We investigate the causal uncertainty surrounding the flash crash in the U.S. Treasury bond market on October 15, 2014, and the unresolved concern that no clear link has been identified between the start of the flash crash at 9:33 and the opening of the U.S. equity market at 9:30. We consider the contributory effect of mini flash crashes in equity markets, and find that the number of equity mini flash crashes in the three-minute window between (...) class='Hi'>market open and the Treasury Flash Crash was 2.6 times larger than the number experienced in any other three-minute window in the prior ten weekdays. We argue that (a) this statistically significant finding suggests that mini flash crashes in equity markets both predicted and contributed to the October 2014 U.S. Treasury Bond Flash Crash, and (b) mini-flash crashes are important phenomena with negative externalities that deserve much greater scholarly attention. (shrink)

Economies making a transition from centrally planned socialism to market capitalism can experience chaotic hysteresis. This can arise from elements of the previous system persisting even as institutions are transformed with the system possibly experiencing chaos during this conflict. A model of investment cycles accompanied by technological stagnation shows this phenomenon which can be viewed from a cusp catastrophe perspective. Empirical tests of Soviet investment and construction data provide incomplete support for the cusp structure with chaos. Nonlinear structures are (...) found with bifurcation effects for all cases and possibly chaotic dynamics for five-year lagged construction data. (shrink)

Public sector adoption of AI techniques in welfare systems recasts historic national data as resource for machine learning. In this paper, we examine how the use of register data for development of predictive models produces new ‘afterlives’ for citizen data. First, we document a Danish research project’s practical efforts to develop an algorithmic decision-support model for social workers to classify children’s risk of maltreatment. Second, we outline the tensions emerging from project members’ negotiations about which datasets to include. Third, we (...) identify three types of afterlives for citizen data in machine learning projects: (1) data afterlives for training and testing the algorithm, acting as ‘ground truth’ for inferring futures, (2) data afterlives for validating the algorithmic model, acting as markers of robustness, and (3) data afterlives for improving the model’s fairness, valuated for reasons of data ethics. We conclude by discussing how, on one hand, these afterlives engender new ethical relations between state and citizens; and how they, on the other hand, also articulate an alternative view on the value of datasets, posing interesting contrasts between machine learning projects developed within the context of the Danish welfare state and mainstream corporate AI discourses of the bigger, the better. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this (...) debt financing vehicle. Whenever a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

We examine the influence of social capital in the municipal bond market. Defined as the norms and networks that encourage cooperation, social capital is a social construct which captures a region’s level of altruism, trustworthiness, and propensity to honor obligations. We expect that municipalities with high social capital are more trustworthy and likely to honor their debt obligations, which will result in lower bond yields. Our findings confirm that the bonds issued by municipalities located in high social (...) capital counties exhibit lower yields compared to the municipalities located in low social capital counties. Our findings are also supported by bond prices in the secondary market, which shows that bonds from the municipalities located in high social capital regions have higher prices. Additional tests reveal that the influence of social capital is stronger for general obligation bonds, suggesting that social capital matters more for bonds where the willingness of municipalities to pay taxes is an important factor. Lastly, we document that the bonds of municipalities in high social capital areas are less likely to have insurance, suggesting that social capital may act as a substitute for bond insurance. (shrink)

The literature has widely studied the market response to the financial news or events but mainly focused on the stock market. This article associates the concept of internet news with the bond market response and attempts to examine how credit rating agencies and bond investors, two important bond participants, react to financial news on the internet with a range of multiply regressions. Our empirical study leads to several findings. First, CRAs tend to ignore the (...) warnings of financial news on the internet, whereas bond investors strongly react to such news. Second, there is an asymmetry in bond investors’ reactions to good news compared to bad news, with investors being more sensitive to bad news. Third, there is heterogeneity in the psychological reaction where bond investors do not react to the news about central state-owned enterprises but to the news about other enterprises. Finally, there is an asymmetric response driven by news timeliness that bond investors are more sensitive to the latest news articles than old ones. Overall, our study confirms the existence of psychological reactions to the financial news on the internet in China’s bond market, which has significance for keeping bond market participants from overreacting or underreacting to market news. (shrink)

The question of whether corporate social responsibility (CSR) has a positive impact on firm value has been almost exclusively analysed from the perspective of the stock market. We have therefore investigated the relationship between the valuation of Euro corporate bonds and the standards of CSR of mainly European companies for the first time in this article. Generally, the debt market exhibits a considerable weight for corporate finance, for which reason creditors should basically play a significant role in the (...) transmission of CSR into the valuation of financial instruments. Given that socially responsible firms are often regarded as economically more successful and less risky, they should have lower risk premia. The results of the empirical analysis, however, reveal that based on an extensive data panel the risk premium for socially responsible firms – according to the classification by SAM Group – was ceterius paribus higher than for non-socially responsible companies. However, only one case of the models investigated was weakly significant. Thus, largely the relationship has to be classified as marginal; so CSR has apparently not yet been incorporated into the pricing of corporate bonds. (shrink)

The stock market is an indicator of investor sentiment when it comes to new information or innovative firm-level products. Green bonds are both innovative and unique in terms of their higher information disclosures and understanding the impact of sustainable finance on investor outlook for a company’s stock. Using the comparative case of Mainland China and Hong Kong’s stock market, we examine whether green bond announcements from 2016 to 2019 can create significant investor reactions. By employing the event (...) study methodology, we confirm that both markets react in a positive way toward green bond announcements. This reinforces the reputational and financial benefits of green bonds. We find that issuers that are non-banks, environmentally friendly firms as well as those issuing non-general bonds, create a more positive reaction, whereas ownership aspects do not matter as much for investors. However, even among those issuers listed in both markets, certain institutional dynamics like strategic framing and source credibility tend to reinforce a firm’s institutional legitimacy and are seen as being more prominent for investor reaction. The policy implications of our study show that the stock market reaction among two connected economies, where previously varying institutional contexts have resulted in regional differences, are now equally supportive of sustainable financial markets like the green bond. As seen with the positive stock market sentiment, governments and listed issuers can now better align their policies and internal strategies, allowing the low-carbon transition to be a financially attractive opportunity for all investors. (shrink)

This article explores nation building as an organizational accomplishment and uses the concept of boundary object to explain how the groups that compose the nation cooperate. Specifically, the article examines the mechanisms devised to secure a flow of money from the Irish-American and Jewish-American diasporas to their respective homelands. To overcome problems associated with conventional philanthropy, Irish and Jewish nationalists issued bonds and sold them to their American compatriots as a hybrid of a gift and an investment. In the Irish (...) case, disagreements about the entitlement to the proceeds resulted in the termination of the bond project. In the Jewish case, the bond served as a boundary object allowing American and Israeli Jews to cooperate despite ongoing tensions. The Israeli bond provided Jewish-Americans with an additional way to invest themselves financially and emotionally in Israel. This bond is an example of a socio-technical mechanism used to create national attachments. (shrink)

Using data from China, where the identity of engagement auditors is disclosed, we find significant relationships between engagement auditors’ negative experiences and the costs of corporate bonds. Further tests differentiate field and review auditors’ experiences, and we find that both field and review auditors’ negative experiences are significantly related to higher costs of corporate bonds. In addition, we find that the above results are significant only when the engagement auditors are affiliated with non-Big10 audit firms. Using path analysis, we find (...) that credit rating is a possible channel through which information on engagement auditors’ negative experiences can transfer to bond investors. Regarding non-price terms, we conclude that engagement auditors with negative experiences are associated with smaller bond sizes, shorter bond maturities, a higher likelihood of requiring collateral, and more restrictive covenants. Further analyses also show that the effects of engagement auditors’ negative experiences on the costs of corporate bonds are less pronounced for well-governed firms. To show that our results obtained from China’s corporate bond market are relevant to loan markets, we replicate the above tests using a Chinese sample, and the results from the loan market are consistent with those from the corporate bond market. Overall, our empirical results suggest that investors are indeed concerned with engagement auditors’ negative experiences. (shrink)

This case study examines five dimensions of the 2007–2009 financial crisis in the United States: the devastating effects of the financial crisis on the U.S. economy, including unparalleled unemployment, massive declines in gross domestic product, and the prolonged mortgage foreclosure crisis; the multiple causes of the financial crisis and panic, such as the housing and bond bubbles, excessive leverage, lax financial regulation, disgraceful banking practices, and abysmal rating agency performance; the extraordinary efforts of the Federal Reserve, the Federal Reserve (...) Bank of New York, and the Department of the Treasury to stem the financial freefall triggered by the crisis and resuscitate financial institutions, the ethical implications of the unprecedented actions by government institutions to rescue financial institutions and drag the country back from the brink of global financial collapse, and the conduct of the various parties contributing to the financial crisis, such as the shoddy behavior of mortgage brokers, the massive securitization of mortgages into overly complex bonds, the excessive leverage of financial institutions, the disgraceful work of bond rating firms, the abysmal risk management systems employed by financial institutions, and the massive operations of the shadow banking and over-the-counter derivatives markets; and the major provisions of the Dodd–Frank Wall Street Reform and Consumer Protection Act signed into law to in response to the financial crisis and for the purpose of correcting the egregious conduct of major financial institutions. (shrink)

In the meantime, critically needed is a comprehensive regulatory framework that enables not only state-owned but also non-state enterprises to be able to issue a wide range of bonds legitimately. This move will certainly pave the way towards a functional corporate bond market and open up the funding channel for enterprises via bond issues.

Upon what kind of moral order does capitalism rest? Conversely, does the market give rise to a distinctive set of beliefs, habits, and social bonds? These questions are certainly as old as social science itself. In this review, we evaluate how today's scholarship approaches the relationship between markets and the moral order. We begin with Hirschman's characterization of the three rival views of the market as civilizing, destructive, or feeble in its effects on society. We review recent work (...) at the intersection of sociology, economics, and political economy and show that these views persist both as theories of market society and moral arguments about it. We then argue that a fourth view, which we call moralized markets, has become increasingly prominent in economic sociology. This line of research sees markets as cultural phenomena and moral projects in their own right, and seeks to study the mechanisms and techniques by which such projects are realized in practice. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, however, (...) that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

We revisit the flight-to-quality and flight-from-quality occurrences vis-à-vis the stock-bond nexus across differing investment time scales in the COVID-19 era, using a novel technique hinged on a denoised frequency-domain transfer entropy. Our findings divulge that flights, both FTQ and FFQ, could be attained during stress periods. Generally, in the intermediate term of the COVID-19 pandemic, both Islamic and conventional bonds could act as safe havens, diversifiers, and hedges for international equities, and the same could be observed for international equities. (...) We reiterate empirically that flights may improve the financial system’s stability and robustness by allowing diversity to be effective when it is most required. The findings have financial and portfolio implications for investors considering how to deploy their investments in the COVID-19 era. Our findings may impact policymakers’ responses to changes in various asset classes, allowing them to better monitor financial markets and adjust macroeconomic policies. (shrink)

The United Kingdom is at the forefront of a global movement to establish a social-investment market. At the heart of social investment we find finance – and financialisation. Specifically, we find: a financial market ; a series of financial institutions ; a financial instrument ; and a financial practice. Focusing on the UK, given its pioneering role, this paper first provides a brief history of social investment, tracing its development from the politics of the ‘Third Way’ to the (...) social-impact bond. It then maps the terrain of the social-investment market, explaining the main institutions and actors, and the social-impact bond. Finally, it proposes a framework for analysing the disciplinary logics of finance, which it uses to understand the promise or threat of social investment and the social-investment market. (shrink)

In this study, we explore how investors reconcile information on firms’ social responsibility with analysts’ assessments of future firm risk in the pricing of long-term bonds. We ask whether investors pay attention to small strides toward and/or small slips away from socially responsible behavior, arguing that analysts’ corporate bias toward gains and against losses influences investor reactions to corporate social responsibility. We hypothesize that analysts notice and reward improvements in social responsibility, yet excuse lapses. We find support for this hypothesis, (...) using a unique dataset of long-term bonds that combines lagged measures of firm-level financial and social performance with bond-specific data pertaining to risk of default and pricing. The empirically robust asymmetry in investor responses to small but often cumulative increases versus decreases in corporate social responsibility reveals an under-examined root cause of longer-term, larger-scale distortions in financial market returns regarding corporate social performance. Our findings elaborate earlier behavioral research on how corporate bias influences analysts’ short-term assessments of economic risk, by theorizing why this corporate bias may influence long-term assessments of social risk. Our work also motivates more critical scrutiny of the role analysts play in revising the future risk of today’s social action versus inaction. (shrink)

This paper examines the ethical implications of "poison put" provisions included in bond offerings. A number of firms are using event-risk protections in bond offerings in an effort to attract investors back into the bond market. One of the most common event-risk protections is a "poison put" provision, which allows the bondholder to "put" the bond back to the firm at par or at a premium under certain specified conditions, such as a takeover effort or (...) a downgrading of the bond by rating agencies. While such a provision is obviously of value to the bondholders, there is a secondary effect that is not as obvious. Using such a provision helps to insure that boards of directors must put the interests of all of the stakeholders ahead of any personal interests of the board members, thus protecting the stakeholders. The use of event-risk protections helps to deter takeovers, induce bidders to negotiate with management in any takeover efforts, and avoid two-tier takeover offers. As a result, the "poison put" provisions have a positive impact on share values while simultaneously protecting the investments of bondholders. Such an impact makes the use of "poison put" provisions in bonds an ethical use of management power. (shrink)

This article uses the case of “social impact bonds” (SIBs) to explore the role of social science methods in new markets in “social investment.” Pioneered in the UK in 2010, SIBs use private capital to fund social programs with governments paying returns for successful outcomes. Central to the SIB model is the question of evaluation and the method to be used in determining program outcomes and investor returns. In the United States, the randomized controlled trial (RCT) has been the dominant (...) method. However, this has not been without controversy. Some SIB practitioners and investors have argued that, while this may be the perfect tool, the need to grow the SIB market demands a more pragmatic approach. Drawing from a three-year study of SIBs, and informed by Science and Technology Studies (STS)-inspired work on valuation and the social life of methods, the article explores RCTs as both a valuation technology central to SIB design and the object of a micropolitics of valuation which has impeded market growth. It is the relationship between, and the politics of, evaluation and valuation that is a key lesson of the SIB experiment and an important insight for future research on “social investment” and other settings where methods are constitutive of financial value. (shrink)

Using data from China’s public debt markets, we study the value of corporate reputation and how it interacts with legal and cultural forces to assure accountability. Exploring lawsuits that change corporate reputation, we find that firms involved in lawsuits experience a decrease in bond values and a tightening of borrowing terms. Using the heterogeneities in legal and social capital environments across Chinese provinces, we find the effects are more pronounced for private firms, firms headquartered in provinces with low legal (...) protections, and firms headquartered in provinces with high social capital. The results show that lawsuits that allege misconduct are associated with reputational penalties and that such penalties serve as substitutes for legal protections and as complements to cultural forces to provide ex post accountability and motivate ex ante trust. (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)

The relations between reason, motivation and value present problems which, though ancient, remain intractable. If values are objective and rational how can they move us and if they are dependent on our contingent desires how can they be rational? E. J. Bond makes a bold attack on this dilemma. The widespread view among philosophers today is that judgements contain an irreducible element of personal commitment. To this Professor Bond proposes an account of values as objective and value judgements (...) as true or false, employing a distinction between grounding and motivating reasons to establish their connection with action. He defines and tests his position against a number of recent theories, providing in the process forceful criticism of Williams, Wiggins, Foot, Narveson and Nagel, among others. A distinctive contribution to the subject, it will stimulate interest and worthwhile debate among philosophers, while also serving as an introduction to this vital topic. (shrink)

The purpose of the study is to reveal the main actions of the major central banks during the COVID - 19 pandemic and their main impact on the world stock markets. The scientific novelty consists in identifying the key results of the impact of the pandemic in general and the restrictive measures of national governments, in particular, on the dynamics of the state of the stock markets of the world, namely, the level of decline in the main stock indexes of (...) the S &P 500, Dow Jones and NASDAQ. The measures taken by the central banks of the United States, Japan, England and other developed and developing countries of the world to provide financial assistance to commercial banks and other financial organizations related to the purchase of government bonds at a "zero" rate, targeting the yield of government bonds, reducing key rates and other measures are summarized. It is indicated that the influx of new private investors provided a great help to the stock market, for which many Central Banks introduced special programs and preferences. As a result, the main measures taken by the Central Bank of the Russian Federation to stabilize the financial situation in the country and the domestic stock market, in particular, are summarized. (shrink)

Engaging with the work of C. Wright Mills and Eve Sedgwick, in this article I theorize how homoerotic relations facilitate the flow of global capital into risky market economies. Drawing on interview data with more than 60 financial professionals managing foreign investments in Vietnam, I examine the co-constitution of gender and global capital by identifying three categories of deal brokers. System maintainers are men and women who accept that women’s bodies are necessary for male homosocial bonding between political and (...) economic elites. System transformers are men and women who disrupt the status quo and develop alternative ways of deal brokering outside of erotic spaces. System defectors are those break the triangle altogether and work to create new markets. (shrink)

This paper considers the normative assessment of bonded labor from the perspectives of libertarianism and Paretian welfare economics. I argue that neither theory can account for our objections to bonded labor arrangements; moreover, they fail in interesting ways. Reflecting on their normative failures focuses us on other considerations besides individual choice and efficiency. Such considerations include: the effects of labor markets on workers' preferences and capacities; the exploitation of the vulnerabilities of the poor; and the permanent binding of one person (...) to another. (shrink)

We seek to bring Black bodies and lives into full view within the enterprise of Indigenous health research to interrogate the unquestioned good that is taken to characterize contemporary Indigenous health research. We articulate a Black bioethics that is not premised upon a false logic of beneficence, rather we think through a Black bioethics premised upon an unconditional love for the Black body. We achieve this by examining the accounts of two Black mothers, fictional and factual rendering visible the racial (...) violence Black bodies have been subjected to. We call for a Black bioethics that reimagines the Black body as beautiful and belonging—to both someone and somewhere. (shrink)

This paper focuses on flows to emerging capital markets (ECMs) and examines the importance of corporate transparency and public governance in attracting portfolio flows to ECMs. This paper's empirical investigation centers on the hypothesis that ceteris paribus, ECMs with better quality accounting standards and good governance attract higher levels of portfolio equity and bond flows. To assess the incremental impact of each of these factors, a pooled time series, cross‐sectional model was econometrically tested for 17 ECMS over the 1998–2002 (...) time period. Our empirical analysis demonstrates a positive association between public governance, corporate transparency, and portfolio flows after controlling for other macroeconomic factors. The results suggest that good public governance and high accounting quality are important determinants of portfolio flows to ECMs. Finally, the paper establishes that while portfolio equity flows are significantly attracted to ECMs with strong democratic institutions, there is no significant association between portfolio bond flows and the presence of democratic institutions. (shrink)

In Absolute Music: The History of an Idea, author Mark Evan Bonds examines how writers have struggled to isolate the essence of music in ways that account for its profound effects on the human spirit. By carefully tracing the evolution of absolute music from Ancient Greece through the Middle Ages to twentieth-century America, Bonds provides the first comprehensive history of this pivotal concept, and provokes new thoughts on the essence of music and how this essence explains music's effect. A long (...) awaited book from one of the most respected senior scholars in the field. (shrink)

After around four decades of fast growth, the cruise industry has become the most profitable and dynamic segment in the entire global leisure and tourism sector. Behind this growth is a significant shift in the profile of cruise consumers/passengers/tourists, with growth rates twice as fast as those of other types of tourists. China has become a strategic emerging market for the global cruise industry, quickly developing their cruise reception business and holding about 10% of the market share of (...) global cruisers. In this paper, we examine and categorize various travel motivations of Chinese cruise tourists by means of a questionnaire via factor analysis, mean analysis, and K-cluster analysis. The results of the study indicate that Chinese cruise tourists are primarily encouraged to participate in cruise tourism by the motivational dimensions of family leisure/relaxation, natural and cultural exploration, bond/communication, social respect, tourism shopping, and cruise-promotion information sources. The strongest motivations for Chinese cruise tourists were found to be family leisure/relaxation and natural/cultural exploration. We identify four types of cruisers using the K-means cluster method. We find that for all cruiser demographics, leisure/relaxation is the most important motivational factor. Based on these results, we propose some specific solutions for expanding the customer pool in the Chinese cruise market. (shrink)

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)

In his treatment of a Kantian concept of moral freedom, Schiller argues for two kinds of freedom: freedom in the spirit of autonomous practical reason and freedom in which man is considered a mixed (sensual and rational) being. It is apparent that Schiller is on a Reinholdian path. He follows Reinhold’s theory of free will in conceiving of moral freedom primarily as the capacity to decide between the material drive as a sensible, self-interested drive and the formal drive as a (...) rational, unselfish drive. But it is also obvious that Schiller modifies Reinhold’s results in order to obtain a concept of aesthetic freedom. This project is important in view of a deeper understanding of the concept of aesthetic consciousness but is of little use in achieving a better understanding of the concept of moral freedom. (shrink)

Standards and Ethics for Counselling in Action is the highly acclaimed guide to the major responsibilities which trainees and counselors in practice must be aware of before working with clients. Author Tim Bond outlines the values and ethical principles inherent in counselling and points out that the counselor is at the center of a series of responsibilities: to the client, to him/herself as a counselor and to the wider community. Now fully revised and updated, the second edition examines issues (...) fundamental to the process of counselling. A wide range of ethical problems is discussed and advice is given for resolving these dilemmas. Topics covered include: confidentiality, legal aspects of counselling, working with suicidal clients, false or recovered memory, record keeping, and the importance of adequate supervision. Full of practical information and guidance, the second edition of Standards and Ethics for Counselling in Action will be essential reading and a continuing source of reference for all those involved in counselling training and practice. (shrink)

Reinholds Kritik an Kants Ausführungen über Willkürfreiheit aus der Einleitung zur "Metaphysik der Sitten". Zur Aktualität dieser Kritik.

In this article I will discuss various aspects of Hegel’s radical critique of metaphilosophy. This critique announces a clear-cut departure from the widely held conviction in the philosophic tradition that in order to gain a firm foundation for science, a preliminary examination of the capacity and nature of knowledge is required. Hegel’s position is that such a propaedeutic is impossible. In the first part of this article, I will show how Hegel’s position can be illuminated in terms of his criticism (...) of Kant’s philosophic methodology and in terms of a comparison with Plato’s solution to the Meno paradox. In the second part, I will ask the question whether Hegel’s own philosophic method is consistent with his criticism of metaphilosophy. This question arises most clearly when we reflect on Hegel’s frequent claim that in order for the philosopher to write the science of knowledge, he or she needs “only to watch” or “merely to look on” at the way consciousness develops its knowledge of objects. We must consider whether such a “language of spectatorship,” as we might call it, does not contradict the evident conclusion of Hegel’s critique of metaphilosophy, viz., that the philosopher cannot attain a distanced perspective from knowledge without at the same time abandoning knowledge. (shrink)

The article engages the current debate between humanistic' and anti-humanistic' alternatives for an ecological philosophy by putting Heidegger and Hegel into dialogue. It is argued that Heidegger's portrait of Hegel's philosophy as a form of humanism' which foreshadows the modern logic of domination and exploitation of nature is highly misleading. Hegel's humanistic' position can allow for a genuinely ecological vision of nature, which, while not as radically ecological as Heidegger's, may in fact avoid some of the problems of Heidegger's view.

While neither Hegel nor Marx can be called “ecologists” in any strict sense of the term, they both present views of the human-nature relationship which offer important insights for contemporary debates in philosophical ecology. Further, while Marx and Engels began a tradition of sharply distinguishing their own views of nature from those of Hegel, careful examination reveals a substantial commonality of sentiment. The essay compares Hegel and Marx (and Engels) in terms of their basic conceptions of nature, their critiques of (...) Romanitic nature-worship, their notions of how a meaningful unity with nature requires the act of socially transforming nature, their respective calls for a new science of nature, and their attitudes towards technology. I argue that we can uncover a largely shared humanistic orientation toward nature, and I situate this view within contemporary debates about the anthropocentric or non-anthropocentric foundation of ecological thinking. (shrink)

While neither Hegel nor Marx can be called “ecologists” in any strict sense of the term, they both present views of the human-nature relationship which offer important insights for contemporary debates in philosophical ecology. Further, while Marx and Engels began a tradition of sharply distinguishing their own views of nature from those of Hegel, careful examination reveals a substantial commonality of sentiment. The essay compares Hegel and Marx (and Engels) in terms of their basic conceptions of nature, their critiques of (...) Romanitic nature-worship, their notions of how a meaningful unity with nature requires the act of socially transforming nature, their respective calls for a new science of nature, and their attitudes towards technology. I argue that we can uncover a largely shared humanistic orientation toward nature, and I situate this view within contemporary debates about the anthropocentric or non-anthropocentric foundation of ecological thinking. (shrink)

Berthold-Bond (philosophy, Bard College) traces the project through Hegel's epistemology, metaphysics, and philosophy of history. Paper edition ($18.95) not seen. Annotation copyrighted by Book News, Inc., Portland, OR.

In a famous passage in her book, Intention , Professor G. E. M. Anscombe argues that we can only render intelligible the idea of someone wanting a thing if we know under what aspect the person sees the thing as desirable. The wanted thing must be characterized by the wanter as desirable in some respect. ‘[What] is required for our concept of “wanting”’, she says, ‘is that a man should see what he wants under the aspect of some good’ . (...) And furthermore, ‘the good conceived by the agent to characterize the thing must really be one of the many forms of good’ . Thus, while the object of desire need only be conceived as good by the wanter, and need not be really good, this can only be because the object does not have the desirable character the wanter believes it to have, not because the character supposed to be desirable is not really so. Desire cannot but be for one of the real forms of good. (shrink)

This is an ideal introduction to moral philosophy for beginning students and general readers, dealing with the philosophical theories which often lie behind everyday opinions and inviting the reader to examine those theories thoroughly. Using numerous examples and diagrams, Professor Bond guides the reader through the key problems of theoretical ethics seeking to outline a substantial view of morality in universal practical reason, he concludes in an attempt to show that a viable universal morality can only relate to the (...) thriving, flourishing or well-being of individuals in a community. (shrink)

This article is a response to the challenge with which Zachary Schrag concluded his article, ‘The case against ethics review in social sciences’ − that ‘the burden of proof for its continuation rests on its defenders’ (Schrag, 2011). This article acknowledges that there is substance in the charges he lays against some reviews of social sciences and that these are of sufficient quantity and seriousness to justify his challenge. Instead of favouring abandonment of ethical review of social sciences, the author (...) of this article draws upon his experience as Research Ethics Officer for Social Sciences and Law in a research intensive UK university to identify the sources of some of the problems and suggest potential remedies. These start with reviewing the warrant for ethical review as the basis for understanding reviewer’s role concerning the core ethical issues of rigour, respect and responsibility in the proposed research. This response concludes by considering the implications of a warrant for enhancing trust between scientists and the public as the context in which ethical review is only one component in a number of ethical strategies designed to promote ethical mindfulness as integral to social science research. (shrink)

Accepting Cole's the premise that, “cultural-inclusive psychology has been … an elusive goal” but one worth striving to attain, I first set out to identify my domain of interest and competence as an intellectual. Deciding it to be social interaction between individuals, I then searched out theoretical approaches to this domain that encompassed as many approaches to this trans-historical concern that have emerged from cultural traditions bequeathing us their legacies. Doing this search comprehensively required me to move outside my Judeo-Christian, (...) Greco-Roman, Renaissance heritage and its international diffusion via the European Empires since the 1500's, embodied most recently the American dominance of intellectual discourse since the Second World War. In my case, this journey has taken me in to Chinese culture and psychology where I have worked towards integrating the Chinese worldview and its psychological measures into the discipline of social psychology. Striving for a more inclusive culture-view, I am now using multi-cultural data bases to transcend this two-cultural focus and incorporate wider measures of cultural variation into our theorizing and empirical validation of universal models for social interaction. This paper describes my current procedures for such culture-mapping. (shrink)

From the early 1790s until after the turn of the century, a very productive but also controversial exchange took place between Reinhold and Fichte. Though many key aspects of post-Kantian philosophy were discussed, the philosophical confrontation between Reinhold and Fichte is most instructive for the understanding of post-Kantian philosophy. The exchange started when Fichte published his verdict on Reinhold's Elementarphilosophie and disapproved of its fundamental principle. In 1794 Fichte challenged Reinhold by presenting his Wissenschaftslehre. Reinhold was not convinced of Fichte's (...) foundation of philosophy at first, but announced that he accepted the Wissenschaftslehre in 1797. While Reinhold and Fichte officially collaborated in the following three years, tensions concerning fundamental questions were still present. When Reinhold adopted Rational Realism, his relation to Fichte deteriorated and the exchange between the two finally ended. The contributions in the present collection focus on the central systematic issues at the different stages of the confrontation between Fichte and Reinhold, thereby illuminating questions that are essential to the understanding of the evolution of post-Kantian German philosophy. (shrink)

The idea of “place” has become a topic of growing interest in environmental ethics literature. I explore a variety of issues surrounding the conceptualization of “place” in bioregional theory. I show that there is a necessary vagueness in bioregional definitions of region or place because these concepts elude any purely objective, geographically literal categorization. I argue that this elusiveness is in fact a great meritbecause it calls attention to a more essential “subjective” and experiential geography of place. I use a (...) reading of Aldo Leopold’s Sand Country Almanac as an example of the value of a non-literalistic geography for the understanding of place. (shrink)

The idea of “place” has become a topic of growing interest in environmental ethics literature. I explore a variety of issues surrounding the conceptualization of “place” in bioregional theory. I show that there is a necessary vagueness in bioregional definitions of region or place because these concepts elude any purely objective, geographically literal categorization. I argue that this elusiveness is in fact a great meritbecause it calls attention to a more essential “subjective” and experiential geography of place. I use a (...) reading of Aldo Leopold’s Sand Country Almanac as an example of the value of a non-literalistic geography for the understanding of place. (shrink)

The ecofeminist cosmologies of Indian scientist Vandana Shiva and Catholic theologian Ivone Gebara are examined. At the centre of each author’s discourse is their feminist epistemology that occasion a new way of knowing, incorporating each thinker’s social locations as nexus for authority. For Shiva, the feminine principle of Prakriti, or the awareness of nature as a living, interdependent force, is realized through the inclusion of women as sources of expertise and knowledge. Gebara rejects classical theology and philosophy as androcentric, anthropocentric, (...) and hierarchical. Instead Gebara envisions a revised epistemology of inclusivity with emphasis on multiplicity and unity initiated by an ecofeminist Trinitarian cosmology. Taken together Shiva and Gebara provide an epistemology that privileges the paradox of unity through diversity and difference as a solution to society’s current ecological crises. (shrink)