This article provides a comprehensive analysis of the stock market reaction to green bond issuance announcements for a large, international sample of listed companies. Existing empirical studies find mixed results regarding this issue. Using a sample of 595 green bonds issued between 2014 and 2021, we conducted a series of event studies to analyze the changes in issuer returns and liquidity following the announcements. We find that the market reaction is significantly negative, more severe compared to conventional bond issues, (...) but improves over time. Green bonds issued by companies with poor environmental performance or without prior experience in issuing such bonds generate a more negative market reaction. We also find that stock liquidity improves for issuers with good environmental performance. Our findings have significant implications as they suggest the existence of economies of scale in repeated issuances of green bonds and/or increasing reliability in the bond’s greenness. (shrink)

Business Ethics, the Environment & Responsibility, EarlyView.

: Following a long process of revision, a new version of the Declaration of Helsinki was approved by the World Medical Association in 2000. Two provisions of the Declaration address ongoing international controversies regarding research sponsored by industrialized countries and conducted in developing countries. Despite the issuance of the final version of the Declaration, opponents remain locked in debate. Moreover, the Declaration remained silent on other prominent controversies concerning international research. An analysis of these current controversies reveals reasons why (...) they are not likely to be readily resolved, despite apparent agreement by opponents on overarching ethical principles. (shrink)

Mea culpa. In 1981 the President's Commission for the Study of Ethical Problems in Medicine and Biomedical and Behavioral Research, of which I was the Executive Director, recommended to the President and Congress that all federal departments and agencies that conduct or support human subjects research adopt “as a common core” the HHS regulations, “while permitting additions needed by any department or agency that are not inconsistent with these core provisions.” The commission believed—rightly, I still think—that having uniformity would ease (...) administration, reduce regulatory burdens, simplify oversight, and make research more efficient. Yet our naïve expectation the task could be accomplished in 180 days meant that we failed to anticipate that if it took much longer—namely, the 10 years that passed before the Common Rule was issued—federal officials would thereafter be reluctant to change the regulations and that when they tried to do so twenty years later, with the issuance of the ANPRM in 2011, they would propose comprehensive revisions. I argue that was the wrong conclusion to draw from the difficulties in issuing the first Common Rule, and that the process of producing the new “final rule” on January 19, 2017—during which many of the proposed changes were either dumped or promulgated without being adequately vetted—reinforces the conclusion that a more incremental process, with ongoing involvement of the public through an advisory body like the President's Commission, would be a much better way to proceed. (shrink)

Moral Seduction Theory suggests that auditors are morally compromised by the perceived consequences of their opinions. The root of the auditing problem appears to result in an unintentional bias rather than in dishonesty. Although important accounting reforms have been taken to deal with auditors' trustworthiness, their lack of independence has not been adequately addressed. The new regulation (Sarbanes-Oxley Act) is a consequence of an incorrect understanding of the main true source of auditor's biases. We have developed a cognitive approach by (...) connecting the Throughput Model (TM) to the Moral Seduction Theory. This approach allows a better understanding of how conflicts of interest lead auditors to avoid the issuance of warning signals to stakeholders. We have tested our model by conducting a hypothetical scenario with eighty experienced auditors from international accounting firms. Our results confirm auditors' unintentional reluctance to issue qualified audit opinions alerting investors due to their fear of precipitating clients' final bankruptcy. The main implication is that, more than a regulation, effort should be made in monitoring those conflicts of interest to reduce unintentional bias. (shrink)

End-of-life decision making frequently occurs in the intensive care unit (ICU). There is a lack of information on how a do-not-resuscitate (DNR) order affects treatments received by critically ill patients in ICUs. The objectives of this study were: (1) to compare the use of life support therapies between patients with a DNR order and those without; (2) to examine life support therapies prior to and after the issuance of a DNR order; and (3) to determine the clinical factors that (...) influence the initiation of a DNR order in ICUs in Taiwan. A prospective, descriptive, and correlational study was conducted. A total of 202 patients comprising 133 (65.8%) who had a DNR order, and 69 (34.1%) who did not, participated in this study. In the last 48 hours of their lives, patients who had a DNR order were less likely to receive life support therapies than those who did not have a DNR order. Older age, being unmarried, the presence of an adult child as a surrogate decision maker, a perceived inability to survive ultimate discharge from the ICU, and longer hospitalization in the ICU were significant predictors of issuing a DNR order for critically ill patients. This study will draw attention to how, when, and by whom, critically ill patients’ preferences about DNR are elicited and honored. (shrink)

The Internet offers many new opportunities for behavioral researchers to conduct quantitative and qualitative research. Although the ethical guidelines of the American Psychological Association generalize, in part, to research conducted through the Internet, several matters related to Internet research require further analysis. This article reviews several fundamental ethical issues related to Internet research, namely the preservation of privacy, the issuance of informed consent, the use of deception and false feedback, and research methods. In essence, the Internet offers unique challenges (...) to behavioral researchers. Among these are the need to better define the distinction between private and public behavior performed through the Internet, ensure mechanisms for obtaining valid informed consent from participants and performing debriefing exercises, and verify the validity of data collected through the Internet. (shrink)

Regulators have recently relaxed some provisions of the Global Research Analyst Settlement of 2003 and associated reforms, which arose from charges that conflicts of interest within investment banks had induced the issuance of fraudulent or otherwise misleading analyst research reports. We examine the effectiveness of the Global Settlement in reducing the systematic optimism observed in stock recommendations of analysts whose employer is a merger and acquisition advisor for the covered firm, by comparing the optimism exhibited in stock recommendations issued (...) by these analysts and by unaffiliated analysts before and after the Global Settlement. To control for the impact on analyst optimism of other time varying factors, our sample includes cases from the US and from other countries in which the Global Settlement had no direct impact. We argue that if the Global Settlement was effective, there should be a reduction in the relative optimism of affiliated analysts following this reform, and that reduction in the relative optimism should be greater for affiliated US analysts, than for affiliated analysts from non-US countries. When optimism is measured over a 180-day period surrounding the M&A announcement, we find a significantly greater reduction in US affiliated analysts’ optimism than occurs outside the US. However, evidence regarding analysts’ optimism in the 90-day period prior to the announcement of an M&A deal is mixed. (shrink)

We analyze whether companies involved in a security class action suit (SCAS) exhibit differential capital structure decisions, and if the information revealed by a corporate scandal affects the security issuances and stock prices of industry peers. Our findings show that before a SCAS is filed, companies involved in a scandal show a greater amount of security offerings than their peers and, due to equity mispricing, are more likely to use equity as a financing mechanism. Following a SCAS filling, these companies (...) exhibit a decreasing amount of total external finance raised and lower levels of book and market leverage. Industry peers' issuance patterns exhibit significant contagion, with reduced debt and equity issuance following the SCAS filing. Corporate scandals also have meaningful negative effects on stock prices and bond ratings. Similar to capital structure, we document contagion at the industry level with peers' share prices yielding negative returns as well. (shrink)

ABSTRACT The financial crisis was caused by the complex, constantly growing web of regulations designed to constrain and redirect modern capitalism. This complexity made investors, bankers, and perhaps regulators themselves ignorant of regulations promulgated across decades and in different “fields” of regulation. These regulations interacted with each other to foster the issuance and securitization of subprime mortgages; their rating as AA or AAA; and previously their concentration on the balance sheets (and off the balance sheets) of many commercial and (...) investment banks. As a practical matter, it was impossible to predict the disastrous outcome of these interacting regulations. This fact calls into question the feasibility of the century‐old attempt to create a hybrid capitalism in which regulations are supposed to remedy economic problems as they arise. (shrink)

Three frames of reference for engineering ethics are discussed—individual, professional and social—which can be further broken down into “microethics” concerned with individuals and the internal relations of the engineering profession and “macroethics” referring to the collective social responsibility of the engineering profession and to societal decisions about technology. Few attempts have been made at integrating microethical and macroethical approaches to engineering ethics. The approach suggested here is to focus on the role of professional engineering societies in linking individual and professional (...) ethics and in linking professional and social ethics. A research program is outlined using ethics support as an example of the former, and the issuance of position statements on product liability as an example of the latter. (shrink)

The financial crisis was caused by the complex, constantly growing web of regulations designed to constrain and redirect modern capitalism. This complexity made investors, bankers, and perhaps regulators themselves ignorant of regulations previously promulgated across decades and in different “fields” of regulation. These regulations interacted with each other to foster the issuance and securitization of subprime mortgages; their rating as AA or AAA; and their concentration on the balance sheets (and off the balance sheets) of many commercial and investment (...) banks. As a practical matter, it was impossible to predict the disastrous outcome of these interacting regulations. This fact calls into question the feasibility of the century-old attempt to create a hybrid capitalism in which regulations are supposed to remedy economic problems as they arise. (shrink)

In Time Deposits, Dimension, and Fraud (2009), William Barnett and Walter Block argue that by borrowing short and lending long there is an over issuance of property rights. Their article, however, does not fully extend the consequences of their contribution. Once this is done, it becomes clearer that their argument suits a great impediment to banking, becoming a possible reason to support rather than to oppose fractional reserve banking. Bagus and Howden (J Bus Ethics 90(3):399–406, 2009) comment on Barnett (...) and Block (J Bus Ethics 88(4):711–716, 2009), the authors claim that while maintaining the illegitimacy of fractional reserve deposits, borrowing short and lending long it is actually not illegitimate. An extension on Bagus and Howden (2009) will show that their line of argumentation can be applied as a defense of fractional reserve banking as well. (shrink)

In his book, Defending the Undefendable, Walter Block makes the case that an individual counterfeiter of fiat notes does not commit a natural law crime, because money issued by the government is itself counterfeit. Several authors, including Murphy, Machaj, and Davidson, have taken issue with Block’s argument. In Davidson, I maintain that while the issuance and use of fiat currency by the state violates the natural law, fiat notes are not counterfeit, and their use by ordinary people is legitimate. (...) The private counterfeiter is a thief when he exchanges his notes with these innocents, because they are rightful owners of both the fiat currency and the goods for which it is exchanged. Block, in a rejoinder, disputes this on both ethical and utilitarian grounds. The present paper is a response to Block, and an elaboration of my original article. From a natural law perspective, I explore the ethical violations surrounding counterfeiting, and the legitimacy of producing and using fiat money by both the state and the individual. (shrink)

Banks are expected to play a key role in assisting the real economy with the green transition process. One of the tools used for this purpose is the issuance of green bonds. We analyze the characteristics of banks that issue green bonds to understand: (i) which banks are more likely to resort to these funding instruments, and (ii) if the issuance of green bonds leads to an improvement in a bank’s environmental footprint. We find that large banks and (...) banks that had already publicly expressed their support for a green transition are more likely to issue green bonds. Conditional on being a green bond issuer, smaller banks tend to resort to green bonds in a more persistent manner and for relatively larger amounts, while larger banks issue green bonds on a more occasional basis and for smaller amounts. This heterogeneity is also reflected in our findings that only banks that issue green bonds more intensively improve their emissions and reduce lending to polluting sectors, thus contributing to the decarbonization of the financial sector. (shrink)

Resumen En el marco de un estudio mayor, cuyo principal objetivo es postular la existencia de diferencias entonativas entre zonas lingüísticas de Chile en la emisión de oraciones subordinadas sustantivas objetivas, en este trabajo se expone una caracterización de tres tipos de pausas halladas al interior de las estructuras oracionales indicadas anteriormente, emitidas por hablantes profesionales provenientes de Iquique y de Punta Arenas. El propósito principal del estudio consistió en determinar si se manifestaban diferencias en los tipos de pausas observadas (...) en relación con la complejidad oracional analizada, el género de los informantes y su procedencia geográfica. Para ello se analizaron 100 enunciados extraídos de entrevistas realizadas a 37 profesionales nacidos en ambas ciudades. Los resultados indicaron que hubo diferencias en las pausas observadas, en relación con los tipos de oraciones analizadas, la procedencia geográfica y el género de los informantes.As part of a larger study, whose main objective is to postulate the existence of intonation differences between linguistic regions of Chile in the issuance of subordinate clauses substantive objective, this work exposes a characterization of three types of pauses found inside the sentence structures listed above, issued by professional speakers from Iquique and Punta Arenas. The main purpose of the study was to determine the existence of differences in the types of pauses observed in relation to the sentence complexity analyzed, the gender of the informants and their geographical origin. For this, a total of 100 statements taken from interviews of 37 professionals born in both cities were analyzed. The results indicated that there were differences in the observed pauses, in relation to the types of sentences analyzed, the geographic origin and gender of the informants. (shrink)

The laws concerning driving licences and epilepsy in different countries are very diverse with regard to the criteria for issuance or renewal of licences, and also the methods of evaluating fitness. In 2011, a law was issued in Italy implementing the European directives on driving licences, including provisions for mandatory notification that a driver is epileptic. This was established regardless of the European rules that require compulsory notification only of patients. The Federation of Italian Boards of Physicians has made (...) recommendations against mandated physician reporting, resulting in a current confusion between legal and ethical recommendations to medical doctors. The mandatory notification enacted by Italian law raises ethical concerns about disparities in access to care and possible violations of the right to confidentiality of patient information. Moreover, the law discussed here fails to emphasise the importance of physicians ensuring compliance by the patient, by sharing the correct information about the risks associated with illegal driving and by obtaining information from the patient through regular check-ups. An urgent revision of the law is required to implement the duty of the physician to provide information and to ensure that the rule about mandatory notification should be erased in favour of optional self-reporting by epileptics as the preferred way to notify the licensing authority. The implementation of these measures could correct the dichotomy between the law and the ethical recommendations for medical doctors and protect the rights of people with epilepsy as well as those of any other patients whose pathology or impairment could imply a risk to the community. (shrink)

There is a long-running debate among legal scholars regarding the propriety and enforceability of SEC attempts to mandate disclosures of antisocial or illegal corporate activities that do not materially impact a company’s financial statements. This debate was recently revived by the issuance of SEC Staff Accounting Bulletin 99, Materiality in Financial Statements (SEC 1999), which suggests that quantitatively immaterial information relating to unlawful transactions or regulatory non-compliance should be considered for disclosure. This issue has important implications for the accounting (...) profession, although it has generally been ignored in the accounting literature. This paper reviews legal and ethical considerations raised by the issue of qualitative disclosures, and also presents the results of a preliminary empirical test of the impact of such disclosures on financial statement users’ judgments. The results of this study indicate that investors consider the nondisclosure of immaterial illegal acts to be unethical, and reject suggestions that such information lacks moral intensity. The results also suggest that immaterial illegal acts have a significant effect on investors’perceptions of the quality of corporate management and the likelihood of investment in a company. This effect was more pronounced when the illegal act was combined with self-dealing on the part of corporate executives. (shrink)

Confucianism regarded mind-heart's nature with importance more than any other schools at all the time. Confucius was the first one to bring up the concept of mind-heart's nature in the history of chinese philosophy. Mencius was the first person to demonstrate reality of human nature's nature systematically and scientifically. Mencius was a protector to block heterodoxy after succeeding Confucius's the doctrine of mind-heart's nature. The mind-heart's nature provided by Mencius are 1) what distinguishes human beings from animals. 2) a moral (...) motivation of human beings. 3) comprised of benevolence(仁), righteousness(義), propriety(禮) and wisdom(智). T'oegye presented a The four & seven debate based Li-K with Gobong metaphysically. The four & seven debate was to present a moral motivation of human beings in their relation to metaphysical composition(Li-Ki). Li and Ki. human nature and particular with respect to metaphysical composition(Li-Ki). T'oegye introduced these of 'The four beginnings are the issuance of LI, and protected the human mind-heart's nature differed with other beings after succeeding Confucius-Mencius's the doctrine of mind-heart's nature. Such viewpoints about theory of mind-heart's nature plays an important role in the Age of AI. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:The Misnomer of Freud's "Seduction Theory"Hall TriplettSigmund Freud's theory of 1896 was buried without a name in 1897, less than two years after it appeared. The process by which it acquired a name, "seduction theory," and the role this name played in the history of psychoanalysis are essential parts of the legend-making in Freud's biography. The label, bestowed half a century after publication, reflected two major rhetorical transformations. First, (...) from a theory presented with highly general claims of infant sex abuse, assault, and trauma, the theory was repackaged as a theory of seduction. Second, from a theory reportedly based in actual, traumatic experience, followed by repressed memory, it was transformed into one of fantasy. The name "seduction theory" has therefore operated as a misleading, strategic misnomer for the theory that Freud published in 1896.Freud announced his theory in three publications, referred to here in order of publication as the Paris paper,1 the Berlin paper,2 and "The Aetiology of Hysteria," published in Vienna.3 In his final publication the emphasis on trauma was greatest. In the space of five pages in the Standard Edition of Freud's works he used the word "traumatic" or "traumatically" fifteen times.4 Although he was extending the traumatic memory theory that he had shared with Josef Breuer in 1895,5 he touted his new modification as "the discovery of a caput [End Page 647] Nili [source of the Nile] in neuropathology."6 Sixteen months later he would privately renounce it. The theory was resurrected in the 1980s as support for the recovered memory movement.7It is essential to recall that the issuance of scientific claims is quite different from scientific validation. Getting the name of a theory right more than a century after publication is one matter only; assessing the basis of its underlying claims raises yet another challenge, particularly when the theory has been transformed with such extensive variation as Freud's theory of 1896.Therefore, the early death of the theory, described only in private letters to Wilhelm Fliess, is critical to an understanding of the entire historical episode. It is essential also to note that when Freud published his retrospective revisions of the theory, he did not know that his contemporary letters to his intimate friend would become competing evidence of the actual events of the mid-1890s.8When Freud secretly abandoned his theory on 21 September 1897 he wrote to Fliess, "I no longer believe in my neurotica."9 Implied already is the fact that Freud's belief in his theory was all that had supported it. One of his retrospective comments unwittingly substantiates this fact. In 1914, in his "History of the Psycho-analytic Movement," he conceded that his theory "broke down under the weight of its own improbability."10Furthermore, abandoning a theory in secrecy with no public defense is itself tantamount to a confession that supporting evidence is missing. Freud had acknowledged the absence of supporting data in his Berlin paper when he stated, "In this kind of communication it is not possible to bring forward the evidence needful to support my assertions, but I hope to fulfill this obligation later in a detailed presentation."11 His claim that it was "not possible to bring forward the evidence" must be challenged. Presenting scientific evidence is always possible when one has it. Moreover, in his "later" paper, by far the longest of 1896, he evaded the presentation of "actual material," opting instead to discuss potential objections.12 He did not present a single case history of hysteria, arguing that this would have taken too much time; yet he had closed his Berlin paper with a case history of paranoia that was purportedly based in the female patient's "sexual relationship" with her brother during childhood.13 [End Page 648] This case is not persuasive, but it demonstrates Freud's eagerness in 1896 to share a case when he believed that he had one to share.The style of a live lecture in "The Aetiology of Hysteria," as though Freud were speaking to an audience of potential objectors, is highly misleading, even fictional. As he explained in his letters... (shrink)

The main thesis of this article is that Kant’s concept of law is a non-positivistic one, notwithstanding the fact that his legal philosophy includes very strong positivistic elements. My argument takes as its point of departure the distinction of three elements, around which the debate between positivism and non-positivism turns: first, authoritative issuance, second, social efficacy, and, third, moral correctness. All positivistic theories are confined to the first two elements. As soon as a necessary connection between these first two (...) elements and the third element, moral correctness, is established, the picture changes fundamentally. Positivism becomes non-positivism. There exist two kinds of connections between law and morality: classifying and qualifying connections. This distinction stems from different sorts of effects that moral defects give rise to. A classifying connection leads to the loss of legal validity, whereas a qualifying connection leads only to legal defectiveness. In Kant’s theory of law both connections are found. The qualifying connection is conspicuous throughout Kant’s theory of law, whereas the classifying connection, by contrast, is rare and well hidden. This will suffice to consider Kant as a representative of inclusive non-positivism. (shrink)

Money has come a long way from the substances and shapes it had in antiquity and early modernity to the ever more ephemeral forms it took on in the last decades. A further step in this direction to an increasingly virtual world of finance is digital money. Amongst digital currencies, cryptocurrencies like Bitcoin and the many hundred altcoins created lately, stand out because of the challenge they pose to the conventional contour and conception of monetary systems. In addition to private (...) banks and the public hand, via cryptocurrencies now also individuals emerge as emitters of currency. Whereas formerly the sovereignty over the issuance of money was anchored locally or nationally, backed by tangible private or public institutions, cryptocurrencies immediately surface globally within the intangible cyberspace of the worldwide web. In this novel realm of money, the cryptocurrencies Bitcoin and Ripple stand for two different approaches to the question as to which impact money ought to have in people’s lives, and as to how individuals in turn can influence the nature and future of money. The article discusses the moral claims of these rivaling conceptions. (shrink)

Barnett and Block (Journal of Business Ethics, 2009 ) attack the heart of modern banking by claiming that the practice of borrowing short and lending long is illicit. While their claim of illegitimacy concerning fractional reserve banking can be defended, their justification lacks substance. Their claim is herein strengthened by a legal analysis of deposits and loans based on Huerta de Soto (Money, Bank Credit and Economic Cycles, 2006 ). A combined legal and economic analysis shows that while lending deposits (...) can be regarded as illicit, the maturity mismatching of loans is legitimate contrary to Barnett and Block’s claim. No over-issuance of property rights is involved with this practice once the distinction between present and future goods is taken into account. However, while the practice is not illicit per se , it is greatly assisted and developed through the presence of a fractional reserve banking system, and can sometimes breed detrimental effects. (shrink)

The present study aims at supporting the argument that emotions, unlike a physicalistic interpretation, cannot be reduced to the conceptual elements used in the communication or exteriorization process. The subject is based on two hypotheses: the first is that the relation between the issuance of an emotive content (emotion) and a possible mental representation presents a linguistic nature. In general terms, this means that an emotion, or the psychological content associated with it is based on the plot of other (...) concepts. The second hypothesis is that it is not possible to refer to emotions without considering cognition from a semantic problem and, consequently, in the refusal of a realistic or anti-realistic posture in relation to the way the phenomena - internal and/or external to our consciousness - are referred. Thus, a conceptual model to understand emotions would be essential to settle the problem associated with ordinary language, realism, and the computational tendencies that comprehend the mental content in strictly syntactic terms. (shrink)

The Standards of Ethical Conduct for Management Accountants (Statement 1C) promulgated by the National Association of Accountants on June 1, 1983, are described and critiqued in this article. Four major issues related to the issuance of the standards are discussed: (1) What are the basic requirements of any ethical system? Does Statement IC meet these requirements? (2) Should a professional be ethical? (3) If ethical behavior is desirable for management accountants, should such standards be formally expressed in writing? (4) (...) If the standards are expressed in writing, what format should be adopted for the content and how should the standards be expressed? (shrink)

Philosophy is general and systematic reflection about what there is, what ought to be done or is good, and how knowledge about both is possible. Legal philosophy raises these questions with respect to the law. In so doing, legal philosophy is engaged in reasoning about the nature of law. The arguments addressed to the question of the nature of law revolve around three problems. The first problem addresses the question: In what kinds of entities does the law consist, and how (...) are these entities connected such that they form the overarching entity we call “law”? The answer is that law consists of norms as meaning contents which form a normative system. The second problem addresses the question of how norms as meaning contents are connected with the real world. This connection can be grasped by means of the concepts of authoritative issuance and social efficacy. The latter includes the concept of coercion or force. The third problem addresses the correctness or legitimacy of law, and, by this, the relationship between law and morality. To ask about the nature of law is to ask about necessary relations between the concepts of normative meaning, authoritative issuance as well as social efficacy, and correctness of content. (shrink)

This study bridged the gap in the literature by exploring the overlaps between public financial accountability and religious sentiments. Previous studies have considered accountability in specific religions and religious organisations through the expositions of their application of accounting concepts and procedures. However, the ways in which religious sentiments affect public accountability are rarely researched. Yet, religion and religious sentiments play central roles in the lived experiences of many people and affect their decisions and perceptions. We used the issuance of (...) Sukuk as a way to understanding how religious sentiments can impact public financial accountability. Our analysis of the online commentaries on the media report of the Sukuk issuance relied on the theory of Symbolic Interactionism and an interpretivist research approach that recognises multiple realities and supports exploring people’s lived experiences. Symbolic Interactionism suggests that people create meanings from their interactions with others through symbols, actions and multiple roles in social settings. Our findings showed that the Sukuk issuance elicited conflicting symbolic meanings amongst Netizens that affected their opinions of governments’ efforts to enhance public infrastructure using alternative financing options. We argued that clarity on the intersection between religious sentiment and public financial accountability can lead to deeper understanding on the nature of public accountability. It could also support the design of appropriate accountability frameworks especially in contexts with social fissures capable of undermining public accountability. (shrink)

In this paper, we examine whether relational mobility on a country level related to individuals’ tendencies to restrict their movement following the onset of the global COVID-19 pandemic and following the issuance of stay-at-home orders in their country. We use data on geographic mobility, composed of records of geolocation information provided via mobile phones, to examine changes in geographic mobility at the onset of the COVID-19 pandemic. We show that individuals in countries with higher RM tended to decrease their (...) geographic mobility more than those in countries with lower RM following the onset of the COVID-19 pandemic. Similar results were found for wealth gross domestic product, but were independent of RM. These results suggest that individuals in countries with higher RM were more responsive to calls to reduce geographic mobility. (shrink)

In 2011, Jiangsu Province set up the guidance fund for sports industry. In 2016, Jiangsu Provincial Finance Department jointly issued the document with Jiangsu Provincial Sports Bureau, which was changed to “Jiangsu Special Fund for Sports Industry Development.” By 2019, Jiangsu Province has funded 1,009 sports industry development projects with a total investment of 796.6 million yuan. The effect of the investment has attracted extensive attention from the government, society, and enterprises. Entrusted by Jiangsu Sports Industry Guidance Center, this research (...) team spent one year on the performance research of 1,009 projects supported by special funds for the development of sports industry, from the construction of evaluation index system to the design, issuance, collection, and processing of questionnaires. Using the methods of literature, questionnaire, expert interview, and mathematical statistics, this paper takes the performance management of the special funds for the development of sports industry in Jiangsu Province as the research object, based on the investigation and analysis of the current situation of the special funds for the development of sports industry in Jiangsu Province. It analyzes the special funds from four aspects: the rate of funds in place, the ratio of funds pulled, the completion rate of project implementation, and the rate of fund prerecovery. Then, this paper expounds the current situation, effectiveness, and problems of the performance management of the special funds for the development of sports industry and puts forward some countermeasures and suggestions for improvement. (shrink)

What is life and what does it mean to be in the living political universe of entitiness without rhyme or reason? Flappy exudate, a bag in a bag, corpuscles of corporeality, worms (or flesh tubes) with appendages, even the cult of first involution – these are our body pods and the hunger and thirst of being-in. How can the situation of anatomical form be analysed without the illusion of instrumentalized reflection? Perhaps by amalgamating the categories and their issues. The (...) class='Hi'>issuance of taxonomy is the actual fine muck of excrement, which every brick of ordered life leaks as exudence and decay. Deep thoughts leave a mucal snail trail of what was tabular-seeming about our bodily situation, our environs, our friends, our experiments and our nourishment. Especially in this current age of 露 露 and 娜娜 (Lulu and Nana), our first officially public transgenic kindred, the question becomes, ‘who are these free-living divergences and what does it mean to be the uber-ding beyond geoengineering’s capabilities?’. (shrink)

Arendt’s explorations of the dynamics of politics, facts, and truth in the public sphere contain important insights into the authority of science and science denial. This article reviews and contextualizes Arendt’s views on modern science and technology, discusses her views on authority, and identifies some insights that her writings provide on the dynamics of science denial. Arendt’s writings point to another possible source of authority besides Weber’s three categories (traditional, legal-rational, charismatic), based on a relationship between ruler and ruled that (...) precedes the issuance of commands. Her writings help clarify what makes scientific findings vulnerable to denial, expose some of the specific tactics of science denial, and include some clues for what it would take to keep the public space open, and to nourish the compelling element that would have to underlie scientific authority. (shrink)

This study examines the impact of Sarbanes–Oxley on the nonprofit sector. Focusing on three key SOX policies applicable to charities—conflict-of-interest policies, records retention policies, and whistleblower policies—this study tests the relationship between the existence and addition of these policies on subsequent ethical and governance lapses as reflected in the issuance of “donor advisories” by the large third-party ratings agency Charity Navigator. The findings suggest that, controlling for other relevant organizational factors, the three SOX-inspired written policies are related to a (...) reduced likelihood of donor advisories in the organizations rated by Charity Navigator. (shrink)

Nearly thirty years ago, Robert Alexy in his book The Concept and Validity of Law as well as in other early articles raised non-positivistic arguments in the Continental European tradition against legal positivism in general, which was assumed to be held by, among others, John Austin, Hans Kelsen and H.L.A. Hart. The core thesis of legal positivism that was being discussed among contemporary German jurists, just as with their Anglo- American counterparts, is the claim that there is no necessary connection (...) between law and morality. Robert Alexy has argued, however, that the law, besides consisting conceptually of elements of authoritative issuance and social efficacy, necessarily lays a claim to substantial correctness, which is derived from analytical arguments. Furthermore, if this claim to substantial correctness necessarily requires the incorporation of moral elements into law, then the ‘necessary connection thesis’, as defended by non-positivism, can be justified. Some of the most significant objections to this sort of claim, stemming from the Anglo-American world, are those introduced by Joseph Raz. In his ‘Reply’ to Robert Alexy, Raz raises at least three interesting criticisms, including, first, the ambiguity of ‘legal theory in the positivistic tradition’, second, the indeterminate formulations of the ‘separation thesis’, and, third, the necessary claim of law to legitimate authority as a moral claim. As a point of departure, I will argue that Raz’s three criticisms are misleading. For they do not enhance our understanding of the genuine compatibility or incompatibility between legal positivism and non-positivism. Despite the frequently reformulated theses of legal positivism and the various kinds of opponents responding thereto, the essential divergence between legal positivism and non-positivism was and remains the answer to the question of the relation between law and morality. Furthermore, I will clarify that in the strictest sense there can be three and only three logically possible positions concerning the relation between law and morality: the connection between them is either necessary, or impossible (i. e. they are necessarily separate), or contingent (i. e. they are neither necessarily connected nor necessarily separate). The first position is non-positivistic, while the latter two positions are, indeed, both positivistic, but in different forms: one may be called ‘exclusive’ legal positivism, the other ‘inclusive’ legal positivism. I will continue by showing that these three positions stand to one another in the relation of contraries, not contradictories, and that, taken together, they exhaust the logically possible positions concerning the relation between law and morality, never mind the tradition or authority from which these positions are derived. Raz mentions, however, many changeable formulations of the separation thesis, which even leads him to acknowledge ‘necessary connections between law and morality’. One who is trying to understand legal positivism would no doubt be puzzled by this claim. Nevertheless, I will argue that this is an alternative strategy of legal positivism, and it points to naturalistically oriented view. Although this necessary separation between law and morality, understood naturalistically, strikes one as strengthening the separation, in the end it leads to a weakened notion of necessity. This weakened necessary separation thesis, however, cannot be justified through the so-called claim of the law to legitimate authority, defended by Raz, for it is difficult to answer the question of whether a normally justified but factual authority can gain legitimate authority. Finally, the necessary connection between law and morality in a strong sense can still be justified by the claim of law to correctness, as per Alexy’s argument. (shrink)

Contemporary capitalism is caught in a dual crisis of economy and ecology. Central to both dimensions of this crisis is the issue of growth. On the one hand, capitalist economies must exhibit perpetual growth in order to function properly. On the other hand, the expansion of capitalist production and consumption ultimately interferes with the processes of natural growth that we find within the domain of ecology. Parallax of Growth explores the ideas of economy and ecology and the factors that have (...) put them on a collision course. Among other things, the book aims to explain why our current mode of economic organization seems to be inherently committed to perpetual growth. A key answer, argues Bjerg, is that contemporary capitalism is characterized by an inherent ′debt drive′, whereby the creation of money through the issuance of commercial bank credit has locked our economy in a vicious circle of forced growth and increasing debt. Parallax of Growth is not a catalogue of solutions to the ecological or the economic crisis. The book aims to shift the inquiry from ‘what shall we do?’ to ‘why have we not already done it?’ In order to address the challenges of our contemporary times of crisis, it is not enough to point out all the different reasons why perpetual economic growth is impossible and unsustainable. We need to understand how the idea of growth is deeply ingrained in the ideology as well as the organization of our society. The book aims to open the space for philosophical thinking about this important issue. (shrink)

Research linking loud sounds to hearing loss in youngsters is now widespread, resulting in the issuance of warnings to protect children’s hearing. However, studies attesting to the adverse effects of intrusive sounds and noise on children’s overall mental and physical health and well-being have not received similar attention.This, despite the fact that many studies have demonstrated that intrusive noises such as those from passing road traffic, nearby rail systems, and overhead aircraft can adversely affect children’s cardiovascular system, memory, language (...) development, and learning acquisition. While some schools in the United States have received funds to abate intrusive aircraft noise, for example, many schools still expose children to noises from passing traffic and overhead aircraft. Discussion focuses on the harmful effects of noise on children, what has to be done to remedy the situation, and the need for action to lessen the impacts of noise from all sources. Furthermore, based on our knowledge of the harmful effects of noise on children’s health and the growing body of evidence to suggest the potential harmful effects of industrial wind turbine noise, it is strongly urged that further studies be conducted on the impacts of industrial wind turbines on their health, as well as the health of their parents, before forging ahead in siting industrial wind turbines. (shrink)

In modern conditions payment systems have an important role in the economy, as they must provide effective economic means of payments. Accordingly, the development of payment systems in Ukraine appears as a relevant theoretical and practical problem. In the article the theoretical basis and features of payment systems in Ukraine were researched. Preconditions of systemically important payment systems development been analyzed, which are performed by the key principles of their organization and functioning. Realization of principles of systemically important payment systems (...) in Ukraine was investigated. The key principles of operation and functioning and their implementation in retail payment systems were determining, such as providing competitive services, security payments from outside interference, territorial and temporal availability, profitability of participation in the payment system, consumer protection, instant calculation of account balance, instant currency conversion and minimize currency risk. Recommendations for improving the procedures for conversion of currencies in the international card payment systems were provided in order to reduce currency risks for end-users and issuing banks, such as introducing restrictions on the period of submission for payment of international trade, as well prohibit use of trade-service enterprises for currency conversion their own exchange rates. The necessity of legislative regulation of the size of interchange fee in card payment systems to create more favorable conditions for the spread of retail electronic payment was determined as well as removal of legal restrictions on the issuance and use of electronic money and foreign exchange restrictions in order to create the conditions for international payment systems based on electronic money to enter the Ukrainian payment market. (shrink)

There is a long-running debate among legal scholars regarding the propriety and enforceability of SEC attempts to mandate disclosures of antisocial or illegal corporate activities that do not materially impact a company’s financial statements. This debate was recently revived by the issuance of SEC Staff Accounting Bulletin 99, Materiality in Financial Statements (SEC 1999), which suggests that quantitatively immaterial information relating to unlawful transactions or regulatory non-compliance should be considered for disclosure. This issue has important implications for the accounting (...) profession, although it has generally been ignored in the accounting literature. This paper reviews legal and ethical considerations raised by the issue of qualitative disclosures, and also presents the results of a preliminary empirical test of the impact of such disclosures on financial statement users’ judgments. The results of this study indicate that investors consider the nondisclosure of immaterial illegal acts to be unethical, and reject suggestions that such information lacks moral intensity. The results also suggest that immaterial illegal acts have a significant effect on investors’perceptions of the quality of corporate management and the likelihood of investment in a company. This effect was more pronounced when the illegal act was combined with self-dealing on the part of corporate executives. (shrink)

Since 1995, Public-Private Partnerships mode has been applied in mainland China accompanied by the issuance of a series of PPPs policies. Taking 201 policy documents promulgated from 1995 till 2019 as a research sample, this paper explores PPPs policy entity network change and policy learning behind it in China. Research results show the following: China’s PPPs policy entity network has mainly gone through three stages: partial-focus network with bad stability, loose-multiactor network with general stability, and balanced-multiactor network with good (...) stability; the key players are NPC in the first stage, MOF and NDRC in the second stage, and MOF and 8 other government entities in the third stage; policy learning behind PPPs policy entity network change is government learning in the first stage and lesson-drawing in the second and third stages. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Philosophy and Rhetoric 37.4 (2004) 317-334 [Access article in PDF] Speaking from the Bedrock of Ethics Spoma Jovanovic Department of Communication University of North Carolina, Greensboro Roy V. Wood Human Communication Studies University of Denver In a moment familiar to many of us, one of the authors of this piece attended a philosophical meeting on the topic of Emmanuel Levinas. "So, you are in communication studies," said a philosopher (...) during a break. "Why would a speech person be interested in Levinas?"This paper probes the place of speech in Levinasian ethics. We hope to show that when philosopher Emmanuel Levinas rested his compelling life project on ethics, he said something new about the act of speaking itself. First, for Levinas, speaking begins with the imperative issued by the presence or face of the other. He calls that issuance the saying. Antecedent to words, the saying is the commitment of an approach to the other, the move to response, the signifying of signification. Second, the saying moves into language where it is subordinated to the said. It is in the coordination of the saying and the said that ethics shows itself or is betrayed. Although the saying is perhaps overwhelmed by the said, it remains present even in absence. Third, for Levinas we can sense the ineffable, yet present, call to responsibility in the trace. The trace, and here Levinas brings God to mind, reveals the saying, and is communicated in the face.1 The face, the saying, and the trace are where the Levinasian responsibility of the one for the other takes form. They are the home of ethics.2By paying close attention to the responsibility invoked by the face, heeded in the saying, and reminisced in the trace, Levinas defines ethics as the condition of dialogue. Later, he says that ethics allows us to pursue peace even if, or after, dialogue fails. It is in ethics that we learn that we can stand by unsolvable problems—attentive and vigilant, in dialogue (Levinas 1999a).Taken together, these ideas of the face of the other, the saying, and the trace provide the basis of ethics that is constituted in and constitutes communication. [End Page 317]Our effort here is to explore the bedrock of ethics in speech. We will do so by drawing on examples of care, rescue, and sacrifice that surfaced during the tragedy of September 11, 2001, and the days that followed. Within the context of that terrible attack, scores of eyewitnesses gave accounts of the ways that people responded to the needs of others. We argue that the ethical imperative to respond conditions every rhetorical situation and that is no more clearly seen than in times of crisis. Recognizing this ethical imperative demands that scholars examine more than words and gestures. The act of speaking itself is for Levinas at the heart of human ethics. Through this philosophical lens communication ethics not only applies to rhetorical situations but also goes forth, or does not go forth, as communicative action itself. So ethics is at the bedrock of communication and communication is at the heart of ethics. In the end we will ask, "Why would a philosopher not be interested in speech?" Ethics in communication For Levinas, ethics is metaphysical.3 Ethics does not emanate from the self as an ontological dimension, or from some predetermined epistemological principles. Levinas instead claims that the other is the basis of ethics. In sociality, we find ourselves responsible to respond to the call of the other, not as an ontological choice but rather as the recognition that ethics is otherwise than being.4 The demand issued by the other is felt corporeally. It is, if you will, an ethical impulse or compulsion that disrupts, calling the self into a dialogical encounter.Levinas asks us to concentrate not on what we can know or contain of the "Other—the move toward totality, but to contemplate that which always exceeds our grasp—the move toward infinity.... Ethics is a relationship of responsibility for the Other. But this relationship is initiated by the Other, by... (shrink)

In mid 1930's, Heidegger recognized that thinking must relinquish its claim to self-guidance in its hermeneutical mode in order to regather its impetus through an encounter with what is presumably antithetical to it, namely, the “systematic philosophy” of a figure like Schelling. By entering into this tension, it becomes possible to dislodge more fertile ways of speaking ; the opportunity arises to juxtapose apparently incongruous forms of discourse. These are as divergent as that aimed at in addressing the etymology of (...) the word “being,” or that involved in the exposition of the character of evil which is found in Schelling's Of Human Freedom. The linkage of these two forms of discourse allows for a reformulation of the question of being, whose hallmark lies in redirecting thought through the issuance of an attunement rather than through the self-guidance of hermeneutics. Schelling's question as to the enigmatic character of evil and the question of being do not even remotely seem to share the same kind of lexicon. The purpose of this paper is to show how the rekindling of the concern for evil as it arises in Heidegger's 1936 lectures on Schelling poses a special challenge; for it involves inscribing within Heidegger's discourse a set of assymetrical meanings to express the basic motifs of his thought. Such assymetry resounds with a special attunement by calling forth the tragedy of human being's imperfect kinship with the Divine, of our enduring the tension of a greater conflict as the counterpole of darkness against which to illuminate the essence of human freedom in a new way. The prospect of finding an index to correlate disparate terms proves far more difficult in this case than with Heidegger's dialogue with other thinkers like Kant and Nietzsche where he links more symmetrical terms such as temporal finitude/sensibilized reason or resolve/will to power. (shrink)

In mid 1930's, Heidegger recognized that thinking must relinquish its claim to self-guidance in its hermeneutical mode in order to regather its impetus through an encounter with what is presumably antithetical to it, namely, the “systematic philosophy” of a figure like Schelling. By entering into this tension, it becomes possible to dislodge more fertile ways of speaking ; the opportunity arises to juxtapose apparently incongruous forms of discourse. These are as divergent as that aimed at in addressing the etymology of (...) the word “being,” or that involved in the exposition of the character of evil which is found in Schelling's Of Human Freedom. The linkage of these two forms of discourse allows for a reformulation of the question of being, whose hallmark lies in redirecting thought through the issuance of an attunement rather than through the self-guidance of hermeneutics. Schelling's question as to the enigmatic character of evil and the question of being do not even remotely seem to share the same kind of lexicon. The purpose of this paper is to show how the rekindling of the concern for evil as it arises in Heidegger's 1936 lectures on Schelling poses a special challenge; for it involves inscribing within Heidegger's discourse a set of assymetrical meanings to express the basic motifs of his thought. Such assymetry resounds with a special attunement by calling forth the tragedy of human being's imperfect kinship with the Divine, of our enduring the tension of a greater conflict as the counterpole of darkness against which to illuminate the essence of human freedom in a new way. The prospect of finding an index to correlate disparate terms proves far more difficult in this case than with Heidegger's dialogue with other thinkers like Kant and Nietzsche where he links more symmetrical terms such as temporal finitude/sensibilized reason or resolve/will to power. (shrink)

Algunos nombres usados en nuestro lenguaje no se aplican efectivamente a nada ni nadie si son tomados de forma literal, pues carecen de referente. En términos searleanos, su significatividad no depende que puedan dar cuenta o no de ejemplares en el mundo; su significatividad se "mide" en el uso de ellos en tal o cual discurso, en medio de explicaciones o caracterizaciones forjadas por reglas, pues hablar un lenguaje es tomar parte activa en una conducta compleja gobernada por reglas. Este (...) artículo sustenta cómo en la filosofía de Searle la significatividad de los discursos, entre ellos los de la ciencia o los de la ficción, se logra en la emisión de actos ilocucionarios que hacen posible la invención de mundos cargados de significados, aun cuando estos carezcan de referencia directa. Some names in our language are not indeed applied to anything or nobody if they are taken literally, because they lack their referent. According to Searle, names´ significance does not depend on how they can give account or not of world samples; their significance "is measured" in the use of them in this or that speech, amid explanations or characterizations forged by rules, because to speak a language it is to take active part in a complex rule-governed behavior. This article supports how in the philosophy of Searle meaningfulness of speeches, including those of science or fiction, is achieved in the issuance of illocutionary acts that make possible the invention of worlds full of meanings, even when they lack direct referent. (shrink)

Balancing, integrating, or otherwise sorting out private ownership, control, and property rights, on the one hand, with social, common, and shared goods or rights, on the other, is manifest in socio-ethical issues ranging from eminent domain to gay marriage and from endangered species protection to social security. In fact, when one surveys the contemporary socio-ethical landscape with this problem in mind, there appears hardly an issue that it does not touch; and it is frequently the central or underlying component. This (...) is perhaps not surprising for issues involving taxation or other government revenue generating mechanisms that pay for public services and programs—e.g. education, postal service, transportation infrastructure, and policing. But it extends well beyond resourcing governmental institutions and initiatives. It is present in different ways and to different degrees in issues as diverse as AIDS drug availability, fisheries management, euthanasia, affordable housing and home loan availability, gun control, permit issuance and zoning for high impact industry, global warming, health care accessibility, bottled water, and prostitution. (shrink)

Heydar Aliyev, who did invaluable services in the protection of our historical, national and moral values, has always taken special care of our material and spiritual culture and tried to protect it. The monuments erected in honor of our historical figures, the protection of our historical and cultural monuments and the celebration of the anniversaries of well-known personalities at the international level, the issuance of decrees on deportations and genocides are connected with the name of the great leader Heydar (...) Aliyev. The personality of Heydar Aliyev tried to declare to the whole world that the Azerbaijani people are a people with an ancient culture, both during the Soviet era and during the period of independence. He tried to prove this by preserving the historical and religious monuments that existed in Azerbaijan in the middle ages and passing them on to the next generations. It included medieval sources and our historical figures who lived in this period too. (shrink)

There is a long-running debate among legal scholars regarding the propriety and enforceability of SEC attempts to mandate disclosures of antisocial or illegal corporate activities that do not materially impact a company’s financial statements. This debate was recently revived by the issuance of SEC Staff Accounting Bulletin 99, Materiality in Financial Statements (SEC 1999), which suggests that quantitatively immaterial information relating to unlawful transactions or regulatory non-compliance should be considered for disclosure. This issue has important implications for the accounting (...) profession, although it has generally been ignored in the accounting literature. This paper reviews legal and ethical considerations raised by the issue of qualitative disclosures, and also presents the results of a preliminary empirical test of the impact of such disclosures on financial statement users’ judgments. The results of this study indicate that investors consider the nondisclosure of immaterial illegal acts to be unethical, and reject suggestions that such information lacks moral intensity. The results also suggest that immaterial illegal acts have a significant effect on investors’perceptions of the quality of corporate management and the likelihood of investment in a company. This effect was more pronounced when the illegal act was combined with self-dealing on the part of corporate executives. (shrink)

The Social Marginalization...In the “enterprise restructuring” process begun in the late 1990s, China’s medium and small-scale state-owned enterprises rapidly converted themselves, through massive sell-offs, mergers and the forming of share-holding cooperatives, into private enterprises, while the larger-scale SOEs strove to reinvent themselves as “modern enterprise systems” through the issuance of shares, by company mergers and sell-offs, or via declarations of bankruptcy. During this process, SOE workers who had retained their jobs and also those who had been “laid off” in (...) the restructuring staged frequent and repeated collective protest actions. Using primary data, this paper seeks to portray the profound social marginalization of workers that has occurred during the SOE restructuring process, and it identifies this factor as being the primary cause of the increase in workers’ collective protests in China in recent years. In the author’s view, the rights to which Chinese workers are entitled under the country’s labor laws have been steadily eroded and diminished by the impact of enterprise restructuring. In a clear case of “closing the stable door after the horse has bolted,” the central government began issuing instructions to safeguard workers’ rights only when the restructuring process had been underway for several years. The wholesale loss of their rights has triggered intense indignation on the part of the workers, and the groundswell of collective protest actions around the country nowadays represents a heart-felt cry for help by an increasingly socially marginalized constituency of many millions. (shrink)

The Article presents a study of opportunities and problems related to the procedural actions taken by bailiffs electronically. In the opinion of the authors, the digitalisation of the enforcement procedure seeks to ensure the maximum use of electronic documents: enforcement and procedural documents should function only in the electronic format and thereby should create an effective, transparent and easily accessible information system of electronic enforcement files, which will not only increase the effectiveness of performance of bailiffs and save costs, but (...) will also ensure the protection of the rights of claimants and debtors in enforcement proceedings through reliable and prompt service of procedural documents by electronic means, access to information about the course of the enforcement proceedings by using information technologies, and transfer of certain procedural actions taken by bailiffs into the electronic environment. Section one of the Article discusses the EU regulation in the area of unification and digitalisation of the enforcement procedure. Section two deals with the possibilities of issuing electronic enforcement orders, issuance of an enforcement order, technical measures to enable bailiffs access the information systems of the institutions issuing enforcement orders by safe electronic channels and thereby electronic enforcement orders would be transferred from the issuing institution to bailiffs electronically, without using any hard copy enforcement orders. In the opinion of the authors, considering that the majority of enforcement orders are issued by courts, it would be expedient, first of all, to take advantage of the existing information system LITEKO, making it possible to keep not only court judgments but also enforcement orders there as well as providing bailiffs with technical possibilities of access to the LITEKO system and acceptance of the electronic enforcement orders from the system. A similar principle should be followed for designing integrated information systems of bailiffs and other institutions that issue enforcement orders. Section three focuses on the main procedural documents – arrangements given by bailiffs and property attachment deeds – and on their electronic service on the participants involved in the enforcement procedure. The last section of the Article offers a study of the measures to secure the rights of participants of the enforcement procedure, namely access of the participants of the enforcement procedure to the enforcement file, possibilities for courts to obtain electronic enforcement files promptly, etc. (shrink)

Recent court decisions imposing liability on physicians who fail to inform patients that they carry the human immunodeficiency virus before performing invasive procedures create an urgent need for the Centers for Disease Control and Prevention to reopen the issuance of guidelines and to address authoritatively the question of the appropriate limits within which HIV-infected health care providers can treat patients.Public fear of HIV-infected physicians were kindled by reports, beginning in 1990, that Dr. David Acer, an HIV-infected dentist, had infected (...) a number of his patients. However, great skepticism has arisen as to whether Dr. Acer’s patients were infected as a result of procedures conducted in accordance with universal precautions against transmission. Moreover, look back studies have failed to identify even one patient, among the thousands who have undergone procedures administered by HIV-infected physicians, who contracted the virus directly from his/her physician. (shrink)

Recent scholarship has underscored the possibility that capital-adequacy regulations may have contributed to the 2008 financial crisis by privileging highly rated asset-backed securities, such as mortgage-backed securities. The same regulations gave an even more privileged position to sovereign debt, leading to the question of whether they helped cause the European sovereign-debt crisis. There is little question that the regulations encouraged European banks to invest in European governments' bonds, but it does not appear that this encouragement led to more government borrowing (...) by significantly reducing the yield governments needed to pay on their debt. However, it does appear that capital-adequacy regulations—along with post-2008 liquidity regulations—concentrated sovereign risk in the European banking system, aggravating the sovereign-debt problem by requiring government bailouts that, in turn, required the issuance of more sovereign debt, further jeopardizing the governments' fiscal position and banks' solvency. Exacerbating the situation, in the midst of a panic, the European Banking Authority imposed new capital requirements on banks and effectively forced them to realize mark-to-market losses on sovereign exposures. (shrink)