Using an international sample of environmental and social firm-level ratings between 2007 and 2019, we form synthetic overlapping region-based equity portfolios to examine the impact of screening stringency on abnormal returns and specific risk. While previous literature analyzes this relationship in a bidimensional setting, inferences made in this study are additionally robust to regional levels of market efficiency. Our results suggest that (1) screening stringency displays an inverted curvilinear relationship with risk-adjusted returns and (2) the impact on specific risk is (...) strictly increasing. Thus, portfolios that employ marginal and substantial screening incur the cost of responsible investing. However, moderate screening has the benefit of increasing performance without the burden of financing the least responsible corporations. (shrink)

This article provides a comprehensive analysis of the stock market reaction to green bond issuance announcements for a large, international sample of listed companies. Existing empirical studies find mixed results regarding this issue. Using a sample of 595 green bonds issued between 2014 and 2021, we conducted a series of event studies to analyze the changes in issuer returns and liquidity following the announcements. We find that the market reaction is significantly negative, more severe compared to conventional bond issues, but (...) improves over time. Green bonds issued by companies with poor environmental performance or without prior experience in issuing such bonds generate a more negative market reaction. We also find that stock liquidity improves for issuers with good environmental performance. Our findings have significant implications as they suggest the existence of economies of scale in repeated issuances of green bonds and/or increasing reliability in the bond’s greenness. (shrink)

In his inventory of the manuscript tradition of the homilies on the Transfiguration, Maurice Sachot stated that folios 46r-55r of the codex Parisinus graecus 1611 contain the homily In transfigurationem Domini (BHGn 1980a). He also stated that this text is unedited and that it is most probably a recension of the homily In transfigurationem Domini (CPG 5807; BHG 1980) attributed to Proclus of Constantinople. To date, however, this homily has remained unpublished and unstudied. After a brief presentation of the codex (...) Parisinus graecus 1611, this article brings to light a surprise that emerges from examining folios 46r-55r of the Parisian manuscript. CONTRIBUTION: The article proves that the homily In transfigurationem Domini (BHGn 1980a) is not a recension of the homily on the Transfiguration (CPG 5807; BHG 1980), but a compilation for which the beginning of the homily on the Transfiguration attributed to Proclus of Constantinople was used. (shrink)

Leading invasion biologists sometimes dismiss critics and criticisms of their field by invoking “the straw man” fallacy. Critics of invasion biology are also labelled as a small group of “naysayers” or “contrarians”, who are sometimes engaging in “science denialism”. Such unfortunate labels can be seen as a way to possibly suppress legitimate debates and dismiss or minimize reasonable concerns about some aspects of invasion biology, including the uncertainties about the geographic origins and complex environmental impacts of species, and the control (...) programs against species perceived as “invasive”. In assessing the quality of the debate in this area, we examine the validity of the use of various strategies, including the “straw man” concept, and explore a range of potential logical fallacies present in some recent prominent discussions about invasion biology and so-called “invasive” species. The goal is to add some clarity to the concepts involved, point out some problematic issues, and improve the quality of the debates as the discussions move forward. (shrink)

Boyer's minimal model of ownership psychology suggests that joint possession triggers representations of collective agency. However, many forms of co-ownership based on cooperation or competition can be represented as a set of P() or L() tags without inferring a unifying collective entity. Moreover, representations of partible ownership are required to engage in cooperative production and distribution of resources.

An important part of responsible business practices is compliance with the law. This article details what actually happens when the laws of the host country fail to ensure adequate protection. The focus here is on land dispossession and loss of livelihood in relation to a gold mine project in central Ghana. How is it that a well‐known international company—Newmont—with its own corporate social responsibility (CSR) statements sets up a project in the year 2003 that displaces subsistence farmers from their land (...) without compensating in cash or with replacement land? The analysis identifies the factors that lead the company to not compensate farmers for their lost land: cost‐cutting, strict adherence to the law, CSR commitment that was new and not internalized, complexities of the Ghanaian land tenure system, peer pressure to preserve the status quo, selection of an “old‐school” CSR manager, and the inadequacy of Ghanaian mining law to account for relatively novel, “open‐pit” mining techniques. However, the specter of famine raised by civil society activism, the involvement of the International Financial Corporation, and a better qualified CSR team constitute another set of factors that lead to a comprehensive package of livelihood improvement measures. There is a contrast between the complexity, long‐term, and advanced type of assistance Newmont currently envisages and the backward, short‐term, formalism, and brutality of denying compensation for land back in 2003. This research is based on the extensive documentation Newmont makes available on its web site, interviews conducted in Ghana, and literature research. (shrink)

The purpose of this paper is to assess the emergence of the pirate movements in the European Union. Our goal is to sketch the steps towards a research agenda for this grassroots political movement which gained momentum since 2009. To attain our goal we showed the re-signification of the concept of piracy in the debate around intellectual property and its institutional settlement. Afterwards we analysed the big political themes of several European Pirate Parties and their struggle to follow the preferences (...) of the median voter. We concluded with a set of hypotheses of which the most important is that the pirates will inscribe neither to the left nor to the right part of the political spectrum. (shrink)

En tant que modèle cosmologique, les structures mises en place par le platonisme s’apparentent formellement à celles de la cosmologie biblique. C’est laraison pour laquelle le christianisme n’a pas hésité à y trouver un moyen propice pour exprimer son propre mystère. Malgré ces similitudes extérieures, un planplus rapproché permet de constater que les deux ensembles appréhendent l’existence de manière dissemblable. Sur la toile de fond de la création biblique, les mystères connexes de l’Incarnation et de l’Ascension, tels qu’ils sont compris (...) par l’intelligence dogmatique chrétienne, s’écartent radicalement de l’approche métaphysique qui avait présidé à l’élaboration du système de Platon – et ce en dépit des tentations à teinte «platonicienne» qui se font jour dans le christianisme avec l’émergence des doctrines ascétiques. Sans aborder les complexités de cette dernière problématique, cet article entend revisiter, comme en négatif, la valeur positive du corps dans le christianisme. (shrink)

In an attempt to trace the historical origins of Malebranche's reputation as an opponent of imagination, mainly in connection with style and eloquence, the author of this paper maintains that most of the arguments subsequently used against Malebranche may already be found in Bernard Lamy's La Rhétorique ou l'art de parler. Although Lamy might have been influenced by Malebranche, his approach to the use of passions and imagination relies rather on a theory of language and communication than on Malebranche's account (...) of the physiological effects of imagination. Therefore, the opposing views of Malebranche and Lamy on this question could be seen as premises for the French debates on the right and wrong use of the imaginative faculty that emerged at the turn of the 17th century. (shrink)

Cyber risk has become one of the greatest threats to firms in recent years. Accordingly, boards of directors must be continually vigilant about this danger. They have a duty to ensure that the companies adopt appropriate cybersecurity measures to manage the risk of cyber fraud. Boards should also ensure that the firm disclose material cyber risk and breaches. We examine how the board’s gender composition can influence the extent of such disclosure, based on a sample of the companies listed on (...) the S&P/TSX 60 Index over the period 2014–2018. Results show evidence of a positive association between the presence and level of cybersecurity disclosure and board gender diversity. However, the board must boast a critical mass of at least three women before this positive impact can be observed. Our findings contribute to the debate on the importance of gender diversity by adding the concept of the positive influence of heterogeneity on cyber disclosure. We also augment the literature on the critical mass of women in boardrooms by providing empirical evidence that three or more women constitute the threshold for better governance. Our study has important implications for investors, stakeholders and regulators. If investors wish to increase cybersecurity disclosure, they should ask for more diversified boards. Our findings support regulators in their efforts to increase women’s representation on boards by providing empirical evidence of better outcomes with this type of board composition. (shrink)

Although the Internet is frequently referred to as a global public resource, its functioning remains predominantly controlled by private actors. The Internet brought about significant shifts in the way we conceptualize governance. In particular, the handling of “big data” by private intermediaries has a direct impact on routine practices and personal lives. The implementation of the “right to be forgotten” following the May 2014 decision of the Court of Justice of the European Union against Google blurs the boundaries between the (...) public and the private, and extends the responsibilities of the latter to court-style decision making. This article analyzes the regulatory developments in this area and the implications of outsourcing of important governance practices to private intermediaries. It looks at the decision-making process for the “right to be forgotten” to illustrate the extent to which the hybridization of such procedures results in new arrangements between public and private ordering in Internet governance. (shrink)

The article presents the preliminary results of the author’s study of the unedited homily De transfiguratione et eleemosyna, ascribed to John Chrysostom. The question of the manuscript tradition is first discussed. The article shows that Maurice Sachot is right when he indicates only the manuscript Romanus Angelicus gr. 125 as a manuscript witness of this homily and that the other two witnesses indicated by Pinakes are erroneous. Then, the descriptions of the folios that preserve the homily are analysed in the (...) light of a new examination of them. This re-examination shows that hitherto several sources that inspired the compiler have gone unnoticed. This is followed by a brief summary of the contents of the homily and an analysis of the passages in which almsgiving is mentioned.Contribution: The article offers a re-examination of the folios 353v–361 from the manuscript Romanus Angelicus gr. 125, the first presentation of the content of the homily De transfiguratione et eleemosyna, and tries to shed light on the association of the theme of the Transfiguration with almsgiving. (shrink)

Cet article porte sur les images créées à l’aide des intelligences artificielles génératives sur des plateformes telles que DALL-E, Midjourney ou Stable Diffusion à partir de mots saisis en langage naturel. L’article ne s’occupe pas de savoir si les images générées peuvent être considérées comme des œuvres d’art en termes de qualité esthétique, de paternité ou d’originalité artistique. Il s’occupe de savoir si l’intelligence artificielle générative peut créer dans les mêmes conditions que celles qui étaient autrefois prescrites à l’art, notamment (...) la capacité à représenter les choses non seulement telles qu’elles sont, mais aussi (ou surtout) telles qu’elles pourraient et devraient être. Mais l’exploration des possibilités par l’art ou par l’intelligence artificielle peut être comprise de multiples façons : la création selon le critère de la vraisemblance, la capacité à idéaliser la réalité ou à élargir nos concepts, ou encore la capacité à libérer l’imagination afin de produire le fantastique ou le surréel. Bien qu’une intelligence artificielle ait tendance à reproduire les stéréotypes esthétiques ou sociaux qui prévalent dans les bases de données, elle fait néanmoins preuve d’une certaine capacité à produire de la nouveauté au sens onto-logique (et non pas esthétique) du mot, en nous permettant de visualiser des nouveaux exemplaires des notions que nous ne pouvons pas définir autrement, telles que le style d’un artiste ou les concepts vagues aux frontières fluides et aux propriétés probables. (shrink)

Normal 0 false false false MicrosoftInternetExplorer4 st1:*{behavior:url(#ieooui) } /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-parent:""; mso-padding-alt:0in 5.4pt 0in 5.4pt; mso-para-margin:0in; mso-para-margin-bottom:.0001pt; mso-pagination:widow-orphan; font-size:10.0pt; font-family:"Times New Roman"; mso-ansi-language:#0400; mso-fareast-language:#0400; mso-bidi-language:#0400;} In order to see whether there is a common European model that gives a place to religion in the public sphere two issues have to be taken into account: first, if there is a theory of secularization that accurately describes the current situation of European societies and second (...) if, there is a European model on Church – State relationship. The first part is dedicated to the different accounts on secularization that may be applied to European countries: the classical Weber theory that view secularization as an “iron law” of any society, the institutional secularization, secularization as the decline and adequacy of religious practice, the continuation of the classical theory in the 60’s and beyond, the criticism of this theory and the particular argument of the increase of fundamentalist religious movements. The attempts to formulate new theories on secularization based on other assumptions than the classical one are also presented. The increased presence of religion in private life does not mean a decrease of religion in the public space but rather a new definition of it. Despite the different intensity of belief in national terms, some trends like “believing without belonging” are common, meaning that secularization could have a single meaning in Europe, apart from other continents. The second part starts with presenting the three types of Church - State relationship at the national level. All these have in common the fact that the state is neutral towards religious subjects, a religious subsection is singled out within the public sphere and the state has the right to intervene in this area only as an arbiter. There is already a European law on religion and this statement is supported by examples from the Lisbon Treaty, The Charter of Fundamental Rights, different Directives and decisions of the European Court of Justice. Common rules on religion agreed at the European level helps better to understand why there is a common European model on religions, different from the national models. After taking into account the two aspects described above, a common European model on religion in the public sphere emerges as a necessary conclusion. (shrink)

In order to redefine barbarism, a hermeneutical framework is needed. The contemporary socio-cultural context and the transformations that have occurred during the last decades represent the premises for a new barbarism. In redefining barbarism, its relationship with civilization and culture should be first considered. Cultural mutations, together with the historical and political phenomena involved in contemporary civilizations’ reorganization as set forth in The Clash of Civilizations and the Remaking of World Order (Samuel P. Huntington), offer the theoretical background for the (...) discourse wherein barbarism could revive and take an appearance other than the common one. The necessity of reinterpreting barbarism is backed up by other variables such as its structural inconsistency and weakness, which most definitely diminish its impact on individuals. Following the 20th century philosophical tendency of harshly critical thinking, all these point to the current weak character of barbarism. Thus so-called “weak barbarism” is reinterpreted evolutionally for a better reception among contemporary cultural philosophy, axiological and ethical studies. (shrink)

In this article, I will describe the evolution of capital punishment and the influence that ideology had during the founding years of Romania’s communist regime, until 1958, when the legislation and application of capital punishment reached its highest peak. Starting with the punishment of war criminals and fascists, I will then describe how the death penalty was used for political motives in a period when the regime had to consolidate, legitimate and fight different enemies. With ups and downs like The (...) Death Penalty Law of 1949 and the abolitionist attempt in 1956, it reached its climax in 1958-1959 after the enactment of Decree no. 318/1958. (shrink)

This book explores the evolution of the mental competence for self-reflection: why it evolved, under what selection pressures, in what environments, out of what precursors, and with what mental resources. Integrating evolutionary, psychological, and philosophical perspectives, Radu J. Bogdan argues that the competence for self-reflection, uniquely human and initially autobiographical, evolved under strong and persistent sociocultural and political pressures on the developing minds of older children and later adults. Self-reflection originated in a basic propensity of the human brain to (...) rehearse anticipatively mental states, speech acts, actions, and states of the world in order to service one's elaborate goal policies. These goal policies integrate offline representations of one's own mental states and actions and those of others in order to handle the challenges of a complex and dynamic sociopolitical and sociocultural life, calling for an adaptive intramental self-regulation: that intramental adaptation is self-reflection. (shrink)

In this article, I do not intend to make a review on the work of the American transcendentalist but, rather, to capture different aspects of the subjective self through which a moral and ecological core is formed. The practical importance of my work is obvious, since nowadays there is no environmental ethics article in which there can’t be found, at least once, references to the exacerbation of the Anthropocene era, to nature deficit disorder (a term invented by Richard Louv in (...) his brilliant book, Last Child in the Woods), nature knowledge deficit, alienation, a culture of control and the will of domination. The lifestyle proposed by David Thoreau can be taken into consideration as a model for what we call a good and flourishing life, a virtuous life connected to natural surroundings. In fact, Walden, or Life in the Woods is about the love for nature seen as a sign of self-love. Having assumed his madness, a brave plunge into a space of beauty and uncertainties, of purity and honesty, Thoreau dares to dream big, to explore a world of removal from a mechanical society, to enter a space of lucidity and personal development. Next, I will explain in detail my view on the multiple meanings that Thoreau catches during his residence in the cabin from the shore of the Walden Lake near Concord, Massachusetts. For the beginning, I propose an imaginative drift, in which we could transpose ourselves, even if only for a few minutes, in a natural universe similar with the one Thoreau describes in his book. Otherwise, the incursion in the moral space of the ethics of care that dominates Thoreau’s experience will be a simple, empty theoretical construct, lacking in colour and flavour. (shrink)

The contributors to this volume examine recent controversies about the importance of common sense psychology for our understanding of the human mind. Common sense provides a familiar and friendly psychological scheme by which to talk about the mind. Its categories tend to portray the mind as quite different from the rest of nature, and thus irreducible to physical matters and its laws. In this volume a variety of positions on common sense psychology from critical to supportive, from exegetical to speculative, (...) are represented. Among the questions posed are: Is common sense psychology an empirical theory, a body of analytic knowledge, a practice or a strategy? If it is a legitimate enterprise can it be naturalized or not? If it is not legitimate can it be eliminated? Is its fate tied to our understanding of consciousness? Should we approach its concepts and generalizations from the standpoint of conceptual analysis or from the philosophy of science? (shrink)

Following the violent protests in the Republic of Moldova against the Communist Party – governing since 2001 – that took place in April 2009, after the release of the parliamentary elections results, the Romanian Government has adopted the measure of simplifying the fundamental and formal conditions for regaining Romanian citizenship through Government Emergency Ordinance (GEO) No. 36/2009 for modifying and completing Law on Citizenship No. 21/1991. This measure is focusing particularly on the citizens of the Republic of Moldova who wish (...) to be granted Romanian citizenship. By presenting the changes brought by GEO No. 36/2009, by comparing them to the other changes made to Law No. 21/1991 in 2007 and 2008, this article tries to answer the question of how the system of granting and regaining Romanian citizenship should be regulated, taking into account the Romanian accession to the European Union and the necessity to discard the consequences of the Ribbentrop – Molotov Pact, which was officially condemned by the Romanian Parliament in 1991. The de lege ferenda proposals made in this article have the purpose to make the system of acquiring Romanian citizenship more transparent and easier to explain to the entitled persons and to the European Union institutions monitoring the legal and illegal migration. (shrink)

Starting from the cyclic principle in the process of a society's development, invoking „the end of history" that Hegel mentions, adding the paradoxical principle of Huntington's civilizations, of a unity in diversity, through which we can have a clear and universal image of the conflicts, as actions generated by a cultural-religious interaction, and passing these through the filter of the noble origin of the Occidental civilization, we renew a typology of the inter-societies conflict and we keep the possibility of finding (...) some methods for settling them. (shrink)

Nancy Fraser raises serious doubts about the critical potential of identity theories of recognition on the ground that they encourage the reduction of personal identity to cultural identity. Based on a comparative analysis of Charles Taylor's and Axel Honneth's theories of recognition, this paper argues that Fraser's critique is justified with respect to some aspects of Taylor's theory of identity, but not with respect to his conception of recognition, or to Honneth's conception of both identity and recognition. Taylor's theory of (...) identity recognition is vulnerable to Fraser's critique because under certain conditions of pathological socialization it cannot prevent the normative subordination of strong evaluation to whatever dominant goods are acquired through acculturation. Honneth's theory of identity recognition overcomes this normative weakness in three ways. First, Honneth differentiates between three types of self-relation that cannot be reduced to cultural identity. Second, he operates with a mixed, attributive–responsive model of recognition that normatively underwrites all these types of self-relation. Third, he makes the condition of reciprocity in recognition the criterion for successful self-realization that enables one to distinguish between misrecognition and non-normative experiences of human suffering. (shrink)

The deposit insurance makes the value of deposits independent from the behavior of other depositors or from the value of bank assets. Its existence induces a moral hazard which might threaten the stability of the banking system. The efficiency of the DI depends on the control of moral hazard, which means the agents’ responsibilisation, depositors included. There is a conflict between the DI principles and the present propositions improving this mechanism.The possible solutions in order to solve this paradox are the (...) restriction of the insurance coverage only for the demand deposits and the implementation of the double liability for the bank shareholders.The demand deposits insurance eliminates the incentive to bank runs caused by the fear of lack of liquidity, whereas the term deposits are exposed to losses which reduce the moral hazard induced by the demand deposit insurance.The double liability forces the shareholders of the defaulting banks to make supplementary payments limited to the nominal value of the owned shares. This combines the advantages of the limited liability and the unlimited liability.The efficiency of both propositions implies the enforcement of a closure rule of the banks whose net worth is close to zero.La garantie des dépôts rend la valeur des dépôts indépendante du comportement des autres déposa- nts ou de la valeur des actifs bancaires. Son instauration induit un aléa moral qui peut menacer la stabilité du système bancaire. L’efficacité de ce mécanisme dépend de la maîtrise de l’aléa moral. Cela suppose, entre autres, la responsabilisation des agents, y compris des déposants. Par conséquent, il existe un conflit entre le principe de la garantie des dépôts et les propositions courantes d’amélioration de ce dispositif.Les solutions envisagées dans cet article pour résoudre ce paradoxe sont la limitation de la garantie aux seuls dépôts à vue et l’instauration de la double responsabilité pour les actionnaires des banques.La garantie des dépôts à vue élimine l’incitation à la ruée due à la crainte de manque de liquidité, tandis que les dépôts à terme sont assortis d’une clause permettant à la banque de refuser tout retrait anticipé. Les titulaires des dépôts à terme s’exposent à des pertes, ce qui réduit l’aléa moral induit par la garantie des dépôts à vue.La double responsabilité oblige les actionnaires des banques défaillantes à effectuer des versements supplémentaires dans la limite de la valeur nominale des actions détenues. Cela réunit les avantages de la responsabilité limitée et de la responsabilité illimitée.L’efficacité des deux propositions suppose l’application d’une règle de fermeture des banques dont l’actif net avoisine zéro. (shrink)

Kant identified in the “spectators’” enthusiastic response to the French Revolution the clear sign of a moral disposition in humankind. Following Hannah Arendt’s classic interpretation, but departing from it in important respects, I attempt to show in this paper that the “spectatorial” account of Kant’s view of the French Revolution makes sense only if it is understood in terms of a subject’s aesthetic response to objects of natural sublimity, and only if this aesthetic experience is instrumentalized for purposes of moral (...) education. (shrink)

”The Barometer of Flaubert or Literature and Reality”. Discussing the relationship between literature and reality, this study focuses on the analysis of the“reality effect” (effet de réel) which is applied to the narrative technique in Gogol’s novel Dead Souls by revisiting it through a Nabokovian perspective.

This article aims to explore two different but interrelated problems. The first objective, the more abstract one, is to discuss the plausibility of fusionism as a theoretical project of bridging the philosophical gap between libertarianism and free-market conservatism. Our thesis is that while fusionism could succeed, as a strategic alliance, in promoting specific policies, the differences between libertarianism and conservatism are irreconcilable at the level of fundamental intellectual assumptions. More precisely, starting from Hayek’s objections to conservatism, we argue that the (...) crucial divide is that between two conceptions about the prerequisites for social order. The second objective is to show how the differences between the policy prescriptions endorsed by conservatives and libertarians within the Tea Party (mainly with regard to religion-related issues) are illustrative for the theoretical point defended in the first sections. (shrink)

Hölder’s review of Robert Graßmann’s Theory of Number provides the first statement of Hölder’s most significant tenets concerning the distinction between the genetic and axiomatic presentation of mathematics, the mature expression of which is found in Hölder’s book The Mathematical Method of 1924. By translating Hölder’s review into English, I hope to make this unique document known to a wider public. In my introductory note I provide some context to Hölder’s paper and a few other remarks concerning the translation work.