Clearing algorithms are at the core of modern payment systems, facilitating the settling of multilateral credit messages with (near) minimum transfers of currency. Traditional clearing procedures use batch processing based on MILP - mixed-integer linear programming algorithms. The MILP approach demands intensive computational resources; moreover, it is also vulnerable to operational risks generated by possible defaults during the inter-batch period. This paper presents TORC3 - the Token-Ring Clearing Algorithm for Currency Circulation. In contrast to the MILP approach, TORC3 (...) is a real time heuristic procedure, demanding modest computational resources, and able to completely shield the clearing operation against the participating agents’ risk of default. (shrink)

New products and services that tackle grand societal challenges often require changes in societal norms, values, and expectations. This research investigates the question of how innovating actors shape these informal institutions throughout the innovation process by drawing on the literature on social innovation and institutional theory. In a comparison of four case studies, we observe that all innovating actors under study engage in a diverse set of practices to challenge and shape societal norms and expectations as well as user habits (...) and routines throughout the innovation process. These activities can be clustered into unilateral, bilateral, and multilateral change processes, depending on the number of actors involved. Our findings highlight how different types of direct and indirect interactions between innovating actors and users along the innovation process shape the understanding of social innovation, and stress the central role of physical experiences and positive emotions among (future) users. Thereby, we provide for a more nuanced view of how companies that aim to bring technologies with different characteristics of innovativeness to the market shape the informal institutional environment throughout the different phases of the innovation process. (shrink)

Financing guarantee is an important means and key link to solve the financing difficulties of small- and medium-size enterprises. However, while financial guarantees alleviate the financing difficulties of SMEs, the complex guarantee relationships also constitute a new channel for credit risk contagion in the financial guarantee network. In this paper, we construct a model of credit risk contagion process of guarantee network based on SEIR and analyse the equilibrium point and stability of the model. Then, we (...) find the threshold value of risk contagion and further simulate the SEIR model dynamically to analyse the influence of each parameter of the model. The results show that the risk of the financing guarantee network begins to be widely contagious only when risk contagion threshold is greater than 1, and the conversion rate of exposed enterprises, removal rate of infected enterprises, nodal enterprises degree, and risk contagion rate have significant effects on the changes of individual density of susceptible, exposed, infected, and recovered enterprises. Combining the above findings, it is of great theoretical and practical significance to propose relevant countermeasures for credit risk control of financial guarantee network. (shrink)

There is no well-built theory on credit risk measurement and decision analysis for financial big data, and an effective and scientific evaluation system for them has not been formed. A review of them can contribute to grasping the abovementioned topics, understanding current issues, analyzing research problems, mastering research challenges, and predicting future research directions. Besides, this paper points out four research directions of credit risk measurement and decision analysis for financial big data. Moreover, this paper can (...) provide some guidance directions and insights for practitioners, researchers, financial institutions, and government departments who have an interest in complex decision-making in big data. (shrink)

In this note, we consider a Merton model for default risk, where the firm’s value is driven by a Brownian motion and a compound Poisson process.

Based on a unique data set on US direct microloans, we study the funding determinants of interest-free peer-to-peer crowdlending aimed at borrowers in the US. By performing logistic regressions on funding success and Tobit regressions on the reversed funding time, the existence of a social underwriting by a third-party trustee and information in the description texts fostering the investors’ trust are shown to be the main predictors of successful funding. Regarding social impact, the possibility to empower women and groups of (...) borrowers appeals to the investors, whereas empowerment of the family or community beyond the borrowers themselves appears to remain unappreciated. When examining the vulnerability of the borrowers as a predictor, the results manifest differences amongst the attitudes of the investors towards social impact. In the subsample of non-endorsed loans, the investors appear to prefer to support borrowers with an immigration background. In contrast, this is not the case with endorsed loans. (shrink)

We investigate the association between a wide range of community-level environmental, social, and governance (ESG) outcomes and the credit risk of U.S. municipal finance fixed-income securities. We develop a novel dataset of multiple ESG outcomes for U.S. counties and connect it to a 2001-2020 panel of municipal bonds issued within those counties. Overall, we find supportive evidence that collective increases in community-level ESG factors (i.e., ESG outcomes) are associated with reductions in credit risk for U.S. municipal (...) finance instruments over time. We theorize that these associations arise from variations in investor perceptions and manifested changes in fiscal health over time as a function of changing ESG outcomes. Post hoc analyses leveraging quasi-exogenous shocks to uncertainty, as well as connecting ESG outcomes to various measures of fiscal health at the county-year level, and credit ratings at the bond-year level, help validate this theory. Our research suggests that even socially agnostic investors should investigate the environmental and social performance of a municipality as part of their credit due diligence. (shrink)

There is no doubt that a negative perception of financial risk and a lack of credit risk management adversely impact business growth and business owners’ wellbeing. Past studies suggest that most Nigerian traders have poor risk perceptions and manage risk poorly. A business coaching program within rational-emotive behavior therapy framework was evaluated in order to determine its effects on financial risk perception and credit risk management among Nigerian traders. This study used an (...) open-label parallel randomized control design. This 8-weeks coaching program had 60 traders in the REBT-based business coaching group and 59 traders in the control group. The mixed-model repeated measures ANOVA was utilized for analysis of the study data. Results show that relative to a control group, traders’ financial risk perception [F = 637.29, p < 0.001, ω2 = 0.69] and credit risk management [F = 795.51, p < 0.001, ω2 = 0.80] significantly improved after participating in REBT-based business coaching program. This study shows that REBT-based business coaching program is integral to increasing financial risk perception and credit risk management among Nigerian traders. This study contributes to the advancement of business coaching program within the rational-emotive behavior therapy framework for market traders, and its application in similar situations. The study considered the benefits of business coaching program for market traders from a developing country, which is a rarely studied group. It is highly recommended that professionals study the relationship between REBT-based business coaching and economic decision-making within various organizational contexts. (shrink)

In recent years, supply chain finance is exploited to solve the financing difficulties of small- and medium-sized enterprises. SME credit risk assessment is a critical part in the SCF system. The diffusion of SME credit risk may cause serious consequences, leading the whole supply chain finance system unstable and insecure. Compared with traditional credit risk assessment models, the supply chain relationship, credit condition of SME, and core enterprises should all be considered to rate (...) SME credit risk in SCF. Traditional methods mix all indicators from different index systems. They cannot give a quantitative result on how these index systems work. Furthermore, traditional credit risk assessment models are heavily dependent on the number of annotated SME data. However, it is implausible to accumulate enough credit risky SMEs in advance. In this paper, we propose an adaptive heterogenous multiview graph learning method to tackle the small sample size problem for SMEs’ credit risk forecasting. Three graphs are constructed by using indicators from supply chain operation, SME financial indicator, and nonfinancial indicator individually. All the graphs are integrated in an adaptive manner, providing a quantitative explanation on how the three parts cooperate. The experimental analysis shows that the proposed method has good performance for determining whether SME is risky or nonrisky in SCF. From the perspective of SCF, SME financing ability is still the main factor to determine the credit risk of SME. (shrink)

Credit theorists claim to explain the incompatibility of luck and knowledge and also what makes knowledge valuable. If the theory works as well as they think, it accomplishes a lot. Unsurprisingly, however, some epistemologists remain unsure. Jennifer Lackey, for instance, proposes a dilemma that suggests credit theories are either too strong or too weak. Her criticism has been hard to overcome. This paper suggests a modified account of knowledge as credit for true belief that allows credit (...) theorists to better counter Lackey’s criticism. I call my version of credit theory Risk Sensitive Credit. Under my account, an agent deserves credit just in case she believes truly on account of her reasonably accurate epistemic risk assessment. This assessment need not include higher order beliefs or even enter into conscious thought. Recent work in cognitive science, for instance, suggests that our visual faculties, in the absence of our direct awareness, work in accordance with a risk sensitive framework. This research will be referenced to help explain the dynamics of barn facade Gettier cases. (shrink)

We present epistemic multilateral logic, a general logical framework for reasoning involving epistemic modality. Standard bilateral systems use propositional formulae marked with signs for assertion and rejection. Epistemic multilateral logic extends standard bilateral systems with a sign for the speech act of weak assertion (Incurvati and Schlöder 2019) and an operator for epistemic modality. We prove that epistemic multilateral logic is sound and complete with respect to the modal logic S5 modulo an appropriate translation. The logical framework (...) developed provides the basis for a novel, proof-theoretic approach to the study of epistemic modality. To demonstrate the fruitfulness of the approach, we show how the framework allows us to reconcile classical logic with the contradictoriness of so-called Yalcin sentences and to distinguish between various inference patterns on the basis of the epistemic properties they preserve. (shrink)

Using the promulgation of Green Credit Guidelines in China as the research setting, this paper exploits a quasi-natural experiment to examine the impact of green credit policy on the stock price crash risk of heavy-polluting firms. The results show that green credit policy significantly increases the risk of stock price crash of heavy-polluting firms. Such impact is transmitted through increased financial constraints and reduced information transparency. In addition, we find that the impact of green (...) class='Hi'>credit policy on the stock price crash risk is more pronounced in firms with weak external governance and a small size. Our findings provide policy implications for mitigating corporate risks and promoting corporate sustainability. (shrink)

This article examines the epistemology of risk assessment in the context of financial modelling for the purposes of making loan underwriting decisions. A financing request for a company in the paper and pulp industry is considered in some detail. The paper and pulp industry was chosen because it is subject to some specific risks that have been identified and studied by bankers, investors and managers of paper and pulp companies and certain features of the industry enable analysts to quantify (...) the impact of specific risk events of a given dimension on a company's future financial performance. While companies in other industries may be subject to similar risk factors, the impact of risk events may be more difficult to gauge in those industries. The ability of financial analysts to model the impact of a risk event, and hence quantify a credit risk, increases the predictive accuracy of the model. I argue that bankers and regulators should recognise the uncertainty associated with unquantifiable credit risk in financial models, and they should view this uncertainty as a credit risk factor in and of itself. Evaluating the relative degree to which credit risk is quantifiable in financial models is a potentially significant yet largely unrecognised tool for credit risk management. I consider some possible applications of this assessment tool for managing risk within the banking industry. (shrink)

Incurvati and Schlöder (_Journal of Philosophical Logic, 51_(6), 1549–1582, 2022) have recently proposed to define supervaluationist logic in a multilateral framework, and claimed that this defuses well-known objections concerning supervaluationism’s apparent departures from classical logic. However, we note that the unconventional multilateral syntax prevents a straightforward comparison of inference rules of different levels, across multi- and unilateral languages. This leaves it unclear how the supervaluationist multilateral logics actually relate to classical logic, and raises questions about Incurvati and (...) Schlöder’s response to the objections. We overcome the obstacle, by developing a general method for comparisons of strength between multi- and unilateral logics. We apply it to establish precisely on which inferential levels the supervaluationist multilateral logics defined by Incurvati and Schlöder are classical. Furthermore, we prove general limits on how classical a multilateral logic can be while remaining supervaluationistically acceptable. Multilateral supervaluationism leads to sentential logic being classical on the levels of theorems and regular inferences, but necessarily strictly weaker on meta- and higher-levels, while in a first-order language with identity, even some classical theorems and inferences must be forfeited. Moreover, the results allow us to fill in the gaps of Incurvati and Schlöder’s strategy for defusing the relevant objections. (shrink)

Reduced self-awareness is a well-known phenomenon investigated in patients with vascular disease; however, its impact on neuropsychological functions remains to be clarified. Importantly, selective vascular lesions provide an opportunity to investigate the key neuropsychological features of reduced self-awareness in neurocognitive disorders. Because of its rarity, we present an unusual case of a woman affected by a combined polar and paramedian bilateral thalamic infarction. The patient underwent an extensive neuropsychological evaluation to assess cognitive, behavioral, and functional domains, with a focus on (...) executive functions. She was assessed clinically in the acute phase and after 6 months from the stroke, both clinically and by magnetic resonance imaging. The patient developed a cognitive impairment, characterised by prevalent executive dysfunction associated with reduced self-awareness and mood changes, in terms of apathy and depression. Such condition persisted after 6 months. In May 2020, the patient underwent the serology test in chemiluminescence to detect IgG antibodies against SARS-CoV-2. The result of the quantitative test highlighted a high probability of previous contact with the virus. We suggest that reduced self-awareness related to executive dysfunction and behavioral changes may be due to combined polar and paramedian bilateral thalamic lesion. Metacognitive–executive dysfunction affecting the instrumental abilities of everyday life might make people less able to take appropriate precautions, facilitating the risk of SARS-CoV-2 contagion. (shrink)

This paper formulates a bilateral account of harmony that is an alternative to one proposed by Francez. It builds on an account of harmony for unilateral logic proposed by Kürbis and the observation that reading the rules for the connectives of bilateral logic bottom up gives the grounds and consequences of formulas with the opposite speech act. I formulate a process I call 'inversion' which allows the determination of assertive elimination rules from assertive introduction rules, and rejective elimination rules from (...) rejective introduction rules, and conversely. It corresponds to Francez's notion of vertical harmony. I also formulate a process I call 'conversion', which allows the determination of rejective introduction rules from assertive elimination rules and conversely, and the determination of assertive introduction rules from rejective elimination rules and conversely. It corresponds to Francez's notion of horizontal harmony. The account has a number of features that distinguish it from Francez's. (shrink)

In recent years, scholars in the social sciences and humanities have turned their attention to how the rise of digital technologies is reshaping political life in contemporary society. Here, we analyze this issue by distinguishing between two classification technologies typical of pre-digital and digital eras that differently constitute the relationship between individuals and groups. In class-based systems, characteristic of the pre-digital era, one’s status as an individual is gained through membership in a group in which salient social identities are shared (...) in common with other group members. In attribute-based systems, characteristic of the digital era, one’s status as an individual is determined by virtue of possession of a set of attributes that need not be shared with others. We argue that differences between these two types of classification technologies have important implications for how persons attach (or fail to attach) to groups, and therefore what kinds of political mobilization are possible. We illustrate this argument by examining contention over the use of gender as a variable in the pricing of risk in insurance and credit – two markets in which individuals directly encounter class-based and attribute-based systems of classification, respectively. (shrink)

There is a commonly made distinction between two types of scientists: risk-taking, trailblazing mavericks and detail-oriented followers. A number of recent papers have discussed the question what a desirable mixture of mavericks and followers looks like. Answering this question is most useful if a scientific community can be steered toward such a desirable mixture. One attractive route is through credit incentives: manipulating rewards so that reward-seeking scientists are likely to form the desired mixture of their own accord. Here (...) I argue that this idea is less straightforward than it may seem. Interpreting mavericks as scientists who prioritize rewards over speed and risk, I show in a deliberatively simple model that there is a fixed mixture which is not particularly likely to be desirable and which credit incentives cannot alter. I consider a way around this result, but this has some major drawbacks. I conclude that credit incentives are not as promising a way to create a desirable mixture of mavericks and followers as one might have thought. (shrink)

Proof-theoretic semantics is an inferentialist theory of meaning originally developed in a unilateral framework. Its extension to bilateral systems opens both opportunities and problems. The problems are caused especially by Coordination Principles (a kind of rule that is not present in unilateral systems) and mismatches between rules for assertion and rules for rejection. In this paper, a solution is proposed for two major issues: the availability of a reduction procedure for tonk and the existence of harmonious rules for the paradoxical (...) zero-ary connective \(\bullet\). The solution is based on a reinterpretation of bilateral rules as complex rules, that is, rules that introduce or eliminate connectives in a subordinate position. Looking at bilateral rules from this perspective, the problems faced by bilateralism can be seen as special cases of general problems of complex systems, which have been already analyzed in the literature. In the end, a comparison with other proposed solutions underlines the need for further investigation in order to complete the picture of bilateral proof-theoretic semantics. (shrink)

Rumfitt has given two arguments that in unilateralist verificationist theories of meaning, truth collapses into correct assertibility. In the present paper I give similar arguments that show that in unilateral falsificationist theories of meaning, falsehood collapses into correct deniability. According to bilateralism, meanings are determined by assertion and denial conditions, so the question arises whether it succumbs to similar arguments. I show that this is not the case. The final section considers the question whether a principle central to Rumfitt's first (...) argument, ‘It is assertible that if and only if it is assertible that it is assertible that ’, is one that bilateralists can reject, and concludes that they cannot. It follows that the logic of assertibility and deniability, according to a result by Williamson, is the little known modal logic K4 studied by Sobociński. The paper ends with a plaidoyer for bilateralists to adopt this logic. (shrink)

We take a fresh look at the concerns about credit card pricing and empirically investigate whether the Credit CARD Act of 2009 has been successful in addressing those concerns. The rational choice theory of credit card pricing, which posits that issuers use back-end fees to adjust the price of credit to reflect new information about borrowers’ credit risk, predicts that issuers will respond to the Act by using alternative ways to price risk. In (...) contrast, the behavioral economics theory, which posits that issuers use back-end fees because they are not salient to consumers, predicts that issuers will respond by increasing unregulated non-salient prices. If the market is competitive, we argue that the CARD Act should also result in increases in some salient, up-front prices. But we show that if issuers have market power, reductions in non-salient fees may not result in concomitant increases in salient charges. We test these predictions using two datasets on credit card contract terms before and after the CARD Act rules went into effect. We find that the rules have substantially reduced the back-end fees directly regulated by the Act, including late fees and over-the-limit fees. However, unregulated contract terms, such as annual fees and purchase interest rates, have changed little. Post-CARD Act, consumers continue to face high long-term prices and low short-term prices, and imperfectly rational consumers still find it difficult to understand the cost of credit card borrowing. We thus consider potential improvements to the regulatory framework. We argue that improved disclosures that present to consumers the aggregate cost of credit under the contract, based on information about the borrower’s likely use of credit, would improve consumer outcomes. Furthermore, we suggest that regulators, rather than focusing on prices that are “too high,” should consider limiting the ability of issuers to charge introductory teaser interest rates that are in a sense “too low. (shrink)

In this paper I argue for a theory of punishment I call Multilateral Retributivism. Typically retributive notions of justice are unilateral: focused on one person’s desert. I argue that our notions of desert are multilateral: multiple people are owed when a moral crime is committed. I argue that the purpose of punishment is communication with the end-goal of reconciling the offender to society. This leads me to conclude that the death penalty and life without parole are unjustified because (...) they necessarily cut communication short. (shrink)

The book, providing a broad analysis of trade liberalization initiatives from the inception of the World Trade Organization (WTO) to 2013, is essential reading for trade lawyers, researchers, and students alike who are interested in getting a glimpse of the future directions for trade liberalization. The book attempts to ask and answer the following key question: What are the alternatives to trade liberalization in the WTO system?

This study revisits the relation between corporate performance and corporate social responsibility in the context of a major shift in firms’ credit risk status. Relying on corporate credit rating as a performance indicator, we examine whether firms under the scrutiny of rating agencies trade-off CSR engagement for credit quality improvement. To explore whether firms adjust their CSR engagement after a focal rating change, we focus on the investment–speculative grade threshold because of its importance in accessing the (...) public debt market. We find that firms that lose the investment grade rating subsequently increase CSR engagement. We also uncover that improving CSR engagement helps firms restore their credit ratings ex post. Our findings support the view of CSR engagement as a valuable risk management strategy. (shrink)

This paper contends that Marx develops in Volume III of Capital an incisive conceptual framework in which excessive credit creation, indebtedness and speculation play a critical and growing role in the reproduction of social capital on an extended basis; however, given the decentralised and anarchic nature of capitalist production, the credit system does so in a highly erratic and contradictory manner which only postpones the inevitable day of reckoning. The paper also highlights Marx's relatively neglected but highly important (...) analysis of the separation of ownership from management in the advanced capitalism of his day, England, and its modern-day implications for excessive risk-taking and debt-fuelled speculation up until the eve of the crash. More importantly, the paper argues that in Volumes II and III, Marx implicitly connected the expanding role of credit (which he associated with the development of capitalism) to a significant reduction in the turnover period of capital, thereby boosting the rate of surplus-value, and countering in a highly erratic and contradictory manner, the fall in the rate of profit. The growing role of credit has been relatively ignored in the Marxian literature as an important counteracting factor to the law of the declining rate of profit. It is not mentioned at all by Marx in his famous Chapter XIV, Vol. III of Capital where he discusses other important counteracting forces to the falling rate of profit, nor by Engels (in this particular context) who edited both Volumes II and III. (shrink)

This article critically evaluates and contests the flagship benefit delivery system Universal Credit for lone mothers by focusing on some of the ethical challenges it poses, as well as some key implications it holds for social work with lone mothers and their children. Universal Credit was first introduced in the United Kingdom (UK) in 2008, and echoes conditionality-based welfare policies adopted by neoliberal governments internationally on the assumption that paid employment offers a route out of poverty for citizens. (...) However, research evidence suggests that the risks of conditionality polices for lone parents can often include increased poverty, a deterioration in mental health or even destitution posed by paternalistic sanctions or precarious low-paid employment, which can undermine parenting capacities and children’s well-being. The article also critically appraises and questions challenges posed by an increased reliance upon contractual ethics by governments, alongside the wider behaviour-modifying policies of the workfare-orientated state. This includes that working-class lone mothers can erroneously be stigmatised as representing a morally challenged dependent burden through activation policies and risk-averse social work practices. (shrink)

IntroductionDeep brain stimulation is an effective treatment for advanced Parkinson’s disease with the targeting bilateral subthalamic nucleus or globus pallidus internus. So far, detailed studies on the efficacy of unilateral STN-DBS for motor symptoms have been reported, but few studies have been conducted on unilateral GPi-DBS.Materials and MethodsSeventeen patients with Parkinson’s disease who underwent unilateral GPi-DBS were selected. We conducted comparison analyses between scores obtained 6–42 months pre- and postoperatively using the following measurement tools: the Movement Disorder Society Unified Parkinson’s (...) Disease Rating Scale part III, the Hoehn and Yahr stage, the presence/absence of dyskinesia, Mini-Mental State Examination, Frontal Assessment Battery, Geriatric Depression Scale, levodopa equivalent dose, and cerebral blood flow by single photon emission computed tomography. Patient backgrounds were compared between four cohorts with favorable and unfavorable postoperative outcome.ResultsSignificant improvement was observed postoperatively in the following: total MDS-UPDRS Part III scores during the off period, contralateral scores, ipsilateral scores, and axial scores. Similarly, the Hoehn and Yahr stages during the off period, and GDS also showed significant decrease. In contrast, LED, MMSE, and FAB remained unchanged while the number of patients who scored positive for dyskinesia decreased by 40%. Abnormal cerebral blood flow preoperatively seen in the cerebral cortex had normalized in the total score-based good responder cohort. In the ipsilateral score-based good responder cohort, cerebral blood flow increased in the contralateral frontal lobe including in the premotor cortex, contralateral to the DBS. Compared to the poor responders, postoperative good responders demonstrated significantly higher preoperative MMSE scores.DiscussionUnilateral GPi-DBS therapy was effective in improving contralateral, ipsilateral, and axial motor symptoms of patients with advanced PD; in particular, it was found to be especially beneficial in PwPD whose cognitive function was unimpaired; the treatment efficacy rivaled that of bilateral counterparts up till at least 6 months postoperatively. Finally, normalization of preoperative abnormalities in cerebral blood flow and increased cerebral blood flow in the contralateral frontal lobe indicated the beneficial potential of this therapy on ipsilateral motor symptoms. (shrink)

In a recent paper del Valle-Inclan and Schlöder argue that bilateral calculi call for their own notion of proof-theoretic harmony, distinct from the usual (or ‘unilateral’) ones. They then put forward a specifically bilateral criterion of harmony, and present a harmonious bilateral calculus for classical logic. In this paper, I show how del Valle-Inclan and Schlöder’s criterion of harmony suggests a notion of normal form for bilateral systems, and prove normalisation for two (harmonious) bilateral calculi for classical logic, HB1 and (...) HB2. The resulting normal derivations have the usual desirable features, like the separation and subformula properties. HB1-normal form turns out to be strictly stronger that the notion of normal form proposed by Nils Kürbis, and HB2-normal form is neither stronger nor weaker than a similar proposal by Marcello D’Agostino, Dov Gabbay, and Sanjay Modgyl. (shrink)

Performance of bimanual motor actions requires coordinated and integrated bilateral communication, but in some bimanual tasks, neural interactions and crosstalk might cause bilateral interference. The level of interference probably depends on the proportions of bilateral interneurons connecting homologous areas of the motor cortex in the two hemispheres. The neuromuscular system for proximal muscles has a higher number of bilateral interneurons connecting homologous areas of the motor cortex compared to distal muscles. Based on the differences in neurophysiological organization for proximal vs. (...) distal effectors in the upper extremities, the purpose of the present experiment was to evaluate how the level of bilateral interference depends on whether the bilateral interference task is performed with homologous or non-homologous effectors as the primary task. Fourteen participants first performed a unilateral primary motor task with the dominant arm with proximal and distal controlled joysticks. Performance in the unilateral condition with the dominant arm was compared to the same effector’s performance when two different bilateral interference tasks were performed simultaneously with the non-dominant arm. The two different bilateral interference tasks were subdivided into homologous and non-homologous effectors. The results showed a significant decrease in performance for both proximal and distal controlled joysticks, and this effect was independent of whether the bilateral interference tasks were introduced with homologous or non-homologous effectors. The overall performance decrease as a result of bilateral interference was larger for proximal compared to distal controlled joysticks. Furthermore, a proximal bilateral interference caused a larger performance decrement independent of whether the primary motor task was controlled by a proximal or distal joystick. A novel finding was that the distal joystick performance equally interfered with either homologous or non-homologous interference tasks performed simultaneously. The results indicate that the proximal–distal distinction is an important organismic constraint on motor control and for understanding bilateral communication and interference in general and, in particular, how bilateral interference caused by homologous vs. non-homologous effectors impacts motor performance for proximal and distal effectors. The results seem to map neuroanatomical and neurophysiological differences for these effectors. (shrink)

Plants are considered as archetypes of the ramification phenomenon but numerous elementary processes occur in the elaboration of the shaping of each species. This paper aims to identify the part ascribed to different mechanisms in the morphogenesis of a Thallophyte, the red alga Antihamnion plumula.Agonistic-antagonistic models (Bernard-Weil, 1988) can be applied to this alga whose thallus includes two different kinds of whorls, pleuridian and cladomian. In each whorl the agonistic and antagonistic effects are expressed by the full development (S) of (...) the two branches and by their symmetry rate (R) respectively. Variations in S and R show the existence of particular pleuridian whorls having an intermediary dissymmetry and a rhythmic arrangement similarly to that of the cladomian whorls. A unilateral change of the system (removal of a lateral cladome) induces a transitory destabilisation mainly manifested by the stimulating ascendant flow throughout the thallus. (shrink)

Although forgiveness is often taken to bear a close connection to the value of reconciliation, there is a good deal of scepticism about its role in situations where there is no consensus on the moral complexion of the past and no admission of guilt on the part of the perpetrator. This scepticism is typically rooted in the claims that forgiveness without perpetrator acknowledgement aggravates the risk of recidivism; yields a substandard and morally compromised form of political accommodation; and comes (...) across as patronizing and offensive to the recipient, thereby causing further alienation. In this article, my aim is to show, firstly, that none of these arguments is decisive and, secondly, that forgiveness is a suitable object of political concern in the absence of cross-community consensus on the rights and wrongs of a conflict. In this way, I aim to demonstrate that forgiveness deserves to be taken seriously as a means to civic reconciliation in a broader range of situations than many have allowed. (shrink)

In a widely cited and controversial speech, UN Secretary-General Kofi Annan highlighted the moral character of the boundaries of political sovereignty when he questioned whether respecting national sovereignty everywhere and always precluded the international protection of human rights. He argued that it did not and highlighted the importance of multilateral authorization. In this article, I explore the difference that multilateral authority, as opposed to unilateral national decision, should make in justifying armed intervention. Should the more salient role of (...) the United Nations lead us to a more expansive tolerance of international intervention? And, if multilateralism does make a difference—and many think its impartiality is key—are good intentions enough? Had the international community also discovered how to intervene more effectively, with a better prospect of self-sustaining self-determination, at an acceptable humanitarian cost? I will conclude that multilateralism should widen our acceptance of intervention, even though the intentions at play are not reliably superior to unilateral intentions. (shrink)

To examine the influence of bilateral motor behaviors on flexibility performance, two studies were conducted. Previous research has shown that when performing unilateral motor behavior that activates the affective and motivational systems of approach versus avoidance (arm flexion vs. extension), it is the congruence between laterality and motor activation that determines flexibility-rigidity functioning (Cretenet & Dru, 2009). When bilateral motor behaviors were performed, a mechanism of embodiment was revealed. It showed that the flexibility scores were determined by the match between (...) the respective qualities of congruence of each of the unilateral motor behaviors performed. These results bring to light an overall embodied mechanism associated with the compatibility of the cognitive impact(s) of each motor behavior performed. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, (...) however, that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

Elizabeth Anderson exalts the transition from the aristocratic to the modern ethic of debt as one of the most significant cultural achievements of capitalism. Whereas the debitor was once forced to compromise his liberty, dignity, and equality, today the rights and freedoms of insolvents are legally protected, and disadvantaged members of the community can readily obtain credit without personal supplication. Anderson’s intuition was, until recently, widely shared. Then came the financial crisis of 2007-08 and the ensuing global recession, triggered (...) by mass defaults among “sub-prime” borrowers. Many had entered the mortgage market with no proof of income, no assets behind them, no down-payment, a chequered credit history, and a generally reduced repayment capacity. Suddenly a flurry of criticism was unleashed against the lowering of credit standards and the government programs which pressured lenders to service the poor. My aim in this paper is not to assess the democratization of credit from the point of view of economic efficiency or political prudence, but rather to provide a much needed ethical appraisal. Any number of reasons might be advanced for why a particular government policy is morally objectionable. I will concentrate on the least controversial reason conceivable: the policy violates the rights of citizens. Whether this is true of government-driven credit-democratization - specifically, whether it violates the rights of the lenders compelled to act as agents of the policy, the rights of the third parties exposed to the risks associated with the expansion of credit markets, or both – is the question that I take up here. (shrink)

Cervical spinal cord injuries often lead to loss of motor function in both hands and legs, limiting autonomy and quality of life. While it was shown that unilateral hand function can be restored after SCI using a hybrid electroencephalography/electrooculography brain/neural hand exoskeleton, it remained unclear whether such hybrid paradigm also could be used for operating two hand exoskeletons, e.g., in the context of bimanual tasks such as eating with fork and knife. To test whether EEG/EOG signals allow for fluent and (...) reliable as well as safe and user-friendly bilateral B/NHE control, eight healthy participants as well as four chronic tetraplegics performed a complex sequence of EEG-controlled bilateral grasping and EOG-controlled releasing motions of two exoskeletons visually presented on a screen. A novel EOG command performed by prolonged horizontal eye movements to the left or right was introduced as a reliable switch to activate either the left or right exoskeleton. Fluent EEG control was defined as average “time to initialize” grasping motions below 3 s. Reliable EEG control was assumed when classification accuracy exceeded 80%. Safety was defined as “time to stop” all unintended grasping motions within 2 s. After the experiment, tetraplegics were asked to rate the user-friendliness of bilateral B/NHE control using Likert scales. Average TTI and accuracy of EEG-controlled operations ranged at 2.14 ± 0.66 s and 85.89 ± 15.81% across healthy participants and at 1.90 ± 0.97 s and 81.25 ± 16.99% across tetraplegics. Except for one tetraplegic, all participants met the safety requirements. With 88 ± 11% of the maximum achievable score, tetraplegics rated the control paradigm as user-friendly and reliable. These results suggest that hybrid EEG/EOG B/NHE control of two assistive devices is feasible and safe, paving the way to test this paradigm in larger clinical trials performing bimanual tasks in everyday life environments. (shrink)

The author identifies the major micro-, meso-, and macro-level financial risk shifting factors that contributed to the Great Global Recession and how the absence of a compelling moral vision of responsible financial risk management perpetuated the economic crisis and undermined the recovery by blind reliance upon insufficiently accountable bailouts. The author offers a new theoretical model of Sustainable Stakeholder Capitalism by exercising moral imagination which inclusively and moderately balances four multi-level factors: types of capitalism, moral theories, human nature (...) drives, and credit risk profiles. Finally, the author recommends micro-, meso-, and macro-level practical reforms to prevent a recurrence of the current economic freefall, to re-create systemic global financial institution integrity, and to promote responsible risk management for sustainable global prosperity for current and future generations. (shrink)

The ethical practices of credit rating agencies, particularly following the 2008 financial crisis, have been subject to extensive analysis by economists, ethicists, and policymakers. We raise a novel issue facing CRAs that has to do with a problem concerning the transmission of epistemic status of ratings from CRAs to the beneficiaries of the ratings, and use it to provide a new challenge for regulators. Building on recent work in philosophy, we argue that since CRAs have different stakes than the (...) beneficiaries of the ratings in the ratings being accurate, what counts as knowledge concerning credit risk for a CRA may not count as knowledge for the beneficiary. Further, as it stands, many institutional investors are bound by law to make some of their investment decisions dependent on the ratings of officially recognized CRAs. We argue that the observation that the epistemic status of ratings does not transmit from CRAs to beneficiaries makes salient a new challenge for those who think current regulation regarding the CRAs is prudentially justified, namely, to show that the harm caused by acting on a rating that does not have epistemic status for beneficiaries is compensated by the benefit from them acting on a CRA rating that does have epistemic status for the CRA. Unlike most other commentators, therefore, we offer a defeasible reason to drop references to CRAs in prudential regulation of the financial industry. (shrink)

The past decade has seen major movements and mobilizations against the new crop of bilateral free trade and investment agreements being pursued by governments in the wake of the failure of global (World Trade Organization) and regional (e.g. Free Trade Area of the Americas) negotiations, and the defeat of an attempted Multilateral Agreement on Investment in the 1990s. However, in spite of much scholarly, non-governmental organization (NGO) and activist focus on transnational global justice activism, many of these movements, such (...) as the major multi-sectoral popular struggle over the recently-concluded US-Korea Free Trade Agreement, are hardly acknowledged in North America and Europe. With a shift in emphasis pushing liberalization and deregulation of trade and investment increasingly favouring lower-profile bilateral agreements, this article maps the resistance movements to these latest shifts in global free market capitalist relations and discusses the disconnect between these (mainly Southern) struggles and dominant scholarly and NGO conceptions of global justice and the global justice movement as well as questions of knowledge production arising from these movements. (shrink)