In September 2003, several prominent mutual fund companies came under investigation for illegal trading practices. Allegations suggested these funds allowed certain investors to profit from short-term trading schemes at the expense of other investors. Surprisingly, regulatory authorities have known for more than two decades of the potential for such abuses, yet have taken limited steps to correct the problem. We explore investor reaction to the scandal by measuring assets under management, stock returns, and performance. Mutual funds managed by investigated firms (...) show a substantial decline in post-announcement assets under management. These firms also experienced significantly negative announcement-period returns. Finally, we discuss several policy suggestions to prevent future trading abuses and provide direction for future research. (shrink)

Prior research shows that mutual fund investors are often aware of up-front charges like sales loads, but they are less mindful of annual operating expenses, even though both types of fees lower overall performance. This study documents the historical trend and recent abuse of annual mutual fund expenses. As the industry becomes more adept at segmenting customers by level of investment sophistication, we claim that load mutual fund companies take advantage of this ability and charge higher expenses to their target (...) customer: the less-knowledgeable investor. No-load fund companies, which tend to attract the more sophisticated investor, offer lower expenses. For example, over 2000-2004 the average annual expense ratio of load equity funds was 50 basis points higher than no-load equity funds. We show evidence of this widening cost disparity since the early 1990s among new and existing equity, bond, and index funds. We also document a growing abuse of sales distribution or 12b-1 fees among funds that are closed to new investors, almost all of which are load funds. Thus, load fund investors are more susceptible to paying higher expenses and receiving lower returns over time. (shrink)

When searching for concepts in memory—as in the verbal fluency task of naming all the animals one can think of—people appear to explore internal mental representations in much the same way that animals forage in physical space: searching locally within patches of information before transitioning globally between patches. However, the definition of the patches being searched in mental space is not well specified. Do we search by activating explicit predefined categories and recall items from within that category, or do we (...) activate and recall a connected sequence of individual items without using categorical information, with each item recalled leading to the retrieval of an associated item in a stream, or both? Using semantic representations in a search of associative memory framework and data from the animal fluency task, we tested competing hypotheses based on associative and categorical search models. Associative, but not categorical, patch transitions took longer to make than position-matched productions, suggesting that categorical transitions were not true transitions. There was also clear evidence of associative search even within categorical patch boundaries. Furthermore, most individuals' behavior was best explained by an associative search model without the addition of categorical information. Thus, our results support a search process that does not use categorical information, but for which patch boundaries shift with each recall and local search is well described by a random walk in semantic space, with switches to new regions of the semantic space when the current region is depleted. (shrink)

Pope John Paul II called for an intense dialogue between science and theology, “a common interactive relationship,” in which each discipline is “open to the discoveries and insights of the other” while retaining its own integrity. This essay seeks to be responsive to that call and is an initial exploration of relationships between contemporary neuroscience and Catholic theological ethics. It examines neuroscientific data on the bicameral brain and theological ethical data on marital ethics, including divorce and remarriage, and asks what (...) insight the former might provide into both the latter and the different ethical methods that respond to marital ethics. The analysis is undertaken in the hope of illuminating a pathway that opens the insights of one way of doing theological ethics to the insights of another way, thereby eliminating the unnecessary, unhelpful, and sometimes un‐Christian polarizations that presently separate them. (shrink)

According to Williams, human facially expressed pain, and its perception by conspecifics, is generated by evolved mechanisms. We argue that a key variable – sex (male, female) – needs to be considered for a complete theory of pain expression and perception. To illustrate, we cite findings on sex differences in pain and pain perception, and in crying and crying responsiveness.

In their target article, “A Personalized Patient Preference Predictor for Substituted Judgments in Healthcare: Technically Feasible and Ethically Desirable,” Earp et al. (2024) discuss ways in whic...

Archer's argument regarding sex differences in partner violence rests on a general account of between-sex differences in reproductive strategies and in social roles. However, men's partner-directed violence often is predicted by perceived risk of female infidelity. We hypothesize that men's partner-directed violence is produced by psychological mechanisms evolved to solve the adaptive problem of paternity uncertainty.

Future work is needed to establish that pure short-term memory is a coherent individual difference attribute that is separable from traditional compound short-term memory measures. Psychometric support for latent pure short-term memory capacity will provide an important starting point for future fine-grained analyses of the intrinsic factors that influence individual differences in math skills.

In all the current alienating discourse on Islam as a source of extremism and fanatic violence this new publication takes a timely and refreshing look at the traditions of Islamic mysticism, philosophy and intellectual debate in a series of diverse and stimulating approaches. It tackles the major figures of Islamic thought as well as shedding light on hitherto unconsidered aspects of Islam utilizing new source material. The contributors are impressive list of scholars and experts.

How can cooperation be achieved between self-interested individuals in commonly-occurring asymmetric interactions where agents have different positions? Should agents use the same strategies that are appropriate for symmetric social situations? We explore these questions through the asymmetric interaction captured in the indefinitely repeated investment game (IG). In every period of this game, the first player decides how much of an endowment he wants to invest, then this amount is tripled and passed to the second player, who finally decides how much (...) of the tripled investment she wants to return to the first player. The results of three evolutionary studies demonstrate that the best-performing strategies for this asymmetric game differ from those for a similar but symmetric game, the indefinitely repeated Prisoner’s dilemma game. The strategies that enable cooperation for the asymmetric IG react more sensitively to exploitation, meaning that cooperation can more easily break down. Furthermore, once cooperation has stopped, it is much more difficult to reestablish than in symmetric situations. Based on these results, the presence of asymmetry in an interaction appears to be an important factor affecting adaptive behavior in these common social situations. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Reviewed by:Beyond the Abortion Wars: A Way Forward for a New Generation by Charles C. CamosyRebecca Todd PetersBeyond the Abortion Wars: A Way Forward for a New Generation Charles C. Camosy Grand Rapids, MI: Eerdmans, 2015. 207Pp. $22.00As the title Beyond the Abortion Wars suggests, Camosy seeks a new way to address abortion in the United States that moves past the binary divisions of “pro-life” and “pro-choice.” Based (...) on his read of shifting public opinion, demographics, and interpretations of constitutional law, Camosy bypasses the question of whether our national abortion policy will change (he thinks it will) in order to focus on the question of what the new public policy ought to be (3).Camosy, a Catholic theologian, acknowledges early on that the argument he is putting forth is consistent with defined Catholic doctrine (6). Placing him solidly in the “pro-life” camp, many of the positions he seeks to defend and promote (life begins at conception, women are coerced into abortion, abortion is “tragic,” and most women seek abortion for “convenience”) are hardly new. In fact, his whole framing of the argument falls in line with the increasingly strident “pro-life” approach to abortion, which argues that abortion “hurts” women (112). This strategy developed in the 1990s after the Planned Parenthood vs. Casey decision opened up the possibility for state regulation of abortion and is the predominant rationale behind the recent spate of state regulations following the 2010 midterm elections that swept Republicans into state houses across the country (288 regulations between 2010–15 compared to 292 between 1995–2010). Camosy’s most controversial claim for the pro-life side is likely to be that the use of “indirect abortion” is morally acceptable for “proportionately serious reason(s),” which he identifies as rape and saving the life of the pregnant woman (83). The bill he proposes, the Mother and Prenatal Child Protection Act, allows for “indirect abortion” after a three-day waiting period and with submission of a signed affidavit claiming that the pregnancy is the result of nonconsensual sex. But it also establishes “equal protection of the law for prenatal children” and criminalizes abortion under most circumstances.It is unlikely that many on the pro-choice side will see these concessions as acceptable compromises. It’s a shame that Camosy seeks such an unlikely compromise rather than developing a common ground legislative proposal incorporating the many long-term feminist goals that are actually included in his bill: equal pay for equal work; addressing discrimination against parents (especially women), pregnant women, and new mothers; protection against domestic [End Page 210] violence; parental leave; universal prekindergarten and subsidized child care; and increased measures to collect child support, among others. These could serve as a basis for important legislation that would support pregnant women and their families and might indeed create circumstances in which some would decide to continue their pregnancies. Tellingly, his legislation completely ignores comprehensive sex education and free and unhindered access to all forms of contraception—the two strategies that have historically proven most effective in reducing abortion rates.As a Christian ethicist who is also working on the issue of abortion, I can appreciate that Camosy’s work is informed by his own beliefs and commitments on this issue. I share his desire to find a way forward on the issue of abortion and move beyond the abortion wars. However, I was unsatisfied with Camosy’s paternalistic approach to the issue of abortion and the women who terminate their pregnancies. His repeated assertions that women are coerced into abortion do not reflect the majority of social-scientific studies on the issue; his belief that criminalizing abortion would function to teach people (including these coerced women) that abortion is morally wrong is positively patriarchal; and his judgmental accusation that most women seek abortions for reasons of convenience betrays a deep disregard for women’s safety, economic well-being, and concern for their families, not to mention their health. We clearly have very different definitions of convenience.Rebecca Todd PetersElon UniversityCopyright © 2016 The Society of Christian Ethics... (shrink)

This article seeks to provide a fuller account of the philosophy of religion of the Marburg Neo-Kantian, Paul Natorp (1854–1924), than has hitherto been available. It does so by describing important changes in Natorp’s thinking about religion between the publication of his early book, Religion innerhalb der Grenzen der Humanität (1894), and later writings in which he espouses a version of logos-mysticism strikingly at odds with the concept of a “religion of reason” put forward by his long-time Marburg colleague, Hermann (...) Cohen (1842–1918). These differences are analyzed in relation to these two thinkers’ divergent views on philosophical systematics, and their respective experiences of the First World War. (shrink)

I answer Alvin Plantinga's challenge to provide a ‘proper’ de jure objection to religious belief. What I call the ‘sophisticates’ evidential objection' concludes that sophisticated Christians lack epistemic justification for believing central Christian propositions. The SEO utilizes a theory of epistemic justification in the spirit of the evidentialism of Richard Feldman and Earl Conee. I defend philosophical interest in the SEO against objections from Reformed epistemology, by addressing Plantinga's criteria for a proper de jure objection, his anti-evidentialist arguments, and the (...) relevance of ‘impulsional evidence’. I argue that no result from Plantinga-style Reformed epistemology precludes the reasons I offer in favour of giving the SEO its due philosophical attention. (shrink)

Recently, philosophers have turned their attention to the question, not when a given agent is blameworthy for what she does, but when a further agent has the moral standing to blame her for what she does. Philosophers have proposed at least four conditions on having “moral standing”: -/- 1. One’s blame would not be “hypocritical”. 2. One is not oneself “involved in” the target agent’s wrongdoing. 3. One must be warranted in believing that the target is indeed blameworthy for the (...) wrongdoing. 4. The target’s wrongdoing must some of “one’s business”. -/- These conditions are often proposed as both conditions on one and the same thing, and as marking fundamentally different ways of “losing standing.” Here I call these claims into question. First, I claim that conditions (3) and (4) are simply conditions on different things than are conditions (1) and (2). Second, I argue that condition (2) reduces to condition (1): when “involvement” removes someone’s standing to blame, it does so only by indicating something further about that agent, viz., that he or she lacks commitment to the values that condemn the wrongdoer’s action. The result: after we clarify the nature of the non-hypocrisy condition, we will have a unified account of moral standing to blame. Issues also discussed: whether standing can ever be regained, the relationship between standing and our "moral fragility", the difference between mere inconsistency and hypocrisy, and whether a condition of standing might be derived from deeper facts about the "equality of persons". (shrink)

How consciousness appeared much earlier in evolutionary history than is commonly assumed, and why all vertebrates and perhaps even some invertebrates are conscious. How is consciousness created? When did it first appear on Earth, and how did it evolve? What constitutes consciousness, and which animals can be said to be sentient? In this book, Todd Feinberg and Jon Mallatt draw on recent scientific findings to answer these questions—and to tackle the most fundamental question about the nature of consciousness: how (...) does the material brain create subjective experience? After assembling a list of the biological and neurobiological features that seem responsible for consciousness, and considering the fossil record of evolution, Feinberg and Mallatt argue that consciousness appeared much earlier in evolutionary history than is commonly assumed. About 520 to 560 million years ago, they explain, the great “Cambrian explosion” of animal diversity produced the first complex brains, which were accompanied by the first appearance of consciousness; simple reflexive behaviors evolved into a unified inner world of subjective experiences. From this they deduce that all vertebrates are and have always been conscious—not just humans and other mammals, but also every fish, reptile, amphibian, and bird. Considering invertebrates, they find that arthropods (including insects and probably crustaceans) and cephalopods (including the octopus) meet many of the criteria for consciousness. The obvious and conventional wisdom–shattering implication is that consciousness evolved simultaneously but independently in the first vertebrates and possibly arthropods more than half a billion years ago. Combining evolutionary, neurobiological, and philosophical approaches allows Feinberg and Mallatt to offer an original solution to the “hard problem” of consciousness. (shrink)

This paper argues that conceptualizing unity as "interconnection" (rather than reduction) provides a more fruitful and versatile framework for the philosophical study of scientific unification. Building on the work of Darden and Maull, Kitcher, and Kincaid, I treat unity as a relationship between fields: two fields become more integrated as the number and/or significance of interfield connections grow. Even when reduction fails, two theories or fields can be unified (integrated) in significant ways. I highlight two largely independent dimensions of unification. (...) Fields are theoretically unified to the extent that we understand how the ontologies, concepts, and generalizations of these fields are connected. (Reductionism is one form of theoretical unity, but not the only form). Fields are practically unified through heuristic connections (e.g., using the heuristics of one field to generate hypotheses in another field) and by the development of methods for integrating the qualitatively distinct bodies of data generated by the two fields. I discuss the relationship between paleontological and neontological systematics to illustrate the utility of conceptualizing unity as interconnection. (shrink)

This book offers a readable and compelling introduction to the work of one of the twentieth century's most important and elusive thinkers. Other books have tried to explain Deleuze in general terms. Todd May organizes his book around a central question at the heart of Deleuze's philosophy: how might we live? The author then goes on to explain how Deleuze offers a view of the cosmos as a living thing that provides ways of conducting our lives that we may (...) not have dreamed of. Through this approach the full range of Deleuze's philosophy is covered. Offering a lucid account of a highly technical philosophy, Todd May's introduction will be widely read amongst those in philosophy, political science, cultural studies and French studies. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Hume Studies Volume 29, Number 1, April 2003, pp. 29-41 Hume's Argument for the Temporal Priority of Causes TODD RYAN In a section entitled "Of Probability; and of the idea of cause and effect," Hume embarks on a search for the conceptual components of our idea of causation. Rejecting the possibility of analyzing the idea in terms of the qualities of objects, Hume claims to discover two constituent (...) relations. First, a cause and effect must be contiguous in space and time because "nothing can operate in a time or place, which is ever so little remov'd from those of its existence" (T 1.3.2.6; SBN 75).x Second, a cause must be temporally prior to its effect. Although experience is said to confirm this latter requirement "in most instances," Hume goes on to present an argument purporting to demonstrate that the temporal priority of a cause is an essential feature of every instance of causation.2 Despite the extensive treatment that his analysis of causation has occasioned, Hume's argument for the temporal priority of causes has received comparatively little attention. In this paper I hope to remedy this neglect by providing a more accurate explication of the argument than has previously been offered. Hume does not argue directly for the claim that a cause must be temporally prior to its effect. Rather he offers an alleged reductio ad absurdum of the opposing view that "'tis not absolutely necessary a cause shou'd precede its effect; but that any object or action, in the very first moment of its existence, may exert its productive quality, and give rise to another object or action, perfectly co-temporary with itself (T 1.3.2.7; SBN 76)." This careful summary Todd Ryan is Assistant Professor of Philosophy, Trinity College, Hartford, CT 06106-3100, USA. e-mail: todd.ryan@trincoll.edu 30 Todd Ryan of the opposing view provides a clear statement of what Hume takes to be at issue, namely whether it is "absolutely necessary" that a cause be temporally prior to its effect. From this it can readily be inferred precisely what would count as a refutation of his own view. Specifically, if it could be shown that some objects can produce their effect perfectly contemporaneously with themselves, then his position would have to be abandoned.3 It is against this latter possibility that Hume directs his argument. He writes: 'Tis an establish'd maxim both in natural and moral philosophy, that an object, which exists for any time in its full perfection without producing another, is not its sole cause; but is assisted by some other principle, which pushes it from its state of inactivity, and makes it exert that energy, of which it was secretly possest. Now if any cause may be perfectly co-temporary with its effect, 'tis certain, according to this maxim, that they must all of them be so; since any one of them, which retards its operation for a single moment, exerts not itself at that very individual time, in which it might have operated; and therefore is no proper cause. The consequence of this wou'd be no less than the destruction of that succession of causes, which we observe in the world; and indeed, the utter annihilation of time. For if one cause were co-temporary with its effect, and this effect with its effect, and so on, 'tis plain there wou'd be no such thing as succession, and all objects must be co-existent (T 1.3.2.7; SBN 76). The general structure of the argument is reasonably clear. According to the "establish'd maxim" (hereafter EM) any object that does not produce an effect as soon as possible is not the "sole cause" of that effect. Assuming then that causes might occur simultaneously with their effects, it follows that every proper cause must be contemporaneous with its effect. But if every effect occurs simultaneously with its cause, then we arrive at the absurd conclusion that there can be no causal (or indeed temporal) succession in the world. Therefore, the original assumption that a cause may be perfectly co-temporary with its effect must be... (shrink)

Gray's neuropsychological model of consciousness uses a hierarchical feedback loop framework that has been extensively discussed by many others in psychology. This commentary therefore urges Gray to integrate with, or at least acknowledge previous models. It also points out flaws in his feedback model and suggests directions for further theoretical work.

The role of emergence in the creation of consciousness has been debated for over a century, but it remains unresolved. In particular there is controversy over the claim that a “strong” or radical form of emergence is required to explain phenomenal consciousness. In this paper we use some ideas of complex system theory to trace the emergent features of life and then of complex brains through three progressive stages or levels: Level 1 (life), Level 2 (nervous systems), and Level 3 (...) (special neurobiological features), each representing increasing biological and neurobiological complexity and ultimately leading to the emergence of phenomenal consciousness, all in physical systems. Along the way we show that consciousness fits the criteria of an emergent property—albeit one with extreme complexity. The formulation Life + Special neurobiological features → Phenomenal consciousness expresses these relationships. Then we consider the implications of our findings for some of the philosophical conundrums entailed by the apparent “explanatory gap” between the brain and phenomenal consciousness. We conclude that consciousness stems from the personal life of an organism with the addition of a complex nervous system that is ideally suited to maximize emergent neurobiological features and that it is an example of standard (“weak”) emergence without a scientific explanatory gap. An “experiential” or epistemic gap remains, although this is ontologically untroubling. (shrink)

This book examines the political perspective of French thinker and historian Jacques Ranci&ère. Ranci&ère argues that a democratic politics emerges out of people&’s acting under the presupposition of their own equality with those better situated in the social hierarchy. Todd May examines and extends this presupposition, offering a normative framework for understanding it, placing it in the current political context, and showing how it challenges traditional political philosophy and opens up neglected political paths. He demonstrates that the presupposition of (...) equality orients political action around those who act on their own behalf&—and those who act in solidarity with them&—rather than, as with the political theories of John Rawls, Robert Nozick, and Amartya Sen, those who distribute the social goods. As May argues, Ranci&ère&’s view offers both hope and perspective for those who seek to think about and engage in progressive political action. (shrink)

The environmentally responsive molecular chaperone Hsp90 assists the maturation of many key regulatory proteins. An unexpected consequence of this essential biochemical function is that genetic variation can accumulate in genomes and can remain phenotypically silent until Hsp90 function is challenged. Notably, this variation can be revealed by modest environmental change, establishing an environmentally responsive exposure mechanism. The existence of diverse cryptic polymorphisms with a plausible exposure mechanism in evolutionarily distant lineages has implications for the pace and nature of evolutionary change. (...) Chaperone‐mediated storage and release of genetic variation is undoubtedly rooted in protein‐folding phenomena. As we discuss, proper protein folding crucially affects the trajectory from genotype to phenotype. Indeed, the impact of protein quality‐control mechanisms and other fundamental cellular processes on evolution has heretofore been overlooked. A true understanding of evolutionary processes will require an integration of current evolutionary paradigms with the many new insights accruing in protein science. BioEssays 26:348–362, 2004. © 2004 Wiley Periodicals, Inc. (shrink)

We obtain very strong coloring theorems at successors of singular cardinals from failures of certain instances of simultaneous reflection of stationary sets. In particular, the simplest of our results establishes that if μ is singular and , then there is a regular cardinal θ<μ such that any fewer than cf stationary subsets of must reflect simultaneously.

While life in general can be explained by the mechanisms of physics, chemistry and biology, to many scientists and philosophers it appears that when it comes to explaining consciousness, there is what the philosopher Joseph Levine called an “explanatory gap” between the physical brain and subjective experiences. Here we deduce the living and neural features behind primary consciousness within a naturalistic biological framework, identify which animal taxa have these features (the vertebrates, arthropods, and cephalopod molluscs), then reconstruct when consciousness first (...) evolved and consider its adaptive value. We theorize that consciousness is based on all the complex system features of life, plus the even more complex features of elaborate brains. We argue that the main reason why the explanatory gap between the brain and experience has been so refractory to scientific explanation is that it arises from both life and from varied and diverse brains and brain regions, so bridging the gap requires a complex, multifactorial account that includes the great diversity of consciousness, its personal nature that stems from embodied life, and the special neural features that make consciousness unique in nature. (shrink)

Pendant et juste après l’explosion de 1968, l’extrême droite, au moins dans ses publications, a réussi à reconvertir son obsession algérienne – de la « trahison » de l’Algérie français à la description des hommes Algériens comme une menace pour la France d’alors – dans l’élaboration de grilles d’analyse reposant sur un registre sexué et sexuel permettant de comprendre « Mai » : c’est-à-dire à la fois les événements eux-mêmes et la crise générale qui minait la France.