Drawing on ethical principles of fairness and integrative social contracts theory, moral obligations of fair dealing exist between the firm and all shareholders. This study investigates empirically whether privileged investors of publicly traded firms engage in legal, but morally questionable, trading that at the expense of non-privileged institutional or atomistic investors. In this context, we define privilege as the access to material, nonpublic earnings surprise information. Our results show that the opportunity for procedural unfairness increases with the presence of privileged (...) investors. However, this procedural unfairness does not appear to lead to distributive unfairness even though the level of abnormal trading also increases with the presence of privileged investors. That is, our findings suggest that other shareholders are in fact better off from an outcome perspective given that the abnormal stock price returns upon the announcement of an earnings surprise are either more positive or less negative when the firm has a high proportion of privileged investors. We extract the important implications of our study for future research on the fairness of capital markets and information asymmetry amongst classes of investors, as well as for public policy. (shrink)

Golden parachutes are often viewed as a form of excessive compensation because they provide senior management with substantial payouts following an acquisition while other stakeholders are subjected to layoffs, disrupted business relationships and other negative externalities. Using a sample of S&P 500 firms, an economic and ethical justification for this type of contract is given. Golden parachutes ensure effective corporate governance that, in turn, preserve the firm's value for all stakeholders. Boards of directors enter into parachute agreements to protect recently (...) hired CEOs' human capital during periods of financial uncertainty and, thus, potential takeover activity. From an ethics viewpoint, golden parachutes are valuable to all stakeholders because they encourage merger or acquisition in lieu of bankruptcy. (shrink)

Most of the commentaries on Greek authors which circulated in the towns of Egypt during the late Ptolemaic and early Imperial periods ignored the critical and colometrical problems which had engaged the attention of the great Alexandrian grammarians. A few, however, based themselves on texts equipped with signs, included the signs in their lemmata and offered explanations. Such commentaries must be the source of the scattered references to signs in the older marginal scholia in Byzantine manuscripts of Homer, Hesiod, Pindar (...) and the Attic dramatists. The only Byzantine manuscript to transmit a pagan text still equipped with a large number and a variety of signs, namely cod. Venice, Bibl. Marc. gr. 454, is also the only one to transmit scholia with lemmata retaining prefixed signs. Just as texts and scholium-lemmata lost their signs in the course of transmission, so too did references to signs within scholia either disappear or become garbled. At best, a statement about the reasons for affixing a sign would turn into one about the content or style of the verse in question. The few mentions made of the great Alexandrians give no cause for thinking that we ever have a verbatim quotation of an πόμνημα written by one of them in order to explain his own signs. Time and again it is demonstrable that an explanation of a sign's presence against a particular verse goes back to some writer like Aristonicus. What survives of the ancient discussion of Latin literature is exiguous in comparison with the Greek material. (shrink)

This pioneering anthology of Middle English prologues and other excerpts from texts written between 1280 and 1520 is one of the largest collections of vernacular literary theory from the Middle Ages yet published and the first to focus attention on English literary theory before the sixteenth century. It edits, introduces, and glosses some sixty excerpts, all of which reflect on the problems and opportunities associated with writing in the "mother tongue" during a period of revolutionary change for the English language. (...) The excerpts fall into three groups, illustrating the strategies used by medieval writers to establish their cultural authority, the ways they constructed audiences and readerships, and the models they offered for the process of reading. Taken together, the excerpts show how vernacular texts reflected and contributed to the formation of class, gender, professional, and national identity. They open windows onto late medieval debates on women's and popular literacy, on the use of the vernacular for religious instruction or Bible translation, on the complex metaphorical associations contained within the idea of the vernacular, and on the cultural and political role of the "courtly" writing associated with Chaucer and his successors. Besides the excerpts, the book contains five essays that propose new definitions of medieval literary theory, discuss the politics of Middle English writing, the relation of medieval book production to notions of authorship, and the status of the prologue as a genre, and compare the role of the medieval vernacular to that of postcolonial literatures. The book includes a substantial glossary that constitutes the first mapping of the language and terms of Middle English literary theory. _The Idea of the Vernacular_ will be an invaluable asset not only to Middle English survey courses but to courses in English literary and cultural history and courses on the history of literary theory. (shrink)

Introductions to the theory of knowledge are plentiful, but none introduce students to the most recent debates that exercise contemporary philosophers. Ian Evans and Nicholas D. Smith aim to change that. Their book guides the reader through the standard theories of knowledge while simultaneously using these as a springboard to introduce current debates. Each chapter concludes with a “Current Trends” section pointing the reader to the best literature dominating current philosophical discussion. These include: the puzzle of reasonable disagreement; the (...) so-called “problem of easy knowledge”; the intellectual virtues; and new theories in the philosophy of language relating to knowledge. Chapters include discussions of skepticism, the truth condition, belief and acceptance, justification, internalism versus externalism, epistemic evaluation, and epistemic contextualism. Evans and Smith do not merely offer a review of existing theories and debates; they also offer a novel theory that takes seriously the claim that knowledge is not unique to humans. Surveying current scientific literature in animal ethology, they discover surprising sophistication and diversity in non-human cognition. In their final analysis the authors provide a unified account of knowledge that manages to respect and explain this diversity. They argue that animals know when they make appropriate use of the cognitive processes available to animals of that kind, in environments within which those processes are veridically well-adapted. _Knowledge_ is a lively and accessible volume, ideal for undergraduate and post-graduate students. It is also set to spark debate among scholars for its novel approaches to traditional topics and its thoroughgoing commitment to naturalism. (shrink)

In the period between Constantine's reunification of the Empire in 324 and the deposition of Romulus Augustulus in 476 M. Valerius Probus enjoyed a large reputation as master of all areas of the ars grammatica. The commentary on Terence attributed to Donatus and the commentary of Servius on Virgil cite him more often than they do any other ancient authority. His fame persisted through the Dark Ages. Eugenius of Toledo set him with Varius and Tucca against Aristarchus, the greatest of (...) the Alexandrian students of Homer. Modern writers on the history of Roman scholarship have estimated in widely different ways his quality as a textual critic, the level of his reputation during the century after his death and the influence which his activities had on the transmission of the Latin classics. That he ‘annotated’ at least some of these in the manner of an Aristarchus is not in dispute, but everything about the nature of his ‘annotation’ is. This paper will treat afresh a famous statement about Probus in Suetonius' De grammaticis, two lists of notae associated with Probus’ name in a late eighth-century manuscript from Monte Cassino, cod. Paris, Bibl. Nat. lat. 7530, two references to such notae which have been detected in Virgilian scholia and a number of statements in these scholia which appear to give Probus’ reasons for affixing notae. The results of my study are largely negative but may help to control general discussion of the history of a number of Latin texts. (shrink)

Two minuscule codices carrying collections of grammatical and rhetorical treatises and extracts from such treatises, one written at Monte Cassino between A.D. 779 and 796 ), the other at Benevento towards the middle of the following century, contain among their uncial tituli the three words INCIPIT THVESTES VARII. There follows in both codices a twenty-four-word sentence stating the full name of Varius, the literary character of the Thyestes, an aesthetic judgement on the work, the date of a public performance in (...) a Roman theatre, and the price paid: Lucius Varius cognomento Rufus Thyesten tragoediam magna cura absolutam post Actiacam uictoriam Augusti ludis eius in scaena edidit pro qua fabula sestertium deciens accepit. (shrink)

Advances in technology are bringing greater insight into the mind, raising a host of privacy concerns. However, the basic psychological mechanisms underlying the perception of privacy violations are poorly understood. Here, we explore the relation between the perception of privacy violations and access to information related to one’s “self.” In two studies using demographically diverse samples, we find that privacy violations resulting from various monitoring technologies are mediated by the extent to which the monitoring is thought to provide access to (...) self-relevant information, and generally neuromonitoring did not rate among the more invasive monitoring types. However, brain monitoring was judged to be more of a privacy violation when described as providing access to self-relevant information than when no such access was possible, and control participants did not judge the invasiveness of neuromonitoring any differently than those told it provided no access to self-relevant information. (shrink)

From the scholarly activity of the fourth and fifth centuries A.D. stem several collections of scholia to the poems of Virgil, most of which make copious reference to prose and verse composed in Latin before Virgil's time. The authors of these scholia were the last of a long line of commentators whose labours began soon after Virgil's death. Just as Virgil walked in the tracks of Theocritus, Hesiod, Aratus, Nicander, Homer, and Apollonius, so did his students in the tracks of (...) the great Alexandrian expositors of the Greek poets. They sought to explain Virgil not only through Virgil himself, but also through the poets and prose writers, Greek and Latin, whom they imagined Virgil to have read. Thus we have scholia citing early republican literature in order to parallel words uncommon in or absent from the fourth-century classical syllabus, as well as unclassical usages, inflections, and constructions; in order to demonstrate ‘imitations’ on the part of Virgil; and in order to elucidate the structure of episodes of the three poems where Virgil appears to depart from the most commonly known versions of myth and history. Argument concerning the text or interpretation of a disputed passage is frequently based on appeal to the usage of Virgil's Latin predecessors. (shrink)

Oxidative damage to DNA appears to be a factor in cancer, yet explanations for why highly elevated levels of such lesions do not always result in cancer remain elusive. Much of the genome is non‐coding and lesions in these regions might be expected to have little biological effect, an inference supported by observations that there is preferential repair of coding sequences. RNA has an important coding function in protein synthesis, and yet the consequences of RNA oxidation are largely unknown. Some (...) non‐coding nucleic acid is functional, e.g. promoters, and damage to these sequences may well have biological consequences. Similarly, oxidative damage to DNA may promote microsatellite instability, inhibit methylation and accelerate telomere shortening. DNA repair appears pivotal to the maintenance of genome integrity, and genetic alterations in repair capacity, due to single nucleotide polymorphisms or mutation, may account for inter‐individual differences in cancer susceptibility. This review will survey these aspects of oxidative damage to nucleic acids and their implication for disease. BioEssays 26:533–542, 2004. © 2004 Wiley Periodicals, Inc. (shrink)

There are signs that a list of parallelisms containing quite lengthy citations of republican works in prose and all kinds of verse, as well as remarks highly critical of Virgil, provided the material of Saturnalia 6. 2, Saturnalia 6. 3, and Saturnalia 6. 1. 55–65.1 Whereas Macrobius transmits the uersus parallelisms practically without comment, the locus parallelisms have a certain amount of discussion clustered at the beginning and at the end. This is for the most part neutral and matter of (...) fact but in 6. 2. 33 the harsh tone of an obtrectator makes itself heard: nee Tullio conpilando, dummodo undique ornamenta sibi conferret, abstinuit. The original list was excerpted very carelessly: in 6. 2. 29 the Virgil citation ought to continue for two more verses; in 6. 2. 7, 9, and 24 the Lucretius citations are likewise defective. (shrink)