of heterogeneity on cyber disclosure. We also augment the literature on the critical mass of women in boardrooms by providing empirical evidence that three or more women constitute the threshold for better governance. Our study has important implications for investors, stakeholders and regulators. If investors wish to increase cybersecurity disclosure, they should ask for more diversified boards. Our findings support regulators in their efforts to increase women’s representation on boards by providing empirical evidence of better outcomes with this type of board composition. (shrink)

Economic profit is produced by entrepreneurs, those special individuals able to detect and seize as yet unexploited market opportunities. Many large capitalist firms manage to deliver positive profits even in the most competitive environments. They can do so, thanks to internal entrepreneurs, a subset of their employees able to drive change and develop innovation in the workplace. This paper argues that the goal of increasing economic profit is fully consistent with the corporation doing good for society. However, there is little (...) justification for corporations to transfer the whole economic profit to shareholders. Economic agents entitled to receive the economic profit are precisely those who create this profit, namely the internal entrepreneurs. (shrink)

The contributors to this volume examine recent controversies about the importance of common sense psychology for our understanding of the human mind. Common sense provides a familiar and friendly psychological scheme by which to talk about the mind. Its categories tend to portray the mind as quite different from the rest of nature, and thus irreducible to physical matters and its laws. In this volume a variety of positions on common sense psychology from critical to supportive, from exegetical to speculative, (...) are represented. Among the questions posed are: Is common sense psychology an empirical theory, a body of analytic knowledge, a practice or a strategy? If it is a legitimate enterprise can it be naturalized or not? If it is not legitimate can it be eliminated? Is its fate tied to our understanding of consciousness? Should we approach its concepts and generalizations from the standpoint of conceptual analysis or from the philosophy of science? (shrink)

The purpose of this paper is to assess the emergence of the pirate movements in the European Union. Our goal is to sketch the steps towards a research agenda for this grassroots political movement which gained momentum since 2009. To attain our goal we showed the re-signification of the concept of piracy in the debate around intellectual property and its institutional settlement. Afterwards we analysed the big political themes of several European Pirate Parties and their struggle to follow the preferences (...) of the median voter. We concluded with a set of hypotheses of which the most important is that the pirates will inscribe neither to the left nor to the right part of the political spectrum. (shrink)

"In 2022, two cans of tomato soup were thrown over Van Gogh’s Sunflowers at the National Gallery in London by two climate activists. The aim of this paper is not to explain the motives behind the protest in terms of environmental activism, but to address the implications of this phenomenon for the status of artistic images in our time. The protest in question is one of the many symptoms of the fact that images associated with a pure state of gaze (...) have become morally dubious due to a certain moralistic turn in contemporary discourses on art. Consequently, what seems to be lost in today’s movements of moralizing aesthetics, whether in art or in environmental activism, is not only the “aura” of an artwork, but also the idea that the contemplation of beauty in and for itself would provide a foundation for humans’ moral vocation. In a gaseous state of art (Y. Michaud) in which the transient effects of things are more important than their essence, the moralistic tendencies combined with the lack of moral foundations can no longer conceive of the ethical effects of images without explicit moral content, thus calling for a new form of heteronomy in art. Keywords: Kantian aesthetics, ethics, contemplation, natural beauty, autonomy of art, environmental activism. ". (shrink)

The article presents the preliminary results of the author’s study of the unedited homily De transfiguratione et eleemosyna, ascribed to John Chrysostom. The question of the manuscript tradition is first discussed. The article shows that Maurice Sachot is right when he indicates only the manuscript Romanus Angelicus gr. 125 as a manuscript witness of this homily and that the other two witnesses indicated by Pinakes are erroneous. Then, the descriptions of the folios that preserve the homily are analysed in the (...) light of a new examination of them. This re-examination shows that hitherto several sources that inspired the compiler have gone unnoticed. This is followed by a brief summary of the contents of the homily and an analysis of the passages in which almsgiving is mentioned.Contribution: The article offers a re-examination of the folios 353v–361 from the manuscript Romanus Angelicus gr. 125, the first presentation of the content of the homily De transfiguratione et eleemosyna, and tries to shed light on the association of the theme of the Transfiguration with almsgiving. (shrink)

The local justification of beliefs and hypotheses has recently become a major concern for epistemologists and philosophers of induction. As such, the problem of local justification is not entirely new. Most pragmatists had addressed themselves to it, and so did, to some extent, many classical inductivists in the Bacon-Whewell-Mill tradition. In the last few decades, however, the use of logic and semantics, probability calculus, statistical methods, and decision-theoretic concepts in the reconstruction of in ductive inference has revealed some important technical (...) respects in which inductive justification can be local: the choice of a language, with its syntactic and semantic features, the relativity of probabilistic evalua tions to an initial body of evidence or background knowledge and to an agent's utilities and preferences, etc. Some paradoxes and difficulties encountered by purely formal accounts of inductive justification, the erosion of the once dominant empiricist position, which most approaches to induction took for granted, and the increasing challenge of noninduc tivist epistemolgies have underscored the need of accounting for the methodological problems of applying inductive logic to real life contexts, particularly in science. As a result, in the late fifties and sixties, several related developments pointed to a new, local approach to inductive justification. (shrink)

Review of Ștefan Iloaie, Cultura vieții. Aspecte morale în bioetică (Culture of life. Moral aspects in bioethics) (Cluj -Napoca: Editura Renașterea, 2009).

In his inventory of the manuscript tradition of the homilies on the Transfiguration, Maurice Sachot stated that folios 46r-55r of the codex Parisinus graecus 1611 contain the homily In transfigurationem Domini (BHGn 1980a). He also stated that this text is unedited and that it is most probably a recension of the homily In transfigurationem Domini (CPG 5807; BHG 1980) attributed to Proclus of Constantinople. To date, however, this homily has remained unpublished and unstudied. After a brief presentation of the codex (...) Parisinus graecus 1611, this article brings to light a surprise that emerges from examining folios 46r-55r of the Parisian manuscript. CONTRIBUTION: The article proves that the homily In transfigurationem Domini (BHGn 1980a) is not a recension of the homily on the Transfiguration (CPG 5807; BHG 1980), but a compilation for which the beginning of the homily on the Transfiguration attributed to Proclus of Constantinople was used. (shrink)

Drawing on recent theories and debates concerning the everydayness of non-artistic and even private aesthetic experiences, this article aims at differentiating new ways of dealing with revulsion at the intersection of negative and everyday aesthetics, as another manner of extending or transcending the scope of traditional art-oriented aesthetics. The paradigms that I will trace in the history of negative aesthetics are not mere occurrences of disgust or repulsiveness in art and in everyday life, but ways of addressing the repulsive in (...) relation to the culturally variable scope of art and aesthetics. Besides the classical paradigm that associates repugnant subjects with their pleasure-inducing imitations in art, and the transgressions of modern and contemporary art that increasingly shocked their audience, revulsion can also be regarded as a form of displeasure linked to the quotidian, yet aesthetically relevant forms of life. By virtue of this ordinary nature, which is not unfamiliar to other (non-Western) cultures, revulsion could be placed at the core of everyday aesthetics, since it confirms both the transition from contemplation to action in recent aesthetics, that is, the practical preoccupation with the aesthetic quality of living, and the broader redefinition of aesthetics in terms of sensory reactions. (shrink)

In this book, Radu Bogdan proposes that humans think reflexively because they interpret each other's minds in social contexts of cooperation, communication, ...

This book explores the evolution of the mental competence for self-reflection: why it evolved, under what selection pressures, in what environments, out of what precursors, and with what mental resources. Integrating evolutionary, psychological, and philosophical perspectives, Radu J. Bogdan argues that the competence for self-reflection, uniquely human and initially autobiographical, evolved under strong and persistent sociocultural and political pressures on the developing minds of older children and later adults. Self-reflection originated in a basic propensity of the human brain to (...) rehearse anticipatively mental states, speech acts, actions, and states of the world in order to service one's elaborate goal policies. These goal policies integrate offline representations of one's own mental states and actions and those of others in order to handle the challenges of a complex and dynamic sociopolitical and sociocultural life, calling for an adaptive intramental self-regulation: that intramental adaptation is self-reflection. (shrink)

Some of the topics presented in this volume of original essays on contemporary approaches to belief include the problem of misrepresentation and false belief, conscious versus unconscious belief, explicit versus tacit belief, and the durable versus ephemeral question of the nature of belief. The contributors, Fred Dretske, Keith Lehrer, William Lycan, Stephen Schiffer, Stephen P. Stich, and the editor, Radu Bogdan, focus on the mental realization of belief, its cognitive and behavioral aspects, and the semantic aspects of its content. (...) This interdisciplinary study takes advantage of many new theories in what has become an important area of research. (shrink)

Starting from the cyclic principle in the process of a society's development, invoking „the end of history" that Hegel mentions, adding the paradoxical principle of Huntington's civilizations, of a unity in diversity, through which we can have a clear and universal image of the conflicts, as actions generated by a cultural-religious interaction, and passing these through the filter of the noble origin of the Occidental civilization, we renew a typology of the inter-societies conflict and we keep the possibility of finding (...) some methods for settling them. (shrink)

Starting from the cyclic principle in the process of a society's development, invoking „the end of history" that Hegel mentions, adding the paradoxical principle of Huntington's civilizations, of a unity in diversity, through which we can have a clear and universal image of the conflicts, as actions generated by a cultural-religious interaction, and passing these through the filter of the noble origin of the Occidental civilization, we renew a typology of the inter-societies conflict and we keep the possibility of finding (...) some methods for settling them. (shrink)

In this article, I will describe the evolution of capital punishment and the influence that ideology had during the founding years of Romania’s communist regime, until 1958, when the legislation and application of capital punishment reached its highest peak. Starting with the punishment of war criminals and fascists, I will then describe how the death penalty was used for political motives in a period when the regime had to consolidate, legitimate and fight different enemies. With ups and downs like The (...) Death Penalty Law of 1949 and the abolitionist attempt in 1956, it reached its climax in 1958-1959 after the enactment of Decree no. 318/1958. (shrink)

The theme of this essay is rather simple, though its demonstration is not. It is that humans think reflexively or metamentally because -- and often in the forms in which -- they interpret each other. In this essay ‘metamental’ means ‘about mental’ and ‘reflexive mind’ means ‘a mind thinking about its own thoughts.’ To think reflexively or metamentally is to think about thoughts deliberately and explicitly, as in thinking that my current thoughts about metamentation are right. Thinking about thoughts requires (...) understanding thoughts as thoughts, as mental structures that represent; it also requires an ability to relate thoughts to other thoughts and to recognize such inter-thought relations. Since metamentation is essential to and uniquely distinctive of human minds, the idea that it originates in interpreting other minds can be encapsulated in the slogan that minds are minded because minds mind minds. This word play translates as: minds evolve into reflexive minds because they mind other minds -- where ‘minding other minds’ means interacting and bonding with other minds, being concerned or curious about them, representing their relations to the world, manipulating and using these relations for some purpose, and the like. All of this amounts (in my terminology) to interpreting other minds in social contexts of cooperation, communication, education, politics, and so on. It follows that intermental relations among individuals, handled by a distinct competence for interpretation, are essential to the evolution of abilities to represent intramental relations among thoughts, typical of a reflexive mind. I take ‘interpretation’ to be a convenient, short, and grammatically flexible label for what is known in philosophy as commonsense or folk psychology and in psychology as theory of mind, mindreading, or naive psychology. Interpretation is a cognitive rapport between an interpreter (she, in this book) and a subject (he), whereby she represents his mind-world relations, from the simplest, such as seeing.... (shrink)

Through the efforts of the Institut de Recherche et d’Histoire des Textes (IRHT), a list of manuscripts is available that preserves homilies on the healing of the paralytic. Included in this list is the codex Athonensis, Lauras A 112 (Eustratiadis 112), which, according to those who provided its second description, preserves in the last four folios ‘a homily on the paralytic by John Chrysostom’. After a brief presentation of what is known about this codex, this article offers a detailed examination (...) of the codex’s last four folios, revealing that the description of them by Spyridon Lauriotis and Sophronios Eustratiadis is inaccurate. Contribution: This article provides the first thorough examination of the last four folios of the codex Athonensis, Lauras A 112 (Eustratiadis 112), demonstrating that they do not contain ‘a homily on the paralytic by John Chrysostom’ but rather several fragments of homilies on Thomas, Mid-Pentecost and the Ascension. Thus, the article contributes to the description of the codex and to the identification of a previously unknown manuscript witness to several homilies. (shrink)

In this original and provocative book, Bogdan proposes that the ability to interpret others' mental states should be viewed as an evolutionary adaptation.

This study is considered as a proposal to identify some metaphysical support of the self-care for a patient suffering from a chronic disease, as an extension of the bio-psycho-social paradigm. The methodology is dominated by a phenomenological perspective, supported by a hermeneutic conceptual analysis of the care of the self in Michel Foucault, focused on the Socratico-Platonic period and pervaded by the intention of having a translation and application to self-care. Foucault pleads for an aesthetics of the self, called subjectivity, (...) in which the subject is self-constituted through the so-called technologies of the self. The care of the self comes from the resignification of the philosophy as a way of life in which the subject is objectified. The translation and the applicability of the care of the self at the idea level to self-care are identified precisely in the acquisition of some important principles of the philosophy of care of the self from the Greek Antiquity: the role of awakener of consciousness of the one who is concerned about oneself as the first moment of the metaphor of awakening from the sleep, the ēthos as a way of being, a way of behaving and a life model. The pair self-knowledge – care of oneself justifies informing the former by the latter, in which being concerned about oneself means knowing oneself. Nevertheless, knowledge means care of the self where the self is synonymous with the soul and moreover, with the divine element in man. (shrink)

In order to redefine barbarism, a hermeneutical framework is needed. The contemporary socio-cultural context and the transformations that have occurred during the last decades represent the premises for a new barbarism. In redefining barbarism, its relationship with civilization and culture should be first considered. Cultural mutations, together with the historical and political phenomena involved in contemporary civilizations’ reorganization as set forth in The Clash of Civilizations and the Remaking of World Order (Samuel P. Huntington), offer the theoretical background for the (...) discourse wherein barbarism could revive and take an appearance other than the common one. The necessity of reinterpreting barbarism is backed up by other variables such as its structural inconsistency and weakness, which most definitely diminish its impact on individuals. Following the 20th century philosophical tendency of harshly critical thinking, all these point to the current weak character of barbarism. Thus so-called “weak barbarism” is reinterpreted evolutionally for a better reception among contemporary cultural philosophy, axiological and ethical studies. (shrink)

"In the perspective of biocultural homogenization and the increasingly prominent use of technology, environmental ethics faces new challenges. Development policies, governance, and economic factors impose new ways of understanding and managing coexistence. Phenomena such as pandemics, global warming, migratory phenomena, the expansion of urban and rural areas, and the development of large-scale monocultures show us that human agency, resources, the environment, and surroundings are increasingly intertwined, both physically and metaphysically, in an increasingly encompassing organism where the dissociation between the local (...) and the global becomes difficult to achieve. With a wide range of actions and relationships, environmental psychology and ethics have the task of rethinking the relationship between cultural elements and the biosphere, in order to achieve a balance between sensibility, responsibility, and responsivity. In this article, I aim to illustrate that a biocultural ethical framework emphasizing socio-environmental justice, applied to geoengineering, not only promotes global socio-environmental sustainability but also recognizes the crucial significance of local ecosystems in climate regulation and biodiversity conservation. To do so, I will briefly present some theoretical elements related to the importance of environmental psychology in understanding the connection between individuals and the surrounding environment. Then, I will succinctly present the concept of the ”3Hs” and its implication on biocultural ethics, and subsequently integrate specific elements of biocultural ethics into the analysis of geoengineering ethics to illustrate the need for a perspective that takes this into account. Through this endeavor, I intend to emphasize the vital role of a holistic, multidimensional perspective that guides individual values and community policies towards sustainable practices, ensuring social cohesion and dialogue, respecting the coexistence of life forms, and protecting their habitats. Keywords: environmental ethics, geoengineering, sustainability, biocultural ethics, environmental psychology.". (shrink)

An important part of responsible business practices is compliance with the law. This article details what actually happens when the laws of the host country fail to ensure adequate protection. The focus here is on land dispossession and loss of livelihood in relation to a gold mine project in central Ghana. How is it that a well‐known international company—Newmont—with its own corporate social responsibility (CSR) statements sets up a project in the year 2003 that displaces subsistence farmers from their land (...) without compensating in cash or with replacement land? The analysis identifies the factors that lead the company to not compensate farmers for their lost land: cost‐cutting, strict adherence to the law, CSR commitment that was new and not internalized, complexities of the Ghanaian land tenure system, peer pressure to preserve the status quo, selection of an “old‐school” CSR manager, and the inadequacy of Ghanaian mining law to account for relatively novel, “open‐pit” mining techniques. However, the specter of famine raised by civil society activism, the involvement of the International Financial Corporation, and a better qualified CSR team constitute another set of factors that lead to a comprehensive package of livelihood improvement measures. There is a contrast between the complexity, long‐term, and advanced type of assistance Newmont currently envisages and the backward, short‐term, formalism, and brutality of denying compensation for land back in 2003. This research is based on the extensive documentation Newmont makes available on its web site, interviews conducted in Ghana, and literature research. (shrink)

An argument that in response to sociocultural pressures, human minds develop self-consciousness by activating a complex machinery of self-regulation.

An exploration of why and how the human competence for predication came to be.

This is how guidance of behavior to goal grounds and explains cognition and the main forms in which it manages information.

In order to redefine barbarism, a hermeneutical framework is needed. The contemporary socio-cultural context and the transformations that have occurred during the last decades represent the premises for a new barbarism. In redefining barbarism, its relationship with civilization and culture should be first considered. Cultural mutations, together with the historical and political phenomena involved in contemporary civilizations’ reorganization as set forth in The Clash of Civilizations and the Remaking of World Order (Samuel P. Huntington), offer the theoretical background for the (...) discourse wherein barbarism could revive and take an appearance other than the common one. The necessity of reinterpreting barbarism is backed up by other variables such as its structural inconsistency and weakness, which most definitely diminish its impact on individuals. Following the 20th century philosophical tendency of harshly critical thinking, all these point to the current weak character of barbarism. Thus so-called “weak barbarism” is reinterpreted evolutionally for a better reception among contemporary cultural philosophy, axiological and ethical studies. (shrink)