The activism of institutional investors tends more and more toward the supervision and control of the behavior of the managers of big companies. In this article, we present a model based on the creation of an activism index that lets us evaluate such activism’s effect on the sensitivity of the investment policies of a company in the face of financial variables (such as cash flow and liquidity ratio) and market variables (ownership concentration and value creation index). To test our assertions, (...) we analyze firm-level data for United Kingdom (U.K.), Germany, France, Denmark, and Spain during the period 1995–2004. Our results point to a significant reduction in the sensitivity of company investment decisions in the face of these variables, especially relative to intangible capital, as a result of the neutralizing effect of activism on the high agency costs of free cash flow and on the information asymmetries of the market. (shrink)

The activism of institutional investors tends more and more toward the supervision and control of the behavior of the managers of big companies. In this article, we present a model based on the creation of an activism index that lets us evaluate such activism’s effect on the sensitivity of the investment policies of a company in the face of financial variables (such as cash flow and liquidity ratio) and market variables (ownership concentration and value creation index). To test our assertions, (...) we analyze firm-level data for United Kingdom (U.K.), Germany, France, Denmark, and Spain during the period 1995–2004. Our results point to a significant reduction in the sensitivity of company investment decisions in the face of these variables, especially relative to intangible capital, as a result of the neutralizing effect of activism on the high agency costs of free cash flow and on the information asymmetries of the market. (shrink)

This essay focuses on the ethical considerations and implications of providing a universal multi-cancer screening test as the best approach to reduce societal cancer burden in a society with limited funds, resources, and infrastructure. With 1.9 million cancer diagnoses each year in the United States, with 86% of all cancers diagnosed in individuals over the age of 50, and with screening tools approved for only four cancer types (breast, cervical, colorectal, and lung cancer), it seems that a multi-cancer screening test (...) to detect most cancer early that is easy to administer, and is accurate and cost-effective, would be worth considering. Whole-body magnetic resonance imaging and a multi-marker blood test are the two main technologies that we will discuss as a universal screening test. However, to understand and appreciate the societal and clinical breakthrough of such a screening test, we must first consider the accessibility and efficacy of current screening methods. We conclude with a closer examination of the ethical implications of implementing the Galleri test as a multi-cancer detection screening tool as adamantly advocated by the company that developed this blood-based test. (shrink)

The main indicators of assistance activity in the insurance market in Ukraine have been analyzed. Beneficial and negative trends of its development have been shown. The dynamics of the insurers' liquidation expenses structure and the payment of services expenses of the assistance establishments have been highlighted. Their structure has been shown due to the types of voluntary and compulsory insurance. The main problems hindering the effective development of the assistance services market have been characterized and the prospects of its (...) development have been offered. The aim of the research is to carry out comprehensive analysis of the current market of assistance services, to identify the main problems of their implementation and to point out the prospects of insurance market development. The dynamics of insurance bonuses and benefits including insurance compensation and services and the insurers' operating expenses concerning the payment of services of the assistance establishments has been analyzed on the basis of a sample survey of the main indicators of insurance market development due to the statistic data of National Committee of Financial Services. It has been revealed that majority of the insurance services provide settlement of insurance claims by offering assistance service. Alongside increasing of the share of insurance payment due to the contract providing the insurance service, allows the majority of insurance claims to be settled due to the payment of insurance compensation. Expenses on assistance services were the highest and the court expenses were the lowest in the structure of the insurer's liquidation expenses during 2011-2014. Expenses on services of the non-residential assistance establishments are low but they are increasing. It shows that emergency assistance to our citizens in the country and outside is being increased. Structure of assistance services in the voluntary and compulsory insurance market has been analyzed; main trends of assistance activity development according to the separate insurance services have been highlighted. In particular it was found out that the greatest amount of assistance services were provided due to the voluntary medical insurance, medical costs insurance, land transport insurance and compulsory insurance of civil liability of the owners of vehicles. On the basis of conducted analysis, we can draw a conclusion about the low level of assistance services market development. It is affected by negative trends of economic and political crisis, low solvency of insurers and the quality of insurance services, a lack of guaranties to provide emergency assistance in time, imperfect state regulation of assistance services provision, and a low level of institutional support. We offer to intensify the interaction between the insurers and assistance companies while providing insurance services including additional ones, insurance compensation, and settlement of insurance claims by ensuring emergency assistance in monetary and natural-material form. This will promote the increasing of quality of the insurance protection. (shrink)

This book opens with a simple introduction to financial markets, attempting to understand the action and the players of Wall Street by comparing them to the action and the players of main street. Firstly, it explores the definition of a security by its function, the departure from the buyer beware environment of corporate law and the entrance into the seller disclose environment of securities law. Secondly, it shows that the cost of disclosure rules is justified by their capacity to combat (...) irrationalities, fads, and panics. The third section explains how the structure of class actions is designed to improve deterrence. Next it explores the economic harm from insider trading and how the law fights it. In sum, the book shows how all these parts of securities law serve the virtuous cycle from liquidity to accurate prices and more trading and how the great recession showed that our securities regulation reacted mostly adequately to the crisis. (shrink)

Selected as a Financial Times Best Book of 2013Governments today in both Europe and the United States have succeeded in casting government spending as reckless wastefulness that has made the economy worse. In contrast, they have advanced a policy of draconian budget cuts--austerity--to solve the financial crisis. We are told that we have all lived beyond our means and now need to tighten our belts. This view conveniently forgets where all that debt came from. Not from an orgy of government (...) spending, but as the direct result of bailing out, recapitalizing, and adding liquidity to the broken banking system. Through these actions private debt was rechristened as government debt while those responsible for generating it walked away scot free, placing the blame on the state, and the burden on the taxpayer. That burden now takes the form of a global turn to austerity, the policy of reducing domestic wages and prices to restore competitiveness and balance the budget. The problem, according to political economist Mark Blyth, is that austerity is a very dangerous idea. First of all, it doesn't work. As the past four years and countless historical examples from the last 100 years show, while it makes sense for any one state to try and cut its way to growth, it simply cannot work when all states try it simultaneously: all we do is shrink the economy. In the worst case, austerity policies worsened the Great Depression and created the conditions for seizures of power by the forces responsible for the Second World War: the Nazis and the Japanese military establishment. As Blyth amply demonstrates, the arguments for austerity are tenuous and the evidence thin. Rather than expanding growth and opportunity, the repeated revival of this dead economic idea has almost always led to low growth along with increases in wealth and income inequality. Austerity demolishes the conventional wisdom, marshaling an army of facts to demand that we austerity for what it is, and what it costs us. (shrink)

The priority of secured credit has repeatedly and famously been attacked for allowing the exploitation of certain types of unsecured creditor. It has also been blamed for creating inefficiencies. This paper examines these arguments specifically as applied to this jurisdiction, and using both theoretical analysis and recent empirical data, suggests none of them can be sustained. It is argued that security is unlikely to lead to the exploitation of involuntary, ‘uninformed’, or ‘unsophisticated’ creditors, since the perverse incentives it allegedly creates (...) for the debtor's management are likely to be outweighed by the managers' liquidation‐related costs. It is then pointed out that both exploitation‐based and inefficiency‐based attacks on the priority of secured credit depend on the assumption that secured credit is generally cheaper than unsecured credit, and further, that this is why debtors prefer to borrow on a secured rather than unsecured basis. Recent evidence from this jurisdiction is used to challenge this assumption. This has dramatic implications for the attacks on security, which are discussed. The paper concludes with the demonstration that secured credit, by inducing creditors to lend when they would not do so without being offered priority, is mutually value‐enhancing for all types of creditor, including unsecured ones. (shrink)

Arbitration and insolvency proceedings are legal instruments governed by different objectives and different legal principles. While in arbitration the autonomy of the parties plays a major role, all insolvency proceedings are collective proceedings where autonomy of the parties is strictly limited, the majority of issues are regulated by binding legal provisions and strong controlling powers are vested into insolvency court. Therefore, in this article the authors analyse the issues of compatibility between insolvency proceedings and arbitration. The Lithuanian legal framework which (...) was in force until 30 June 2012 was ambiguous. According to the wording of Article 11 of the previous Law on Commercial Arbitration, disputes connected with bankruptcy shall not be submitted to arbitration. It was not entirely clear whether this provision was restricted to ‘core’ insolvency issues such as opening and conduct of the proceedings, appointment of the office holder, administration of the estate, liquidation etc. or it also included all other questions related with insolvency. The jurisprudence of the Lithuanian courts gave a broad meaning to the restriction expressed in the Law on Commercial Arbitration. Accordingly, such questions as verification of claims and disputes with the creditors were also excluded from arbitration after announcement of bankruptcy of the debtor. The authors argue that distinction should be drawn between cases in which an insolvent enterprise is a claimant and where it is a defendant. It is also important to draw a line between arbitration agreements entered into before announcement of bankruptcy and arbitration agreements concluded by the bankruptcy trustee with the consent of the majority of creditors. In this article, the new Law on Commercial Arbitration which has entered into force on 30 June 2012 is analysed and according to which an insolvent enterprise remains bound by arbitration agreement in both cases where it is a claimant and where it is a defendant. Several contentious issues of the new law are identified and analysed in the article, such as the position of other creditors in the proceedings, relation between arbitration and restructuring procedure, enforceability of arbitration agreement in cases where an insolvent enterprise lacks funding to pay arbitration costs etc. (shrink)

Central banks have become the go-to institution of modern economies. In the wake of the 2007 financial crisis, they injected trillions of dollars of liquidity – through a process known as quantitative easing – first to prevent financial meltdown and later to stimulate the economy. The untold story behind these measures, and behind the changing roles of central banks generally, is that they have come at a considerable cost. Central banks argue we had no choice. This book offers a powerfully (...) original examination of why this claim is false. Using examples from Europe and the US, the authors present and analyse three specific concerns about the way central banks in developed economies operate today. Firstly, they show how unconventional monetary policies have created significant unintended negative consequences in terms of inequalities in income and wealth. They go on to argue that central banks may have become independent of governments, but have instead become worryingly dependent on financial markets. They then proceed to analyse how central bankers, despite being the undisputed experts on monetary policy, can still err and suffer from multiple forms of bias. This book is a sobering and urgent wake-up call for policy-makers and anyone interested in how our monetary and financial system really works. (shrink)

We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively related to the (...) incidence of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

The ethical considerations of insider trading have been widely debated in the academic literature :171–182, 1990). In 2013, the STOCK Act, which was initially passed to mitigate insider trading by government officials, was quickly and unexpectedly amended to allow certain government employees to withhold their financial information. To identify and quantify the potential costs placed on investors by non-corporate insider traders, we use the unusual circumstances surrounding this amendment. For a sample of stocks most held by members of Congress, (...) we find that, relative to control stocks, liquidity significantly worsens and volatility increases during the post-amendment period. Our results highlight the costs that are incurred by investors in the presence of non-corporate insider trading. These findings call for a stronger development of an ethical framework that justifies the restriction of all types of insider trading. (shrink)

We study the effect of scarcity on decision making by low income Swedes. We exploit the random assignment of welfare payments to study their borrowing decisions within the pawn and mainstream credit market. We document that higher educated borrowers borrow less frequently and choose lower loan to value ratios when their budget constraints are exogenously tighter. In contrast, low-educated borrowers do not respond to temporary elevated levels of scarcity. This lack of response translates into a significantly higher probability to default (...) and an 11.6% increase in borrowing cost. We show that a difference in access to liquidity and/or buffer stocks cannot explain our results. Instead a framework, where the awareness of self-control problems is positively correlated with education can explain that high-educated consumers choose a lower LTV as a commitment device to increase their likelihood to repay. Analogously, low-educated with less awareness of their future self-control problems, do not tie themselves to the mast and thus ignore the consequences of their credit decisions when focusing on solving acute liquidity problems. Our findings highlight that increased levels of scarcity risk reinforcing the conditions of poverty through overborrowing. (shrink)

Internet based process control usage has grown in the past years. Industry field demands were behind this, and it ranges from factory, office and home automation to tasks simplifications and cost reduction. In this book a hardware interface circuit and a software system used to control the temperature and level of a liquid tank is described. The advantage of the designed interface circuit is its simplicity and low cost. The same can be true for the software system in which we (...) used C and Java programs to accomplish the communication. Both C and Java can be obtained freely and the development cost could be small. C language has been used to communicate with the designed interface circuit due to its strength in low level operations and communication with ports and hardware. In Java we have used mainly the Servlet for communication between the Client and the Server, which is a new approach and more reliable approach than the CGI based method that has common problems of speed and data persistence. This book is useful for people and researchers working in the field of control, remote access and computer based control. (shrink)

The Philippine government has been relentless in its counterinsurgency campaigns. From the colonial wars that vilified as insurgents and bandits the honored heroes of today, up to the anti-communist and anti-secessionist civil and military efforts of the postcolonial regimes, these campaigns have not only rolled out large state resources but also cost lives of innocent civilians. Patterned after the United States (US) of America’s principle of low-intensity conflict aimed at countering Marxist and anti-imperialist movements (Reed 1986), counterinsurgency campaigns have unleashed (...) a warfare that indiscriminately target its supposed opponents, including unarmed activists. In 2007, the United Nations Special Rapporteur Philip Alston examined the horrible political situation of the Philippines – characterized by political killings, abductions, and tortures – and identified how state elements, under the blanket protection of waging a counterinsurgency campaign, were responsible for the political repressions then (Sales 2009). Today, under the murderous Duterte regime, the counterinsurgency campaign has reached an unprecedented level of ferocity as it is waged through a militarist whole-ofnation approach composed by multi-level government and multi-agency responses. -/- Being greatly influenced by the US, counterinsurgency campaigns in the Philippines follow the paranoiac and hysterical communist witch-hunt of McCarthyism (Hutchins-Viroux 2008). The hysteria’s contemporary and local expression is the phenomenon called red- or terror-tagging.1 Terror-tagging is the systematic process of maliciously naming or identifying an individual or group as a communist and/or terrorist by its association with a supposed communist and/or terrorist group. Being a systematic process, it is initiated and sustained by state elements with the view of maligning or defaming political activists. Terror-tagging is aimed against activists, dissenters, and even the political opposition. The social activist Rhoda Dalang (2014) has noted how terror-tagging has been deployed by the Philippine state in its counterinsurgency efforts, from the Marcos up to the then Aquino regime. And until the previous Duterte regime, yet with increased intensity and fatality, terror-tagging continued to defame and liquidate activists. As terror-tagging has not received enough academic attention, this chapter aims to fill this gap by providing a preliminary analysis of it. The chapter will be doing a critical discourse analysis. It will take off from a revealing study done by Don Kevin Hapal and Raisa Serafica of Rappler, a media outlet in the Philippines. Through a separate discourse analysis of Facebook posts of the National Task Force to End Local Communist Armed Conflict (NTFELCAC),2 the chapter will also identify aspects of terror-tagging. The discussion will further be theorized using the Marxist analysis of the State and informed by interviews of Atty. Maria Sol Taule and Cristina Palabay. They are both human rights workers who have worked with terror-tagged activists and are themselves subjected to terror-tagging. (shrink)

It is well known that the appearance of food, particularly its color, can influence flavor perception and identification. However, food studies involving the manipulation of product color face inevitable limitations, from extrinsic flavors introduced by food coloring to the cost in development time and resources in order to produce different product variants. One solution lies in modern virtual reality technology, which has become increasingly accessible, sophisticated, and widespread over the past years. In the present study, we investigated whether making a (...) coffee look milkier in a VR environment can alter its perceived flavor and liking. Thirty-two United Kingdom consumers were given four samples of black cold brew coffee at 4 and 8% sucrose concentration. They wore VR headsets throughout the study and viewed the same coffee in a virtual setting. The color of the beverage was manipulated in VR, such that participants saw either a dark brown or light brown liquid as they sipped the coffee. A full factorial design was used so that each participant tasted each sweetness x color combination, Participants reported sweetness, creaminess, and liking for each sample. Results revealed that beverage color as viewed in VR significantly influenced perceived creaminess, with the light brown coffee rated to be creamier than dark brown coffee. However, beverage color did not influence perceived sweetness or liking. The present study supports the role of VR as a means of conducting food perception studies, either to gain a better understanding of multisensory integration, or, from an industry perspective, to enable rapid product testing when it may be time-intensive or costly to produce the same range of products in the real-world. Furthermore, it opens potential future opportunities for VR to promote healthy eating behavior by manipulating the visual appearance of foods. (shrink)

This study was an attempt to examine the using intelligent systems to manage risks and reduce financial risks using artificial intelligence in large companies. The data collected from the data is collected from the stock organization and the stock Securities of Iran. Moreover, the data is collected from 17 companies for ten years and the data was collected through the variance formula and then the results were examined using the SSPS method. Variance formula is σ µ 2= xi- 2 /n (...) ( ( )) ∧ ∧ ∑. The data is completely obtained from a reliable and correct source, which is related to the Department of Statistics of Iran’s Stocks and Securities. After categorizing and classifying the collected information and data, it is processed and analyzed, and the results and findings of this study are stated. In order to examine the research questions, appropriate tests (Shefe tests) were used to analyze the data. The analysis of data revealed that the findings of this study reveal that Shatran, Arya, Shebandar, Famili are profitable among other stocks. Other stocks are loss because of high cost of raw materials and sanction of Iran. Moreover, companies could not export their products. Plus, the purchase power of the people in the country decreases because of the inflation of the country, so the companies could not buy anything. On the one hand, liquidity power of people, on the other hand, less export lead to the decrease of cash flow, liquidity power of companies and firms and could not sell their products. It can be concluded that those stocks are loss and have high risk. (shrink)

Personal life events of a chief executive officer can generate tensions between the CEO’s right to personal privacy and the desire of shareholders for information. Such circumstances can create information asymmetry between the executive management and the shareholders of a firm, a situation likely to produce unfavorable pressures on an organization’s stock price. Failure to fully disclose material personal life events can impact the decision-making actions of the CEO, causing the stock price of the firm to vacillate as a result (...) of rumors and other informational uncertainties. These vacillations in stock price may impact a firm’s liquidity, increase the cost of capital, and affect long term returns to shareholders. We draw upon the ethical leadership and signaling theory literatures to demonstrate how a firm can reduce stock price volatility through a CEO making non-required disclosures that reduce information asymmetry. (shrink)

Drawing on contrasting theoretical perspectives of self-interest and utilitarian/ethical motivations, we examine the degree to which a company's pace of departure from Russia after the Ukraine invasion is driven by its exposure to the Russian market. Moreover, we investigate whether firm-level political and non-political risks influence the propensity to delay or expedite the exit/withdrawal process. Contrary to utilitarian expectations advocating for ethical exit decisions irrespective of exposure and risks, firms with higher Russian exposure were less likely to exit sooner, indicating (...) a prioritization of business interests over ethical imperatives. This self-interest effect was further amplified by heightened political risks but attenuated by non-political risks. These findings remained consistent across various model specifications, with limited discernible variations based on firm characteristics such as ranking, COVID-19 exposure and risk, past idiosyncratic volatility, or family ownership and control. In addition, an examination of post-exit effects on profitability, risk, cost of capital, and liquidity revealed no statistically significant relationships. Our study highlights the prevalence of self-interest motivations over utilitarian principles, as firms with substantial Russian exposure prioritized safeguarding their business interests in the aftermath of the Ukraine invasion, even at the potential cost of ethical and social responsibility imperatives. (shrink)

Background: There is evidence that household point-of-use water treatment products can reduce the enormous burden of water-borne illness. Nevertheless, adoption among the global poor is very low, and little evidence exists on why. Methods: We gave 600 households in poor communities in Dhaka, Bangladesh randomly-ordered two-month free trials of four water treatment products: dilute liquid chlorine, sodium dichloroisocyanurate tablets, a combined flocculant-disinfectant powdered mixture, and a silver-coated ceramic siphon filter. Consumers also received education on the dangers of untreated drinking water. (...) We measured which products consumers used with self-reports, observation, and chlorine tests. We also measured drinking water's contamination with E. coli. Findings: Households reported highest usage of the filter, although no product had even 30% usage. E. coli concentrations in stored drinking water were generally lowest when households had Water Guard. Households that self-reported product usage had large reductions in E. coli concentrations with any product as compared to controls. Conclusion: Traditional arguments for the low adoption of POU products focus on affordability, consumers' lack of information about germs and the dangers of unsafe water, and specific products not meshing with a household's preferences. In this study we provided free trials, repeated informational messages explaining the dangers of untreated water, and a variety of product designs. The low usage of all products despite such efforts makes clear that important barriers exist beyond cost, information, and variation among these four product designs. Without a better understanding of the choices and aspirations of the target end-users, household-based water treatment is unlikely to reduce morbidity and mortality substantially in urban Bangladesh and similar populations. © 2011 Luoto et al. (shrink)

This study aims to examine the main determinants of efficiency of both conventional and Islamic Saudi banks and then choose the best fit model among machine learning prediction models, Chi-squared automatic interaction detector, linear regression, and neural network ). The data were collected from the annual financial reports of Saudi banks from 2014 to 2018. The Saudi banking sector consists of 11 banks, 4 of which are Islamic. In this study, the major financial ratios are subgrouped into the profitability ratios, (...) managerial practices, asset and loans, capital adequacy ratios, and liquidity. First, regression analysis is implemented with efficiency ratio as a dependent variable and the proxies of banks’ profitability, liquidity, asset quality, management ratios, and capital adequacy ratios as independent variables. Next, the feature selection is applied for different prediction models. Subsequently, 4 prediction models were developed to choose the best fit. The performance metrics have also been evaluated. Regression results exhibit that the efficiency of both conventional and Islamic banks is highly affected by profitability, liquidity, and managerial practices. Finally, we choose the best prediction model with the highest R2 in the training and the testing phases with/out feature selection that is the CHAID model. The best predictors of cost efficiency for Saudi banks are the capital ratios, namely, CAR total and CAR tier 1. Findings are theoretically and practically important to academics, investors, and policymakers. Policymakers can benefit from the novelty of this study in building an early warning system using the CHAID model to predict different financial distress scenarios. (shrink)

The prime objective of this study is to discuss the economic impact of the COVID-19 crisis concerning Pakistan and globally across South Asian developing countries. It also demonstrates those economic indicators through which the economic performance of the countries is influenced considering the prospective global economic costs of COVID-19 under different scenarios. The study systematically reviewed the literature on historical pandemic crises and the most recent Covid-19 fallout economic disorder in South Asian countries. Considering the history of human civilization, (...) there are varied instances of severe epidemics that are caused by numerous viruses. It is observed that the prevailing outbreak of COVID-19 has eventually affected large scale manufacturing, service sectors and arose supply side constraint to an extent. On the contrary, GDP and consumption declined sharply. Furthermore, sudden loss of service sector jobs and the rise in food prices have created an economic crisis for developing countries of South Asia. The study attempts to discuss the policy responses given by the World Bank, International Monetary Fund, Asian Development Bank, The State Bank of Pakistan, and the Ministry of finance, Pakistan encountered due to the deteriorating international environment, fiscal stress, and difficulties in financial liquidity markets and provides relevant policies for the better prospect of Pakistan's economy after comparing it with other South Asian countries affected by this pandemic vulnerabilities. (shrink)

Nowadays, some of the things that are ḥarāmto be consumed, such as lard, its derivatives and alcohol are used as additives or additional nutrients in products, namely food and cosmetics that people use widely in daily life. The provision of these products, which are accepted as najis(impure), stands in front of us as one of the actual fiqh problems. In order to produce an accurate solution in this regard, the reaction condition and the level of dissolution in the product must (...) be determined. In this article, the level of mutanajjis (contamination) of the products that najisthings transforms through istihlāk(physical change) and the provision (hukm) of benefits from such things are examined. The research covers the discussions in the classical period regarding the provision of things, which included najāsah(impurity) and underwent physical change as well as the evaluations of contemporary Islamic jurists. The aim of this study is to contribute to the researches, which will be carried out to determine the provision of products containing ḥarāmelements. As the production is carried out on an industrial scale, such studies are important today in terms of the establishment of “ḥalāl” sensitivity and meeting the needs of people who have this sensitivity to learn the provision of such products.SummaryNowadays, in various sectors, especially food, feed, cosmetics, health and clothing industries, for the purposes of reducing the cost of the product, extending the shelf life, making the product more attractive in terms of color, consistency and aroma, many substances are added to the main material. The fact that some of the substances added are ḥarām(forbidden) such as blood, lard, pest, and ethyl alcohol require the subject to be considered in terms of fiqh. It is important to clarify two issues in order to reach a healthy result in the studies aiming to determine the provision (ḥukm) of the products that are mixed with najis(impure) substance. One of them is the determination of the level of istihlāk(physical change) in the mutanajjis(contamination) things. The second is the determination of the basic principles to be used in determining the provision of the things which najāsahhas undergone the physical change in. In this study conducted within the scope of this purpose and method, the hadīthsrelated to two different issues that are directly related to the subject have been evaluated as the basic textual basis. These are narrations about the cleanliness and pollution status of the contaminated water, and about the availability of fats and oils, which the dead mouse is seen in. It is stated in the narrations about the condition of the water that najāsah involved in, the water will not be najisunless its smell, taste or color changes because of the falling najāsahin it. According to this hadith, which shows the change of description as a measure, the fuqahāʾ(jurists) came to a consensus on the fact that water, which one of its characteristics changed because of najāsahwould be considered mutanajjis. When thishadithis evaluated together with the narrations that indicate the small amount of water is contaminated because of najāsah, in fact, it is seen that while the water is considered to be clean-najis, the situation of the water being affected from najāsahis taken as the basis and aimed to protect human health against the dirty water. At the time when there were not any one of today's microbiological analysis laboratories, the way to understand the pollution status of water was to see if the smell, color and taste of the water changed while taking the amount of the water into account. Since the rate of foreign matter in the water, the level of pollution and the health status of the water can be determined correctly in the laboratory today, operating the modern techniques as well as the measure of qualification change will be appropriate for the purpose of the hadīthsmentioned.In the narrations about the state of the fat, which the dead mouse is found in, it is seen that different operations are requested depending on the fat being solid or liquid. If the fat is liquid, different instructions have been made such as its being poured or used in lighting. Mālikīs, Shāfiʿīs, and Ḥanbalīfaqīhs (jurists) of the first period have ruled that liquids such as vinegar, milk and honey are mutanajjis, whether they are in little quantity or not, and whether their descriptions are changed or not, claiming that the amount of oil and the degree of impact on the dirt is not declared in the hadīths. The Ḥanafīs adopted the provision in the narrations mentioned pointing to a small amount of liquid oil and considered the measure of description change for a large amount of liquid valid. Ẓāhirīs, Ibn Taymiyyah and some of the faqīhsargued that the liquids which one cannot feel the color, taste or smell of the najāsahin are clean, regardless of the amount.These three approaches are open to criticism because the first is limited only to the literal meaning in the narrations and neglects the aims, and the second ignored the non-water fluids’ ability to hide the descriptions of the substance added to them, and the third evaluates the mustahlak substance (that has undergone a physical change) as if it had been istiḥālah(chemically changed). When the narrations related to the subject are examined, it is understood that while the usage of the liquid fat which the dead mouse was seen in as the food was prohibited, in fact, it was based on the foresight that all of the fat is affected by the mouse. It appears to have been ruled out that only the part polluted is the part affected by thenajāsahfor the fact that after the removal of the mouse and the environment from the solid oil exposed to the same contamination, the rest is allowed to be eaten. According to this, it is possible to say that the measure of mutanajjisin the things that affected by najāsahis in the degree of spreading of najāsah.Nowadays it is possible to determine the presence of najisthings in the main material, which is used as additive or addition, by the level of effect of these substances in the product, as well as by the assays. If the najissubstances used for purposes such as brightness, taste, consistency and extending shelf life, perform the expected functions, it means that they protect their presence in the product effectively. In fact, it should be acknowledged that these substances continue to exist effectively in the product, if they perform the targeted function without any chemical change, even the ratio in the product is low or the color, taste and odor are eliminated during the mixture.The faqīhswhile differed in opinion about the mutanajjisof things that the najāsahhad undergone physical changes in, they, in concert, considered the substances, which were not cleaned or could not be cleansed from which that they accept as mutanajjisby their own measurements, khabīs(disgusting), and have accepted the people’s eating of them as ḥarām. Likewise, they did not allow such things to be used in any way touching the body, clothing and containers. They have evaluated the narrations, which requires the spilth the fat that the dead mouse was seen in, as the main basis in this issue. On the other hand, about the use of the mutanajjisthings outside the human consumption area and in such a way that the clothes and body would not be contaminated; the majority of thefaqīhs preferred the mubāḥ provision. They have put forth the narrations as the basis that recommends the usage of the liquid oil in which the mouse was fallen in lighting. These approaches of the fuqahāʾabout the effect of the istihlākon the provision of making use of the things that affected by najāsahare of worth as the basic principles on the subject. It is possible to say that it is not permissible to consume food products containing lard or pork gelatin, and the chicken that has been torn apart while being left in hot water in order to pluck its feathers, and the egg which becomes mutanajjisfor it is boiled up with thenajāsahon, and the using of cosmetic products containing lard when today’s industrial products are evaluated in accordance with these principles. If taken the general opinion that defends that the ethyl alcohol is najis as the basis, the carbonated soft drinks, which are added to alcohol, can also be evaluated in this context. (shrink)

In the third century AD, under the pressure of plagues, external invasion, rising army costs, and usurpation, the Roman emperors incrementally debased the silver coinage that was produced at their imperial mints and incrementally took over civic mints. The debasement, from 2.7 g of silver to 0.04 g of silver in the equivalent of a denarius from 160–274 ad, was accompanied by worries from emperors, mint-workers, and bankers about the value of the currency; however, the total loss of purchasing (...) power of the Roman coinage from the same era was 50–70 %, far less than would be expected from the change in metallic content, if it were the primary source of value. The currency reform of Aurelian in 274 ad, despite raising metallic values of coins, was followed by at least a 90 % reduction in the purchasing power of the silver coinage from 274–301 ad, the year of Diocletian’s Edict on Maximum Prices, showing a paradoxically inverse relationship between metallic value and purchasing power. Based on this quandary, I argue that the Roman silver coinage of the third century CE became a fiat currency in some respects, deriving its guarantee from imperial iconography and assurances rather than from bullion value. The fiat nature of the silver coinage was largely present in usage as a medium of exchange for those without as much long-term interest in maintaining liquid stores of value; this is indicated by the differential debasement of the denarius and aureus; imperial actions and hoarding practices indicate the extent to which the currency was accepted at nominal value. I examine the reactions of different social groups in order to determine the perceived value of the Roman coinage during this time, and in order to understand the paradoxical collapse in the currency’s value in the late third century. To demonstrate this, I will present the applicable elements of the modern concept of “fiat” to this context through portrayal of emperors and usurpers on coins, use coin hoard data to determine the effect of Gresham’s Law, and examine historical and papyrological accounts of currency reforms. I will also use evidence of the expansion of taxes in kind and the rejection of nominal value by both emperor and subjects to argue that the inflation following Aurelian’s reform resulted from an invalidation of the trust in imperial fiat. (shrink)

An existing industrial hydrogen generation and distribution infrastructure is described, and a number of large-scale investment projects are outlined. All of these projects have the potential to generate significant volumes of low-cost, low-carbon hydrogen. The technologies concerned range from gasification of coal with carbon capture and storage to gasification of a range of biomass streams. These biomass streams derive in turn from the supply chains that feed large liquid biofuel production plants—some operational and the others under construction. Having described how (...) such developments are coming together in a particular location to allow accelerated movement toward a hydrogen economy, this article explores the conditions under which similar acceleration could be seen in other locations. (shrink)

A travers une phénoménologie où l'art éclaire le réel, à travers son choix des auteurs et des oeuvres qu'il a commentés, le philosophe Henri Maldiney (1912-2013) a proposé un décentrement du regard et du savoir propres à renouveler l'étude du paysage. Il part d'une question trompeusement simple : sommes-nous "devant" ou "dedans" le paysage? Comment s'approche le paysage? Comment se fait-il image? Ce recueil présente une pensée complexe de manière accessible à tous les spécialistes et les passionnés de littérature et (...) d'études visuelles. Exemples littéraires, picturaux et photographiques, témoignent de la fécondité d'une pensée fondée sur l'aisthèsis, la présence et le rythme."--Page 4 of cover. (shrink)

We give a general method for producing various effective Null and Positivstellensätze, and getting new Positivstellensätze in algebraically closed valued fields and ordered groups. These various effective Nullstellensätze produce algebraic identities certifying that some geometric conditions cannot be simultaneously satisfied. We produce also constructive versions of abstract classical results of algebra based on Zorn's lemma in several cases where such constructive version did not exist. For example, the fact that a real field can be totally ordered, or the fact that (...) a field can be embedded in an algebraically closed field. Our results are based on the concepts we develop of dynamical proofs and simultaneous collapse. (shrink)