Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and reduced (...) information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

The concepts of time and identity seem at once unproblematic and frustratingly difficult. Time is an intricate part of our experience -- it would seem that the passage of time is a prerequisite for having any experience at all -- and yet recalcitrant questions about time remain. Is time real? Does time flow? Do past and future moments exist? Philosophers face similarly stubborn questions about identity, particularly about the persistence of identical entities through change. Indeed, questions about the metaphysics of (...) persistence take on many of the complexities inherent in philosophical considerations of time. This volume of original essays brings together these two essentially related concepts in a way not reflected in the available literature, making it required reading for philosophers working in metaphysics and students interested in these topics. The contributors, distinguished authors and rising scholars, first consider the nature of time and then turn to the relation of identity, focusing on the metaphysical connections between the two, with a special emphasis on personal identity. The volume concludes with essays on the metaphysics of death, issues in which time and identity play a significant role. This groundbreaking collection offers both cutting-edge epistemological analysis and historical perspectives on contemporary topics. Contributors:_ _Harriet Baber, Lynne Rudder Baker, Ben Bradley, John W. Carroll, Reinaldo Elugardo, Geoffrey Gorham, Mark Hinchliff, Jenann Ismael, Barbara Levenbook, Andrew Light, Lawrence B. Lombard, Ned Markosian, Harold Noonan, John Perry, Harry S. Silverstein, Matthew H. Slater, Robert J. Stainton, Neil A. Tognazzini The hardcover edition does not include a dust jacket. (shrink)

We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively related to the incidence (...) of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading on the London Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional efficiency and reduced (...) information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1. (shrink)

This book celebrates the work of Patricia Werhane, an iconic figure in business ethics. This festschrift is a collection of articles that build on Werhane’s contributions to business ethics in such areas as Employee Rights, the Legacy of Adam Smith, Moral Imagination, Women in Business, the development of the field of business ethics, and her contributions to such fields as Health Care, Education, Teaching, and Philosophy. All papers are new contributions to the management literature written by well-known business ethicists, such (...) as Norman Bowie, Richard De George, Ronald Duska, Edwin Hartman, Michael Hoffman, Mollie Painter-Morland, Mark Schwartz, Andrew Wicks, and others. The volume is comprised of articles that reflect on Werhane’s work as well as build on it as a way to advance further research. At the end of the festschrift, Pat Werhane provides responses to each chapter. The first chapter of the book also includes the overview of Patricia Werhane’s work and her academic career. The book is written to appeal to management scholars and graduate students interested in the areas of Business Ethics, Modern Capitalism, and Human Rights. Patricia Werhane is one of the most distinguished figures in the field of business ethics. She was a founder of the field, she is one of its leading scholars, and she has had a profound impact on the world of business practice. Among her many accomplishments, Pat is known for her original work on moral imagination, she is an acclaimed authority on employee rights in the workplace, and she is one of the leading scholars on Adam Smith. Having been active in Academia for over 50 years, Werhane is a prolific author of over a hundred articles and book chapters, and the author or editor of twenty-seven books, including Adam Smith and his Legacy for Modern Capitalism, Moral Imagination and Management Decision-Making, and co-authored books Organization Ethics in Health Care, Alleviating Poverty Through Profitable Partnerships, Obstacles to Ethical Decision-Making, Corporate Responsibility: The American Experience, and Research Approaches to Business Ethics and Corporate Responsibility. (shrink)

The first part of this essay was read at a Symposium on “Hegel and Schelling” at the Conference of the Canadian Philosophical Association at the University of Manitoba, Winnipeg, Manitoba in June 1985. The text was then discussed as a whole by George di Giovanni and Michael Vater. Since their commentaries are here published with it, I have allowed the mistakes which they identified to remain clearly visible. The few revisions of substance that I have made are clearly indicated (...) in the footnotes; and the justification of my final position is given in this Postscript. (shrink)

Peter Abelard (1079–1142 ce) was the most wide‐ranging philosopher of the twelfth century. He quickly established himself as a leading teacher of logic in and near Paris shortly after 1100. After his affair with Heloise, and his subsequent castration, Abelard became a monk, but he returned to teaching in the Paris schools until 1140, when his work was condemned by a Church Council at Sens. His logical writings were based around discussion of the “Old Logic”: Porphyry's Isagoge, aristotle'S Categories and (...) On Interpretation and boethius'S textbook on topical inference. They comprise a freestanding Dialectica (“Logic”; probably c.1116), a set of commentaries (known as the Logica [Ingredientibus], c. 1119) and a later (c. 1125) commentary on the Isagoge (Logica Nostrorum Petititoni Sociorum or Glossulae). In a work Abelard called his Theologia, issued in three main versions (between 1120 and c.1134), he attempted a logical analysis of trinitarian relations and explored the philosophical problems surrounding God's claims to omnipotence and omniscience. The Collationes (“Debates,” also known as “Dialogue between a Christian, a Philosopher and a Jew”; probably c.1130) present a rational investigation into the nature of the highest good, in which the Christian and the Philosopher (who seems to be modeled on a philosopher of pagan antiquity) are remarkably in agreement. The unfinished Scito teipsum (“Know thyself,” also known as the “Ethics”; c.1138) analyses moral action. (shrink)

As one of the bare handful of scholars working on Schelling, I should heartily like to accept Professor Harris's argument, for all these black cows hang around one's neck more heavily than did the albatross on the ancient mariner's. I find myself obliged, however, to closely test his argument. I regret that, viewed in the context of the whole of the Phenomenology's Preface, Harris's argument is not fully convincing. I shall argue that, since the Preface's plain intent is (...) to contrast the vitalism of a method of thought that is spirit's coming into its own with all styles of fixated propositional thinking, the “formalism” Hegel attacks is a loose aggregate of the philosophical styles of Fichte, Schelling, Reinhold and Bardili. Hegel is content to leave the label loose and unspecified and not to name names. It is not strictly fair to let the scope of the term resonate upon Schelling's “first scientific grasp of the idea”, at least not for an author who knew Schelling's work so well. But as Harris points out, it is not fair to Hegel for his public to read him with the sole, simplistic question of what positions he supports and what positions he rejects. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:HUME ON THE 'DISTINCTION OF REASON1* In a 1959 paper, Richard H. Popkin1 propounded what was then taken to be a most extraordinary thesis: Hume may never have read Berkeley. Popkin's paper marks the end of one of the stranger stories in the history of philosophy, the relationship of the British Empiricists — Locke, Berkeley, Hume — to one another. The thesis was hardly news either to Berkeley or (...) Hume scholars because for several decades in careful studies of the historical contexts and sources they had relied less and less on any theory about significant common themes. In this paper I rehearse the arguments against the "partnership" doctrine and then turn to some ways in which Berkeley and Hume differ over abstractionism and the 'distinction of reason'. Finally, I discuss George Davie's suggestion that this 'distinction' may belong to a very different side of Hume's thought. The linking of Locke with Berkeley is not a feature of early commentary on Berkeley. Berkeley was seen by his contemporaries as a product of Pierre Bayle's scepticism or of Malebranche's immaterialism.2 The work of A.A. Luce, and to a lesser extent, of T. E. Jessop, seeks to restore Berkeley to a place in those traditions and to reduce his indebtedness to Locke. The work of Hume scholars from Kemp Smith to Ardal, Davie, Norton, and Popkin all places Hume outside the direct Berkeley line. So far as the traditional epistemological picture was concerned, there was not enough internal evidence to support a Hume-Berkeley connection. The argument took a different turn when a new Hume letter came to light. Hume's letter to Michael Ramsay from Orleans is dated August 31, 1737. I desire of you, if you have Leizure, to read over La Recherche de la Vérité of Pere Malebranche, the Principles of 90 Human Knowledge by Dr Berkeley, some of the more metaphysical Articles of Bailes Dictionary; such as those /...of/ Zeno, & Spinoza. Des-Cartes Meditations wou'd also be useful....5 In 1973, Michael Morrisroe, Jr., surveyed the contributions of Wiener, Popkin, Mossner, Hall, Flew, and Conroy to the debate. Morrisroe takes the several Hume references to Berkeley as internal evidence that Hume read Berkeley. He then prints a new Hume letter to Michael Ramsay, dated "Rheims. Sepfc. 29 1734. N. S." A ten sentence letter, the eighth reads: "It is my Pleasure to read over again today Locke's Essays and the Principles of Human Knowledge by Dr. Berkeley which are printed in their original state and in French copy." Morrisroe explains in a footnote that he was granted permission to make a typescript of the letter, that it was sold at auction, and that its "present location... is unknown." In addition, he thanks six graduate students: "without their attention to bibliogaphical detail this letter might not have been made ready for publication until much later." But the bibliographical detail does not include telling us whether he saw the original or how the Hume authorship was established; nor does it include speculation on what Hume means in that eighth sentence. Did Hume find one book containing Locke and Berkeley in French and in English which he then read in one day? A bilingual Locke plus a bilingual Berkeley? Or can he mean an edition of Locke's Essay in French and an edition of Berkeley's Principles in English? That seems to be the least likely interpretation, unless the reference to Berkeley is a mere parenthetical afterthought, and Hume had his hands on Locke in English and French plus an English edition of Berkeley. Whatever this letter means, we know that Locke's Essay was available in Pierre Coste's translation. Berkeley is another story. The "Principles appeared in 1710. A revised edition, together with the Three Dialogues (also revised) was published in 1734. The first French edition appears to have been in 1889. The Three Dialogues first appeared in 1713 and the first French translation in 1750. The New Theory of Vision, first published in 1709, appeared together with the first edition of Alciphron in 1732. French translations appeared together in 1734. In any case, it can be granted, if only on... (shrink)

Georg Wilhelm Friedrich Hegel (1770-1831) is considered a philosopher of the Tradition, both in the sense that his work is rooted in the political, artistic, religious, and philosophical traditions of European culture and in the sense that he takes up the notion of tradition as an object of philosophical investigation. This collection examines Hegel's philosophy as it bears on the meaning and relevance of tradition - historical, legal, aesthetic, religious, and philosophical. The thirteen original essays draw upon and celebrate the (...) work of H.S. Harris, who is considered by many to be the most influential interpreter of Hegel in the English-speaking world. The collection as a whole examines Hegel's rich and nuanced relation to his own traditions, including his creative reworking of the legacies of Greece, Rome, Christianity, the Middle Ages, early modernity, and his immediate predecessors. It also shows how Hegel's thought has direct relevance for us today as we seek to understand ourselves in relation to our inherited traditions. The volume concludes with an afterword by H.S. Harris and a comprehensive bibliography of Harris's published works. This important anthology represents the first rigorous and systematic effort to apply Harris's seminal and innovative style of Hegel scholarship to a wide variety of philosophical and historical issues. It functions both as a study of Hegel's philosophy and as a commentary on Harris's vast contribution to Hegel scholarship. (shrink)

According to some critics, the putative superficiality of Winckelmann's appropriation of the Greek legacy is just one instance of the emptiness that characterizes the appropriation of the Greeks by the Germans in general. Thus Eliza Maria Butler has spoken of the 'tyranny of Greece over Germany': 'If the Greeks are tyrants, the Germans are predestined slaves ... The Germans have imitated the Greeks more slavishly; they have been obsessed by them more utterly, and they have assimilated them less than any (...) other race.” Not coincidentally, the putative freedom or unfreedom of one's appropriation of the Greek ideal is one of the basic problems at issue in this chapter. In the following pages, I argue that Winckelmann not only understood this basic problem but also touched on its actual solution, albeit in an inadequate, aesthetic manner. I go on to suggest that Hegel articulated this solution in an adequate and properly philosophical manner. (shrink)

Book reviewed in this article: Factories of Death: Japanese Biological Warfare 1932–1945 and the American Cover‐Up. By Sheldon H. Harris.

Parties are back, and many are cheering. Party polarization has voters seeing stark differences between Democrats and Republicans and demonstrating more ideological constraint than previous generations. But these signs of a more “responsible” electorate are an illusion, because the public is no more knowledgeable than ever about the type of “information” it needs if it is to exercise effective control over the public‐policy outcomes it cares the most about. Indeed, polarization has produced a political environment where both voters and policy (...) makers may be less likely to learn about the potential consequences of their governing choices. The result is that holding elected politicians to account for policies treated as divisive ends in themselves has become easier—but that holding them accountable for policies intended as means to the achievement of consensual ends has become harder. (shrink)

Mirrored-self misidentification is the delusional belief that one's own reflection in the mirror is a stranger. In two experiments, we tested the ability of hypnotic suggestion to model this condition. In Experiment 1, we compared two suggestions based on either the delusion's surface features (seeing a stranger in the mirror) or underlying processes (impaired face processing). Fifty-two high hypnotisable participants received one of these suggestions either with hypnosis or without in a wake control. In Experiment 2, we examined the extent (...) to which social cues and role-playing could account for participants' behaviour by comparing the responses of 14 hypnotised participants to the suggestion for impaired face processing (reals) with those of 14 nonhypnotised participants instructed to fake their responses (simulators). Overall, results from both experiments confirm that we can use hypnotic suggestion to produce a compelling analogue of mirrored-self misidentification that cannot simply be attributed to social cues or role-playing. (shrink)

Twenty Years After Communism is concerned with the explosion of a politics of memory triggered by the fall of state socialism in Eastern Europe, and it takes a comparative look at the ways that communism and its demise have been commemorated by major political actors across the region.

Acknowledgment section of the work "Hegel and the Tradition: Essays in Honour of H.S. Harris".

Contributors section of "Hegel and the Tradition: Essays in Honour of H.S. Harris".

Contents section in "Hegel and the Tradition: Essays in Honour of H.S. Harris".

Today, knowledge is considered the most strategically important resource and learning the most strategically important capability for business organizations. However, many initiatives being undertaken to develop and exploit organizational knowledge are not explicitly linked to or framed by the organization’s business strategy. In fact, most knowledge management initiatives are viewed primarily as information systems projects. While many managers intuitively believe that strategic advantage can come from knowing more than competitors, they are unable to explicitly articulate the link between knowledge and (...) strategy. This article, using examples from several companies, provides a framework for making that link and for assessing an organization’s competitive position regarding its intellectual resources and capabilities. It recommends that organizations perform a knowledge-based SWOT (strengths, weaknesses, opportunities, and threats) analysis, comparing their knowledge to that of their competitors and to the knowledge required to execute their own strategy. It provides a framework for describing the degree of aggressiveness of a knowledge strategy for closing strategic knowledge gaps, and concludes with several implications for competing on knowledge. (shrink)

Human beings are essentially vulnerable in the view that their existence qua humans is not given but construed. This vulnerability receives basic protection from the State, expressed in the form of the universal rights all citizens are meant to enjoy. In addition, many individuals fall prey to destitution and deprivation, requiring social action aimed at recognising the specific harms they suffer and providing remedial assistance to palliate or remove their plights.Citizens receive protection against their biologic vulnerability by means of an (...) in rem right to health [care], which is more an attitude of protection than a specific programme. When individuals become susceptible, that is, biologically weak or diseased, they also increase their predisposition to additional harm, and require social actions to treat their demeaned condition. Such assistance takes the form of positive healthcare rights.Research on human beings has been slow to observe that the subjects recruited are susceptible, especially so if research is done in less developed countries. By mislabelling them as vulnerable – a characteristic they share with all humans – sponsors avoid registering the deprivation these people suffer, and the ethical obligation to offer them remedial help.The distinction between vulnerability and susceptibility also marks the difference between being intact but fragile – vulnerable – and being injured and predisposed to compound additional harm – susceptible. Awareness of this difference should give additional force to the rejection of double standards in research ethics. (shrink)

Founded in 1365, not long after the Great Plague ravaged Europe, the University of Vienna was revitalized in 1384 by prominent theologians displaced from Paris--among them Henry of Langenstein. Beginning with the 1384 revival, Michael Shank explores the history of the university and its ties with European intellectual life and the city of Vienna. In so doing he links the abstract discussions of university theologians with the burning of John Hus and Jerome of Prague at the Council of Constance (...) (1415-16) and the destruction of the Jewish community of Lower Austria (1421). Like most other scholars of the period, Henry of Langenstein (d. 1397) at one time believed that Aristotle's syllogistic was universally valid even in Trinitarian theology. In touch with the vibrant Jewish community in Vienna, Langenstein had high hopes of converting its members by logical argument. When he failed in his purpose, he lost his confidence in Aristotle's syllogistic as a universal tool of apologetics and handmaiden to Trinitarian theology. ("Unless you believe, you shall not understand," he quoted from Isaiah, in order to express his change of opinion.) During the next generation, the intellectual climate at the university changed from academic openness to increasing rigidity, and theologians turned from argument to persecution. Originally published in 1988. The Princeton Legacy Library uses the latest print-on-demand technology to again make available previously out-of-print books from the distinguished backlist of Princeton University Press. These editions preserve the original texts of these important books while presenting them in durable paperback and hardcover editions. The goal of the Princeton Legacy Library is to vastly increase access to the rich scholarly heritage found in the thousands of books published by Princeton University Press since its founding in 1905. (shrink)

This volume provides a critical survey of the major figures and ideas of 20th century political philosophy.

The so-called European principles of bioethicsare a welcome enrichment of principlistbioethics. Nevertheless, vulnerability, dignityand integrity can perhaps be moreaccurately understood as anthropologicaldescriptions of the human condition. Theymay inspire a normative language, but they donot contain it primarily lest a naturalisticfallacy be committed. These anthropologicalfeatures strongly suggest the need todevelop deontic arguments in support of theprotection such essential attributes ofhumanity require. Protection is to beuniversalized, since all human beings sharevulnerability, integrity and dignity, thusfundamenting a mandate requiring justice andrespect for fundamental human (...) rights.Being a feature of all humanity, vulnerabilityis improperly extended to designatedestitute individuals and populations. Rather,they are in a state of fallen vulnerability,for they already are harmed in some way, andhave become deprived of their range ofcapabilities. These individuals are destituteand are no longer in command of theirfundamental human rights. They have lost thestatus of unharmed vulnerability;identifying them as susceptible – vulnerated andno longer only vulnerable – stresses thepoint that bioethics demands specific socialaction to palliate or remove their distress.When harm does occur – in the form of disease,for example –, individuals are no longervulnerable – for they have ceased to be intact–, they become susceptible to additionaldeprivations and sickness; integrity isdemeaned and dignity is offended, leading tostates of dysfunction that require specificremedial social practices, aimed at treatingand removing injuries.The main point this paper addresses is thatvulnerability – as well as dignity and integrity – are descriptive characteristics ofhuman beings qua humans, which are not normative in themselves, but fundamental enoughto inspire bioethical requirements of protection and respect for human rights in thewake of social justice. A clear distinction must be made in regard to human beings who areinjured by poverty, sickness, discriminating deprivations or suffer otherdestitutions, having ceased to be only vulnerable for they are no longer intact. Theseindividuals and populations require more than protection, their needs must be met byspecific care and remedial measures to be identified and instigated by bioethics quaapplied ethics. (shrink)

This book presents a sympathetic yet critical treatment of the major philosophical attempts to define a viable project for philosophy in the face of historical changes. McCarthy, then, proposes a comprehensive, critical, and methodological strategy of epistemic integration that fully respects the progressive and pluralistic character of contemporary science and common sense. The programs of Frege, Husserl, Wittgenstein, Carnap, Sellers, Dewey, Quine, and Rorty are carefully presented and an assessment is made of their merits and limitations. This assessment results in (...) a defense of Lonergan’s integrative strategy — a nuanced philosophical strategy around which a gathering center could be built. McCarthy presents Lonergan’s work as containing the firm outline and partial execution of a philosophical project continuous with philosophy’s historic purposes and equal to the exigences of the present. The book examines a broad range of seminal topics and, after extended dialectical treatment of them, develops a coherent account of their interdependence. These topics include psychologism, intentionality, the limits of naturalism, semantical and epistemic realism, historical belonging, epistemic invariance, foundational analysis, the limitation of logic and of the linguistic turn, generalized empirical method, the interdependence of mind and language, the interplay of nature and history, and the critical appropriation of tradition. (shrink)

This critical study of Arendt explores the sources and dangers of political alienation in the West from the citizen republics of classical antiquity to the consumer societies of modern liberal democracies. It is a sympathetic appraisal of the high promise and great perils of the political life.