Shareholders assume risk by investing. Sollars and Tuluca (2018) argue that while this does not justify a managerial policy of shareholder wealth maximization, it does justify compensating shareholders at the oftencalculated cost of equity—the cost that investors require given the level of risk they assume. Here, I show that this can be unfair if the cost of equity is unfair. I then show how shareholder wealth maximization as a managerial imperative is better justified on other grounds.

This book of readings was designed for an introductory course in the theory of modern, Western law. The materials mine the depths of history, philosophy, politics, & ethics to bring to view a certain story of the present, past & future condition of modern Western legal theory, namely that "modern" legal theory is reaching its end with the new millennium.

Development strategy of using modern portfolio theory focused on the short term. However, macroeconomic uncertainty and geopolitical environment makes their use ineffective. And challenge is to provide a reasonable balance between the short and long term profitability. Another issue, which is to some extent related to the previous observation is the absence in most matrices strategic recommendations for non-standard "behavior" of business units with dynamic analysis. This applies to the use of a relatively new tool matrix approach (...) to development strategies the company and its strategic business units - SPACE-analysis that also takes into account not forecasts of changes in the environment impact on the company. The aim of this paper is to develop methods of portfolio analysis on the basis of SPACE-dynamic analysis and formation of the list of possible strategic initiatives for definite basic trajectories of its strategic business units energy holding DTEK. Methods. SPACE-analysis, analytic hierarchy process, expert analysis. Results. The authors proposed a methodological approach to the implementation of dynamic SPACE-analysis company. The technique involves a strategic segmentation of the company, the formation of an expert group to assess reliable energy holding the current forecast period and on four aspects of SPACE-analysis. Also, using the analytic hierarchy determined by weighting the partial evaluation criteria. Methodology offers a "weighting" expert estimates within a particular group of partial criteria: sectors to "competitive advantage" and "stability branch" scale ratings is positive. The next phase involves the construction of vectors for the current and projected state holding that can be placed in one of four quadrants. Each quadrant has 4 basic strategic trajectory states, they can also be interpreted as a strategic gaps. In other words diagnosis of trajectories allows to identify and evaluate strategic gaps company or its individual business units according to specific criteria and receive partial numerical values of generalized gaps on key evaluation criteria. Conclusions. The authors matrix formed strategic decisions SPACE-dynamic analysis. The article graphically interpreted SPACE-analysis for the energy holding in three strategic business units. The study offers an integrated approach to the definition of policy recommendations for each strategic unit based on an analysis of superposition defined basic trajectories. S-trajectory or S-vectors can be represented as the sum of two vectors : numbers and appropriate call intensity factors relevant basic trajectories since their values determine the degree of contribution of each of these basic paths in the integrated S-vector is a vector strategic set of strategic business units to achieve strategic objectives, transfered into numerical form by partial criteria by expert predictive testing. These coefficients also make it possible to calculate the value of integrated strategic gaps generalized criteria. (shrink)

This paper argues that since the last decades of the twentieth century the discipline of modern finance has directed fiduciaries to act "rationally"—that is, in the sole financial interest of their funds--downplaying the effects of their investments on others. This approach has deemphasized a previous, more "reasonable" interpretation of fiduciary duty that drew on a conception of prudence characterized by wisdom, discretion and intelligence—one that accounts to a greater degree for the relationship between one's investments and their effects on (...) others in the world. The reasonable approach allows fiduciaries to a greater degree to assess the objective well-being of beneficiaries, to recognize fundamental sources of investment reward in the economy, and to fulfill their obligations to allocate benefits impartially between current and future generations. Reason and rationality can work in a complementary fashion to make investment long-term in its perspective and beneficial to society and the economy as well as to specific funds or portfolios. Determining how to accomplish this challenging task is part of the obligation of fiduciaries as they seek to realize the full potential of the investment assets entrusted to their care. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a distinction between (...) nominal assets and real assets, that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (shrink)

This new book argues that at the core of legal philosophy’s principal debates there is essentially one issue judicial impartiality. Keeping this issue to the forefront,Raban’s approach sheds much light on many difficult and seemingly perplexing jurisprudential debates. Modern Legal Theory and Judicial Impartiality.

A probability forecast scored ex post using a probability scoring rule (e.g. Brier) is analogous to a risky financial security. With only superficial adaptation, the same economic logic by which securities are valued ex ante – in particular, portfolio theory and the capital asset pricing model (CAPM) – applies to the valuation of probability forecasts. Each available forecast of a given event is valued relative to each other and to the “market” (all available forecasts). A forecast is seen (...) to be more valuable the higher its expected score and the lower the covariance of its score with the market aggregate score. Forecasts that score highly in trials when others do poorly are appreciated more than those with equal success in “easy” trials where most forecasts score well. The CAPM defines economically rational (equilibrium) forecast prices at which forecasters can trade shares in each other’s ex post score – or associated monetary payoff – thereby balancing forecast risk against return and ultimately forming optimally hedged portfolios. Hedging this way offers risk averse forecasters an “honest” alternative to the ruse of reporting conservative probability assessments. (shrink)

This book is intended for undergraduate courses in social theory for second and third year sociology students, as well as postgraduate and academic researchers.

Much of the world's literature and criticism has been shaped by ideas about the nature, function and value of literary genres. Modern developments in critical theory and the emergence of new media such as film and television, have put in question traditional categories, and challenged the assumptions on which earlier genre theory was based. This anthology, the first of its kind in English, charts these new developments and contains judicious selections from major twentieth-century theorists including Mikhail Bakhtin, (...) Gérard Genette and Jacques Derrida. (shrink)

Macroeconomic traditions disagree on the policies needed for the economy to properly function and how to assess them. In this paper, we contend that these disagreements originate from the social ontological commitments of a theory. The ontology of money underlines these disagreements between Modern Monetary Theory (MMT) and mainstream economics. First, we assess MMT’s ontology of money. Next, we identify MMT’s normative commitments and classify MMT’s ontology as a taxonomic definition with thick concepts. Finally, we offer reasons (...) why MMT's ontology of money leads to rivalries with other economic traditions. We argue disagreements on policy are expected, given the ontological differences elaborated. (shrink)

Broad in its geographic scope and yet grounded in original archival research, this book situates the inception of modern aesthetic theory – the philosophical analysis of art and beauty - in theological contexts that are crucial to explaining why it arose. Simon Grote presents seminal aesthetic theories of the German and Scottish Enlightenments as outgrowths of a quintessentially Enlightenment project: the search for a natural 'foundation of morality' and a means of helping naturally self-interested human beings transcend their (...) own self-interest. This conclusion represents an important alternative to the standard history of aesthetics as a series of preludes to the achievements of Immanuel Kant, as well as a reinterpretation of several canonical figures in the German and Scottish Enlightenments. It also offers a foundation for a transnational history of the Enlightenment without the French philosophes at its centre, while solidly endorsing historians' growing reluctance to call the Enlightenment a secularising movement. (shrink)

This book provides a comprehensive introduction to the leading topics, theories and debates in modern social theory. Fourteen chapters have been written by specialists in the field, providing up-to-date guidance on the full sweep of the modern sociological imagination, from the legacies of the classical figures of Marx, Durkheim, Weber, Simmel and Parsons to the work of cutting-edge contemporary theorists.

A preface is best written last, after a book is done and its author may look back to survey what he hopes he has accomplished and what he must admit he has not. In hindsight virginity by itself has seemed a very large field to till, but with that reflection also comes a sense of the awareness that a really comprehensive treatment of misgiving, that subject would somehow have to encompass an enormous ter rain, the whole length and breadth of (...) Christianity's attitude toward sexuality from the earliest times down to the high Middle Ages. It could be argued that no small book could cover so much ground, and I would be the first to agree. As its subtitle is meant to suggest, the present work is, in at least two senses of the word, an essay: both an initial and tentative effort to get at the meaning of an extremely important but as yet unprobed medieval belief in the perfective value of the virginal life; and an interpretive study of a complex subject from a limited point of view, specifically, that in which the virgin appears in devotional literature as the bride of Christ. (shrink)

Biological functions are dispositions or effects a trait has which explain the recent maintenance of the trait under natural selection. This is the "modern history" approach to functions. The approach is historical because to ascribe a function is to make a claim about the past, but the relevant past is the recent past; modern history rather than ancient.

In the formal semantics based on modern type theories, common nouns are interpreted as types, rather than as predicates of entities as in Montague’s semantics. This brings about important advantages in linguistic interpretations but also leads to a limitation of expressive power because there are fewer operations on types as compared with those on predicates. The theory of coercive subtyping adequately extends the modern type theories and, as shown in this paper, plays a very useful role in (...) making type theories more expressive for formal semantics. It not only gives a satisfactory solution to the basic problem of ‘multiple categorisation’ caused by interpreting common nouns as types, but provides a powerful formal framework to model interesting linguistic phenomena such as copredication, whose formal treatment has been found difficult in a Montagovian setting. In particular, we show how to formally introduce dot-types in a type theory with coercive subtyping and study some type-theoretic constructs that provide useful representational tools for reference transfers and multiple word meanings in formal lexical semantics. (shrink)

Recent discussions in the physical literature, designed to clarify the logical position of modern physical theory, have brought to light an amazing divergence of fundamental attitudes which may well bewilder the careful student of physics as well as philosophy. Quantum mechanics, representing an abstract formalism, should be capable of having its logical structure analyzed with great precision like any other mathematical discipline. Its consequences in all problems to which its method can be applied are so unambiguous, consistent, and (...) successful in predicting physical experience as to disperse immediately all thoughts of possible discrepancies in its fundamental texture. Yet it must be said that even the founders of quantum theory are not in harmony in their various expositions of the bases of that theory. However, while this situation seems disquieting on the face of it, there is no cause for serious brow raising, for it is a fact that there exists agreement with regard to the central axioms of the theory, and that the ambiguities affect only their philosophical interpretation, a field in which differences of opinion may at present be honestly entertained. (shrink)

The capital approach is frequently used to model sustainability. A development is deemed to be sustainable when capital is not reduced. There are different definitions of sustainability, based on whether or not they allow that different forms of capital may be substituted for each other. A development that allows for the substitution of different forms of capital is called weakly sustainable. This article shows that in a risky world and a risk-averse society even under the assumptions of weak sustainability the (...) circumstances under which different forms of capital may be substituted are limited. This is due to the risk-reducing effect of diversification. Using Modern Portfolio Theory this article shows under which conditions substitution of different forms of capital increases risk for future generations. (shrink)

This work has been selected by scholars as being culturally important and is part of the knowledge base of civilization as we know it. This work is in the public domain in the United States of America, and possibly other nations. Within the United States, you may freely copy and distribute this work, as no entity has a copyright on the body of the work. Scholars believe, and we concur, that this work is important enough to be preserved, reproduced, and (...) made generally available to the public. To ensure a quality reading experience, this work has been proofread and republished using a format that seamlessly blends the original graphical elements with text in an easy-to-read typeface. We appreciate your support of the preservation process, and thank you for being an important part of keeping this knowledge alive and relevant. (shrink)

Giddens's analysis of the writings of Marx, Durkheim and Weber has become the classic text for any student seeking to understand the three thinkers who established the basic framework of contemporary sociology. The first three sections of the book, based on close textual examination of the original sources, contain separate treatments of each writer. The author demonstrates the internal coherence of their respective contributions to social theory. The concluding section discusses the principal ways in which Marx can be compared (...) with the other two authors, and discusses misconceptions of some conventional views on the subject. (shrink)

The Elementary Process Theory (EPT) is a collection of seven elementary process-physical principles that describe the individual processes by which interactions have to take place for repulsive gravity to exist. One of the two main problems of the EPT is that there is no proof that the four fundamental interactions (gravitational, electromagnetic, strong, and weak) as we know them can take place in the elementary processes described by the EPT. This paper sets forth the method by which it can (...) be proven that the EPT agrees with the knowledge that derives from the successful predictions of a modern interaction theory T. This determines a fundamentally new research program in theoretical physics. (shrink)

First published in 1983. The primary argument of this book is that there is a coherent tradition of liberal thinking that extends from L. S. Mill, through liberals like T. H. Green, Bernard Bosanquet, L. T. Hobhouse and John Dewey to John Rawls. The author places Rawls within a longstanding tradition of liberal thinking, while also arguing that Green and Hobhouse are not simply of historical interest but represent genuine and interesting attempts to develop a modern liberal theory. (...) It is argued that modern liberal theory centres on a conception of human nature; that modern liberals have sought to harmonise the pursuit of individuality with participation in social and communal life. Although the book focuses on six modern liberals, the discussion proceeds topically rather than according to author, thus highlighting similarities and disagreements and providing a comprehensive study of modern liberalism. (shrink)

This paper is on Aristotle's conception of the continuum. It is argued that although Aristotle did not have the modern conception of real numbers, his account of the continuum does mirror the topology of the real number continuum in modern mathematics especially as seen in the work of Georg Cantor. Some differences are noted, particularly as regards Aristotle's conception of number and the modern conception of real numbers. The issue of whether Aristotle had the notion of open (...) versus closed intervals is discussed. Finally, it is suggested that one reason there is a common structure between Aristotle's account of the continuum and that found in Cantor's definition of the real number continuum is that our intuitions about the continuum have their source in the experience of the real spatiotemporal world. A plea is made to consider Aristotle's abstractionist philosophy of mathematics anew. (shrink)

Seventeenth century scholastics had a rich debate about the ontological status and nature of lacks, negations, and privations. Realists in this debate posit irreducible negative entities responsible for the non-existence of positive entities. One of the first scholastics to develop a realist position on negative entities was Thomas Compton Carleton. In this paper I explain Carleton's theory of negative entities, including what it is for something to be negative, how negative entities are individuated, whether they are abstract or concrete, (...) and how they affect their subjects. I argue that for Carleton, negative entities are conceived as spatially extended simples that affect their subjects by means of spatial overlap. I also show how Carleton responds to some theological worries about his realism concerning negative entities. (shrink)

Classics of Modern Political Theory: Machiavelli to Mill brings together the complete texts or substantial selections from the masterpieces of modern political theory. The most comprehensive anthology of its kind, this volume includes well-known works by Hobbes, Locke, Rousseau, Hegel, and Marx, and significant contributions from Spinoza, Montesquieu, Hume, Adam Smith, Kant, Burke, Bentham, and Tocqueville. A distinctive feature of this collection is the inclusion of the Declaration of Independence, the U.S. Constitution, and numerous papers from (...) The Federalist. An extended introduction to each author's writings, provided by a renowned authority on the subject, features biographical data, philosophical commentary, and bibliographical guides. Ideal for courses in political philosophy and intellectual history, as well as surveys of Western Civilization, this book presents influential authors and ideas that have shaped modern political thought. (shrink)

Rationality within Modern Psychological Theory examines the rational and irrational dimensions of human nature and of the psyche and logos through the lenses of classical philosophy and modern psychology.

This commentary concludes that Bartlett took a functional approach to psychological theory. He hypothesized that schemata are active, holistic, unconscious, and show emergent properties. He provided no mechanism for going from episodic instances to a holistic schema or for the long-term retention of information in memory. Modern schema theories reject Bartlett's holism and interpret his hypothesis that schemata are active in terms of the active nature of top-down processes in memory and perception. Modern schema theories use the (...) construct of instantiation to account for memory of specific schema-related information and also postulate unconscious, generic memory structures to account for the impact of old knowledge on human cognitive processing. (shrink)