It is my hope that the book will be widely read and debated."--Axel Leijonhufvud, UCLA and the University of Trento "This is a major and controversial contribution to macroeconomics that cannot fail to make an impact in several areas.

The purpose of this study is to look at femicide from a different perspective, even though it may seem unrelated at first. Accordingly, it investigated the existence of a link between foreign exchange, which was a major cause of the crises and unemployment, and femicide, which was the outcome of violence against women other than murder. The data were acquired from the We Will Stop Femicide Platform and the Central Bank of the Republic of Turkey in light of the (...) study’s goal. According to the findings of the investigation, there is a long-term cointegrating association between the foreign exchange rate and femicide in Turkey. After 22.6 days, the deviation induced by a 1% change in the currency rate could be balanced. This study is notable for approaching femicide from a hitherto overlooked economic perspective, as well as demonstrating that exchange rate changes are “vital” in terms of non-economic reality and public health. (shrink)

Statistical decision theory, whether based on Bayesian principles or other concepts such as minimax or admissibility, relies on minimizing expected loss or maximizing expected utility. Loss and utility functions are generally treated as unit-less numerical measures of value for consequences. Here, we address the issue of the units in which loss and utility are settled and the implications that those units have on the rankings of potential decisions. When multiple currencies are available for paying the loss, one must take explicit (...) account of which currency is used as well as the exchange rates between the various available currencies. (shrink)

According to Critical-Level Views in population axiology, an extra life improves a population only if that life’s welfare exceeds some fixed ‘critical level.’ An extra life at the critical level leaves the new population equally good as the original. According to Critical-Range Views, an extra life improves a population only if that life’s welfare exceeds some fixed ‘critical range.’ An extra life within the critical range leaves the new population incommensurable with the original. -/- In this paper, I sharpen some (...) old objections to these views and offer some new ones. Critical-Level Views cannot avoid certain Repugnant and Sadistic Conclusions. Critical-Range Views imply that lives featuring no good or bad components whatsoever can nevertheless swallow up and neutralise goodness or badness. Both classes of view entail that certain small changes in welfare correspond to worryingly large differences in contributive value. -/- I then offer a view that retains much of the appeal of Critical-Level and Critical-Range Views while avoiding the above pitfalls. On the Imprecise Exchange Rates View, the quantity of some good required to outweigh a given unit of some bad is imprecise. This imprecision is the source of incommensurability between lives and populations. (shrink)

The literature on speculative bubbles in foreign exchange rates is voluminous, with much of it failing to reject the presence of bubbles in many exchange markets.1 Serious testing of this issue began with the work of Meese (1986), Evans (1986), and Woo (1987). Each used a different approach, and each found evidence failing to reject the presence of bubbles in at least some exchange markets.

We attempt in this paper to tie together several basic insights of praxeology, and several that are not at all that basic. These include the following: that gains from exchange are subjective; that this applies to profits and interest; that credit transactions can occur under barter; that interest arises from time preference even under a pure time preference theory of interest; and that productivity can, under disequilibrium conditions, affect the various rates of interest.

The performance appraisal process is increasingly seen as a key link between employee behaviour and an organization’s strategic objectives. Unfortunately, performance reviews often fail to change how people work, and dissatisfaction with the appraisal process has been associated with general job dissatisfaction, lower organizational commitment, and increased intentions to quit. Recent research has identified a number of factors related to reactions to performance appraisals in general and appraisal satisfaction in particular. Beyond the appraisal outcome itself, researchers have found that appraisal (...) reactions are affected by perceptions of fairness and the relationship between the supervisor and the employee. To explain the relationships among these factors, the present article proposes a moral cognition perspective. We suggest that employees judge a performance appraisal from the perspective of its moral justifiability, and that appraisal reactions will be determined, at least in part, by the perceived moral justifiability of the process. The proposal was supported by results from a survey of government employees using measures of performance ratings, leader–member exchange, perceived utility, and organizational justice. (shrink)

In this paper two models for movement of respiratory gases in the insect trachea are presented. One model considers the tracheal system as a single flexible compartment while the other model considers the trachea as a single flexible compartment with gas exchange. This work represents an extension of Ben-Tal’s work on compartmental gas exchange in human lungs and is applied to the insect tracheal system. The purpose of the work is to study nonlinear phenomena seen in the insect (...) respiratory system. It is assumed that the flow inside the trachea is laminar, and that the air inside the chamber behaves as an ideal gas. Further, with the isothermal assumption, the expressions for the tracheal partial pressures of oxygen and carbon dioxide, rate of volume change, and the rates of change of oxygen concentration and carbon dioxide concentration are derived. The effects of some flow parameters such as diffusion capacities, reaction rates and air concentrations on net flow are studied. Numerical simulations of the tracheal flow characteristics are performed. The models developed provide a mathematical framework to further investigate gas exchange in insects. (shrink)

ABSTRACTThe major credit rating agencies contributed substantially to the sub‐prime mortgage crisis by giving their highest rating to most of the collateralized debt obligations securities that were backed by these sub‐prime mortgages. Because the rating agencies are compensated by the issuers whose CDO bonds they rate, this relationship creates a prima facie conflict of interest, one that is compounded when the rating agency also consults for the issuers on designing the CDOs. While Congress and the Securities Exchange Commission (...) investigate possible wrongdoing, various reforms have been proposed. This article analyzes these conflicts of interest and the cognate corporate governance issues. It then categorizes and critiques several of the reform proposals—which range in severity from requiring more disclosure to the suspension of the rating agency's license. (shrink)

The paper deals with Forward exchange contracts and Swap exchange contracts, These two types of contracts are among the most prominent types of financial derivative contracts that arose after the collapse of the Bretton Woods system in 1971 or the so-called Nixon shock, where the convertibility of the dollar into gold was stoped, which led to turmoil in the exchange rates of the currencies of many countries and the emergence of the need to stabilize the exchange (...) rate Currencies in transactions where the delivery of the two exchanges is delayed. This research has studied forward exchange contracts and swap exchange contracts in four sections. The first section defines the Forward exchange contract, which is a contract in which the two parties commit to exchange a specified amount of foreign currencies on a forward date, at a price agreed upon in advance. The elements and elements that must be mentioned in this contract, such as the seller and buyer, the size of the contract, the date of delivery and the forward exchange rate, were mentioned in this section, with an illustrative example of the mechanism of conducting this contract. In addition to addressing the differences between forward exchange contracts and future exchange contracts, the characteristics of forward exchange contracts and the purposes of those dealing with them from hedging and speculation are mentioned in this section. The second section has been devoted to the definition of swap exchange contracts, it is for the two parties to the contract to agree that one of them buys from the other a specific amount of a currency in exchange for a specific amount of another currency and at the current exchange rate, provided that the two exchanges are delivered immediately, and in the same contract, the two parties agree to make a forward reverse exchange contract, at a price determined within Contract, and to clarify the picture of swap exchange contracts, an example has been given to illustrate the mechanism for conducting this type of contract. In the third section, the views of contemporaries scholars regarding the İslamic law of the forward exchange contract were discussed, where the opinion of the objectors was mentioned at all and the evidence they inferred from it. And then the opinion of those who advocate the permissibility of forward exchange contracts that are in the form of a dating that is not binding on both parties together, provided that there is nothing in the dating that indicates that it is a contract of sale and provided that a new contract is delivered independent of the dating. Then I discussed the opinion and evidence of the impediments in four points, and I concluded that the most correct opinion at the first is the impermissibility of the forward exchange contract in the form such as the traditional banks do it because of the deception it contains. But I recanted and permitted this type of contract in two cases, the first: the case of need with the absence of an alternative, and the second: the case that transaction is not binding dating for both parties and on some terms. Some contemporary scholars suggested conducting buying and selling operations in the same currency as an alternative to forward exchange contracts, and some of them suggested that Islamic banks should have a common unit of account to settle accounts between the parties to commercial transactions. But in my opinion two solutions are often not feasible. As for the fourth section, I dealt with the opinions of contemporary scholars in the swap exchange contract. it seems likely to me that swap currency exchange contracts are nothing but a usurious loan that is prohibited by Sharia. Because when examining the mechanism of conducting this type of contract, it turns out that one of the parties lent the other an amount in one currency in exchange for the other lending him an amount in another currency under the name of the spot exchange contract. Since one of the two parties requires the other to increase what he lent - if the exchange rate of the Forward exchange contract is different from the Spot exchange rate, which is predominant - under the name of the Forward exchange contract, then this process is nothing but a usurious loan. I supported the proposal to exchange loans in different currencies as a İslamic alternative to transaction contracts, provided that there is no preference for one party over another, and there is no usurious increase. And in order to solve the problem of the high rate of currency inflation of one of the two loans more than the other, the researcher suggested adding the inflation rate to the two loans when they are performed. (shrink)

Interest in credit ratings agencies and their role in financial markets is at an all-time high. Concerns about a lack of transparency concerning process, conflicts of interest, and limited competition are frequently discussed by politicians, regulators and other commentators. These issues we term the credit ratings agency trinity of solicitude. We shed some light on this trinity by considering the unique relationship that exists between corporate borrowers and the CRAs they engage to rate their securities. The exchange relationships (...) literature is used to create a model where commitment plays a central role. Technical qualities, relationship qualities and dependence are theorised as antecedents of commitment, which is described by two constructs of affective commitment and calculative commitment. The issuer’s intention to remain with the CRA, their loyalty, is the consequence of commitment. The model is operationalized by means of a survey questionnaire administered to issuers of corporate debt in the United Kingdom. As expected, perceptions of the quality of the relationship and affective commitment play an important role in CRA-issuer relations. However, contrary to expectations, the technical quality of the rating and issuer dependence on the CRA play little role in determining commitment and continuance. The implications of these findings are discussed along with areas for future research. (shrink)

The Securities and Exchange Commission (SEC) sanctioned investor-paid rating agency Egan-Jones for falsely stating that it did not know its clients’ investment positions. The SEC’s action against Egan-Jones raises the broad question whether knowledge of clients’ investment positions creates a conflict of interest for investor-paid ratings. In an experimental setting, we find that investor-paid rating agencies are likely to assign credit ratings that are biased in favor of their clients’ positions, and that this effect is attenuated when the rated (...) company has a sophisticated investor base that is expected to scrutinize ratings. The effect is not conditional on the risk profile of the rated companies. Taken together, our findings suggest that a conflict of interest stemming from investors’ preferences is likely to bias ratings under investor-pays business models, but scrutiny by the company’s investor base can counteract this bias. (shrink)

Since the breakdown of the Bretton Woods system in the early 1970s, the foreign exchange market has become an important focus of both academic and practical research. There are many reasons why FX is important, but one of most important aspects is the determination of foreign investment values. Therefore, FX serves as the backbone of international investments and global trading. Additionally, because fluctuations in FX affect the value of imported and exported goods and services, such fluctuations have an important (...) impact on the economic competitiveness of multinational corporations and countries. Therefore, the volatility of FX rates is a major concern for scholars and practitioners. Forecasting FX volatility is a crucial financial problem that is attracting significant attention based on its diverse implications. Recently, various deep learning models based on artificial neural networks have been widely employed in finance and economics, particularly for forecasting volatility. The main goal of this study was to predict FX volatility effectively using ANN models. To this end, we propose a hybrid model that combines the long short-term memory and autoencoder models. These deep learning models are known to perform well in time-series prediction for forecasting FX volatility. Therefore, we expect that our approach will be suitable for FX volatility prediction because it combines the merits of these two models. Methodologically, we employ the Foreign Exchange Volatility Index as a measure of FX volatility. In particular, the three major FXVIX indices from 2010 to 2019 are considered, and we predict future prices using the proposed hybrid model. Our hybrid model utilizes an LSTM model as an encoder and decoder inside an autoencoder network. Additionally, we investigate FXVIX indices through subperiod analysis to examine how the proposed model’s forecasting performance is influenced by data distributions and outliers. Based on the empirical results, we can conclude that the proposed hybrid method, which we call the autoencoder-LSTM model, outperforms the traditional LSTM method. Additionally, the ability to learn the magnitude of data spread and singularities determines the accuracy of predictions made using deep learning models. In summary, this study established that FX volatility can be accurately predicted using a combination of deep learning models. Our findings have important implications for practitioners. Because forecasting volatility is an essential task for financial decision-making, this study will enable traders and policymakers to hedge or invest efficiently and make policy decisions based on volatility forecasting. (shrink)

Using Least Square Residual Minimization techniques, this paper develops an optimal reserve model, known as the OPREM model, which is essential in optimizing the costs of reserve holding. The paper also sets-out to test and compare the relative predictions of economic trends of the OPREM model as well as the predictions of alternative models in literature. Establishing the predictive accuracy of economic trends of these models are crucial for the gradual and cost-effective accumulation of reserves. The research concludes that, the (...) decision to optimize the cost of reserves under a stable currency environment is reliant on the gold impact factor and not on inflation or interest rates. We also found on further analysis of the OPREM that the OPREM model is better positioned to eliminate the procyclicality and perverse rush in reserve build-ups experienced in developing and emerging countries by effectively setting the reserve stock against economic trends. The research fixes the optimal reserves around a benchmark of 0.7–1.2 of previous year's optimal value. However, in the absence of past optimal values, a benchmark between 2 and 6 times of average inflows for short-term analysis or analysis with small data observations. However, for long-term analysis or analysis with large data frequency, the reserve stock should be fixed on a benchmark of 2–9 times of the average inflows. (shrink)

Business scholars have recently proposed that the virtue of personal wisdom may predict leadership behaviors and the quality of leader–follower relationships. This study investigated relationships among leaders’ personal wisdom—defined as the integration of advanced cognitive, reflective, and affective personality characteristics (Ardelt, Hum Dev 47:257–285, 2004)—transformational leadership behaviors, and leader–member exchange (LMX) quality. It was hypothesized that leaders’ personal wisdom positively predicts LMX quality and that intellectual stimulation and individualized consideration, two dimensions of transformational leadership, mediate this relationship. Data came (...) from 75 religious leaders and 1–3 employees of each leader (N = 158). Results showed that leaders’ personal wisdom had a positive indirect effect on follower ratings of LMX quality through individualized consideration, even after controlling for Big Five personality traits, emotional intelligence, and narcissism. In contrast, intellectual stimulation and the other two dimensions of transformational leadership (idealized influence and inspirational motivation) did not mediate the positive relationship between leaders’ personal wisdom and LMX quality. Implications for future research on personal wisdom and leadership are discussed, and some tentative suggestions for leadership development are outlined. (shrink)

Source: Author: Mohsen Mehrara, Yazdan Gudarzi Farahani, Farzan Faninam, Abbas Rezazadeh Karsalari This paper examines the relationship between stock market index and macroeconomic policies on Iran's economy using quarterly data in the period 1999-2013. This study employed cointegration test and vector autoregressive models to examine relationships between the stock market index and the macroeconomic variables. The empirical results reveal that a positive money shock can increase stocks return. According to impulse responses, the government expenditure had a slight impact on stocks (...) return in the short term. But the government expenditure has a positive effect on exchange index in long run. Also the effect of taxes on the stock's price index is negative, so that it reaches its maximum level after the third lag and then alleviates. The GDP shock has positive effect on the stock's price index. Increase in production level leads to increase in earnings and profitability, leading to a positive response from stocks index. Therefore the results showed that the macroeconomic variables such as inflation, exchange rate and GDP have significant effects on Tehran exchange price index. So the hypothesis that the improving economic factors can have a useful role in the booming capital market is confirmed. Also the effect of fiscal policy factors such as tax revenues and government expenditures is more than monetary policy factors on stock returns. ]]>. (shrink)

Previous research has shown that virtuous leader behavior in the form of benevolent leadership has considerable impact on employee creativity. However, little is known as to how and under what conditions these constructs are linked. In the current research, we proposed and tested a moderated mediation model positing leader–member exchange as a mediator, and employee power-distance orientation as a moderator of this relationship. Two studies were conducted to test our hypothesized model. In Study 1, repeated measured data collected from (...) 284 Chinese employees in an information technology company demonstrated that benevolent leadership had a lagged effect on LMX. In Study 2, analyses of multisource and lagged data from 391 Chinese employees in 42 research and development teams, and their direct supervisors indicated that benevolent leadership was positively related to supervisor-rated employee creativity via LMX. In addition, the relationship between benevolent leadership and LMX was stronger for employees high in power-distance orientation. Theoretical implications of benevolent leadership’s research and practical contributions concerning promoting creativity in organizations where benevolent leaders prevail are also discussed. (shrink)

This article explores gender inequities and sexual double standards in teens’ digital image exchange, drawing on a UK qualitative research project on youth ‘sexting’. We develop a critique of ‘postfeminist’ media cultures, suggesting teen ‘sexting’ presents specific age and gender related contradictions: teen girls are called upon to produce particular forms of ‘sexy’ self display, yet face legal repercussions, moral condemnation and ‘slut shaming’ when they do so. We examine the production/circulation of gendered value and sexual morality via teens’ (...) discussions of activities on Facebook and Blackberry. For instance, some boys accumulated ‘ratings’ by possessing and exchanging images of girls’ breasts, which operated as a form of currency and value. Girls, in contrast, largely discussed the taking, sharing or posting of such images as risky, potentially inciting blame and shame around sexual reputation (e.g. being called ‘slut’, ‘slag’ or ‘sket’). The daily negotiations of these new digitally mediated, heterosexualised, classed and raced norms of performing teen feminine and masculine desirability are considered. (shrink)

This research examines whether having a readily available code of ethics on a corporation's website associates with either their auditor or stock exchange listing. As such, it is the first research that studies the association among readily available codes of ethics, client auditor and stock exchange listing on a longitudinal basis. In our data gathering, we went to the website of each corporation and searched for a readily available disclosure of its code of ethics at the beginning of (...) April 2006 through April 2009 – third-through-sixth anniversaries of the Sarbanes–Oxley Act. Our data indicate that the average readily available rate of codes of ethics for Ernst and Young 's clients was significantly lower than the average readily available rate for the clients of Deloitte and Touche in 2006 and 2007 and PricewaterhouseCoopers in 2007. However, our data indicate no differences among the Big Four firms in 2008 and 2009. Our data indicate that the average readily available rates for the clients listed on the New York Stock Exchange were significantly higher than for clients that were not listed on the NYSE for all four observation points. (shrink)

This research examines whether having a readily available code of ethics on a corporation's website associates with either their auditor or stock exchange listing. As such, it is the first research that studies the association among readily available codes of ethics, client auditor and stock exchange listing on a longitudinal basis. In our data gathering, we went to the website of each corporation and searched for a readily available disclosure of its code of ethics at the beginning of (...) April 2006 through April 2009 – third‐through‐sixth anniversaries of the Sarbanes–Oxley Act. Our data indicate that the average readily available rate of codes of ethics for Ernst and Young's clients was significantly lower than the average readily available rate for the clients of Deloitte and Touche in 2006 and 2007 and PricewaterhouseCoopers in 2007. However, our data indicate no differences among the Big Four firms in 2008 and 2009. Our data indicate that the average readily available rates for the clients listed on the New York Stock Exchange (NYSE) were significantly higher than for clients that were not listed on the NYSE for all four observation points (2006–2009). (shrink)

What does the word “value” mean? On the one hand, absolute value is an excellence that is beyond measure. On the other hand, value can also be interpreted as price, as what can be measured and exchanged. In both cases, value lies in relation and is of the same order as sense. But what is the relation between these two senses of value? And why is it so difficult to hold the two apart?

This paper uses Pierre Bourdieu’s field theory to develop tools for analyzing interdisciplinary scientific fields. Interdisciplinary fields are scientific spaces where no single form of scientific capital has a monopoly and therefore multiple forms of scientific capital constitute the structures and stakes of scientific competition. Scientists compete to accumulate and define forms of scientific capital and also to set the rates of exchange between them. The paper illustrates this framework by applying it to the interdisciplinary field of behavior genetics. (...) Most behavior geneticists envision their participation in the field as a means to compete for scientific capital in other fields. However, the scientific capital of behavior genetics has different values for scientists attempting to deploy it in different neighboring fields. These values depend on situations in each field and the ways behavior genetics mediates relationships among them. The pattern of relationships of exchange helps explain the social hierarchy and several features of knowledge production within behavior genetics. (shrink)

This article addresses the impact of leader psychological need satisfaction on employees. We draw on the self-determination theory and leader-member exchange theory to investigate if and how leader psychological need satisfaction trickles down to employee psychological need satisfaction. Adopting a multi-actor, multilevel design, results from 1036 leader–employee dyads indicate that employee-rated LMX mediates the trickle-down effect of leader psychological need satisfaction. Additional analyses of leader psychological needs show that leader competence is the main psychological need that underlying this relationship. (...) We also found an unexpected negative association between leader autonomy need satisfaction and employee competence need satisfaction. Overall, this study shows the importance of both leaders’ psychological need satisfaction and employee perceptions of the relationship quality for employee psychological need satisfaction. (shrink)

This manuscript investigates the role of argumentative competence in interpersonal dyadic exchanges. Specifically, this study examined the two sub-dimensions of competence, argumentative effectiveness and appropriateness, and their connections with argumentative traits, situational features, and argument satisfaction. In addition, self-perceived versus observed argumentative competence were compared. Participants in the study completed measures before and after a face-to-face argumentative discussion with another person about one of two possible topics. Results revealed that argumentation traits had little effect on argumentative competence, but competence was (...) predicted by one’s knowledge about the topic. Argument satisfaction depended only on arguers’ own competence, not their partners’. Finally, a perceptual bias existed regarding argument effectiveness in that participants rated themselves higher than did observers. (shrink)

Individuals with high levels of narcissism often ascend to leadership positions. Whereas there is evidence that narcissism is linked to unethical behavior and negative social outcomes, the effects of leader narcissism on an organization’s most important resource—its employees—have not yet been studied thoroughly. Using theoretical assumptions of the Narcissistic Admiration and Rivalry Concept and social exchange theories, we examined how leaders’ narcissistic rivalry was related to follower outcomes in a sample of matched leaders and followers. Followers of leaders high (...) in narcissistic rivalry reported less perceived supervisor support, lower quality leader-member relationships, lower performance-based self-esteem, and lower job engagement. These effects were only found when follower-rated leaders’ narcissistic rivalry was used in the model but not when self-rated leaders’ narcissistic rivalry was used as a predictor. This implies that the negative effects of leaders’ narcissistic rivalry on followers are driven by the expression of narcissistic tendencies. Leader development should thus focus on changing destructive leader behavior. We propose that leaders high in narcissistic rivalry can be motivated to make such changes by showing them that by hurting their followers, they will eventually undermine their own reputation and status. Furthermore, selection and promotion practices should incorporate objective measures to weaken the effects of narcissists’ self-promotional tactics in these contexts and thus prevent people high in narcissistic rivalry from rising to leadership positions. (shrink)

This manuscript investigates the role of argumentative competence in interpersonal dyadic exchanges. Specifically, this study examined the two sub-dimensions of competence, argumentative effectiveness and appropriateness, and their connections with argumentative traits, situational features, and argument satisfaction. In addition, self-perceived versus observed argumentative competence were compared. Participants in the study (N = 282, 141 dyads) completed measures before and after a face-to-face argumentative discussion with another person about one of two possible topics (student athlete pay and texting while driving). Results revealed (...) that argumentation traits had little effect on argumentative competence, but competence was predicted by one’s knowledge about the topic. Argument satisfaction depended only on arguers’ own competence, not their partners’. Finally, a perceptual bias existed regarding argument effectiveness (but not appropriateness) in that participants rated themselves higher than did observers. (shrink)

Objectives: The present study questioned the moral orientation between males and females. It was hypothesized that males will score high on justice and social exchange, whilst females high on care and kin reciprocity. High scores on justice and care were found in a respective continuum with social exchange and kin reciprocity.Design: A between-participant independent t-test design of differences was carried out to search for the moral orientation of males and females. The dependent variable (DV) was the scores participants (...) rated on justice and social exchange, and care and kin reciprocity, whilst sex was the independent variable (IV).Method: Three moral vignettes were given to participants followed by questions/state-ments (Appendix C). Participants were asked to respond to those vignettes by using a Likert Scale scoring system rated 1 to 5.Results: The results have shown that males score high on justice and social exchange, whereas females high on care and kin reciprocity. Through the t-test were found significant differences between the sexes on moral reasoning orientations, and the hypothesis was supported.Conclusions: It was concluded that males demonstrate a just moral reasoning, whereas females a caring moral orientation. The continuum between justice and care with social exchange and kin reciprocity portrayed interpersonal relations in view to group dynamics as well as a maintenance of balance through cooperation. (shrink)

Over the past decade, sustainable finance has been a topic of burgeoning significance for investors, and ESG ratings have become commonly used to implement ESG investment strategies in practice. Strikingly, it is widely documented in both academic literature and investment practices that ESG ratings of a given firm can be extremely different across rating providers. However, despite the disagreement in ESG ratings being subject to a lot of criticism, only few studies have examined the sources and determinants of rating divergence. (...) This study examines whether quantitative ESG disclosure is conducive to rating convergence among agencies. Based on ESG rating data of Chinese A-share listed companies, the author finds that greater quantitative ESG disclosure, especially disclosure on environmental and social pillars, results in greater divergence of ESG ratings. When employing a difference-in-differences design with a quasi-experiment of disclosure guidance introduced by Hong Kong Exchange, the results show that if ESG disclosure is standardized and comparable, more numerical information reduces agencies' rating disagreement instead. Further analyses show that the lack of agreement is related to a low rating in the future. The author also finds that the effect of quantified ESG disclosure on rating divergence is more pronounced when firms are single businesses rather than diversified businesses with poor ESG performance rather than good ESG performance. The results are robust to alternative measures of ESG rating divergence, alternative sample, two-way clustering, and additional control variables. Taken together, the results indicate that quantitative ESG disclosure degenerates rating disagreement. (shrink)

Rate, John In this first Sunday of Advent we are reminded that our lives and our world are moving towards a great finale, as envisioned in our times by the great Teilhard de Chardin. While there are some terrifying aspects to this (our natural fear of death, and the apocalyptic descriptions of the end-times in Luke's Gospel), Luke calms us with his confident admonition: 'Stand erect, hold your heads high, because your liberation is near at hand.' As we allow (...) this truth to influence daily life, we will naturally want to 'stay awake' and 'practise honesty and integrity in the land' (first reading), and we will understand more fully the beautiful Alleluia verse prayer: 'Lord, show us your mercy and love, and grant us your salvation.'. (shrink)

This is a philosophical study by Lithuanian authors on issues related to how to teach philosophy, especially moral philosophy, through films, paintings, images, etc. The topics include multimodality as a synthesis; semiotics and language and image; cinema and philosophical education; postructuralism; film education; value education through spiritual cinema; Eastern Ethics for Western students through multimodal education; philosophy for children; sound and multimodality; Pedagogy of aesthetic to eco-pedagogy, etc.