Using a signaling framework, we argue that ethical behavior as evidenced by charitable donations is viewed more positively by investors when seen not to be based on self-serving motives but rather on authentic generosity that builds moral capital. The affirmed religiosity of CEOs may make their ethical position more credible, while their embeddedness within a family business suggests that CEOs are backed by powerful owners with long-time horizons and a desire to build moral capital with stakeholders. We find in a (...) study of market responses to 1572 corporate donations by S&P 1500 firms that financial markets react more positively to charitable initiatives from firms with religion-declared CEOs, but only if these are family businesses. (shrink)

Linear mixed-effect models (LMMs) are being increasingly widely used in psychology to analyse multi-level research designs. This feature allows LMMs to address some of the problems identified by Speelman and McGann ( 2013 ) about the use of mean data, because they do not average across individual responses. However, recent guidelines for using LMM to analyse skewed reaction time (RT) data collected in many cognitive psychological studies recommend the application of non-linear transformations to satisfy assumptions of normality. Uncritical adoption (...) of this recommendation has important theoretical implications which can yield misleading conclusions. For example, Balota et al. ( 2013 ) showed that analyses of raw RT produced additive effects of word frequency and stimulus quality on word identification, which conflicted with the interactive effects observed in analyses of transformed RT. Generalized linear mixed-effect models (GLMM) provide a solution to this problem by satisfying normality assumptions without the need for transformation. This allows differences between individuals to be properly assessed, using the metric most appropriate to the researcher's theoretical context. We outline the major theoretical decisions involved in specifying a GLMM, and illustrate them by reanalysing Balota et al.'s datasets. We then consider the broader benefits of using GLMM to investigate individual differences. (shrink)

Einstein regarded as one of the triumphs of his 1915 theory of gravity - the general theory of relativity - that it vindicated the action-reaction principle, while Newtonian mechanics as well as his 1905 special theory of relativity supposedly violated it. In this paper we examine why Einstein came to emphasise this position several years after the development of general relativity. Several key considerations are relevant to the story: the connection Einstein originally saw between Mach's analysis of inertia and (...) both the equivalence principle and the principle of general covariance, the waning of Mach's influence owing to de Sitter's 1917 results, and Einstein's detailed correspondence with Moritz Schlick in 1920. (shrink)

Since the late 1990s, the number of apologies being offered by CEOs of large companies has exploded. Communication and management scholars have analyzed whether and why some of these apologies are more effective or more ethical than others. Most of these analyses, however, have remained at the anecdotal level. Moreover, the practical, economic consequences of apologies have not been examined. Almost no rigorous or systematic empirical work exists that examines whether stakeholders reward firms whose CEOs give apologies that are more, (...) rather than less, ethical; and punish firms whose corporate apologies are not ethically sound. This lacuna is surprising given that the whole purpose of an apology is to restore trust between the apologizer and the recipients of the apology. It is also surprising, given that stock market participants do appear, in at least some cases, to evaluate and respond to apologies by CEOs. When Johnson and Johnson was hit by the Tylenol poisonings, its stock price plummeted. One day after CEO James Burke’s apology—an apology widely praised for being ethically sound—approximately a half billion dollars of its previously lost stock value was restored. It appears, then, that a good CEO apology may lead to an increased stock value ceteris paribus. But is the Johnson and Johnson case representative of how the market responds in general to CEO apologies? (shrink)

This paper concerns a surprisingly sharp disagreement about the nature of ancient Pyrrhonism which first emerges clearly in Kant and Hegel, but which continues in contemporary interpretations. The paper begins by explaining the character of this disagreement, then attempts to adjudicate it in the light of the ancient texts.

The target article proposed that women display greater self-protectiveness than men to major physical and social threats because such self-protective responses have higher fitness value for women than men. Rather than having evolutionary roots, we suggest the various physiological, behavioral, and emotional responses to social and physical threats exhibited more by women than men are instead rooted in sociocultural forces.

Processing the motivational relevance of a visual scene and reacting accordingly is crucial for survival. Previous work suggests the emotional content of naturalistic scenes affects response speed, such that unpleasant content slows responses whereas pleasant content accelerates responses. It is unclear whether these effects reflect motor-cognitive processes, such as attentional orienting, or vary with the function/outcome of the motor response itself. Four experiments manipulated participants’ ability to terminate the picture and, thereby, the response’s function and motivational value. Attentive orienting was (...) manipulated via picture repetition, which diminishes orienting. A total of N = 81 participants completed versions of a go/no-go task, discriminating between distorted versus intact pictures drawn from six content categories varying in positive, negative, or neutral valence. While all participants responded faster with repetition, only participants without offset control exhibited slower responses to unpleasant and accelerated responses to pleasant content. Emotional engagement, measured by the late positive potential, was not modulated by attentional orienting, suggesting that the interaction between repetition and offset control is not due to altered emotional engagement. Together, results suggest that response time changes as a function of emotional content and sensitivity to attention orienting depends on the motivational function of the motor response. (shrink)

It is widely claimed that climate change has increased the magnitude and the frequency of natural phenomena such as storms, droughts, and floods with the concomitant costs in terms of damages and victims. This paper using weekly data from global stock market indices in a Fama–French model, examines how and to what extent market agents and investors react to such events. As a yardstick for comparison purposes, the possible market impact of industrial accidents is also incorporated and examined in the (...) empirical investigation. The study uses in a comparative approach the STOXX Global ESG Environmental Leaders index and the STOXX Global index diversified across 1800 top companies. Results reported herein seem to indicate that natural and anthropogenic adversity have no immediate impact on the stock indices, while wildfires have an immediate reduction impact on market risk in the case of the ESG Environmental Leaders index. Moreover, wildfires and industrial accidents appear to cause a significant reduction of systematic risk over the next week following the incident. However, the magnitude of the effect is higher in the case of the ESG Environmental Leaders stock index. Finally, the effect on systematic risk by industrial accidents is temporarily without any lasting imprint. (shrink)

It will be settled out for the open problem of designing an r-order finite-time state observer for reaction-diffusion genetic regulatory networks with time-varying delays. By assuming the Dirichlet boundary conditions, aiming to estimate the mRNA and protein concentrations via available network measurements. Firstly, sufficient F-T stability conditions for the filtering error system have been investigated via constructing an appropriate Lyapunov–Krasovskii functional and using several integral inequalities and convex technique simultaneously. These conditions are delay-dependent and reaction-diffusion-dependent and can be (...) checked by MATLAB toolbox. Furthermore, a method is proposed to design an r-order F-T state observer, and the explicit expressions of observer gains are given. Finally, a numerical example is presented to illustrate the effectiveness of the proposed method. (shrink)