We examine whether the behavior of institutional investors representatives on boards leads to observable differences in corporate finance. We find that directors representing pressure-sensitive investors prefer lower financial leverage whereas pressure-resistant directors show no particular preference. When analyzed separately, directors appointed by banks and insurance firms have different attitudes. Bank representatives on boards increase both the financial leverage and the banking debt. This result suggests that some types of institutional directors provide financial resources to the firms on whose board they (...) sit, supporting the view that boards manage the uncertainty associated with strategic decision making and provide firms with preferential access to resources and financial expertise. This research has interesting academic and policy implications for the debate over the proper degree of institutional involvement in corporate governance. Different institutional investors have different agendas and incentives for corporate governance, and, therefore, both researchers and policy makers should no longer consider institutional investors as a whole. In addition, our paper calls for new research on the causes and implications of institutional investor involvement in the corporate governance of nonfinancial firms. This new research could require new insights on the dynamics within the boards and on the interplay among the knowledge, incentives and attitudes of quite different directors. (shrink)

The aim of this article is to analyse the internal mechanisms of corporate governance (board of directors and ownership structure), which influence voluntary disclosure of intangibles. The results appear to corroborate the view that an increase in institutional investor shareholding has a negative effect on voluntary disclosure, supporting the hypothesis of entrenchment, whereas an excessive ownership by institutional investors may have adverse effects on strategic disclosure decisions. The results also indicate that an increase in the number of members of the (...) board to up to 15 has a beneficial effect on the disclosure of intangibles. However, as this number increases, the effect inverts and becomes adverse to improving the capacity for supervision and control in the decision-making process regarding the voluntary disclosure of intangibles. The findings endorse the recommendation of the most of the Corporate Governance Codes regarding an advisable maximum of 15 members on a board to ensure its effectiveness and internal cohesion. (shrink)

Although US and European research has documented improvement in earnings quality associated with corporate governance characteristics, the situation in Latin America is questionable, given the business environment in which firms operate, which is characterized by controlling family ownership and weak legal protection. The purpose of this study is to examine the relation between the internal mechanisms of Corporate Governance and Earnings Management measured by discretionary accrual. We use a sample of listed Latin American non-financial companies from the period 2006–2009. Our (...) results show how in the Latin American context the role of external directors is limited and that Boards which meet more frequently take a more active position in the monitoring of insiders, so showing a lower use of manipulative practices. In addition, we find a non-linear relation between insider ownership and discretionary accruals, also pointing to the fact that ownership concentration may be a manipulative practices constrictor mechanism only when the ownership of main shareholders is moderate. The findings have important policy implications since this is, to the best of our knowledge, the first study to analyze the relation between the effectiveness of the government and the earnings management behavior. As policy implications, we document how when a country implements controls aimed at reducing corruption, strengthening the rule of law or improving the effectiveness of government, this leads to a reduction in firm earnings management. (shrink)

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)

Reichenbachian approaches to indexicality contend that indexicals are "token-reflexives": semantic rules associated with any given indexical-type determine the truth-conditional import of properly produced tokens of that type relative to certain relational properties of those tokens. Such a view may be understood as sharing the main tenets of Kaplan's well-known theory regarding content, or truth-conditions, but differs from it regarding the nature of the linguistic meaning of indexicals and also regarding the bearers of truth-conditional import and truth-conditions. Kaplan has criticized these (...) approaches on different counts, the most damaging of which is that they make impossible a "logic of demonstratives". The reason for this is that the token-reflexive approach entails that not two tokens of the same sentential type including indexicals are guaranteed to have the same truth-conditions. In this paper I rebut this and other criticisms of the Reichenbachian approach. Additionally, I point out that Kaplan's original theory of "true demonstratives" is empirically inadequate, and claim that any modification capable of accurately handling the linguistic data would have similar problems to those attributed to the Reichenbachian approach. This is intended to show that the difficulties, no matter how real, are not caused by idiosincracies of the "token-reflexive" view, but by deep facts about indexicality. (shrink)

Descriptive semantic theories purport to characterize the meanings of the expressions of languages in whatever complexity they might have. Foundational semantics purports to identify the kind of considerations relevant to establish that a given descriptive semantics accurately characterizes the language used by a given individual or community. Foundational Semantics I presents three contrasting approaches to the foundational matters, and the main considerations relevant to appraise their merits. These approaches contend that we should look at the contents of speakers’ intuitions; at (...) the deep psychology of users and its evolutionary history, as revealed by our best empirical theories; or at the personal-level rational psychology of those subjects. Foundational Semantics II examines a fourth view, according to which we should look instead at norms enforced among speakers. The two papers aim to determine in addition the extent to which the approaches are really rival, or rather complementary. (shrink)

Espino, Santamaria, and Garcia-Madruga (2000) report three results on the time taken to respond to a probe word occurring as end term in the premises of a syllogistic argument. They argue that these results can only be predicted by the theory of mental models. It is argued that two of these results, on differential reaction times to end-terms occurring in different premises and in different figures, are consistent with Chater and Oaksford's (1999) probability heuristics model (PHM). It is argued that (...) the third finding, on different reaction times between figures, does not address the issue of processing difficulty where PHM predicts no differences between figures. It is concluded that Espino et al.'s results do not discriminate between theories of syllogistic reasoning as effectively as they propose. (shrink)

Rights of Women attracted much UK media attention in late 2014 by bringing a judicial review that challenged the reduced provisions for family law legal aid available for victims of domestic violence: R v The Lord Chancellor and Secretary of State for Justice [2015] EWHC 35. In June 2015, within Rights of Women’s 40th anniversary year, Hannah Camplin interviewed the organisation’s Director Emma Scott about the decision to bring the judicial review, the advantages and challenges of the judicial review (...) process, and the experience of strategic litigation within the context of Rights of Women’s long history of campaigning for women’s rights. What emerged is a portrait of a feminist organisation in 2015, and, in a fast changing political and financial landscape, the dual importance of collaborative working and the need for flexibility in service provision and campaigning tools. (shrink)

It is common in philosophy of language to recognise two different kinds of linguistic meaning: literal or conventional meaning, on the one hand, versus communicated or conveyed meaning, on the other. However, once we recognise these two types of meaning, crucial questions immediately emerge; for instance, exactly which meanings should we treat as the literal (semantic) ones, and exactly which appeals to a context of utterance yield communicated (pragmatic), as opposed to semantic, content? It is these questions and, specifically, how (...) we should model the relationship between semantic content and utterance context, that is the topic of this chapter. We explore five contemporary answers to this modelling question, considering the benefits and challenges of each, before closing by examining some potential new directions for debates in this area. (shrink)

In this book Emma Ruttkamp demonstrates the power of the full-blown employment of the model-theoretic paradigm in the philosophy of science. Within this paradigm she gives an account of sciences as process and product. She expounds the "received statement" and the "non-statement" views of science, and shows how the model-theoretic approach resolves the spurious tension between these views. In this endeavour she also engages the views of a number of contemporary philosophers of science with affinity to model theory. This (...) text can be read by specialists working in philosophy of science or formal semantics, by logicians working on the structure of theories, and by students in philosophy of science - this text offers a thorough introduction to non-statement accounts of sciences as well as a discussion of the traditional statement account of science. (shrink)

It is common in philosophy of language to recognise two different kinds of linguistic meaning: literal or conventional meaning, on the one hand, versus communicated or conveyed meaning, on the other. However, once we recognise these two types of meaning, crucial questions immediately emerge; for instance, exactly which meanings should we treat as the literal (semantic) ones, and exactly which appeals to a context of utterance yield communicated (pragmatic), as opposed to semantic, content? It is these questions and, specifically, how (...) we should model the relationship between semantic content and utterance context, that is the topic of this chapter. We explore five contemporary answers to this modelling question, considering the benefits and challenges of each, before closing by examining some potential new directions for debates in this area. (shrink)

It is common in philosophy of language to recognise two different kinds of linguistic meaning: literal or conventional meaning, on the one hand, versus communicated or conveyed meaning, on the other. However, once we recognise these two types of meaning, crucial questions immediately emerge; for instance, exactly which meanings should we treat as the literal (semantic) ones, and exactly which appeals to a context of utterance yield communicated (pragmatic), as opposed to semantic, content? It is these questions and, specifically, how (...) we should model the relationship between semantic content and utterance context, that is the topic of this chapter. We explore five contemporary answers to this modelling question, considering the benefits and challenges of each, before closing by examining some potential new directions for debates in this area. (shrink)

Children ask many questions, but do not always receive answers to the questions they ask. We were interested in whether the act of generating questions, in the absence of an answer, is related to children’s later thinking. Two experiments examined whether children retain the questions they ask in working memory, and whether the type of questions asked relate to their categorization. Four to ten-year-old children were shown 12 novel objects, asked three questions about each, and did not receive answers to (...) their questions. Children recalled their questions in the first experiment and categorized variants of the novel objects in the second experiment. We found that children have robust working memory for their questions, indicating that these questions may relate to their subsequent thinking. Additionally, children generalize category boundaries more narrowly or broadly depending on the type of question they ask, indicating that children’s questions may reflect an underlying bias in how they think about the world. These findings suggest that future research should examine questions in the absence of answers to understand how inquiry affects children’s cognitive development. (shrink)

According to standard philosophical and clinical understandings, pain is an essentially mental phenomenon. In a challenge to this standard conception, a recent burst of empirical work in experimental philosophy, such as that by Justin Sytsma and Kevin Reuter, purports to show that people ordinarily conceive of pain as an essentially bodily phenomenon—specifically, a quality of bodily disturbance. In response to this bodily view, other recent experimental studies have provided evidence that the ordinary concept of pain is more complex than previously (...) assumed: rather than tracking only bodily or only mental aspects of pain, the ordinary concept of pain can actually track either of these aspects. The polyeidic analysis of the folk concept of pain, as proposed by Emma Borg et al., captures this complexity. Whereas previous empirical support for the polyeidic view has focused on the context-sensitivity of the folk concept of pain, here we discuss individual differences in people’s ‘pain priors’—namely, their standing tendencies to think of pain in relatively mind-centric or body-centric ways. We describe a preliminary empirical study and present a small number of findings, which will be explored further in future work. The results we discuss are part of a larger programme of work which seeks to integrate philosophical pain research into clinical practice. For example, we hypothesise that variations in how patients with chronic pain are thinking about pain could help predict their responses to treatment. (shrink)

A beautiful and thoughtful collection of essays on reading, writing and learning, _Writing and Psychoanalysis_ grows out of a colloquium. The results are wondrous and impact on the reader at many different levels. In the act of writing, we all discover something about what we know previously unknown to us, and we learn more about our inner world that we knew before we set pen to paper. Patrick Mahony goes so far as to argue that Freud's self-analysis was essentially a (...) "writing cure." _Writing in Psychoanalysis_ is the first volume in the projected Monograph Series, Psychoanalytic Issues, the _Rivista di Psicoanalisi_ is undertaking in conjunction with Karnac Books. This series constitutes a major effort to bring about a dialogue among psychoanalysts who while ultimately bound together by a common psychoanalytic heritage nonetheless are separated in their thinking by different idioms, whether linguistic or theoretical. While featuring writers of very different idioms, this series will also present a venue to make some important Italian voices known to English speaking analysts. (shrink)

My model-theoretic realist account of science places linguistic systems and the corresponding non-linguistic structures at different stages of the scientific process. It is shown that science and its progress cannot be analysed in terms of only one of these strata. Philosophy of science literature offers mainly two approaches; to the structure of scientific knowledge analysed in terms of theories and their models, the "statement" and the "non-statement" approaches. In opposition to the statement approach's belief that scientific knowledge is embodied in (...) theories symbolic language) with direct interpretative links---via so-called "bridge principles"---to reality, the defenders of the non-statement approach believe in an analysis where the language in which the theory is formulated plays a much smaller role than the structures which satisfy that theory. ;The model-theoretic realism expounded here retains the notion of a scientific theory as a set of sentences, while simultaneously emphasising the interpretative role of the conceptual models of these theories. My criticism against the non-statement approach is based on the fact that merely "giving" the theory "in terms of" its mathematical structures leaves out any real interpretation of the nature and role of general terms in science. Against the statement approach's "direct" linking of general theoretical terms to reality, my approach interpolates models between theories and reality in the interpretative chain. ;The links between the general terms of scientific theories and their interpretations in the various models of the theory regulate the whole referential process. The terms of a theory are "general" in the sense that they are the result of certain abstractive conceptualisations of the object of scientific investigation and subsequent linguistic formulations of these conceptualisations. Their meanings can be "given back" only by interpreting them in the limited context, of the various conceptual models of their theory and, finally, by finding an isomorphic relation between some substructure of the conceptual model in question and some empirical conceptualisation of relevant experimental data. In this sense the notion of scientific "truth" becomes inextricably linked with that of articulated reference, as it---given its model-dependent nature---should be. (shrink)

It is well established that the temporal proximity of two events is a fundamental cue to causality. Recent research with adults has shown that this relation is bidirectional: events that are believed to be causally related are perceived as occurring closer together in time—the so‐called temporal binding effect. Here, we examined the developmental origins of temporal binding. Participants predicted when an event that was either caused by a button press, or preceded by a non‐causal signal, would occur. We demonstrate for (...) the first time that children as young as 4 years are susceptible to temporal binding. Binding occurred both when the button press was executed via intentional action, and when a machine caused it. These results suggest binding is a fundamental, early developing property of perception and grounded in causal knowledge. (shrink)

This book asks how people understood the concept of politics in sixteenth-century France, and how those who practised it were characterised. Both concept and practitioners were referred to by the same word, politique. I trace written uses of this word as a means of studying shifts in the meaning of the concept and the figure. As much as this is a conceptual history, therefore, it is a textual, and indeed, a literary one. Part of the book's argument is that sixteenth-century (...) literary ideas and processes influenced developments in political thought and practice. It also argues that the word politique and the idea of politics hold a specific place in the literature of the period. The book is about the representation of politics and political actors in writing, the writing of politics, and writing as politics. It treats a diverse corpus, including polemical pamphlets, texts of high political thought, and works more associated with the literary canon such as Montaigne's Essais and the Satyre ménippée. (shrink)