We examine the implications of the US government’s too-big-to-fail policy as it has been applied to banks. Using alternative measures of risk, we compare the risk-taking behavior of 11 TBTF banks, identified by the Comptroller of the Currency in 1984, to a number of non-TBTF banks. We provide both theory and new empirical evidence to support our argument that the TBTF policy leads management to significantly increase risk-taking, with no corresponding increase in performance. While prior studies have considered the effects (...) of the TBTF policy on limited, but risk-related aspects of bank behavior, such as the cost of funds, our study provides direct evidence about the risk-taking behavior associated with the TBTF policy. Our study has important implications for the current political debate regarding the too-big-to-fail policy. (shrink)

After completing his first degree with first class honors in philosophy and classics at Edinburgh in 1878, Pringle-Pattison was awarded a Hibbert Travelling Scholarship which he used to travel to Germany to study the work of Kant and Hegel. Interest in Hegel in Germany had waned at this time, however, and Pringle-Pattison commented that Germany was the worst place to study Hegel. In Berlin he boarded with the Stropp family whose daughter he would later marry. From Berlin he went to (...) Jena where he found John Haldane, brother of his friend and fellow student, R. B. Haldane, along with a group of Scottish students, with whom he met weekly to study Hegel's Rechtsphilosophie. In the summer of 1880 he went to Göttingen with the aim of studying with Hermann Lotze. Pringle-Pattison respected Lotze for his reassertion of the fundamental truth of the world implied in moral and spiritual experience. J. H. Muirhead says that he "was born by the Lotzean reaction to suspect the whole idea of the Absolute as a menace to individual reality in general and human personality in particular." Lotze, however, was lecturing only to beginning students that summer and Pringle-Pattison set to work on his essay for the Hibbert Trust which was published in 1882 under the title The Development From Kant to Hegel. Pringle-Pattison returned to Edinburgh in 1880 where he succeeded Sorley as Campbell Fraser's assistant. In 1883, as was mentioned above, Pringle-Pattison and R. B. Haldane edited a volume of essays written by younger Hegelians which was intended to show dissatisfaction with the content of the journal, Mind, which was dominated by English empiricism. One year later he moved to Cardiff where he took the foundation chair of philosophy. (shrink)

This article draws on Principles of Stakeholder Managementrecently published by the Clarkson Centre for Business Ethics. The article discusses the most important principles and the reasoning behind them. First, though, it lays a foundation for the application of these principles by interpreting a massive empirical study that demonstrates strong parallels between stakeholder valuation of firms (measured as overall reputation) and shareholder valuation (stock market returns). This evidence is coupled with conceptual analysis that shows that the most famous pronouncements of (...) Adam Smith and Milton Friedman actually argue for, not against, the stakeholder approach. (shrink)

The paper considers a version of the problem of linguistic creativity obtained by interpreting attributions of ordinary semantic knowledge as attributions of practical competencies with expressions. The paper explains how to cope with this version of the problem without invoking either compositional theories of meaning or the notion of `tacit knowledge' (of such theories) that has led to unnecessary puzzlement. The central idea is to show that the core assumption used to raise the problem is false. To render precise argument (...) possible, the paper first identifies and removes some relevant semantic indeterminacy in philosophical talk of `semantic knowledge' and `information'. This yields rules for attributing the two to human speakers and information-processors, respectively. The paper then shows, first, that ordinary speakers qualify as possessing all along an other than finite and definite stock of semantic knowledge and, second, that a very simple information-processor running a procedural semantics qualifies as possessing an analogous stock of semantic information. The second result is used to bring out that the first is neither unduly impressive nor particularly puzzling. (shrink)

Certain traits, such as intelligence and mental deficiency, have been the focus of eugenic research and propaganda. This focus on such eugenic traits builds on three commonsense ideas: (1) People differ with respect to some of their traits, such as eye-colour and height; (2) Many traits run in families, being passed on from parents to their children; (3) Some traits are desirable, while others are undesirable. These three ideas about traits—their variability, heritability, and desirability—fed the much more controversial eugenicist view (...) that some traits make a person of “good stock”, while others reflect the fact that she comes from “inferior stock”. In combination with the power to influence human reproduction, the systematic study of eugenic traits has thus been thought to provide the basis for human improvement across generations. Three sources reveal which traits were considered important to eugenicists, the public, and decision makers: the research publications of eugenicists, discussions of eugenics in public and popular media, and legislation. (shrink)

New Blackfriars, Volume 102, Issue 1100, Page 595-597, July 2021.