After the 2008 financial panic, long-term compensation measures have gained favor as a way to limit managerial opportunism and excessive risk-taking. These measures, which may become mandatory for systemically important institutions, include restriction of stock grants for a period of years, and, in the event of performance reversals, divestment of deferred stock and clawbacks of bonus compensation. These measures are considered uncontroversial enough that some have suggested that all public companies, not just systemically important firms, should adopt them. In this (...) Article, I argue that the benefits of long-term compensation have been overstated while the potential downsides have been largely ignored. Restricted periods for equity grants must be large compared to the executive’s tenure in order to have a significant effect upon behavior overall, and mandatory clawback provisions end up transferring what would have been bonus pay into salary. Furthermore, to the extent that long-term compensation does affect behavior, these consequences are not necessarily good. I show that given fairly reasonable assumptions of executive risk aversion, the information content of long-term and short-term price signals, and managerial control over the timing of project execution and disclosure, a long-term focus can have significant negative effects. (shrink)

A timely and accessible synthesis of the strengths, weaknesses and reality of science through the eyes of a practicing scientist.

Posterior parietal cortex has traditionally been considered to be a sensory association area in which higher-order processing and intermodal integration of incoming sensory information occurs. In this paper, evidence from clinical reports and from lesion and behavioral-electrophysiological experiments using monkeys is reviewed and discussed in relation to the overall functional organization of posterior parietal association cortex, and particularly with respect to a proposed posterior parietal mechanism concerned with the initiation and control of certain classes of eye and limb movements. Preliminary (...) data from studies of the effects of posterior parietal lesions on oculomotor control in monkeys are reported.The behavioral effects of lesions of posterior parietal cortex in monkeys have been found to be similar to those which follow analogous damage of the minor hemisphere in humans, while behavioral-electrophysiological experiments have disclosed classes of neurons in this area which have functional properties closely related to the behavioral acts that are disrupted by lesions of the area. On the basis of current data from these areas of study, it is proposed that the sensory association model of posterior parietal function is inadequate to account for the complexities of the present evidence. Instead, it now appears that many diverse neural mechanisms are locatedin partin parietal cortex, that some of these mechanisms are involved in sensory processing and perceptual functions, but that others participate in motor control, and that still others are involved in attentional, motivational, or emotional processes. It is further proposed that the elementary units of these various neural mechanisms are distributed within posterior parietal cortex according to the columnar hypothesis of Mountcastle. (shrink)

In 1844 Marx held that labor alienation was wholly eliminable, primarily through the abolition of private property. Work in the context of private property was alienating because it was performed for wages and the production of exchange-value. With such purposes, work was experienced as selfish and forced. With the abolition of private property, work would be performed for the production of use-¥alue, to satisfy human needs. With this human purpose, work would be experienced as a free and fulfilling expression of (...) life. (shrink)

In 1896 William James published an essay entitled The Will to Believe, in which he defended the legitimacy of religious faith against the attacks of such champions of scientific method as W.K. Clifford and Thomas Huxley. James's work quickly became one of the most important writings in the philosophy of religious belief. James Wernham analyses James's arguments, discusses his relation to Pascal and Renouvier, and considers the interpretations, and misinterpretations, of James's major critics. Wernham shows (...) convincingly that James was unaware of many destructive ambiguitities in his own doctrines and arguments, although clear and consistent in his view that our obligation to believe in theism is not a moral but a prudential obligation -- a foolish-not-to-believe doctrine, rather than a not-immoral-to-believe one. Wernham also shows that the doctrine is best read as affirming the wisdom of gambling that God exists, a notion which James failed to distinguish from believing and which, among other things, he explicitly identified with faith. James's pragmatism, a theory concerning the meaning of truth, is shown to be quite distinct from the doctrine of The Will to Believe. In concentrating on a careful analysis of this doctrine of the will-to-believe, Wernham not only makes a major contribution to understanding James's philosophy, but also clarifies issues in the philosophy of religion and in the analysis of belief and faith. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:James's Faith-Ladder JAMES C. S. WERNHAM JAMES WROTE OFTEN of a "faith-ladder."' What he said about it has drawn some side-glances from critics, but not yet any sustained and careful look.' That is surprising, for what he says is puzzling enough to invite inquiry. It is also important enough to deserve it. His presentations of the ladder show significant variation, so it is useful to look (...) at a generous sample. In the interest of brevity the following six passages have been extracted from contexts which sometimes have an important bearing on them. The unquoted contexts will get attention as needed. 1. "The inner process is a succession of 'synthetic judgments'. What is so good, may be, ought to be, must be, shall be,--so far as I am concerned, I won't admit the opposite. ''s 2. "[W]e have a conception which being opposed by another is only probab /e. But we feel, it is so good that it isfit to be true, it ought to be true, it must be true etc. And then we say it shall be true for me, it/s true. ''4 3- "Its [faith's] natural logic is the Sorites: fit to be, ought to be, may be, must be, shall be, is etc.''5 4. "The following steps may be called the 'faith-ladder': ~. There is nothing absurd in a certain view of the world being true, nothing self-contradictory; ' To the best of my knowledge, the name "faith-ladder'"does not occur before 19o6. It occurs in "Faith and Reason" and in "Faith and the Right to Believe," both written in that year. But expositions of the thing predate the name. They are found as early as 1899, and in close connection with the will-to-believe doctrine. 9 Levinson's discussion is a partial exception. His treatment is more extended than most. See H. S. Levinson, $c/ence, Metaphysicsand the Chan~e of Salvation (Missoula, MT: Scholars Press, 1978), 161--67; also his The Religious Investigations of Wdliam James (Chapel Hill: University of North Carolina Press, 198 0, 231-34. s Letter to Baldwin, quoted in'R. B. Perry, The Thoughtand Characterof WilliamJames, 2 vols. (Boston: Little, Brown and Co., 1935), 2: 243. 4 Letter to Marshall, Feb. 9, 1899, quoted in Perry, Thought and Character,2: 24~. 5 William James, A Pluralistic Universe (Cambridge, MA and London: Harvard Universit~t Press, 1977), 199. [1o5] lO6 JOURNAL OF THE HISTORY OF PHILOSOPHY 28" 1 JANUARY I990 2. If might have been true under certain conditions; 3- It may be true even now; 4. It isfit to be true; 5- It ought to be true; 6. It must be true; 7- It s/m//be true, at any rate true for me. ''6 5. "Faith's form of argument is something like this: Considering a view of the world: 'It isfit to be true', she feels; 'it would be well if it were true; it might be true; it may be true; it ought to be true', she says; 'it must be true', she continues; 'it shall be true', she concludes, 'for me; that is, I will treat it as if it were true so far as my advocacy and actions are concerned'. ''7 6. "A conception of the world arises in you somehow, no matter how. Is it true or not? you ask. It might be true somewhere, you say, for it is not self-contradictory. It may be true, you continue, even here and now. It is fit to be true, it would be well if it were true, it ought to be true, you presently feel. It must be true, something persuasive in you whispers next; and then--as a final result--it shall be held for true, you decide; it shall be as if true, for you. ''s 9. Between these statements there are clear similarities and clear differences too. Some of them deserve to be noted, some to be noted and explored. a. In these accounts of it the ladder varies in the number of its rungs. By James's own count in one place, it has as many as seven. In... (shrink)

In 1896 William James published an essay entitled The Will to Believe, in which he defended the legitimacy of religious faith against the attacks of such champions of scientific method as W.K. Clifford and Thomas Huxley. James's work quickly became one of the most important writings in the philosophy of religious belief. James Wernham analyses James's arguments, discusses his relation to Pascal and Renouvier, and considers the interpretations, and misinterpretations, of James's major critics. Wernham shows (...) convincingly that James was unaware of many destructive ambiguitities in his own doctrines and arguments, although clear and consistent in his view that our obligation to believe in theism is not a moral but a prudential obligation -- a foolish-not-to-believe doctrine, rather than a not-immoral-to-believe one. Wernham also shows that the doctrine is best read as affirming the wisdom of gambling that God exists, a notion which James failed to distinguish from believing and which, among other things, he explicitly identified with faith. James's pragmatism, a theory concerning the meaning of truth, is shown to be quite distinct from the doctrine of The Will to Believe. In concentrating on a careful analysis of this doctrine of the will-to-believe, Wernham not only makes a major contribution to understanding James's philosophy, but also clarifies issues in the philosophy of religion and in the analysis of belief and faith. (shrink)

The purpose of this study was to determine whether the ethical climate dimensions identified by Victor and Cullen (1987, 1988) could be replicated in the subunits of a multi-unit organization and if so, were the dimensions associated with particular types of operating units. We identified three of the dimensions of ethical climate found by Victor and Cullen and also found a new dimension of ethical climate related to service. Partial support was found for Victor and Cullen's hypothesis that certain ethical (...) climate dimensions are associated with particular forms of organizational governance and control. (shrink)

Adrian van Kaam authored an eleven volume integrated work on spiritual formation, authored or co-authored some ninety books on formation, and established two respected graduate programs in formative spirituality. This paper presents some of his major conclusions found in his writings in psychology and formative spirituality. A difficulty in accessing Fr. van Kaam's work is its sheer volume and technical vocabulary. The author suggests an approach for using his theory to address both theoretic and practical concerns in the area of (...) spiritual formation. (shrink)

Is “good” a family-resemblance concept? Wittgenstein holds it is, since cases of goodness may not have anything in common, but there may be a continuous transition from some cases to others. Von Wright and Hacker argue it is not. They hold that family-resemblance concepts satisfy two conditions that goodness does not satisfy. I assess their arguments and then present a constitutivist account of goodness that Wittgenstein seems to endorse. The constitutivist account is what one would expect if goodness was a (...) family-resemblance concept. Finally, I note that Wittgenstein's nod towards non-descriptivism in the Investigations is paralleled by Stevenson's ethical emotivism. (shrink)

In this book, he also demonstrates a skill shared by the greatest radical thinkers: to reveal positions we've been taught to think of as extremism to be emanations of simple human decency and common sense.

Professions are granted autonomy by society, to regulate their own affairs. In return for the economic benefits autonomy grants to professions, society expects professions to act in a socially responsible manner. This paper presents a game-theoretic analysis of the relationship between society and professions, which shows that the relationship is unstable in the face of opportunities for professions to renege on the social contract. It also shows how periodic controversies regarding the degree to which professionals act in the public interest (...) are expected to occur periodically, and how they are resolved. (shrink)

In this volume, a number of renowned scholars of Plato reflect upon their interpretive methods. Topics covered include the use of ancient authorities in interpreting Plato's dialogues, Plato's literary and rhetorical style, his arguments and characters, and his use of the dialogue form.

The ethical teacher Ivan Snook, 2003, Palmerston North, New Zealand, Dunmore Press, $34.95 (pbk), 199 pp. ISBN 0‐86469‐432‐6 This work by the well known New Zealand scholar offers a useful survey o...

The paper examines how supervisory influence and cognitive moral development influence subordinates' ethical decision-making and ethical behavior. The proposed interactive effect these major variables have on subordinates' ethical considerations are examined with respect to: (1) before an ethical dilemma occurs, (2) when faced with an ethical dilemma, (3) during the decision process, and (4) after ethical or unethical behavior has been executed. Propositions are presented and implications for research and practice are discussed.

One of the fundamental principles of good corporate governance is transparency, i.e., the disclosure of private information to external stakeholders, so that they may make judgments and decisions relating to the corporation. Equally important, but less discussed, is the competing value that corporations need to protect legitimate secrets. Corporations thus need a communication strategy for dealing with external stakeholders which addresses the conflict between disclosure and secrecy. This article focuses on an important element of that communication strategy in the context (...) of financial reporting: the possibility that corporate insiders may consider it in their interest, or in the interest of specific stakeholders, to alter or manipulate the financial information that it discloses publicly. Using concepts from the corporate governance and financial reporting literatures, it addresses the ethical question of who (management or the board of directors) should be responsible for making the fundamental strategic choices whether and (if so) how the corporation alters or manipulates the financial information. This article argues that the board of directors is responsible for formulating (and monitoring) the corporation's communication strategy, and that management is responsible for carrying it out. (shrink)

Historians of science and religion usually trace the origins of the “conflict thesis,” the notion that science and religion have been in perennial “conflict” or “warfare,” to the late nineteenth century, particularly to the narratives of New York chemist John William Draper and historian Andrew Dickson White. In this essay, I argue against that convention. Their narratives should not be read as stories to debunk, but rather as primary sources reflecting themes and changes in religious thought during the late nineteenth (...) century. I contend that Draper and White were part of a long liberal Protestant heritage that emphasized history, reason, and religious emancipation against ecclesiastical authority. As an alternative source of origins, however, I suggest that the real “conflict thesis” is to be found in the fledgling discipline of the history of science as it emerged during the late nineteenth and first half of the twentieth century. The real origin of the “conflict thesis” is found in the very discipline that now seeks to condemn it. (shrink)