This article considers an international sample of venture capital and private equity funds to assess the role of law, corruption, and culture in setting fund manager fees. With better legal conditions, fixed fees are lower, carried interest fees are higher, clawbacks are less likely, and share distributions are more likely. Countries with lower levels of corruption have lower fixed fees and higher performance fees, and are less likely to have clawbacks and cash-only distributions. Hofstede's measure of power distance is negatively (...) related to fixed fees and the use of cash-only distributions, but positively related to performance fees and clawbacks. Overall, the data strongly indicate that corruption, culture, and legal settings are much more significant in determining fees than fund manager characteristics and/or market conditions. (shrink)

We investigate two under-explored factors in mitigating the risk of corporate fraud and regulatory enforcement against fraud, namely institutional investors and political connections. The role of institutional investors in the effective monitoring of a firm’s management is well established in the literature. We further observe that firms that have a large proportion of their shares held by institutional investors have a lower incidence of enforcement actions against corporate fraud. The importance of political connections for enterprises, whether in a developed market (...) such as the United States or an emerging market such as China, has been established by previous studies. However, we find evidence of another positive effect of political connections: they may reduce the incidence of enforcement action against corporate fraud. We also find that political connections play a more significant role in reducing regulatory enforcement incidents against non-state-owned enterprises and firms in weaker legal environments, whereas institutional ownership plays a more important role in reducing regulatory enforcement incidents against state-owned enterprises. (shrink)

Using PitchBook’s private equity database of 4548 PE funds from 42 countries for the 2000 to 2012 period, we find that higher reporting frequency is associated with lower information asymmetry in performance reports from general partners to limited partners. We also find that endowments are systematically associated with less reported unrealized returns as a percentage of total returns generated from GPs. Moreover, endowments receive more performance reports from their PE funds, implying more stringent governance. These findings persist after controlling for (...) various institutional and GP characteristics and are robust to several adjustments for endogeneity concerns. This study also contributes to the finance, accounting, and business ethics literature on financial reporting quality. (shrink)

This article studies institutional investor allocations to the socially responsible asset class. We propose two elements influence socially responsible institutional investment in private equity: internal organizational structure, and internationalization. We study socially responsible investments from Dutch institutional investments into private equity funds, and compare socially responsible investment across different asset classes and different types of institutional investors (banks, insurance companies, and pension funds). The data indicate socially responsible investment in private equity is 40–50% more common when the decision to implement (...) such an investment plan is centralised with a single chief investment officer. Socially responsible investment in private equity is also more common among institutional investors with a greater international investment focus, and less common among fund-of-fund private equity investments. (shrink)

Frequent and open interaction between venture capitalists and entrepreneurs is necessary for venture capital investments to occur. Increasingly, these investments are made across jurisdictions. The vast majority of these cross-border investments are carried out in a syndicate of two or more VCs, indicating the effects of intra-industry networks needing further analysis. Using China as a model, we provide a novel multidimensional framework to explain cross-border investments in innovative ventures across developed and emerging economies. By analyzing a unique international dataset, we (...) examine worldwide venture capital investment flows from 2000–2012 and consider the effects of geographical, cultural, and institutional proximity as well as institutional and relational trust. We find trust to mitigate the negative effects of geographical and cultural distance, where institutional trust is more relevant for investments in emerging economies, and relational trust is more relevant for investments in developed economies. (shrink)

This article examines how private equity returns in Asia are related to levels of legal protection and corruption. We utilize a unique data set comprising over 750 returns to private equity transactions across 20 developing and developed countries in Asia. The data indicate that legal protections are an important determinant of private equity returns in Asia, but also that private equity managers are able to mitigate the potential for corruption. The quality of legal system (including legal protections) is positively related (...) to returns. Inefficient legal protections negatively impact transaction structures and economic certainty when exiting investments. We also find that private equity managers, irrespective of the quality of legal system they are operating within, can mitigate the potential impact of corruption. Private equity returns are higher in countries with higher levels of corruption, controlling for legal systems. This finding is consistent with the view that private equity managers bring about organizational change to alleviate the costs of corruption. Our findings are robust to inclusion of controls for Hofstede cultural variables, economic conditions, and transaction specific characteristics, as well as consideration of econometric sample selection methods for unexited investments. (shrink)

This paper examines the effectiveness of public enforcement by studying the effects of regulatory intervention to curb tunneling through intercorporate loans in China. Specifically, we explore whether public enforcement efforts in 2006 resulted in less tunneling, and ultimately in increased performance for tunneling firms. We show that tunneling is among the dominant factors increasing the likelihood of becoming blacklisted. We also find that firms’ tunneling mechanisms decreased significantly after the regulatory shock, and that their performance increased significantly compared to non-tunneling (...) firms after the regulatory shock. Finally, we find a positive market reaction to the public announcement of tunneling both for firms that have been blacklisted and other tunneling firms that are not blacklisted. Collectively, these results suggest that public enforcement in the presence of a credible threat succeeds in deterring the effect on tunneling behavior in China. (shrink)

Resnik and Pugh recently explored the ethical implications of routinely integrating environmental concerns into clinical decision-making. While we share their concern for the holistic well-being of patients, our response offers a different clinical and bioethical stance on green informed consent and patient autonomy. Contrary to the authors’ lack of data to support their concerns about provider and patient willingness to engage in climate-related conversations, we provide evidence supporting their sustainability engagement and stress the importance of a proactive, anticipatory approach in (...) healthcare to align with evolving societal values. If climate change is perceived as a politicised issue, though it is not inherently so, healthcare providers are professionally trained to address sensitive subjects and have a duty to inform patients about potential health risks. Recognising the environmental crisis as a health crisis underscores the direct connection between environmental hazards and patients’ well-being. Our perspective advocates for integrating individual considerations, societal responsibilities and systemic changes to promote environmentally sustainable healthcare. (shrink)

ABSTRACT George Gargov was an active pioneer in the ‘Sofia School’ of modal logicians. Starting in the 1970s, he and his colleagues expanded the scope of the subject by introducing new modal expressive power, of various innovative kinds. The aim of this paper is to show some general patterns behind such extensions, and review some very general results that we know by now, 20 years later. We concentrate on simulation invariance, decidability, and correspondence. What seems clear is that ‘modal (...) logic’ as a genre of logical systems has a much wider scope than originally conceived, and that we have not reached its limits yet. (shrink)

ABSTRACT George Gargov was an active pioneer in the ‘Sofia School’ of modal logicians. Starting in the 1970s, he and his colleagues expanded the scope of the subject by introducing new modal expressive power, of various innovative kinds. The aim of this paper is to show some general patterns behind such extensions, and review some very general results that we know by now, 20 years later. We concentrate on simulation invariance, decidability, and correspondence. What seems clear is that ‘modal (...) logic’ as a genre of logical systems has a much wider scope than originally conceived, and that we have not reached its limits yet. (shrink)

A table of contents, in lieu of abstract -/- Foreword by Aaron Ehasz -/- Introduction: “We are all one people, but we live as if divided” Helen De Cruz and Johan De Smedt -/- Part I The Universe of Avatar: The Last Airbender -/- 1 Native Philosophies and Relationality in ATLA: It’s (Lion) Turtles All the Way Down Miranda Belarde-Lewis and Clementine Bordeaux 2 Getting Elemental: How Many Elements Are There in Avatar: The Last Airbender? Sofia Ortiz-Hinojosa 3 The (...) Personalities of Martial Arts in Avatar: The Last Airbender Zachary Isrow 4 The End of the World: Nationhood and Abolition in Avatar: The Last Airbender Nicholas Whittaker 5 The Bending World, a Bent World: Supernatural Power and Its Political Implications Yao Lin -/- Part II Water 6 Avatar: The Last Airbender and Anishinaabe Philosophy Brad Cloud 7 “Lemur!” – “Dinner!”: Human–Animal Relations in Avatar: The Last Airbender Daniel Wawrzyniak 8 On the Moral Neutrality of Bloodbending Johnathan Flowers 9 On the Ethics of Bloodbending: Why Is It So Wrong and Can It Ever Be Good? Mike Gregory 10 Mystical Rationality Isaac Wilhelm 11 “I will never, ever turn my back on people who need me”: Repairing the World Through Care Nicole Fice 12 Spirits, Visions, and Dreams: Native American Epistemology and the Aang Gang Justin Skirry and Samuel Skirry -/- Part III Earth 13 Time Is an Illusion: Time and Space in the Swamp Natalia Strok 14 There Is No Truth in Ba Sing Se: Bald-faced Lies and the Nature of Lying Nathan Kellen 15 The Rocky Terrain of Disability Gain in ATLA: Is Toph a Supercrip Stereotype or a Disability Pride Icon? Joseph A. Stramondo 16 The Earth King, Ignorance, and Responsibility Saba Fatima 17 The Middle Way and the Many Faces of Earth Thomas Arnold -/- Part IV Fire 18 The Battle Within: Confucianism and Legalism in the Nation, the Family, and the Soul Kody W. Cooper 19 Not Giving Up on Zuko: Relational Identity and the Stories We Tell Barrett Emerick and Audrey Yap 20 Uncle Iroh, from Fool to Sage – or Sage All Along? Eric Schwitzgebel and David Schwitzgebel 21 Being Bad at Being Good: Zuko’s Transformation and Residual Practical Identities Justin F. White 22 Compassion and Moral Responsibility in Avatar: The Last Airbender: “I was never angry; I was afraid that you had lost your way” Robert H. Wallace -/- Part V Air 23 The Fire Nation and the United States: Genocide as the Foundation for Empire Building Kerri J. Malloy 24 Anarchist Airbenders: On Anarchist Philosophy in ATLA Savriël Dillingh 25 A Buddhist Perspective on Energy Bending, Strength, and the Power of Aang's Spirit Nicholaos Jones and Holly Jones 26 Ahimsa and Aang’s Dilemma: “Everyone … [has] to be treated like they're worth giving a chance” James William Lincoln 27 The Avatar Meets the Karmapa: Interconnections, Friendship, and Moral Training Brett Patterson . (shrink)

This paper examines the relationship between performance persistence and corporate governance. We document systematic differences in performance persistence across listed companies in China during 2001–2011, and empirically demonstrate that firms with better corporate governance show higher performance persistence. The results are robust over both the short and long terms. We also find that performance persistence is an important factor in refinancing, and it can lower companies’ costs of borrowing. Overall, our findings offer important implications for business ethics, as we demonstrate (...) how corporate governance can lower companies’ costs of debt. (shrink)

This study examines the ethical dilemmas and difficulties encountered by Portuguese school psychologists. As part of a larger survey, participants were asked about ethical issues faced in daily practice and asked to describe ethical incidents. Of the 477 respondents, 274 reported 441 ethically troubling or challenging situations. Responses were coded into a six-category system based on the code of ethics of Portuguese psychologists. Most of the reported dilemmas concerned privacy and confidentiality principles. Results are discussed in light of relevant literature (...) and international findings. Implications for the development of the profession and future research are provided. (shrink)

Intensional logic is the technical study of such intensional phenomena in human reasoning as modality, knowledge, or flow of time. These all require a richer semantic picture than standard truth values in one static environment. Such a picture is provided by so-called possible worlds semantics, a paradigm which is surveyed in this book, both as to its external sources of motivation and as to the internal dynamics of the resulting program. In particular, Manual of Intensional Logic presents the major classical (...) topics, including modal logic, tense logic, and conditional logic, all of which illustrate motivations coming from philosophy and linguistics. The Book also discusses recent computational applications in computer science and AI. Finally, Manual of Intensional Logic takes up recent developments in the study of language and information making themselves felt in the area. The Book examines the role of partial information--with illustrations drawn from different branches of Intensional Logic--and various influences stemming from current theories of the semantics of natural language, involving generalized quantifiers and theories of types. (shrink)

Retornando al modelo dialógico del discurso racional de la antigüedad, describimos a la lógica como el estudio del flujo general de la información: inferencia, observación y comunicación. Mostramos cómo esta perspectiva aúna ideas de la lógica estándar, la filosofía, la lingüística, la informática y la teoría de juegos.

The contributions in this volume treat aspects and manifestations of this cultural symbiosis, and they throw new light on authors and texts both more and less ...

Respect for personal autonomy in decision making is one of the four ethical principles in medical circumstances. This paper aims to present evidence that can be considered good exemplars in the clarification of the ethical viewpoints of the western and Shi’i Islamic perspectives on this issue. The method followed was originally a search in international indexing services in April 2016. Our findings point towards various controversies on individuals’ autonomy lead to different decision making outcomes by health workers in both different (...) traditions. We concluded that although Shi’i Islamic jurisprudence does not seem to allow for personal autonomy in the sense it is understood in a western context, evidence indicates that Shi’i Islamic jurisprudence respects personal autonomy. (shrink)

In this chapter, we introduce the perennial and sometimes sprawling topic of properties, with a brief historical sketch from Ancient to Modern philosophy throughout various cultures and traditions. We argue that the importance of properties can be shown by explaining what explanatory work they can do in philosophical theorising across many areas of philosophy. The chapters in this volume do just that in their specific ways. We also outline the structure of the volume and summarise each Part, first describing the (...) larger context of each Part and then the upshot of each chapter. (shrink)

Inleiding tot de filosofie, ethiek en godsdienst.

As the world faces increasingly disparate challenges, science is being subjected to vehement demands from society calling for transparency, openness and public participation in science policy. This book provides a framework and a vision on how to conceive, discuss and evaluate the changes that occur in the relationship between science and society.

A series of experiments was performed in which subjects indicated whether two four-dot patterns were the same, although possibly viewed from different directions, or different, paired at random. Analyses of responses times and error rates suggest that the subjects' performance in this affine matching task is based on non-accidental properties such as convexity, parallelism, collinearity, and proximity, rather than on real affine invariants such as the ratio of triangular areas.

The Routledge Handbook of Properties is an outstanding reference source to this perennial topic and is the first major volume of its kind. Essential reading for anyone studying and researching metaphysics, metametaphysics, and ontology.

t. 1. Codes et comités d'éthique -- t. 2. L'expérience québécoise.

When philosophers participate in the interdisciplinary ethical, environmental, economic, legal, and social analysis of nanotechnologies, what is their specific contribution? At first glance, the contribution of philosophy appears to be a clarification of the various moral and ethical arguments that are commonly presented in philosophical discussion. But if this is the only contribution of philosophy, then it can offer no more than a stalemate position, in which each moral and ethical argument nullifies all the others. To provide an alternative, we (...) must analyze the reasons behind the prevailing individual and cultural relativism in ethics. The epistemological investigation of this stalemate position will guide us to the core problem of the relation between theory and action . The stalemate can be overcome from a pragmatic philosophical standpoint, which combines epistemology, philosophy of language—that is, the philosophy of speech acts—and practical reasoning—that is, reasoning about decision-making . From this philosophical standpoint, it will be possible to show how philosophy can accompany and support the development of nanotechnologies. (shrink)

Several congregations in the workspace of the Netherdutch Reformed Church of Africa are losing viability and sustainability. This can be attributed to various factors, the most prominent being isolation. Isolation is defined here as the inability of some congregations to move away from maintenance and an inward focus towards making necessary adjustments on the way to a dimension of missional focus. While commitment and enthusiasm are present in the work of all congregations, some find it difficult to adapt their established (...) ideas and in some cases obsolete customs and traditions. Other congregations have made the necessary adjustments by defining themselves as missional. In congregations where constructive change occurs, the focus moves to undertake congregational ministries. The congregation not only gains insight into their own situation but also becomes aware of God’s calling for that specific congregation within a specific context. The focus shifts from their own situation and needs to the needs and challenges of the context surrounding the specific congregation. A consequence of this change in focus is that the whole ministry of the congregation adjusts accordingly. These congregations discover their own unique spirituality and begin to ask: For whom do we exist? The article is based on a PhD thesis, where Osmer’s four questions of practical theology were brought into the conversation with the modelling process of neuro-linguistic programming, in an attempt to sojourn with congregations towards a contextual missional focus. This research was undertaken to expand Osmer’s four questions of practical theology by using the modelling process of neuro-linguistic programming so that congregations may succeed in making the necessary adjustments. (shrink)

How can technological development, economic development, and the claims from society be reconciled? How should responsible innovation be promoted? The “responsible social uses” approach proposed here was devised with these considerations in view. In this article, a support procedure for promoting responsible social uses is set out and presented. First, the context in which this procedure emerged, which incorporates features of both the user-experience approach and that of ethical acceptability in technological development, is specified. Next, the characteristic features of the (...) procedure are presented, that is, its purpose, fundamental orientation, and component parts as experimented by partners. Third, the RSU approach is compared with other support approaches and considered in term of how each approach assumes responsible innovation. Briefly, the RSU procedure is a way of addressing the issue of responsible innovation through an effective integration of social concerns. (shrink)

This study explores the efficacy of a specific tool – the articulation of the ideal self – in job engagement, psychological well-being, and organizational citizenship behavior. We hypothesized that employees who can visualize their jobs as part of their ideal self – in particular how it helps in its development and realization – would feel higher levels of engagement and fulfillment in their lives, as well as engage in greater amounts of helping and voice OCB. A total of 239 full (...) time employees from five companies in Costa Rica filled out the ideal self questionnaire, the job engagement, and psychological well-being surveys, and were evaluated by their peers on task behavior and helping and voice OCB. Results of the SEM model showed that the ideal self was positively related to job engagement, psychological well-being and helping and voice. These findings contribute to the research on the impact and importance for organizations to help employees find meaningfulness in their work. (shrink)

Robots are increasingly being studied for use in education. It is expected that robots will have the potential to facilitate children’s learning and function autonomously within real classrooms in the near future. Previous research has raised the importance of designing acceptable robots for different practices. In parallel, scholars have raised ethical concerns surrounding children interacting with robots. Drawing on a Responsible Research and Innovation perspective, our goal is to move away from research concerned with designing features that will render robots (...) more socially acceptable by end users toward a reflective dialogue whose goal is to consider the key ethical issues and long-term consequences of implementing classroom robots for teachers and children in primary education. This paper presents the results from several focus groups conducted with teachers in three European countries. Through a thematic analysis, we provide a theoretical account of teachers’ perspectives on classroom robots pertaining to privacy, robot role, effects on children and responsibility. Implications for the field of educational robotics are discussed. (shrink)

Suppose that you prefer A to B, B to C, and C to A. Your preferences violate Expected Utility Theory by being cyclic. Money-pump arguments offer a way to show that such violations are irrational. Suppose that you start with A. Then you should be willing to trade A for C and then C for B. But then, once you have B, you are offered a trade back to A for a small cost. Since you prefer A to B, you (...) pay the small sum to trade from B to A. But now you have been turned into a money pump. You are back to the alternative you started with but with less money. This Element shows how each of the axioms of Expected Utility Theory can be defended by money-pump arguments of this kind. The Element also defends money-pump arguments from the standard objections to this kind of approach. This title is also available as Open Access on Cambridge Core. (shrink)

One might think that money pumps directed at agents with cyclic preferences can be avoided by foresight. This view was challenged two decades ago by the discovery of a money pump with foresight, which works against agents who use backward induction. But backward induction implausibly assumes that the agent would act rationally and retain her trust in her future rationality even at choice nodes that could only be reached if she were to act irrationally. This worry does not apply to (...) BI-terminating decision problems, where at each choice node backward induction prescribes a move that terminates further action. For BI-terminating decision problems, it is enough to assume that rationality and trust in rationality are retained at choice nodes reachable by rational moves. The old money pump with foresight was not BI-terminating. In this paper, we present a new money pump with foresight, one that is both BI-terminating and considerably simpler. (shrink)

How should we adjust our beliefs in light of the testimony of those who are in a better epistemic position than ourselves, such as experts and other epistemic superiors? In this paper, I develop and defend a deference model of epistemic authority. The paper attempts to resolve the debate between the preemption view and the total evidence view of epistemic authority by taking an accuracy-first approach to the issue of how we should respond to authoritative and expert testimony. I argue (...) that when we look at the debate through the lens of accuracy, it becomes clear that matters are more complicated than either the preemption view or the total evidence view are able to account for. Consequently, a deference model, outlined within a credence-based framework, does a better job of capturing the relevant phenomena, and explaining how we should update our beliefs in response to epistemically authoritative testimony. (shrink)

In political theory it goes without saying that the constitution of government raises a claim for legitimacy. With the constitution of the people, however, it is different. It is often dismissed as a historical question. The conviction is that since the people cannot decide on its own composition the boundaries of democracy must be determined by other factors, such as the contingent forces of history. This article critically assesses this view. It argues that like the constitution of government, the constitution (...) of the people raises a claim for legitimacy. The failure to see this is what makes many theorists run into the arms of history. They submit the legitimacy of the people to the arbitrary and asymmetrical forces of the present. (shrink)

Enacting an AI system typically requires three iterative phases where AI engineers are in command: selection and preparation of the data, selection and configuration of algorithmic tools, and fine-tuning of the different parameters on the basis of intermediate results. Our main hypothesis is that these phases involve practices with ethical questions. This paper maps these ethical questions and proposes a way to address them in light of a neo-republican understanding of freedom, defined as absence of domination. We thereby identify different (...) types of responsibility held by AI engineers and link them to concrete suggestions on how to improve professional practices. This paper contributes to the literature on AI and ethics by focusing on the work necessary to configure AI systems, thereby offering an input to better practices and an input for societal debates. (shrink)

A standard liberal claim is that freedom of choice is not only instrumentally valuable but also intrinsically valuable, that is, valuable for its own sake. I argue that each one of five conditions is plausible if freedom of choice is intrinsically valuable. Yet there exists a counter-example to the conjunction of these conditions. Hence freedom of choice is not intrinsically valuable.

Neuroethics, in its modern form, investigates the impact of brain science in four basic dimensions: the self, social policy, practice and discourse. In this study, we analyzed a set of 461 peer‐reviewed articles with neuroethics content, published by authors from 32 countries. We analyzed the data for: (1) trends in the development of international neuroethics over time, and (2) how challenges at the intersection of ethics and neuroscience are viewed in countries that are considered developed by International Monetary Fund (IMF) (...) standards, and in those that are developing. Our results demonstrate a steady increase in global participation in neuroethics from 1989 to 2005, characterized by an increase in numbers of articles published specifically on neuroethics, journals publishing these articles, and countries contributing to the literature. The focus from all countries was on the practice of brain science and the amelioration of neurological disease. Indicators of technology creation and diffusion in developing countries were specifically correlated with increases in publications concerning policy implications of brain science. Neuroethics is an international endeavor and, as such, should be sensitive to the impact that context has on acceptance and use of technological innovation. (shrink)

In this commentary, as philosophers of evolutionary biology, we will consider the evolutionary framework used in the Target Article by: (i) emphasising the fruitfulness of the interdisciplinary approach employed; (ii) highlighting some potentially controversial aspects of the proposal; and finally (iii) outlining some ideas for further integration within the UAL framework. The critical analysis will focus on the relationship between learning and consciousness, on the assumed need for a function for consciousness, and on the type of phylogenetic demarcation introduced by (...) UAL. (shrink)

In a special issue of “Ethics and Information Technology” (September 2012), various philosophers have discussed the notion of online friendship. The preferred framework of analysis was Aristotle’s theory of friendship: it was argued that online friendships face many obstacles that hinder them from ever reaching the highest form of Aristotelian friendship. In this article I aim to offer a different perspective by critically analyzing the arguments these philosophers use against online friendship. I begin by isolating the most common arguments these (...) philosophers use against online friendship and proceed to debunk them one by one by pointing out inconsistencies and fallacies in their arguments and, where needed, offering empirical findings from media and communication studies that offer a more nuanced view on online friendships. I conclude my analysis by questioning the correctness of the application of the Aristotelian theory of friendship by the critics of online friendship: in my view, the critics are applying the Aristotelian theory to online friendships in a rather narrow and limited way. Finally, I conclude my thesis by proposing that in the rapidly changing online landscape, a one-size-fits-all application of the Aristotelian theory on friendship is not sufficient to accurately judge the multitude of relationships that can exist online and that the various positive and valuable elements of online friendships should also be acknowledged and analyzed. (shrink)