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 and market variables. To test our assertions, we analyze firm-level data for United Kingdom, 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 and market variables . To test our assertions, we analyze firm-level data for United Kingdom , 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)

We examine whether the behavior of institutional investors representatives on boards leads to observable differences in corporate finance. We find that directors representing pressure-sensitive investors prefer lower financial leverage whereas pressure-resistant directors show no particular preference. When analyzed separately, directors appointed by banks and insurance firms have different attitudes. Bank representatives on boards increase both the financial leverage and the banking debt. This result suggests that some types of institutional directors provide financial resources to the firms on whose board they (...) sit, supporting the view that boards manage the uncertainty associated with strategic decision making and provide firms with preferential access to resources and financial expertise. This research has interesting academic and policy implications for the debate over the proper degree of institutional involvement in corporate governance. Different institutional investors have different agendas and incentives for corporate governance, and, therefore, both researchers and policy makers should no longer consider institutional investors as a whole. In addition, our paper calls for new research on the causes and implications of institutional investor involvement in the corporate governance of nonfinancial firms. This new research could require new insights on the dynamics within the boards and on the interplay among the knowledge, incentives and attitudes of quite different directors. (shrink)

La palabra alegría es muy importante para Fernando Savater... Y es el tema central en tomo al que se articula el libro "Misterios gozosos", una antología de textos, a cargo de Héctor Subirats, que recorre 25 años de la producción filosófica y literaria de Savater. El escritor definió la palabra alegría como "afirmación del presente, no nostalgia del pasado ni del futuro". Misterios gozosos se divide, en cinco capítulos en los que se recogen las razones para la (su) alegría: (...) el solo hecho de vivir, el gusto por la comida, el buen vino, el regocijo por la polémica, el entusiasmo por lo admirado, desde figuras históricas como Voltaire o Spinoza a personajes míticos como Groucho Marx o King Kong. De hecho, Savater aparece en la portada, del libro con un pequeño King Kong en las manos. El escritor, siempre vitalista, reflexiona también en su libro sobre cuestiones de primordial interés como las drogas, la salud, los derechos humanos, el amor, la muerte o la soledad.Subirats explicó que seleccionó los textos con "mala leche, para mostar la evolución o involución de Savater". Preguntado sobre cómo ha sido la involución del escritor, Subirats respondió que "Savater permanece en su sitio. Ha sido el mundo el que se ha echado para atrás". Y Savater precisó: "Las ideas no entran en uno como en la religión. A los 20 años se piensa de una manera y a los 50, de otra. Si uno lee, va al cine, sigue atento la marcha del país... y sigue pensando invariablemente lo mismo es que no ha pensado nunca". "El resultado del pensamiento no es siempre gozoso: lo gozoso es pensar", añadió. (En "Fernando Savater defiende la alegría de vivir en "Misterios gozosos"". Madrid : El País. 28 de febrero de 1995). (shrink)

Nada hay más confortable para el hombre, ni más peligroso, que las certezas. Nuestra mejor defensa es la filosofía, que consiste engran medida en el arte de cuestionarlas, de atreverse a pensar, de interpelar las verdades establecidas y ver qué esconden. En estepaseo por la historia de la filosofía, Fernando Savater nos presenta a los grandes personajes que con sus preguntas, y en ocasiones con sus respuestas, han marcado el pensamiento occidental. Platón, Aristóteles, Hobbes, Tomás de Aquino, Nietzsche, Marx, (...) Ortega, Wittgenstein y hasta dieciocho filósofos más desfilan por estas páginas de la mano de Savater, que con su habitual estilo lúcido, ameno e inteligente explica sus ideas más importantes y resume sus trayectorias. Un canto al irrenunciable ejercicio de la libertad intelectual, este libro es en realidad una invitación a huir de los tópicos y a compartir con los grandes filósofos la maravillosa aventura de pensar. (shrink)

Que otros se ocupen de fijar el papel que la ética debe desempeñar en la vida; a mí lo que me preocupa es el puesto que la vida ha de tener en la ética. ¿Arte de vivir, camino de felicidad? ¿Responder a la voz del otro, responsabilizarse? ¿Instinto, sentimiento o cálculo? ¿Esfuerzo heroico o malicia irónica? Pasen y vean.

Commentary, with text, of the Samādhi pāda, the first part of the Yogasūtra of Patañjali.

This paper is a philosophical discussion about the link between utopianism and responsibility. It argues that our time demands a strong practice of political responsibility in both organizations and society based on what has been called ‘real utopianism’. It takes as a starting point Hans Jonas’ critique of utopianism. Keeping in mind the horrors of the Second World War this Jewish thinker disconnected the principle of responsibility from the idea of utopianism, and connected it to a ‘heuristics of fear’ – (...) we should be careful with ‘wild’ new technologies, but also with new utopian perspectives. In a second step Jonas’ predecessors and utopian thinkers Martin Buber, Ernst Bloch and Ernest Callenbach are revisited. They show that a fully conceptualized idea of utopianism includes at least three dimensions of responsibility: subsistence, justice and spirituality. I then argue that if one digs deeper into the work of Jonas, it seems that the concept of responsibility in fact implies the courage to overcome a heuristics of fear. This paper therefore argues that there is no need to radically disjunct responsibility from utopianism and that the concept of responsibility actually opens a path to ‘real utopianism’. Such a concept of responsibility can best be supported by a confessionally neutral but nonetheless spiritual eco-humanist worldview that develops a new attitude towards nature, in which (eco)asceticism, morality and spirituality become intertwined. (shrink)

This work offers an analysis of all the legal and moral issues surrounding humanitarian intervention: the deaths of innocent persons and the Doctrine of Double Effect Governmental legitimacy - The Doctrine of Effective Political Control; UN Charter and evaluation of the Nicaragua ruling; The Morality of not intervening; US-led invasion of Iraq; Humanitarian intervention authorised by the UN Security Council - Iraq, Somalia, Haiti, Rwanda, and Bosnia among others highlight NATO's intervention in Kosovo; The Nicaragua Decision; and The precedents of (...) Panama, Liberia and Sierra Leone. The book's features include: a new framework based on the doctrine of double effect; basic principles of international ethics; outline of the moral argument for humanitarian intervention; explores the morality and legality of military action to end tyranny or anarchy; arguments in a much more detailed and complete fashion than in previous editions; in-depth examination of philosophy of international law; the relationship between custom and moral theory; new discussion of the question of right authority; and a full analysis of recent interventions in Kosovo and Iraq. book addresses a broad interdisciplinary audience of international lawyers, philosophers, and political scientists. In this new edition, the author responds to critics while updating the discussion in the light of the momentous events that took place at the beginning of the new millennium. (shrink)

Teniendo presente la enseñanza de la teología y cierta renuencia observable en los medios teológicos al trato con la filosofía, el estudio expone en primer lugar la relación ineludible entre filosofía y teología por razón de las coinci-dencias dadas entre ellas a pesar de la diferencia formal de ambas. A continuación, se describe el régimen general de relación entre los dos saberes, relación de tensa complementariedad que se sustan-cia en un circuito dialógico, para abordar después la importancia para el pensamiento (...) teológico de la relación con dos grandes ámbi-tos de la filosofía: el pensamiento metafísico y la antropología. El estudio termina con algunas con-clusiones prácticas referidas a la labor docente sobre la justificación. (shrink)

Comentario del Proemio de la reciente constitu-ción apostólica Veritatis Gaudiumdel Papa Francisco que ordena los estudios eclesiásticos. Dicho texto introductorio de la Constitución ofrece elementos característicos del ideario del actual Pontífice desde los que plantea con novedad y decisión propuestas importantes de renovación del sistema de los estudios eclesiásticos que merecen ser consideradas con algún detall.

The responses of 178 Latin dioceses in the United States Conference of Catholic Bishops (USCCB) to the Preparatory Document for the Synod on Synodality were synthesized in fourteen regional reports. From these reports, and a report of lay groups, the USCCB produced the US report, which was synthesized with 111 other national reports into the Working Document for the Continental Stage (DCS). The latter was provided to seven continental assemblies. North American participants discussed the DCS in virtual meetings, and a (...) writing team produced the North American report. The synthesized result of the continental assemblies’ reports was the synod’s 2023 Instrumentum laboris. This article discusses US diocesan participation and the North American response to the DCS as they contributed to the Instrumentum laboris’ statement relative to “the question of women’s inclusion in the diaconate.” It includes a table documenting US diocesan responses to questions of women’s participation in the Church. (shrink)

Why should sovereign states obey international law? What compels them to owe allegiance to a higher set of rules when each country is its own law of the land? What is the basis of their obligations to each other? Conventional wisdom suggests that countries are too different from one another culturally to follow laws out of mere loyalty to each other or a set of shared moral values. Surely, the prevailing view holds, countries act simply out of self-interest, and they (...) eventually consent to norms of international law to regulate matters of common interest.In this groundbreaking book, Fernando Tesón goes against this prevailing thought by arguing, in the Kantian tradition, that a shared respect for individual human rights underpins not just the obligation countries feel to follow international law but also international laws themselves and even the very legitimacy of nations in the eyes of the international community. Tesón, both a lawyer and a philosopher, proposes that an overlapping respect for human rights has created a moral common ground among the countries of the world; and moreover, that such an outlook is the only one that is rationally defensible. It is this common set of values rather than self-interest that ultimately provides legitimacy to international law. Using the tools of moral philosophy, Tesón analyzes the concepts of sovereignty, intervention, and national interest; the contributions of social contact theory, game theory, and feminist theory; and the puzzles of self-determination and group rights.More than simply outlining his theory, Tesón goes on to give detailed examples of international laws, international institutions, and their human rights foundations, putting his ideas to work and addressing legal reforms called for by the theory. He suggests that treaties, for example, should be considered binding if, and only if, the consent to the treaty was given by a genuinely representative government, one that acts out of interest for the human rights of its citizens. Although the theoretical achievement of this book is to challenge received wisdom on the foundation of international law, the practical ambition is a call to reform the international legal system for the post–Cold War era, to substitute for the old order one that gives primacy to human dignity and freedom over state power. (shrink)

The study aimed to comprehensively overview the experiences encountered by public school employees during the recruitment, selection, and placement (RSP) process within the DepEd Bohol Division. Employing a qualitative-descriptive research design, the researchers utilized a phenomenological approach to delve deeply into these experiences, shedding light on the nuances and intricacies of the division's RSP process. As Lambert et al. (2013) described, qualitative- descriptive studies aim to provide a comprehensive and detailed summary of specific events experienced by individuals or groups in (...) everyday terms. To achieve this, Colaizzi's (1978) data analysis method was applied, meticulously gathering, transcribing, and analyzing recorded participant responses. The rigorous analysis revealed that an overwhelming 81% of the participants recognized significant challenges within the current RSP system of the division, underscoring the pressing need for a renewed approach to address these identified challenges. This highlighted the necessity for an RSP policy that is responsive and innovative, tailored to meet the evolving needs and expectations of applicants, schools, and the division. By implementing improvements to the RSP process, a more efficient and timely filling of vacated and newly available positions is anticipated, contributing to the seamless functioning of the educational system and ultimately enhancing the prospects of success. (shrink)