This study analyses the performance and market timing of US socially responsible (SR) mutual funds in relation to business cycle regime shifts and different grouping criteria: Ethical strategy focus, SR attributes scores and Morningstar category. Different methodologies are applied and results highlight the importance of considering specific benchmarks related to the investment style in evaluating the SR fund performance. Our results show that, in aggregate, the abnormal performance of SR funds is negative and significant in expansion periods, but no significant (...) differences are found in recession periods. When specific benchmarks are considered, performance improves in recession periods, particularly for environmental funds, those with high SR attributes scores, and funds from the nine Morningstar style box categories. Market timing of SR funds takes positive values and is partially significant. Previous evidence of negative timing after a recent financial crisis vanishes when specific benchmarks are considered. For comparative purposes the performance of conventional US mutual funds is also analysed. There are no significant differences between the performance of SR and conventional mutual funds when a fair comparison is made within the same style categories. When all the SR funds are considered, they underperform conventional funds in expansion sub‐periods, but in recession sub‐periods they perform better, although the differences observed are not significant. (shrink)

In recent decades, the expansion of economic activity has been accompanied by negative environmental impacts. In response, there have been dramatic changes worldwide in terms of an increased demand for environmentally friendly products and services. To achieve these eco-innovations, firms have sought to acquire knowledge and implement operational flexibility by cooperating with different agents such as universities through a value cocreation system that is also expected to enhance firms’ performance. Using a sample of 250 companies, the present paper examines the (...) role of cooperation with universities in the development of diverse environmental innovations and building operational flexibility and, through this, improving firm performance. Results show that firms that value cooperation with universities develop a wider range of environmental innovations and increase their sales and benefits. (shrink)

There is currently much debate in the economic literature about whether ethical investment involves a financial sacrifice or premium. One of the most common methods of testing this compares the financial performance of ethical investment funds with that of other funds not considered “socially responsible” or ethical. The majority of these research studies evaluate the performance of the ethical funds according to classic measures, whereby different financial markets, in different countries and for different periods of time serve as reference for (...) evaluation. The ultimate conclusion of all of these studies is that there are no significant differences between the performance results of one type of funds and the other. In Spain, ethical investment funds are still an incipient sector of investment. To date, the Spanish market has not been included in any type of analysis of these characteristics. Therefore the main objective of this article is to compare the financial performance of ethical investment funds to that of other funds in the Spanish retail market. We propose the aggregate type of analysis as the Spanish ethical investment funds have experienced a weaker development in comparison to those of other developed countries. In the first step we suggest the financial performance to be compared by style analysis since the asset distribution of the Spanish Social Return Investment (SRI) funds differs from the European trend. In particular, we use the multifactor regression model with style benchmarks. We found that their financial performance is in all cases superior or similar to that achieved by the rest of the funds. In the second step, to achieve a more robust and homogeneous comparison, we used the bootstrap method, comparing ethical and non-ethical fund subsamples by homogeneous groups. No significant differences between these two types of funds have been found. Thus, if we assume the positive o neutral effect of ethical investment on investor utility in the retail Spanish market the financial and social performance (FSP) of ethical funds will be, in aggregate, superior to the FSP achieved by conventional funds. In conclusion, the financial performance of ethical mutual funds in Spain is no sacrifice. (shrink)

The focus is on the meaning of ὑπόϑεσις in Irenaeus of Lyons’ Adversus haereses. Our case is to argue that two different elements converge in ὑπόϑεσις or its translations in the Latin version of AH. The first stems from the Greek literary field, in which ὑπόϑεσις means the “subject” or “plot” of a dramatic or poetic composition. The second is related to the philosophical meaning of ὑπόϑεσις as “that which is placed under” or “foundation”. On the one hand, Irenaeus uses (...) ὑπόϑεσις theologically to express the plot of the historia salutis, so that the term can be understood as teaching or doctrine. On the other hand, this ὑπόϑεσις is at the same time a regula, the normative foundation of all the elements that take part in God’s economy of salvation. (shrink)

The aim of this study is to analyze investor behavior towards socially responsible mutual funds. The analysis is based on an experimental study where a sample of individuals takes investment decisions under different parameters of information about the investment alternatives and expected returns. In the experiment, each participant decides how to distribute an investment budget between two funds, returns on which are uncertain and change over time. Two treatments are conducted, each providing a different degree of information on the socially (...) responsible (SR) character of one of the two investment alternatives. The results obtained suggest that although individuals’ criteria for investment are essentially guided by returns and diversification, participants invest significantly more in a fund when they are explicitly informed about its SR nature. In particular, participants who declare being concerned about SR actually invest significantly more in the SR alternative. Furthermore, the level of SR faithfulness among a small group of investors is such that they invest the main share of their budget in the SR fund, even when the return differential is highly unfavorable. Providing clear information about the SR characteristics of an investment is crucial to help investors express their preferences. (shrink)

Most ethical considerations related to the activities of the professions, including that of social education, have been put forward using a set of professional ethics that are frequently associated with principles and imperatives that aspire to be universal but have little connection to real and specific situations. In this paper, we offer an interpretation of the ethics associated with the profession of social educator from positions that are less transcendent, more immanent. Such an interpretation is based on and built from (...) professional practice, from actual, relational situations that social educators have experienced in the real contexts in which they work. Following a discussion on the usefulness of reflecting about the ethical dimensions of educational activity, we look at situations in which social educators, immersed in relationships, put their skills and competencies to use, and we propose some guidelines for an ethical practice of the educational relationships in this field. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:diacritics 30.1 (2000) 78-88 [Access article in PDF] Kierkegaardian seduction, or the aesthetic actio(nes) in distans Begonya Saez Tajafuerce The one who cannot seduce people cannot save them either. --Søren Kierkegaard, Papirer IX A 383 Being an heir of Romanticism, Søren Kierkegaard appropriates the figure of seduction in his works and thought, yet he does so in a critical and unconventional manner. For Kierkegaard, seduction can no longer be (...) described or conceived of as an exclusively aesthetic undertaking, as the sheer fulfillment of pleasure and desire, as the factual consolidation of immediacy and sensuousness, but, on the contrary, seduction must be redescribed and reconceived within the realm of ethics or, to be more precise, within the confinium or border area between ethics and aesthetics. In this sui generis no-man's-land, which to a certain extent is formally inaugurated and categorially established by the notion of aesthetic action, as we will see--resides the ethical seduction.In effect, such a reconception of seduction presupposes an organic and dialectic recomprehension of the well-known Kierkegaardian theory of the stages, according to which any significant relation between the aesthetic and the ethical is not grounded on the evident divergences between both but, on the contrary, on their coadjuvancy. The point is that neither the aesthetic nor the ethical can or should be understood if disconnected, if incommensurably read, if seen only in the light of (an) Either/Or [E/O 1, 2].Forged within the aforementioned ambivalent frame, the Kierkegaardian figure of seduction becomes more than just a category, a sheer theoretic or analytic tool to reflect upon existence: it becomes a literary strategy as well, of philosophical and specifically ethical signification.Through an examination of some texts of E/O 1 (especially "The Seducer's Diary") and of Kierkegaard's journals and papers, I will pursue a typology of seduction with three modes: the musical seduction, or Don Juan's; the linguistic seduction, or Faust's; and the literary seduction, or Johannes's. The johannesque seduction will be stressed as the first janus frontis of the dilemma between the aesthetic and the ethical stages, to blur the conventional differences between both. Then I will bring Johannes, the seducer, and A, the aesthete, close to each other in order to illuminate what might be understood as [End Page 78] the aesthetic action. It will be argued that the aesthetic can no longer be deprived of all pragmatic connotations. Therewith, not only are the limits or chiasm between aesthetics and ethics blurred, but a common categorial space is established. The paradigmatic action in this context will be the johannesque actio(nes) in distans, that is, the second janus frontis of our dilemma. Finally, I will briefly consider Søren Kierkegaard's own aesthetic action or actio(nes) in distans, that is, his own literary practice. Seducers: Don Juan and Faust A typological consideration of the figure of seduction in E/O 1 quickly makes it clear that Kierkegaard's main source of inspiration, or rather of conceptual kleptomania, is to be found in Romanticism. 1 In this spirit, A, the aesthete, would let himself be brought from reflection to reflection, from insight to insight, and from glimpse to glimpse, by the experienced guiding hands of (his colleagues) Don Juan and Faust.In 1836, several years before the publication of E/O, where Don Juan and Faust are characterized as and related to the phenomenological realm of the demonic (det dœmoniske), Kierkegaard significantly writes in his journals that both cases, or figures, incarnate two "ideas," that is, two paradigmatic vital ideals or even two conceptions of life, which take shape "beyond the religious" [Pap I A 150]. 2 Consequently, seduction presupposes a nonreligious conception and/or way of life. It seems unclear, however, whether seduction presupposes, as Judge Wilhelm claims it does, a full rejection of the ethical. In E/O 2 Wilhelm states that all seducers share the virtue of holding the "ethical determinations" in check [SKS 3: 196], but he is by no means aware of what the game may... (shrink)

Mediante el presente artículo se realiza un recorrido aproximativo a la historia de la Educación Social de forma que se conozcan los elementos que la conforman como práctica socioeducativa emergente en la última década del siglo XX y la importancia que tiene en la sociedad; de la misma forma se acomete una aproximación al proceso de profesionalización de la Educación Social a través del modelo teórico que los autores Sáez y García (2006) proponen, mediante el cual se delimitan los (...) actores que están involucrados en el proceso profesionalizador de la Educación Social y la interacción que existe entre ellos. Finalmente la cuestión que se trata es la idea de la Educación Social como elemento transformador de la ciudadanía a través de la participación, que propicia el cambio de actitudes y motivaciones en los individuos. (shrink)

In the last 50 years, discussions of how to understand disability have been dominated by the medical and social models. Paradoxically, both models overlook the disabled person’s experience of the lived body, thus reducing the body of the disabled person to a physiological body. In this article we introduce what we call the Ecological-Enactive (EE) model of disability. The EE-model combines ideas from enactive cognitive science and ecological psychology with the aim of doing justice simultaneously to the lived experience of (...) being disabled, and the physiological dimensions of disability. More specifically, we put the EE model to work to disentangle the concepts of disability and pathology. We locate the difference between pathological and normal forms of embodiment in the person’s capacity to adapt to changes in the environment. To ensure that our discussion remains in contact with lived experience, we draw upon phenomenological interviews we have carried out with people with Cerebral Palsy. (shrink)

When one wants to use citizen input to inform policy, what should the standards of informedness on the part of the citizens be? While there are moral reasons to allow every citizen to participate and have a voice on every issue, regardless of education and involvement, designers of participatory assessments have to make decisions about how to structure deliberations as well as how much background information and deliberation time to provide to participants. After assessing different frameworks for the relationship between (...) science and society, we use Philip Kitcher's framework of Well-Ordered Science to propose an epistemic standard on how citizen deliberations should be structured. We explore what potential standards follow from this epistemic framework focusing on significance versus scientific and engineering expertise. We argue that citizens should be tutored on the historical context of why scientific questions became significant and deemed scientifically and socially valuable, and if citizens report that they are capable of weighing in on an issue then they should be able to do so. We explore what this standard can mean by looking at actual citizen deliberations tied to the 2014 NASA ECAST Asteroid Initiative Citizen forums. We code different vignettes of citizens debating alternative approaches for Mars exploration based upon what level of information seemed to be sufficient for them to feel comfortable in making a policy position. The analysis provides recommendations on how to design and assess future citizen assessments grounded in properly conveying the historical value context surrounding a scientific issue and trusting citizens to seek out sufficient information to deliberate. (shrink)

Ecological psychology (EP) and the enactive approach (EA) may benefit from a more focused view of lived temporality and the underlying temporal multiscalar nature of human living. We propose multiscalar temporality (MT) as a framework that complements EP and EA, and moves beyond their current conceptualisation of timescales and inter-scale relationships in organism-environment dynamical systems. MT brings into focus the wide ranging and meshwork-like interdependencies at play in human living and the questions concerning how agents are intimately entangled in such (...) meshworks, utilising them as resources for skilful living. We develop a conceptual toolkit that highlights temporality: Firstly, we address lived temporality. We use a case study from psychotherapy to show how a person’s skilful engagement with the world is best described as adaptive harnessing of interdependencies of constraints residing across a wide range of timescales. We call this skill time-ranging. Secondly, the case study provides a proof of concept of the integration of an idiographic approach to human conversing and a more general theory of emergent organisation rooted in theoretical biology. We introduce the existing concept of constraint closure from theoretical biology and scale it up to human interactivity. The detailed conceptualisation of constraint interdependencies constitutes the backbone of the proposal. Thirdly, we present a heuristic mapping of what we call organising frames. The mapping guides the conceptualisation of the emergence of inter-scale relationships and serves as an epistemic tool that brings together nomothetic and idiographic approaches. Finally, we combine new ideas with re-interpretations of existing EP and EA concepts and elaborate on the need of a fresh new look at the implicit and sometimes missing conceptualisations of temporality in the EP and EA literature. (shrink)

Philosophical Issues, Volume 30, Issue 1, Page 54-70, October 2020.

Resumen Auditores chilenos no entrenados y sin conocimientos del alemán deben identificar dentro de una secuencia de voces en alemán la voz de una mujer alemana que habló previamente en español con un retardo de 2 horas. Los enunciados fueron emitidos por estudiantes alemanas nativas de la Universität Regensburg. Los resultados muestran que los auditores identifican la voz original, pero con imprecisión al otorgarle, dentro de una escala de 1 a 7, el mayor puntaje a la voz objetivo por sobre (...) las demás, pero con un promedio general de 6,1. Esto refuerza la idea de que la evidencia auditiva solo debe tener un valor orientativo. El presente texto se basa en un manuscrito presentado en el congreso INGEACUS 2010 celebrado en Valdivia, Chile.Untrained Chilean auditors and without knowledge of German must identify, within a sequence of German voices, the voice of a German woman who previously spoke in Spanish with a delay of 2 hours. The statements were spoken by native German students from the University of Regensburg. The results show that the auditors identify the original voice, but inaccurately, by giving, within a scale of 1 to 7 the highest score to the target voice above the others, but with an overall average of 6.1. This reinforces the idea that hearing evidence should only have an indicative value. This text is based on a manuscript presented at the 2010 INGEACUS Congress held in Valdivia, Chile. (shrink)

In this paper, we try to expose the fundamental ideas at the basis of Jorge Millas’ axiology. First, we will expose synoptically the core of the legal philosophy that the Chilean thinker develops on his works on the subject, including his conception about philosophy in general , and about legal science in particular . Secondly, we will expose the epistemological suppositions of his legal philosophy , and his consequent conception of law’s essence , the legal rule and its foundation, and (...) the axiological theory that Millas develops on the basis of the distinction and relationship between “is” and “ought” . We conclude with a critical analysis that pretends to expose the strengths and weaknesses of the legal theory of this Chilean author. (shrink)

Si a cierta doxa filosófico-ideológica en plena promoción le parece válido el caracterizar a todo Occidente como a esa civilización racionalista que arraiga en la revolución científica, filosófica y aun política que Descartes emblematizaría mejor que nadie, por poco que profundicemos en el análisis ..

In this study first we delineate an overview of the main philosophical positions on the problem of the distinction between mental acts and physical acts in man. There follows an exposition of the topic, inspired by Aristotle’s and Aquinas’s principles. Sensitive operations are physical, but in the sense of an ‘elevated body,’ thanks to a higher formal dimension, which informs the organic basis. Intellectual operations, by contrast, are completely immaterial, though they act united to the sensitive cerebral basis. Accordingly, they (...) have neurological correlations, guided by the intentional causality of the intellect. The intellectual act and its neural basis form a unique act, which is integrated by several cognitive dimensions. Our intelligence uses the brain as an intrinsic instrument, but we also need external ‘cognitive’instruments, namely written texts and computers. The intellectual development of people can be explained by the interaction of these different dimensions. (shrink)

En el presente texto me propongo mostrar cómo puede entenderse el concepto de ‘metafísica’, no como el estudio de algo “sobrenatural” o “más allá de lo físico”, sino como un estudio de segundo orden que tendría por objeto de análisis los hipotéticos principios fundamentales y modelos de dependencia de la realidad. En este sentido, más que sostener juicios taxativos acerca de lo que las cosas son o qué tipo de entidades existen, las reflexiones de la metafísica podrían entenderse como análisis (...) acerca de las condiciones necesarias y suficientes para que una teoría de primer orden explique un aspecto de la realidad —o toda ella en su conjunto— de la mejor manera posible. (shrink)

Reseña de: Arenas-Dolz, Francisco y Gallegos Salazar, Daniela (eds.) (2009), El ciudadano democrático. Reflexiones éticas para una educación intercultural, Madrid, Plaza y Valdés.

Desde la llegada al poder de Hugo Chávez, en las elecciones de 1998, comenzó la configuración de unas nuevas relaciones de poder en el sistema político venezolano (SPV). Estas relaciones estaban determinadas por la naturaleza de los actores políticos que accedieron al poder, el funcionamiento ..