The activism of institutional investors tends more and more toward the supervision and control of the behavior of the managers of big companies. In this article, we present a model based on the creation of an activism index that lets us evaluate such activism's effect on the sensitivity of the investment policies of a company in the face of financial variables and market variables. To test our assertions, we analyze firm-level data for United Kingdom, Germany, France, Denmark, and Spain during (...) the period 1995-2004. Our results point to a significant reduction in the sensitivity of company investment decisions in the face of these variables, especially relative to intangible capital, as a result of the neutralizing effect of activism on the high agency costs of free cash flow and on the information asymmetries of the market. (shrink)

The activism of institutional investors tends more and more toward the supervision and control of the behavior of the managers of big companies. In this article, we present a model based on the creation of an activism index that lets us evaluate such activism's effect on the sensitivity of the investment policies of a company in the face of financial variables and market variables . To test our assertions, we analyze firm-level data for United Kingdom , Germany, France, Denmark, and (...) Spain during the period 1995-2004. Our results point to a significant reduction in the sensitivity of company investment decisions in the face of these variables, especially relative to intangible capital, as a result of the neutralizing effect of activism on the high agency costs of free cash flow and on the information asymmetries of the market. (shrink)

The activism of institutional investors tends more and more toward the supervision and control of the behavior of the managers of big companies. In this article, we present a model based on the creation of an activism index that lets us evaluate such activism’s effect on the sensitivity of the investment policies of a company in the face of financial variables (such as cash flow and liquidity ratio) and market variables (ownership concentration and value creation index). To test our assertions, (...) we analyze firm-level data for United Kingdom (U.K.), Germany, France, Denmark, and Spain during the period 1995–2004. Our results point to a significant reduction in the sensitivity of company investment decisions in the face of these variables, especially relative to intangible capital, as a result of the neutralizing effect of activism on the high agency costs of free cash flow and on the information asymmetries of the market. (shrink)

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 book explores Peirce's non standard thoughts on a synthetic continuum, topological logics, existential graphs, and relational semiotics, offering full mathematical developments on these areas. More precisely, the following new advances are offered: (1) two extensions of Peirce's existential graphs, to intuitionistic logics (a new symbol for implication), and other non-classical logics (new actions on nonplanar surfaces); (2) a complete formalization of Peirce's continuum, capturing all Peirce's original demands (genericity, supermultitudeness, reflexivity, modality), thanks to an inverse ordinally iterated sheaf of (...) real lines; (3) an array of subformalizations and proofs of Peirce's pragmaticist maxim, through methods in category theory, HoTT techniques, and modal logics. The book will be relevant to Peirce scholars, mathematicians, and philosophers alike, thanks to thorough assessments of Peirce's mathematical heritage, compact surveys of the literature, and new perspectives offered through formal and modern mathematizations of the topics studied. (shrink)

Frege’s Grundgesetze der Arithmetik is formally inconsistent. This system is, except for minor differences, second-order logic together with an abstraction operator governed by Frege’s Axiom V. A few years ago, Richard Heck showed that the ramified predicative second-order fragment of the Grundgesetze is consistent. In this paper, we show that the above fragment augmented with the axiom of reducibility for concepts true of only finitely many individuals is still consistent, and that elementary Peano arithmetic (and more) is interpretable in this (...) extended system. (shrink)

This book explores the notion of endangerment which stands at the heart of a network of concepts, values and practices dealing with objects considered threatened by extinction, and with the procedures aimed at preserving them. It looks at some of the fundamental ways in which this process involves science, but also more than science: not only data and knowledge and institutions, but also affects and values. With a focus on endangerment sensibility, it encapsulates tensions between the normative and the utilitarian, (...) the natural and the cultural. (shrink)

This work offers an analysis of all the legal and moral issues surrounding humanitarian intervention: the deaths of innocent persons and the Doctrine of Double Effect Governmental legitimacy - The Doctrine of Effective Political Control; UN Charter and evaluation of the Nicaragua ruling; The Morality of not intervening; US-led invasion of Iraq; Humanitarian intervention authorised by the UN Security Council - Iraq, Somalia, Haiti, Rwanda, and Bosnia among others highlight NATO's intervention in Kosovo; The Nicaragua Decision; and The precedents of (...) Panama, Liberia and Sierra Leone. The book's features include: a new framework based on the doctrine of double effect; basic principles of international ethics; outline of the moral argument for humanitarian intervention; explores the morality and legality of military action to end tyranny or anarchy; arguments in a much more detailed and complete fashion than in previous editions; in-depth examination of philosophy of international law; the relationship between custom and moral theory; new discussion of the question of right authority; and a full analysis of recent interventions in Kosovo and Iraq. book addresses a broad interdisciplinary audience of international lawyers, philosophers, and political scientists. In this new edition, the author responds to critics while updating the discussion in the light of the momentous events that took place at the beginning of the new millennium. (shrink)

Why should sovereign states obey international law? What compels them to owe allegiance to a higher set of rules when each country is its own law of the land? What is the basis of their obligations to each other? Conventional wisdom suggests that countries are too different from one another culturally to follow laws out of mere loyalty to each other or a set of shared moral values. Surely, the prevailing view holds, countries act simply out of self-interest, and they (...) eventually consent to norms of international law to regulate matters of common interest.In this groundbreaking book, Fernando Tesón goes against this prevailing thought by arguing, in the Kantian tradition, that a shared respect for individual human rights underpins not just the obligation countries feel to follow international law but also international laws themselves and even the very legitimacy of nations in the eyes of the international community. Tesón, both a lawyer and a philosopher, proposes that an overlapping respect for human rights has created a moral common ground among the countries of the world; and moreover, that such an outlook is the only one that is rationally defensible. It is this common set of values rather than self-interest that ultimately provides legitimacy to international law. Using the tools of moral philosophy, Tesón analyzes the concepts of sovereignty, intervention, and national interest; the contributions of social contact theory, game theory, and feminist theory; and the puzzles of self-determination and group rights.More than simply outlining his theory, Tesón goes on to give detailed examples of international laws, international institutions, and their human rights foundations, putting his ideas to work and addressing legal reforms called for by the theory. He suggests that treaties, for example, should be considered binding if, and only if, the consent to the treaty was given by a genuinely representative government, one that acts out of interest for the human rights of its citizens. Although the theoretical achievement of this book is to challenge received wisdom on the foundation of international law, the practical ambition is a call to reform the international legal system for the post–Cold War era, to substitute for the old order one that gives primacy to human dignity and freedom over state power. (shrink)

Teniendo presente la enseñanza de la teología y cierta renuencia observable en los medios teológicos al trato con la filosofía, el estudio expone en primer lugar la relación ineludible entre filosofía y teología por razón de las coinci-dencias dadas entre ellas a pesar de la diferencia formal de ambas. A continuación, se describe el régimen general de relación entre los dos saberes, relación de tensa complementariedad que se sustan-cia en un circuito dialógico, para abordar después la importancia para el pensamiento (...) teológico de la relación con dos grandes ámbi-tos de la filosofía: el pensamiento metafísico y la antropología. El estudio termina con algunas con-clusiones prácticas referidas a la labor docente sobre la justificación. (shrink)

Comentario del Proemio de la reciente constitu-ción apostólica Veritatis Gaudiumdel Papa Francisco que ordena los estudios eclesiásticos. Dicho texto introductorio de la Constitución ofrece elementos característicos del ideario del actual Pontífice desde los que plantea con novedad y decisión propuestas importantes de renovación del sistema de los estudios eclesiásticos que merecen ser consideradas con algún detall.

Im Anhang zum zweiten Teil der Kritik der Urteilskraft, der Kritik der teleologischen Urteilskraft, setzt sich Kant mit der Frage nach dem Zweck der Schöpfung auseinander. Seine These ist hier eindeutig: „wir [erkennen] nun den Menschen […] als moralisches Wesen für den Zweck der Schöpfung [an…]“. Warum ist jedoch der Mensch als moralisches Wesen für den Zweck der Schöpfung zu halten? Diese Frage ist keineswegs unumstritten und soll in diesem Aufsatz erörtert werden. Um sie zu beantworten, werde ich den Zusammenhang (...) von drei bestehenden Elementen der kantischen Auffassung des Menschen als Zweck der Schöpfung erläutern: Die vernünftige Natur des Menschen, die Freiheit seines Willens, und das Sittengesetz. (shrink)

A obra cultural, política e social de Leonardo Coimbra é a temática principal deste livro. De permeio é dada nota dos grandes traços e momentos da história da Primeira República Portuguesa, isso na justa dimensão em que tal ajuda à contextualização e melhor compreensão do objecto principal. O estudo desta extraordinária e multifacetada personalidade – filósofo, homem de ciência, escritor, orador exímio, pedagogo, político – e a análise da sua relação crítica com os poderes instituídos durante o período histórico em (...) apreço, dá-nos conta da enorme distância entre os projectos e intenções do movimento republicano e a obra social efectivamente conseguida pelo regime, ao mesmo tempo que se retratam as vicissitudes e os condicionamentos que a um tal resultado conduziram. Republicano de todas as horas, Leonardo nunca deixou de verberar no republicanismo aquilo que considerava serem erros de essência e de forma, desde os postulados positivistas até às lutas fratricidas em que, insensatamente, se empenharam os filhos da República. Mas também a sua palavra, celebrando momentos de heroicidade, de união, de glória, sobretudo um tributo ao povo republicano, ao povo humilde das grandes cidades, que tão abnegadamente amou a República e por ela se bateu. Uma chamada de atenção para um trajecto espiritual percorrido por esta figura de livre-pensador que, pouco a pouco, se foi aproximando de um cristianismo católico, acabando por se converter oficialmente a esta fé, uma semana antes da sua trágica morte. Fica-nos, por fim, o conhecimento da obra cultural de Leonardo e a perpetuação da mesma, primeiramente através de uma geração de discípulos que, de perto, privou com o Mestre e depois os discípulos dos discípulos, ou seja, uma segunda geração de seguidores, todos unidos pela figura e pelo legado cultural de Leonardo Coimbra, a quem alguém chamou, com felicidade, “Mestre dos Mestres”. (shrink)

The geographical Utopias that present a New World, from classical Antiquity and the Middle Ages to the exploration and conquest of American territories by Spain, give a two-fold vision of the myth of gold. On the one hand, the legendary lands in which were found the wealth and power generated by the coveted metal—El Dorado, El Paititi, the City of the Caesars—establish the direction of a venture toward the unknown, and a geography of the imaginary marked the ubiquitous sign of (...) the mythical gold. But at the same time, America permitted the felicitous re-encounter in its territory of the Golden Age that had been lost in the Old World. The first steps of Western man toward the American adventure wavered contradictorily between these extremes, in that gold was at the same time “booty and marvel.”. (shrink)

The study aimed to comprehensively overview the experiences encountered by public school employees during the recruitment, selection, and placement (RSP) process within the DepEd Bohol Division. Employing a qualitative-descriptive research design, the researchers utilized a phenomenological approach to delve deeply into these experiences, shedding light on the nuances and intricacies of the division's RSP process. As Lambert et al. (2013) described, qualitative- descriptive studies aim to provide a comprehensive and detailed summary of specific events experienced by individuals or groups in (...) everyday terms. To achieve this, Colaizzi's (1978) data analysis method was applied, meticulously gathering, transcribing, and analyzing recorded participant responses. The rigorous analysis revealed that an overwhelming 81% of the participants recognized significant challenges within the current RSP system of the division, underscoring the pressing need for a renewed approach to address these identified challenges. This highlighted the necessity for an RSP policy that is responsive and innovative, tailored to meet the evolving needs and expectations of applicants, schools, and the division. By implementing improvements to the RSP process, a more efficient and timely filling of vacated and newly available positions is anticipated, contributing to the seamless functioning of the educational system and ultimately enhancing the prospects of success. (shrink)

“The ships that invented regions were directed toward the West”, announced Juan de Castellanos in 1587 in his Elegías dedicated to Christopher Columbus, and at the beginning of the 16th century Hernán Pérez de Oliva wrote a Historia de la invención de las Indias. The use of the word invention when speaking of the discovery of America may seem to be a semantic confusion or poetic license, viewed from the contemporary perspective of a discipline with well-defined limits, such as geography, (...) since we usually understand invention as the transformation of things by man's intervention, while discovery is finding something that already existed so as to make it known to others. (shrink)

«En estos tiempos en que todo lo que somos lo medimos y lo vemos como capital, disputar el concepto de conocimiento es disputar la vida misma.» Las formas más invisibles de injusticia tienen que ver con lo intangible, con el dominio sobre la información y el conocimiento. Modos de opresión y de exclusión que la política no suele considerar porque se ha construido sobre la mentira de que la verdad no cuenta, solo cuenta lo que se cree que es verdad: (...) solo la manipulación de las opiniones. Se oculta cuidadosamente que tener el poder sobre aquello que se sabe, y sobre aquello que se ignora, es también una forma lacerante de desigualdad. El neoliberalismo es también una forma estratégica de ignorancia, de injusticia y de silenciamiento. Contra la ceguera, este libro afirma lo contrario: toda política es política epistemológica y toda epistemología es epistemología política. La democracia es, también, un proyecto de libertad, igualdad y fraternidad epistémicas. (shrink)

[Given, If, Then] attempts to conceive a possibility of reading, through a set of readings: reading being understood as the relation to an Other that occurs prior to any semantic or formal identification, and, therefore, prior to any attempt at assimilating, or appropriating, what is being read to the one who reads. As such, it is an encounter with an indeterminable Other, an Other who is other than other -- an unconditional relation, and thus a relation to no fixed object (...) of relation. The first reading by Jeremy Fernando, "Blind Reading," unfolds through an attempt to speak of reading as an event. Untheorisable in itself, it is a positing of reading as reading, through reading, where texts are read as a test site for reading itself. As such, it is a meditation on the finitude and exteriority in literature, philosophy, and knowledge; where blindness is both the condition and limit of reading itself. Folded into, or in between, this (re)reading are a selection of photographs from Jennifer Hope Davy's image archive. They are on the one hand simply a selection of 'impartial pictures' taken, and on the other hand that which allow for something singular and, therefore, always other to dis/appear -- crossing that borderless realm between 'some' and 'some-thing.' Eventually, there is a writing on images on writings by Julia Hölzl. A responding to the impossible response, a re-iteration, a re-reading of what could not have been written, a re-writing of what could not have been read; these poems, if one were to name them such, name them as such, answer (to) the impossibility of answering: answer to no call. (shrink)

The article deals with the chances of illustration of Mohammed: is it forbidden to depict Mohammed in the Islam? What the history or the religion say about it? The following sentences try to get a brief but deep approaching to that issue, underlying the importance that just a few time ago when several problems related to misunderstanding and hatred set the Muslim world in front of the Western people as violent in a behavior that no one could share. Through the (...) article we will see the lack of respect there was in some images that were published provoking all kind of reactions in the world. (shrink)

El autor expone las dimensiones y circunstancias de una investigación cualitativa realizada en un prestigioso instituto de docentes en Uruguay. Indagando en los rituales de interacción aplicados en el ámbito educativo, se observan los modelos de relación, la construcción de la identidad de docente y demás elementos propios de la institución educativa. En ese contexto, se identifican distintos contextos y situaciones cotidianas que reproducen procesos sociales en los que la finalidad está clara: la enseñanza y el aprendizaje.