Does the board of directors influence cost of debt financing? This study of a sample of Spanish listed companies during the period 2004-2007 provides some evidence about the question. The results suggest that two board attributes - director ownership and board activity - appear to influence in the risk assessment of debtholders because of their ability to reduce agency cost and information asymmetry. We also find a non-linear relationship between board size and cost of debt, (...) suggesting that from certain levels the benefits of large boards may be outweighed by the cost of poorer communication and increased decision-making time. (shrink)

We seek insights into potential benefits for firms adopting strategies to improve business sustainability in a carbon-constrained future. We investigate whether lenders incorporate a firm’s exposure to carbon-related risk into lending decisions through the cost of financing, and if so, importantly whether firms can mitigate the penalty by demonstrating an awareness of their carbon risks. We use a sample of 255 firm-year observations from eight industries over the period 2009–2013. We measure carbon-related risk exposure as the firm’s historical carbon (...) emissions and our primary measure of carbon risk awareness is based on the firm’s willingness to respond to the Carbon Disclosure Project survey. We document a positive association between cost of debt and carbon risk for firms failing to respond to the CDP. Further, this association is economically meaningful, with a one standard deviation increase in carbon risk mapping into between a 38 and 62 basis point increase in the cost of debt. Equally, we find that this penalty is effectively negated for firms exhibiting carbon risk awareness. Our results are robust when we consider alternate measures of carbon awareness—disclosure through alternative medium to the CDP and firms’ annual cash investment in new capital assets using “cleaner” technology. Our results highlight not only the importance of carbon awareness as a business strategy for polluting firms, but also its importance to lenders exposed to their clients’ default and reputational risk. The debt market appears to incorporate historical carbon emissions and forward-looking indicators of carbon performance. (shrink)

This study examines whether penalties issued to Chinese listed companies by securities regulators for violations of corporate law affect the cost of debt, and the moderating role of corporate social responsibility fulfillment on this relationship. Our sample consists of firms listed on Shanghai and Shenzhen stock exchanges from 2011 to 2017 and the data are collected from the announcements of China Securities Regulatory Commission. The findings are as follows: punishment announcements by regulatory authorities increase the cost of (...) debt; and the effect of punishment announcements on the cost of debt is partially offset by prior CSR performance. These findings are shown to be robust. The reputation insurance effect of CSR is more pronounced in state-owned enterprises and in an institutional environment with low marketization, a weak legal environment, and low information transparency. The findings support the reputation insurance hypothesis of CSR and employ the cost of debt as a governance mechanism. (shrink)

To live in human community is, in part, to owe debts to others and to be owed in return. How should we evaluate, normatively, the varied forms, practices, institutions, and relationships of debt? Which should be constrained and which accepted or encouraged? These questions have far-reaching implications given the pervasiveness of debt within human experience. This paper brings the resources of the capabilities approach developed by Amartya Sen and Martha Nussbaum to bear on normative assessments of debt. (...) Our thesis is that the theoretical resources provided by this approach can help philosophers to examine the wide range of costs and benefits afforded by actual debts. We examine six contemporary examples of debt, arguing that the capabilities approach offers a nuanced and holistic framework for evaluating each. The framework is nuanced in that it provides resources for conducting fine-grained analyses of different cases and related policy proposals. It is holistic in that it takes into account more than a narrow range of either positive or negative considerations, instead encompassing the wide array of debt’s bodily, cognitive, and social impacts upon individuals. (shrink)

We give a general method for producing various effective Null and Positivstellensätze, and getting new Positivstellensätze in algebraically closed valued fields and ordered groups. These various effective Nullstellensätze produce algebraic identities certifying that some geometric conditions cannot be simultaneously satisfied. We produce also constructive versions of abstract classical results of algebra based on Zorn's lemma in several cases where such constructive version did not exist. For example, the fact that a real field can be totally ordered, or the fact that (...) a field can be embedded in an algebraically closed field. Our results are based on the concepts we develop of dynamical proofs and simultaneous collapse. (shrink)

Migrating Minds contributes to the prominent interdisciplinary domain of Cosmopolitan Studies with twenty innovative essays by humanities scholars from all over the world that re-examine theories and practices of cosmopolitanism from a variety of perspectives.

Learning to live together is the central concern of education everywhere in the world. Traditional sporting games provide interpersonal experiences that shape miniature communities charged with emotional meanings. The objective of this study was to analyze the ethnomotor features of TSG in three Catalan-speaking Autonomous Communities and to interpret them for constructing emotional communities. The study followed a phenomenological-interpretative paradigm. The identification of TSG was done by a hermeneutic methodological approach by using an exhaustive exploratory documentary research. We studied 503 (...) games collected in the Dictionary Català-Valencià-Balear de Alcover and Moll. Instruments and procedure: A database was built up with information about the internal and external logic of the games. The validity of the information was confirmed by means of a concordance test between the researchers. Data processing was carried out by means of classification trees, identifying the predictive variables of the types of TSG. Most of the TSGs were sociomotor games. The classification tree identified four explanatory variables. Three variables were internal traits, and one variable corresponded to external logic. Features of the TSG of the Catalan-speaking Autonomous Communities build original emotional communities. The ethnomotor regularities triggered emotional experiences associated with pleasure for living together ; domesticating of aggressiveness over opponents ; developing sustainability ; educating the competition ; and interpersonal well-being based on the community. (shrink)

We present two prudent semantics within Dung's theory of argumentation. They are based on two new notions of extension, referred to as p-extension and c-extension. Two arguments cannot belong to the same p-extension whenever one of them attacks indirectly the other one. Two arguments cannot belong to the same c-extension whenever one of them indirectly attacks a third argument while the other one indirectly defends the third. We argue that our semantics lead to a better handling of controversial arguments than (...) Dung's ones. We compare the prudent inference relations induced by our semantics w.r.t. cautiousness; we also compare them with the inference relations induced by Dung's semantics. (shrink)

A travers une phénoménologie où l'art éclaire le réel, à travers son choix des auteurs et des oeuvres qu'il a commentés, le philosophe Henri Maldiney (1912-2013) a proposé un décentrement du regard et du savoir propres à renouveler l'étude du paysage. Il part d'une question trompeusement simple : sommes-nous "devant" ou "dedans" le paysage? Comment s'approche le paysage? Comment se fait-il image? Ce recueil présente une pensée complexe de manière accessible à tous les spécialistes et les passionnés de littérature et (...) d'études visuelles. Exemples littéraires, picturaux et photographiques, témoignent de la fécondité d'une pensée fondée sur l'aisthèsis, la présence et le rythme."--Page 4 of cover. (shrink)

Comment une école publique d’art en Grande Bretagne a-t-elle été créée, comment a-t-elle évolué au XIXe siècle et quelle fut sa place vis-à-vis de la Royal Academy of Arts? Quelles furent l’incidence et l’importance de l’économie politique utilitariste et plus particulièrement des écrits de J. Bentham sur le goût, l’éthique et l’utilité, dans le développement d’une institution subventionnée par l’État et destinée à l’éducation artistique de la nation? Quels furent les débats et les apories..

Part One. In our strife to express the meanings of moral terms, we have neglected the one transparently built?in meaning: ?A man ought to keep his promises? could mean ?A man owes it to other men to keep his promises. Such is his debt and duty ? just what is due or owed?. This proposal is supported by the evidence of major languages of the world, ancient and modern, in all of which identical or closely related words serve to (...) express both the idea of material debt and that of moral obligation. But on study the revealing model and analogue of ?moral debt? is found, not in debts of exchange, the simplest and most obvious class of debts, but in debts of shared responsibility. Working from such models we conclude that ?A ought to do X? means X is part of A's share in the cost of the good community, the common cause and stake of all mankind? (shrink)

Household debt has been widely discussed among social scientists, policy makers, and activists. Many have questioned the levels of debt households are required to take on, and have made various proposals for assisting households in debt. Yet theorists of distributive justice have left household debt underexamined. This article offers a normative examination of the distributive justice issues presented by proposals to relieve household debt or protect households from overindebtedness. I examine two goals at which (...) class='Hi'>debt relief proposals aim: remedying disadvantage and stabilizing expectations. I then examine strategies for relieving existing debts such as debt abolition, forgiveness, bankruptcy, and mitigation, as well as strategies that aim to prevent future indebtedness, such as public provision or financing of costly goods and credit or interest rate regulations. (shrink)

In contemporary society, private debt has substituted for other ways of financing the consumption of basic social goods like housing, education, and medical care. This is at least partially due to increased inequality, which has allowed costs to rise faster than median incomes, as well as due to stagnating public provisions. Debt-financed access to basic goods is problematic because it creates new kinds of unfreedom and undermines the value of the freedoms that the indebted do manage to keep (...) or acquire. Debt-financing qualifies freedom in this way by placing certain kinds of conditions on our acquisition and consumption of the goods that we buy. These conditions compromise the very freedom that we seek and value when acquiring and consuming these goods. It does so, first, by transferring the burden of providing basic goods from the public to private individuals, thereby further constraining those who already face the most constraints in accessing basic goods. And, second, the conditional character of debt-financed consumption undermines the value that we attach to having basic social goods. At the very least, this gives us strong reasons to want to regulate the conditions that creditors can place on debtors, at least with respect to basic social goods. Further, at best, the most desirable alternative to debt-financed consumption is the unconditional public provision of basic goods like housing, education, and medical care. (shrink)

Trees architectural study shows gradients in the meristematic activity. This activity is described by the number of internodes per growth unit, which is considered as the output of a dynamic random process. Several species were observed, which led us to propose and then estimate some mathematical models. Computing the functioning of a tree in a given environment therefore involves finding the probability function of the meristems and following the evolution of the parameters of this law along the botanical gradients (order, (...) trend, acrotony) within its architecture. (shrink)

Animal and human studies suggest that parenting style is transmitted from one generation to the next. The hypotheses of this study were that a mother’s rearing experiences would predict her own parenting resources and current maternal mood, motivation to care for her offspring, and relationship with her parents would underlie this association. In a subsample of 201 first-time mothers participating in the longitudinal Maternal Adversity, Vulnerability and Neurodevelopment project, we assessed a mother’s own childhood maltreatment and rearing experiences using the (...) Childhood Trauma Questionnaire and the Parental Bonding Instrument. At 6 months postpartum, mothers completed questionnaires on parenting stress, symptoms of depression, maternal motivation, and current relationship with their own parents. The sample consisted of mostly high socioeconomic status mothers recruited from Montréal or Hamilton, Canada, with an age range from 18 to 43 years. More severe maltreatment and less supportive rearing by the mother’s parents predicted increased parenting stress at 6 months. These associations were mediated through distinct psychosocial pathways: maltreatment on parenting stress through symptoms of depression ; maternal rearing on parenting stress through maternal motivation and symptoms of depression ; and paternal rearing on parenting stress through current relationship with the father. Maternal rearing experiences predict a mother’s own parenting resources though distinct psychosocial pathways, including depressed mood, maternal motivation, and social support. (shrink)

Animal and human studies suggest that parenting style is transmitted from one generation to the next. The hypotheses of this study were that a mother’s rearing experiences would predict her own parenting resources and current maternal mood, motivation to care for her offspring, and relationship with her parents would underlie this association. In a subsample of 201 first-time mothers participating in the longitudinal Maternal Adversity, Vulnerability and Neurodevelopment project, we assessed a mother’s own childhood maltreatment and rearing experiences using the (...) Childhood Trauma Questionnaire and the Parental Bonding Instrument. At 6 months postpartum, mothers completed questionnaires on parenting stress, symptoms of depression, maternal motivation, and current relationship with their own parents. The sample consisted of mostly high socioeconomic status mothers recruited from Montréal or Hamilton, Canada, with an age range from 18 to 43 years. More severe maltreatment and less supportive rearing by the mother’s parents predicted increased parenting stress at 6 months. These associations were mediated through distinct psychosocial pathways: maltreatment on parenting stress through symptoms of depression ; maternal rearing on parenting stress through maternal motivation and symptoms of depression ; and paternal rearing on parenting stress through current relationship with the father. Maternal rearing experiences predict a mother’s own parenting resources though distinct psychosocial pathways, including depressed mood, maternal motivation, and social support. (shrink)

Part Two, Area A. Resuming the investigation set afoot in Part 1,1 we there proposed that subliminally people do commonly sense moral obligation as a kind of debt (chreos) of shared responsibility ? every person's share in the cost of a good community which is the common cause of all. Testing this ?common understanding? by the facts of human nature and community, this article examines the substratum of my good, good of others, idea of good community, of common (...) cause in it, of shared responsibility for it, of consequent debt of all to whole, and of human freedom and capacity to estimate and pay on a basis to be examined in Area B projected. ?Elementary freedom? depends on capacity for truthful purpose and for independent judgment, ?ultimate freedom? on a determined truthful purpose coupled with adequacy of ideas for interpretation of entire experience. Every human is free in the elementary sense, and accordingly responsible. Ultimate freedom has to be won, and actively affirmed. (shrink)

This article analyzes the Turkish central bank's “managed uncertainty” policy after the global financial crisis. During 2010–14, the central bank intentionally generated uncertainty around short-term interest rates, using the level of predictability faced by financiers as a tool to buffer the domestic economy from volatile capital flows. How did the central bank implement this unconventional policy? Building on interview data and public texts, the article argues that the surge in capital inflows after the crisis sourced a debt-led, financialized economic (...) growth model and deepened Turkey's reliance on external financing. The central bank could diverge from the financial sector's policy preferences despite Turkey's increased foreign capital dependence because the availability of low-cost, ample, private funding opportunities temporarily expanded policymakers’ room to maneuver. However, operating vis-à-vis an unsustainable growth regime, the central bank had to revert to orthodoxy in 2014 due to declining investor confidence and capital flight. This article contributes to the literature on the structural power of finance by demonstrating how finance derives its structural power from funding financialized growth, not productive investments. It also shows that financial structural power varies based on the source and cost of external financing beyond the degree of foreign capital dependence. (shrink)

Observations from the Point of View of the Relationship between Economy and EthicsThe main goal of this review is not to discuss the different lectures one by one in order of appearance. In my opinion, it will be much more interesting to analyze the symposium thematically. First, I will discuss the way in which the problem of external debt as such has been presented. Secondly, I will focus on the different points of view from which the problem has been (...) discussed. Finally, I will reflect on the different arguments that have been formulated.The problem of external debt as such was presented by Prof. Garcia . He provided a detailed factual analysis of the problem, well illustrated and presented in its different aspects. Via official figures he showed the implications of external debt for the Third World countries as well as for the First World countries. What are the economic implications for both parties? For HIPC countries, the amount of total debt is situated between 200 and 300 percent of their annual export value and between 3 and 6 times their total annual GNP. For First World countries on the other hand, the cost of debt cancellation is equal to 1/6 of the UK military budget, to one-year's expenditure on cinema in the USA, or to one-year's expenditure on chocolate in the UK.On the social level he points to the following: nowadays, payments by the southern countries, corresponding to the external debt, are four times the official development aid sent by the northern countries. As a result of these payments, public expenditure on basic goods and services for the poorest population of the world is dramatically reduced. From a political point of view this means that the poorest and most excluded people of the world are paying the price for contracted loans about which they did not have anything to say. These were decisions made by the elites and most of the time guided by bad management or even by corruption. The poorest people have never benefited from these decisions, but at present they are undergoing the consequences of the debt. Garcia also shows that the problem of external debt in the South is not a matter of private, commercial affairs, but a matter of the public sector and of social justice. This means that debts are an issue of international politics and debt reduction a matter of international political willingness. (shrink)

Economists have suggested it was optimal to signal the odious character of bonds when they were issued. However, since the odious debt doctrine has not been recognized by any court, one could argue that denouncing odious debts is useless. Exploiting a unique historical episode, this paper quantifies the impact of protests on odious debts. In 1906, the Russian government floated a bond in Paris to cover the costs of its war against Japan but also to raise money to crush (...) the political movements wishing to reform Russia’s political system. Issued without parliamentary consent, this loan met with fierce opposition. Press campaigns in Great Britain, France and Germany denounced its odious character. If failure or success is determined solely by the ability to prevent a loan from being issued, then the campaign failed. We argue, however, that failure or success should be determined in light of the financial costs imposed on the issuer for future loans and even the ability to force a postponement of these loans. We show that these campaigns increased the yields of all Russian bonds traded in Paris, and thus Russia’s future borrowing cost. Yields on the 1906 loan, which was specially targeted by the campaigns, rose even more. However, once the press campaigns stopped, yields experienced a declining trend, highlighting the important role the press may have on odious debts. (shrink)

The orthodox view on higher education financing is that students should bear some of the costs of attending and, where necessary, meet that cost through debt financing. New economic realties, including protracted economic slowdown and increasing austerity of the state with respect to the public funding of goods and services has meant that the same generation who have to borrow the most in order to attend face significantly fewer employment prospects upon graduation. In this context, is the current (...) approach of shifting the costs of post-secondary education from the general public to individual students justified? Most debate on the issue has focused on the demands of distributive justice within the modern higher education system and on the whole accepts the idea that students ought to pay. I argue that distributive arguments alone are insufficient because they tacitly endorse the provision of higher education as being much like a consumer's choice. As an alternative, I explore the place and importance of higher education in supporting personal autonomy as a central liberal democratic value. I then argue that debt financing of higher education places unreasonable constraints on student's choices with respect to the kind of democratic citizens that they would otherwise aspire to be. This constraint has negative implications for the wellbeing of individual students and the larger society. (shrink)

Human Towers are one of the most representative traditional sporting games in Catalonia, recognized in 2010 as Intangible Cultural Heritage by the United Nations Organization for Education, Science and Culture. The objective of this research was to study the emotional states elicited by a representative performance of the colla de Castellers de Lleida. This research is based on an ethnographic case study, with mixed methods in which 17 key informants voluntarily participated. Participant observation was used; the data were recorded in (...) a field diary and oral sources. The content analysis was done using the Atlas.ti software. An SPSS database was also created. The statistical techniques were: Descriptive statistical techniques, cross tables with Pearson's Chi-square values. We also used a classification and regression trees to examine the predictive capacity of five independent variables of emotional states. The results reveal that the comments were mostly oriented toward well-being states, The internal cooperative logic of the Human Towers enhances the intense interpersonal relationships of socio-emotional well-being. (shrink)

This article develops the argument that non-cosmopolitan considerations of justice justify relief of sovereign debt for highly indebted poor states. In particular, the article claims that considerations of national determination warrant some debt-forgiveness in the backdrop of unfair terms of global interaction. In a context of inequality, poor countries cannot generally afford to disregard the costs of ignoring the interests of the wealthiest states. Patterns of unbalanced interaction undermine national self-determination by limiting the poor countries' effective capacity to (...) choose between different policies to achieve development and other worthy goals. In concrete, this article suggests that unequal terms of interaction constrain national self-determination by making of sovereign debt an 'escape mechanism' in the absence of rival alternatives to palliate the effects of underdevelopment and related afflictions, despite the causes of sovereign debt being partly domestic, possibly. Thus, this paper views national self-determination as dependent on the availability of acceptable (non-unbearably burdensome) policy options on the part of states. (shrink)

The paper addresses some similarities and differences in the institutional set-up of the classical gold standard and European Monetary Union. I argue that giving up monetary nationalism and committing to the rules of either the gold standard or EMU initially seemed to restrict the scope of state action. Therefore, the euro – like previously the gold standard – provided some policy credibility. Policy credibility was a main determinant of capital market integration and low government borrowing costs in Europe under both (...) systems. However, I shall emphasize that the membership in the gold or euro club itself did not force reforms and spending cuts upon countries that faced crisis and debt problems. The article suggests that the institutional set-ups of the gold standard and EMU determined the degree of commitment to them and the way in which countries reacted to deal with debt problems. (shrink)

The COVID-19 pandemic has shaken the world. After liberalization in 1991, microfinance became a panacea for poor people without collateral and information asymmetry. The higher cost of microfinance and debt traps highlighted the need for the state to intervene in resource redistribution. In addition, national lockdowns and COVID-19 restrictions have made it difficult for emerging economies like India to achieve this sustainable development goal. The Reserve Bank of India introduced self-help group (SHG) bank linkage to ensure the financial (...) inclusion of the poor. The difference-in-difference method examined how SHGs affect entrepreneur households’ income. CMIE Consumer Pyramid dx data were used for analysis. The data establish that SHGs have increased the income of the households, and demographic factors such as education, income level and gender also impact the financial inclusion of the poor. (shrink)

This book uses an incidence approach to look at the economic repercussions of birth defects. The authors investigate eighteen of the most clinically significant birth defects affecting 35,000 newborns each year in our country. Their assessments suggest that the annual cost of these eighteen birth defects, together, is more than eight billion dollars . The authors describe in detail their methodology and data sources while providing thorough accounts of each of the eighteen birth defects. Waitzman, Scheffler, and Romano break (...) new ground by using reports from the California Birth Defects Monitoring Program in order to provide cost estimates. They illustrate to the reader how cost estimates of specific birth defects can be used to justify prevention interventions and strategies. In chapter seven, they provide an important example, showing cost-benefit analysis of a program of folate supplementation of food to prevent neutral tube defects. Contents: List of Tables; Preface; Acknowledgements; Introduction; The Application of Cost-of-Illness Methodology To Birth Defects; The Direct Medical Costs of Birth Defects; Nonmedical Direct Costs of Birth Defects: Developmental Services and Special Education; The Indirect Costs of Birth Defects; Premature Mortality and Heightened Morbidity; An Assessment of Total Costs and Policy Implications; Description of Birth Defects; Description of Major Data Sources; Index. (shrink)

Increasing gender diversity in the boardroom has been promoted as a way to enhance corporate governance and risk management. This study empirically examines whether boards with more female directors play a role in reducing R&D risk. We first show that female directors help to reduce the positive relationship between R&D investment and future performance volatility. We then report that firms with more gender-diverse boards exhibit a lower adverse effect of R&D on the cost of debt. These results are (...) robust to endogeneity analysis, alternative measures of gender diversity and risky investment, and other sensitivity tests. Overall, our results suggest that female directors improve board effectiveness in risk management with respect to R&D investment. (shrink)

Is drastic action against global warming essential to avoid impoverishing our descendants? Or does it mean robbing the poor to give to the rich? We do not yet know. Yet most of us can agree on the importance of minimising expected deprivation. Because of the vast number of future generations, if there is any significant risk of catastrophe, this implies drastic and expensive carbon abatement unless we discount the future. I argue that we should not discount. Instead, the rich countries (...) should stump up the funds to support abatement both for themselves and the poor states of the world. Yet to ask the present generation to assume all the costs of drastic mitigation.is unfair.Worse still, it is politically unrealistic.We can square the circle by shifting part of the burden to our descendants. Even if we divert investment from other parts of the economy or increase public debt, future people should be richer, so long as we avert catastrophe. If so, it is fair for them to assume much of the cost of abatement.What we must not do is to expose them to the threat of disaster by not doing enough. (shrink)

Selected as a Financial Times Best Book of 2013Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of (...) government spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us. (shrink)

Criticism of the welfare state is mostly economic and administrative, relating to the resultant national debt and state bureaucracy. Budget cuts and privatization may help but not eliminate the difficulty. Yet, the primary concern of the welfare system is neither economic nor administrative; so, the force of this criticism is limited. To restrict the discussion to the defunct free-markets and centralized economies is to distort and to obstruct clear thinking on national priorities. Criticism of any welfare system should not (...) aim at the revival of these extremist solutions, but raise cost-effectiveness. All this holds for the medical sector in particular. (shrink)

There are interesting parallelisms between McCullough et al.'s article and studies of revenge presented by French legal anthropologist Raymond Verdier, particularly as regards the discussion of the increasing likelihood of revenge with increasing social distance. Additionally, the observation that many peoples speak of revenge in the language of debt and repayment, links it with exchanges of benefits as well as costs.

Economists and legal scholars routinely posit an implicit contract between Japanese firms and their principal lender. Under this arrangement, the bank implicitly agrees to rescue the firm when times turn bad. Out of court, it rescues the firm from insolvency. Not only does it save the investments specific to the troubled firm, it lowers the use of costly bankruptcy proceedings and cuts the costs of those bankruptcy procedures firms do occasionally invoke. Given the creditor-shareholder conflicts of interest that arise as (...) firms approach insolvency, such arrangements would seem unstable. Yet according to a long sociological tradition, conflicts of interest matter less in Japan than in the West. According to the emerging economic and legal tradition, Japanese economic actors do face those conflicts, but keep them in check through reputational concerns, close-knit ties, and government supervision. Using two datasets of troubled firms from the 1970s and 1980s, we ask whether Japanese main banks in fact rescue distressed borrowers. We find no evidence that they do: large Japanese firms fail; when large firms approach insolvency, main banks do not increase the share of the firm’s debt they bear; stronger ties between distressed firms and their main bank do not facilitate loans; and troubled firms do not try to preserve their main bank relationship. All told, the claim that Japanese banks ever implicitly agreed to rescue firms is sheer myth. That Japanese banks let troubled firms fail is no recent development; it has been thus for decades. Conflicts of interest do indeed matter in Japan and long have. They matter enough to prevent precisely the incentive-incompatible rescue deals that scholars in the field so routinely posit. (shrink)

This study investigated effects of codes of ethics on perceptions of ethical behavior. Respondents from companies with codes of ethics (n = 465) rated role set members (top management, supervisors, peers, subordinates, self) as more ethical and felt more encouraged and supported for ethical behavior than respondents from companies without codes (n = 301). Key aspects of the organizational climate, such as supportiveness for ethical behavior, freedom to act ethically, and satisfaction with the outcome of ethical problems were impacted by (...) the presence of an ethics code. The mere presence of a code of ethics appears to have a positive impact on perceptions of ethical behavior in organizations, even when respondents cannot recall specific content of the code. (shrink)

In 21 CE, a series of localized movements broke out in Gallia Comata due to heavy debts among provincials according to Tacitus. Modern scholars have long argued that the indebtedness occurred because of rising interest rates, resulting from dwindling currency in circulation after decades of free-spending following Augustus’ victory at Actium, and that Gallic communities were subjected to an additional tribute to support the wars of Germanicus (14–16 CE), which continued unabated after the wars and pushed Gauls beyond their means. (...) These claims are misguided, however, in that there is no certain evidence of a special tax to support Germanicus’ wars and that the argument for a dwindling circulation of currency in Gaul falters under closer inspection. Rather, the pressing statal and military needs imposed on communities in Gallia Comata after 9 CE on top of routine exactions could significantly increase burden levels levied on provincial populations, thus contributing to rising debts. Through examining how Roman logistics and conscription operated in this period, it is possible to trace how populations were impacted by such demands and which communities were most heavily affected by them, too. Individually, the impact of each factor is unlikely to have been burdensome enough to have caused large-scale resistance, it is only the cumulative effect that these explanations had on top of routine Roman extraction schemes that could create the conditions for this revolt. This paper argues that in extraordinary circumstances, such as the period after the Varian Disaster for Gallia Comata, the costs of supporting military campaigns places real short-term strains on local economies, which creates the conditions for revolt. The benefit of this approach is that it may explain other episodes of anti-fiscal resistance that broke out during or within a decade of wars in neighboring regions. (shrink)

Social and environmental ratings provided by social rating agencies are multidimensional. The first goal of our paper is to identify a small number of independent and relevant socially responsible (SR) dimensions reflecting a firms’ coherent posture toward social issues. We put forward that these dimensions are not exactly the same as the ESG ones (Environment, Social, and Governance). Using the six sub-ratings provided by the Vigeo rating agency, we perform a principal component analysis and we highlight three main independent SR (...) dimensions related to (1) business stakeholders (employees, customers, and suppliers), (2) societal stakeholders (environment and society), and (3) financial stakeholders (stockholders and debt holders). The second objective of our paper is to explore the link between stock returns and these three SR dimensions. Our most notable finding is that for each SR dimension, investors ask for an additional risk premium when they accept to hold non-socially responsible stocks. The cost of equity is thus lower for SR firms. The average premium over the period 2003–2010 is larger for the components “business stakeholders” and “financial stakeholders” than for the component “societal stakeholders.” The premium for this last component has only existed since the end of 2008. Since that time, environment and community involvement have become important risk factors strongly considered by investors. For the three dimensions, investors notably penalize large non-social firms and reward small social firms. (shrink)

Kerr coined the term ‘HARKing’ to refer to the practice of ‘hypothesizing after the results are known’. This questionable research practice has received increased attention in recent years because it is thought to have contributed to low replication rates in science. The present article discusses the concept of HARKing from a philosophical standpoint and then undertakes a critical review of Kerr’s twelve potential costs of HARKing. It is argued that these potential costs are either misconceived, misattributed to HARKing, lacking evidence, (...) or that they do not take into account pre- and post-publication peer review and public availability to research materials and data. It is concluded that it is premature to conclude that HARKing has led to low replication rates. (shrink)

As the problem of debt grows more and more urgent in light of the central role it plays in neoliberal capitalism, scholars have analyzed debt using numerous approaches: historical analysis, legal arguments, psychoanalytic readings, claims for reparations in postcolonial debates, and more. Contributors to this special issue of _difference_s argue that these diverse approaches presuppose a fundamental connection between indebtedness and narrative. They see debt as a promise that refers to the future—deferred repayment that purports to make (...) good on a past deficit—which implies a narrative in a way that other forms of exchange may not. The authors approach this intertwining of debt and narration from the perspectives of continental philosophy, international law, the history of slavery, comparative literature, feminist critique, and more. Contributors. Arjun Appadurai, Anthony Bogues, Emmanuel Bouju, Silvia Federici, Mikkel Krause Frantzen, Raphaelle Guidée, Odette Lienau, Catherine Malabou, Vincent Message, Laura Odello, Peter Szendy, Frederik Tygstrup. (shrink)

In the aftermath of a terrorist attack political stakes are high: legislators fear being seen as lenient or indifferent and often grant the executive broader authorities without thorough debate. The judiciary's role, too, is restricted: constitutional structure and cultural norms narrow the courts' ability to check the executive at all but the margins. The dominant 'Security or Freedom' framework for evaluating counterterrorist law thus fails to capture an important characteristic: increased executive power that shifts the balance between branches of government. (...) This book re-calculates the cost of counterterrorist law to the United Kingdom and the United States, arguing that the damage caused is significantly greater than first appears. Donohue warns that the proliferation of biological and nuclear materials, together with willingness on the part of extremists to sacrifice themselves, may drive each country to take increasingly drastic measures with a resultant shift in the basic structure of both states. (shrink)

I owe you a dinner invitation, you owe ten years on your mortgage, and the government owes billions. We speak confidently about these cases of debt, but is that concept clear in its meaning? This book aims to clarify the concept of debt so we can find better answers to important moral and political questions. This book seeks to accomplish two things. The first is to clarify the concept of debt by examining how the word is used (...) in language. The second is to develop a general, principled account of how debts generate genuine obligations. This allows us to avoid settling each case by a bare appeal to moral intuitions, which is what we seem to currently do. It requires a close examination of many institutions, e.g. money, contract law, profit-driven finance, government fiscal operations, and central banking. To properly understand the moral and political nature of debt, we must understand how these institutions have worked, how they do work, and how they might be made to work. There have been many excellent anthropological and sociological studies of debt and its related institutions. Philosophy can contribute to the emerging discussion and help us to keep our language precise and to identify the implicit principles contained in our intuitions. (shrink)