We study behind-the-scenes investor activism promoting environmental, social, and governance improvements by means of a proprietary dataset of a large international, socially responsible activist fund. We examine the activist’s target selection, forms of engagement, impact on ESG performance, drivers of success, and effects on the targets’ operations and value creation. Target firms are typically large and visible, perform well, and have high liquidity and low ESG performance. Engagement induces ESG rating adjustments: firms with poor ex ante ESG ratings experience a (...) ratings increase after complying with the activist’s demands, whereas firms with high ex ante ESG ratings experience a ratings decrease following the revelation of their ESG problems. Activism that is focused on environmental and social issues is more likely to succeed if targets are ESG-sensitive. Successful engagements boost targets’ sales. Risk-adjusted excess stock returns of successful engagements outperform those of unsuccessful engagements by 2.7%. Results are especially strong for firms with low ex ante ESG scores. Specifically, targeted firms in the lowest ex ante ESG quartile outperform matched peers by 7.5% in the year after the end of the engagement. Our results thus suggest that the activism regarding corporate social responsibility generally improves ESG practices and corporate sales and is profitable to the activist. Taken together, we provide direct evidence that ethical investing and strong financial performance, both from the activist’s and the targeted firm’s perspective, can go hand-in-hand together. (shrink)

We examine how social diversity and inclusiveness on corporate boards affect corporate performance and monitoring in Sri Lanka, a country subject to decades of polarization, civil war, and even genocide. Barely more than a decade after the civil war, we find that board social diversity on the basis of ethnicity, religion, language, gender, and nationality of the board members is positively related to corporate performance, both in terms of stock market performance and accounting returns, and to corporate financial stability. The (...) main positive effects of social diversity derive from ethno-linguistic inclusiveness. The results are confirmed by an instrumental variable approach that addresses endogeneity issues. We find no evidence that inter-personal and moral conflicts or communication problems among board members negatively affect firm performance. (shrink)

Dans le domaine de la philosophie et de la littérature, l’étude détaillée des processus de transfert culturel franco-allemand des quinze dernières années fait apparaître une tendance forte, sans équivalent en Europe. Devenus des traducteurs actifs, les philosophes, dans les deux langues, modifient l’économie traditionnelle de la réception de leurs textes dans l’autre langue. Emerge alors le matériau d’un penser de l’intraduisible qui devient lui-même l’objet d’une réflexion commune et simultanée dans les deux langues. Le champ philosophique franco-allemand apparaît ainsi comme (...) un des moments les plus vivants de l’Europe de l’esprit. L’analyse pose les jalons d’une méthode d’exploration généralisable à d’autres diciplines et examine les effets rétroactifs prévisibles de cet événement de culture. (shrink)

The obsession is pursued of a word, a sign, a thought that is identical with the thing it signifies, where there is no space between the two. And the nightmare is entertained that, if such an identity is not attained, then intellectual work in general is worth nothing and should be destroyed.

In Russia a monotheism - Orthodox Christianity - and atheism in its Marxist version have succeeded each other as state systems of rites and representations. Rather than contrasting one with the other, term with term, this paper proposes to bring in a third term: the local religious systems of Russia’s animist minorities. We examine how Christianity and atheism tried one after the other to get established there and also consider the reactions they encountered. The analysis as planned is undertaken on (...) two levels: on an overall level we look at the strategies and aims of the state and its representatives, and on the local level - illustrated by the particular example of the Nenets - concrete and always specific mechanisms are presented, which application of general policy has implemented on the ground. (shrink)

Autant l'ivresse est présente dans la littérature et - de façon plus limitée - dans la peinture, autant elle semble absente de la philosophie. Elle y joue pourtant un rôle paradoxal qui commence avec le Banquet de Platon. Les philosophes rêvent à la fois de s'enivrer d'absolu et de maîtriser l'ivresse. Ce n'est pas un traité sur ce paradoxe que propose ce livre, mais à partir de lui une série de variations et de vagabondages, dans une humeur de banquet - (...) avec parfois la tête qui tourne un peu. On voit passer Hegel, Dionysos, Apollinaire, Raskolnikov, Malcolm Lowry, Jésus, Rabelais, Spinoza... (shrink)

Numerous countries are heading toward digital infrastructures. In particular this new technology promises to help support methods for elections. However, one should be careful that such an infrastructure does not hinder the voting and representation issues. On the contrary, it should support those issues and help citizens have a clearer picture of the underlying mechanisms. This paper deals with the limits of voting procedures as they are described in classical collective choice theory and reflects on ways to aggregate electronic votes (...) stemming from various individuals that would be at the same time democratic, decisive and rational which is not feasible when candidate rankings alone are taken into account. This paper shows how electronic voting procedures could improve the situation by introducing preference-based votes. (shrink)

ABSTRACTThat beauty [beauté] pertains to phenomenality, this may have long seemed self-evident. For however conveyed and crafted in sensible experience, beauty is to be seen, heard, touched; in short it makes itself manifest. Not only does beauty make itself manifest by taking shape, but it makes itself manifests par excellence, to a greater extent than what appears in the course of everyday life. The beautiful [beau] should therefore be seen as a phenomenon. Today, however, we can no longer take this (...) rule for granted; nor can we consider to be irrefutable the fact that beauty phenomenalizes itself as such, and that we can experience [éprouver] directly and as such a “phenomenon of the beautiful.”. (shrink)

Depuis plus d'un siècle les éditions et les études sur Vauvenargues sont fondées sur l'édition Gilbert (1857), édition incomplète et fautive en de nombreux endroits. Après de longues recherches et des travaux ardus, D Acke, L Bove, J Dagen et J Vercruysse, quatre dix-huitiémistes connus, ont entrepris de concert une édition enfin complète, critique et authentique. Le tome IV, celui de la correspondance (largement augmentée) et de documents personnels inconnus à ce jour, permet d'ouvrir de nouvelles perspectives sur l'élaboration de (...) la pensée du jeune moraliste et les liens qu'il entretenait avec les siens. (shrink)

Résumé En Russie, un monothéisme – le christianisme orthodoxe – et l’athéisme dans sa version marxiste ont successivement été des systèmes de rites et de représentations d’État. Plutôt que de les opposer terme à terme, cet article propose de faire intervenir un troisième terme : les systèmes religieux locaux des minorités animistes de Russie. On examine comment le christianisme et l’athéisme ont l’un après l’autre tenté de s’implanter sur ces terrains, tout en prenant également en compte les réactions qu’ils ont (...) suscitées. L’analyse envisagée se déploie sur deux niveaux : au niveau global sont évoquées les stratégies et les objectifs de l’État et de ses représentants, et au niveau local – illustré par l’exemple précis des Nénètses – sont présentés des mécanismes concrets, toujours particuliers, que l’application de la politique générale a activés sur le terrain. (shrink)

First, Mahtani argues that both in the game The Mug and in the Sleeping Beauty we should not defer to a trusted person under a particular designation if they do not self-identify under this designation. This invites a more complex Reflection Principle. I respond that there are more parsimonious ways to avoid the challenges posed to the Reflection Principle. Second, Mahtani argues that preferences create a hyperintensional context, which poses a challenge to the Ex-Ante Pareto Principle that can be averted (...) by supervaluation. I respond that such an appeal to supervaluation would block randomization as a fair allocation device. (shrink)

In this paper, I argue that the Hole Argument can be formulated without using the notion of isomorphism, and for this reason it is not threatened by the criticism of Halvorson and Manchak (Br J Philos Sci, 2022. https://doi.org/10.1086/719193). Following Earman and Norton (Br J Philos Sci 38, pp. 515–525, 1987), I divide the Hole Argument into two steps: the proof of the Gauge Theorem and the transition from the Gauge Theorem to the conclusion of radical indeterminism. In the analaysis (...) of the first step, I argue that the Gauge Theorem does not rely on the notion of isomorphism but on the notion of the diffeomorphism-invariance of the equations of local spacetime theories; however, for this approach to work, the definition of local spacetime theories needs certain amendments with respect to Earman and Norton’s formulation. In the analysis of the second step, I postulate that we should use the notion of radical indeterminism instead of indeterminism simpliciter and that we should not decide in advance what kind of maps are to be used in comparing models. Instead, we can tentatively choose some kind of maps for this purpose and check whether a given choice leads to radical indeterminism involving empirically indistinguishable models. In this way, the use of the notion of isomorphism is also avoided in the second step of the Hole Argument. A general picture is that physical equivalence can be established by means of an iterative procedure in which we examine various candidate classes of maps, and, depending on the outcomes, we need to broaden or narrow these classes. The Hole Argument can be viewed as a particular instance of this procedure. (shrink)

In the mid seventeenth century, European scholars on the frontline of philosophical discussions corresponded and exchanged their works in manuscript or in print, as they had always done, but a strong trend towards publishing their work in the vernaculars and towards translating each other’s works between vernaculars was building up. The French mathematician Guillaume du Verdus had become friends with the English philosopher Thomas Hobbes, and ambitioned to translated the latter’s English Leviathan into French. In spite of all his endeavours (...) and of Hobbes’s friendly support, he could not become proficient enough in English to safely translate the book, hence his decision to translate the Latin De Cive, an earlier work of political philosophy by Hobbes. What can explain this choice? How were modern languages taught in early modern Europe? Was Du Verdus’s decision to translate Hobbes mainly due to philosophical or ideological reasons? How can we contextualise such choices from internal and external evidence? (shrink)

Será que a filosofia francesa possua um espírito de sistema?” Essa questão nos é colocada com uma habilidade que somos, por este fato mesmo, convidados a identificar, avaliar e contornar.

Dans cet échange, les deux philosophes s'interrogent sur la nature même de la pensée : les représentations que l'homme se fait de la pensée, sur ce qui l'y amène, sur les bonnes et les mauvaises raisons de penser, sur la philosophie et misosophie. Ils dessinent ainsi une pensée qui s'épuise, mais qui aime aussi et redonne foi en l'existence.

Multi-level discrete models of genetic networks, or the more general piecewise affine differential models, provide qualitative information on the dynamics of the system, based on a small number of parameters (such as synthesis and degradation rates). Boolean models also provide qualitative information, but are based simply on the structure of interconnections. To explore the relationship between the two formalisms, a piecewise affine differential model and a Boolean model are compared, for the carbon starvation response network in E. coli . The (...) asymptotic dynamics of both models are shown to be quite similar. This study suggests new tools for analysis and reduction of biological networks. (shrink)