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

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

The Tragedy of the Commons is often associated with an n-person Prisoner’s Dilemma. But it can also have the structure of an n-person Game of Chicken, an Assurance Game, or of a Voting Games (or a Three-in-a-Boat Game). I present three historical stories that document tragedies of the commons, as presented in Aristotle, Mahanarayan and Hume and argue that the descriptions of these historical cases align better with Voting Games than with any other games.

Probabilistic models have much to offer to philosophy. We continually receive information from a variety of sources: from our senses, from witnesses, from scientific instruments. When considering whether we should believe this information, we assess whether the sources are independent, how reliable they are, and how plausible and coherent the information is. Bovens and Hartmann provide a systematic Bayesian account of these features of reasoning. Simple Bayesian Networks allow us to model alternative assumptions about the nature of the information sources. (...) Measurement of the coherence of information is a controversial matter: arguably, the more coherent a set of information is, the more confident we may be that its content is true, other things being equal. The authors offer a new treatment of coherence which respects this claim and shows its relevance to scientific theory choice. Bovens and Hartmann apply this methodology to a wide range of much discussed issues regarding evidence, testimony, scientific theories, and voting. Bayesian Epistemology is an essential tool for anyone working on probabilistic methods in philosophy, and has broad implications for many other disciplines. (shrink)

_The VaKE Handbook: Theory and Practice of Values and Knowledge Education_ presents a theoretical model and many examples in various fields of education and training for the realization of the principle "Values without knowledge are blind, while knowledge without values is irresponsible".

This volume is the direct result of a conference in which a number of leading researchers from the fields of artificial intelligence and biology gathered to ...

We develop a probabilistic criterion for belief expansion that is sensitive to the degree of contextual fit of the new information to our belief set as well as to the reliability of our information source. We contrast our approach with the success postulate in AGM-style belief revision and show how the idealizations in our approach can be relaxed by invoking Bayesian-Network models.

This article proposes a number of models to examine through which mechanisms a population of autonomous agents could arrive at a repertoire of perceptually grounded categories that is sufficiently shared to allow successful communication. The models are inspired by the main approaches to human categorisation being discussed in the literature: nativism, empiricism, and culturalism. Colour is taken as a case study. Although we take no stance on which position is to be accepted as final truth with respect to human categorisation (...) and naming, we do point to theoretical constraints that make each position more or less likely and we make clear suggestions on what the best engineering solution would be. Specifically, we argue that the collective choice of a shared repertoire must integrate multiple constraints, including constraints coming from communication. Key Words: autonomous agents; colour categorisation; colour naming; connectionism; cultural evolution; genetic evolution; memes; origins of language; self-organisation; semiotic dynamics; symbol grounding. (shrink)

We show that it is not possible to extend the ranking of one-stage lotteries based on their weak-expectation to a reflexive and transitive relation on the collection of one- and two-stage lotteries that satisfies two basic axioms, the minimal value axiom and the reduction axiom. We propose an extension that satisfies only the first axiom. This ranking takes payoffs, their probabilities, and the tree structure into account.

As soon as we stop talking aloud, we seem to experience a kind of 'inner voice', a steady stream of verbal fragments expressing ongoing thoughts. What kind of information processing structures are required to explain such a phenomenon? Why would an 'inner voice' be useful? How could it have arisen? This paper explores these questions and reports briefly some computational experiments to help elucidate them.

The existence of a transitive, complete, and weakly independent relation on the full set of gambles implies the existence of a non-Ramsey set. Therefore, each transitive and weakly independent relation on the set of gambles either is incomplete or does not have an explicit description. Whatever tools decision theory makes available, there will always be decision problems where these tools fail us. In this sense, decision theory remains incomplete.

Considerations regarding predication in ordinary language as well as the ontology of relations suggest a refinement of the Ontological Square, a conceptual scheme used in many foundational ontologies and which consists of particular substrates as well as their types on the one hand and particular attributes as well as their types on the other hand. First, the distinction between particulars and universals turns out to be one of degree, since particulars are merely the least elements in the subsumption hierarchy. Second, (...) relations may be analysed in terms of roles as ways of participating in events. In consequence, the Logic of the Ontological Square proposed in (Schneider 2009) has to be revised accordingly. (shrink)

Over the past 20 years business ethics in Europe witnessed a remarkable growth. Today business ethics is faced with two challenges. The first comes from the social sciences and consultants who have both reclaimed the topics of business ethics, regretfully often at the loss of the proper ethical perspective. The second comes from the remarkable rise of corporate social responsibility which has pushed aside the mainstream business ethics methodology with its emphasis on moral deliberation by the individual. These challenges can (...) be tackled by an institutional transformation in business ethics that links up to the long-standing European tradition of institutional analysis of the market. The second remedy is an enlargement of the research agenda in business ethics by coming closer to other parts of applied ethics where the business ethics view is at this moment grossly neglected. (shrink)

In this article, we argue that it can be fruitful for philosophers interested in the nature and moral significance of racism to pay more attention to psychology. We do this by showing that psychology provides new arguments against Garcia's views about the nature and moral significance of racism. We contend that some scientific studies of racial cognition undermine Garcia's moral and psychological monism about racism: Garcia disregards (1) the rich affective texture of racism and (2) the diversity of what makes (...) racial ills morally wrong. Key Words: racism • emotions • implicit bias • psychology • racial ills • pluralism. (shrink)

Distant Suffering examines the moral and political implications for a spectator of the distant suffering of others as presented through the media. What are the morally acceptable responses to the sight of suffering on television, for example, when the viewer cannot act directly to affect the circumstances in which the suffering takes place? Luc Boltanski argues that spectators can actively involve themselves and others by speaking about what they have seen and how they were affected by it. Developing ideas in (...) Adam Smith's moral theory, he examines three rhetorical 'topics' available for the expression of the spectator's response to suffering: the topics of denunciation and of sentiment and the aesthetic topic. The book concludes with a discussion of a 'crisis of pity' in relation to modern forms of humanitarianism. A possible way out of this crisis is suggested which involves an emphasis and focus on present suffering. (shrink)

In their recently published book Nudge (2008) Richard H. Thaler and Cass R. Sunstein (T&S) defend a position labelled as ‘libertarian paternalism’. Their thinking appeals to both the right and the left of the political spectrum, as evidenced by the bedfellows they keep on either side of the Atlantic. In the US, they have advised Barack Obama, while, in the UK, they were welcomed with open arms by the David Cameron's camp (Chakrabortty 2008). I will consider the following questions. What (...) is Nudge? How is it different from social advertisement? Does Nudge induce genuine preference change? Does Nudge build moral character? Is there a moral difference between the use of Nudge as opposed to subliminal images to reach policy objectives? And what are the moral constraints on Nudge? (shrink)

The article investigates the relations between Hausdorff and non-Hausdorff manifolds as objects of general relativity. We show that every non-Hausdorff manifold can be seen as a result of gluing together some Hausdorff manifolds. In the light of this result, we investigate a modal interpretation of a non-Hausdorff differential manifold, according to which it represents a bundle of alternative space-times, all of which are compatible with a given initial data set.

Nexuses such as exemplification are the fundamental ties that structure reality as a whole. They are “formal” in the sense of constituting the form, not the matter of reality and they are “transcendental” inasmuch as they transcend the categorial distinctions between the denizens of reality, including that between existents and non-existents. I shall advocate a moderately particularist view about (external) nexuses and argue that it provides not only the best solution to Bradley’s regress, but also an elegant account of symmetrical (...) relations (both formal and material), as well as of temporal and modal change. These advantages are illustrated by the reconstruction of an Aristotelian ontology of exemplification involving substances, kinds and material attributes. (shrink)

In response to Germain argument that evolution by natural selection has a limited explanatory power in cancer, Lean and Plutynski have recently argued that many adaptations in cancer only make sense at the tumor level, and that cancer progression mirrors the major evolutionary transitions. While we agree that selection could potentially act at various levels of organization in cancers, we argue that tumor-level selection is unlikely to actually play a relevant role in our understanding of the somatic evolution of human (...) cancers. (shrink)

In this introduction, we give a brief overview of the main concepts of modularity that have been offered in recent literature. After this, we turn to a summary of the papers collected in this volume. Our primary aim is to explain how the modularity of emotion question relates to traditional debates in emotion theory.

A vital and underappreciated dimension of social interaction is the way individuals justify their actions to others, instinctively drawing on their experience to appeal to principles they hope will command respect. Individuals, however, often misread situations, and many disagreements can be explained by people appealing, knowingly and unknowingly, to different principles. On Justification is the first English translation of Luc Boltanski and Laurent Thévenot's ambitious theoretical examination of these phenomena, a book that has already had a huge impact on French (...) sociology and is likely to have a similar influence in the English-speaking world. In this foundational work of post-Bourdieu sociology, the authors examine a wide range of situations where people justify their actions. The authors argue that justifications fall into six main logics exemplified by six authors: civic (Rousseau), market (Adam Smith), industrial (Saint-Simon), domestic (Bossuet), inspiration (Augustine), and fame (Hobbes). The authors show how these justifications conflict, as people compete to legitimize their views of a situation. On Justification is likely to spark important debates across the social sciences. (shrink)

This paper addresses a problem for theories of epistemic democracy. In a decision on a complex issue which can be decomposed into several parts, a collective can use different voting procedures: Either its members vote on each sub-question and the answers that gain majority support are used as premises for the conclusion on the main issue, or the vote is conducted on the main issue itself. The two procedures can lead to different results. We investigate which of these procedures is (...) better as a truth-tracker, assuming that there exists a true answer to be reached. On the basis of the Condorcet jury theorem, we show that the pbp is universally superior if the objective is to reach truth for the right reasons. If one instead is after truth for whatever reasons, right or wrong, there will be cases in which the cbp is more reliable, even though, for the most part, the pbp still is to be preferred. (shrink)

We appeal to the theory of Bayesian Networks to model different strategies for obtaining confirmation for a hypothesis from experimental test results provided by less than fully reliable instruments. In particular, we consider (i) repeated measurements of a single test consequence of the hypothesis, (ii) measurements of multiple test consequences of the hypothesis, (iii) theoretical support for the reliability of the instrument, and (iv) calibration procedures. We evaluate these strategies on their relative merits under idealized conditions and show some surprising (...) repercussions on the variety-of-evidence thesis and the Duhem-Quine thesis. (shrink)

Hope obeys Aristotle's doctrine of the mean: one should neither hope too much, nor too little. But what determines what constitutes too much and what constitutes too little for a particular person at a particular time? The sceptic presents an argument to the effect that it is never rational to hope. An attempt to answer the sceptic leads us in different directions. Decision-theoretic and preference-theoretic arguments support the instrumental value of hope. An investigation into the nature of hope permits us (...) to assess the intrinsic value of hope. However, it must be granted to the sceptic that there is a tension between hope and epistemic rationality. I conclude with some reflections about the relationship between hope and character features that are constitutive of inner strength. (shrink)

A coherent story is a story that fits together well. This notion plays a central role in the coherence theory of justification and has been proposed as a criterion for scientific theory choice. Many attempts have been made to give a probabilistic account of this notion. A proper account of coherence must not start from some partial intuitions, but should pay attention to the role that this notion is supposed to play within a particular context. Coherence is a property of (...) an information set that boosts our confidence that its content is true ceteris paribus when we receive information from independent and partially reliable sources. We construct a measure cr that relies on hypothetical sources with certain idealized characteristics. A maximally coherent information set, i.e. a set with equivalent propositions, affords a maximal confidence boost. cr is the ratio of the actual confidence boost over the confidence boost that we would have received, had the information been presented in the form of maximally coherent information, ceteris paribus. This measure is functionally dependent on the degree of reliability r of the sources. We use cr to construct a coherence quasi-ordering over information sets S and S’: S is no less coherent than S’ just in case c_r is not smaller than c_r for any value of the reliability parameter. We show that, on our account, the coherence of the story about the world gives us a reason to believe that the story is true and that the coherence of a scientific theory, construed as a set of models, is a proper criterion for theory choice. (shrink)

The paper provides a classification of argumentation schemes used in German jurisprudence in accordance with recent developments in argumentation theory and legal methodology.

. Legal theory has so far focused exclusively on judicial activity, not on legislation. This is due to the specific legal framework of reasoning, upon which it is essential to act upon rules, wherever they come from. This form of legalism is criticized and replaced by weak legalism. Weak legalism makes it possible to detect the principles of legislation that underly the activity of the legislator. Legisprudence is the theory of these principles.

In “Judy Benjamin is a Sleeping Beauty” (2010) Bovens recognises a certain similarity between the Sleeping Beauty (SB) and the Judy Benjamin (JB). But he does not recognise the dissimilarity between underlying protocols (as spelled out in Shafer (1985). Protocols are expressed in conditional probability tables that spell out the probability of coming to learn various propositions conditional on the actual state of the world. The principle of total evidence requires that we not update on the content of the proposition (...) learned but rather on the fact that we learn the proposition in question. Now attention to protocols drives a wedge between the SB and the JB. We have shown that the solution to a close variant of the SB which involves a clear protocol is P*(Heads) = 1/3 and since Beauty’s has precisely the same information at her disposal in the original SB at the time that she is asked to state her credence for Heads, the same solution should hold. The solution to the JB, on the other hand, is dependent on Judy’s probability distribution over protocols. One reasonable protocol yields P(Red) = 1/2, but Judy could also defend alternative values or a range of values in the interval [1/3, 1/2] depending on her probability distribution over protocols. (shrink)

Avoiding whinges from various and potentially conflicting stakeholders is a major challenge for sustainable development and for the identification of sustainability scenarios or policies for biodiversity and ecosystem services. It turns out that independently complying with whinge thresholds and constraints of these stakeholders is not sufficient because dynamic ecological-economic interactions and uncertainties occur. Thus more demanding no whinge standards are needed. In this paper, we first argue that these new boundaries can be endogenously exhibited with the mathematical concepts of viability (...) kernel and viable controls. Second, it is shown how these no whinge kernels have components, such as harvesting of resources, that should remain within safe corridor while some other components, in particular biodiversity, have only lower conservation limits. Thus, using radar charts, we show how this no whinge kernels can take the shape of a tree that we name viability tree. These trees of viability capture the idea that the unbounded renewal potential of biodiversity combined with a bounded use of the different ecosystem services are crucial ingredients for the sustainability of socio-ecosystems and the design of no whinge policies reconciling the different stakeholders involved. (shrink)

The coherentist theory of justification provides a response to the sceptical challenge: even though the independent processes by which we gather information about the world may be of dubious quality, the internal coherence of the information provides the justification for our empirical beliefs. This central canon of the coherence theory of justification is tested within the framework of Bayesian networks, which is a theory of probabilistic reasoning in artificial intelligence. We interpret the independence of the information gathering processes (IGPs) in (...) terms of conditional independences, construct a minimal sufficient condition for a coherence ranking of information sets and assess whether the confidence boost that results from receiving information through independent IGPs is indeed a positive function of the coherence of the information set. There are multiple interpretations of what constitute IGPs of dubious quality. Do we know our IGPs to be no better than randomization processes? Or, do we know them to be better than randomization processes but not quite fully reliable, and if so, what is the nature of this lack of full reliability? Or, do we not know whether they are fully reliable or not? Within the latter interpretation, does learning something about the quality of some IGPs teach us anything about the quality of the other IGPs? The Bayesian-network models demonstrate that the success of the coherentist canon is contingent on what interpretation one endorses of the claim that our IGPs are of dubious quality. (shrink)

El problema del presente es abordado en su dimensión de realidad dada al hombre. En primer lugar, este articulo ahonda en el carácter impersonal del tiempo y en su condición contradictoria de lugar de entrega de lo dado: al presentarse el presente no hay ni donador ni beneficiario. En segundo lugar, declinando el sentido de la palabra francesa "maintenant", se evidencia el "ahora" como nulidad entre pasado y futuro; como intersticio dual en el que se alcanza y se pierde toda (...) cosa. Apoyándose en la concepción kantiana del tiempo y en la noción de donación de Derrida, el autor indica que el "ahora" es receptividad inmediata, intuitiva y no conceptual: en el presente el hombre se da y se recibe a si mismo. El presente, a la vez que constituye el espacio de la identidad, es también vector de diferencia: al hacerse signo a si mismo de sí mismo, el presente aparece como su propia alteridad. La duración del presente, por expresar la relación del hombre consigo mismo, es signo de alternancia entre llegada y partida; entre muerte y reparación. En fin, se analizan las mutaciones del sentido que se le ha dado a la noción de promesa en la historia de Occidente, entendida como la experiencia de la proyección del ahora hacia el porvenir. The problem of present is analyzed as a reality given to man. First, the impersonal character of time is studied in its contradictory condition of opening place of giving: when present appears, there is not a giver, nor a receiver. In the second place, by considering the etymological sense of the French word "maintenant", it is showed that the "now" is a nullity between past and future, a dual interstice in which everything is reached or lost. Following the Kantian conception of time and the Derridian notion of "donation", the author highlights that the "now" is immediate receptivity, intuitive and not conceptual: in the present, man gives himself to himself and receives himself from himself. The present, at the same time that it constitutes the space of identity, it is also the vector of difference: when it becomes a sign to himself of himself, the present appears as his own alterity. The present duration, as it traduces the relation of man with himself, is a sign of alternation between coming and leaving; between dead and reparation. Finally, the mutations in the meaning of the notion of "promise" in Western history are investigated and understood as the experience of the now projected towards the future. (shrink)

Philosophers have not been very preoccupied by the link between emotions and attention. The few that did (de Sousa, 1987) never really specified the relation between the two phenomena. Using empirical data from the study of the emotion of fear, we provide a description (and an explanation) of the links between emotion and attention. We also discuss the nature (empirical or conceptual) of these links.

Un vent de collapsologie souffle aujourd'hui sur l'écologie politique. Le réchauffement climatique, la raréfaction des ressources fossiles, l'érosion de la biodiversité, la prolifération nucléaire se poursuivent, année après année, décennie après décennie. L'effondrement n'est-il pas la fin logique de cette fuite en avant? Depuis les premières alertes des années 1970 jusqu'aux débats contemporains sur l'Anthropocène, Luc Semal retrace l'émergence et l'évolution des mobilisations aux prises avec les limites à la croissance et la perspective d'un effondrement global. Leur catastrophisme est envisagé (...) non pas comme une fascination paralysante pour le désastre, mais comme une pensée politique propice à la délibération et à l'action. Des mouvements comme ceux de la décroissance et des Transition Towns réinventent des projets écologistes entre sobriété heureuse et désastres annoncés. Par leurs luttes et leurs expérimentations locales, ces mobilisations à l'ombre des catastrophes esquissent les contours d'une démocratie post-pétrole et post-croissance. (shrink)

The word myth is commonly thought to mean a fictional story, but few know that Plato was the first to use the term muthos in that sense. He also used muthos to describe the practice of making and telling stories, the oral transmission of all that a community keeps in its collective memory. In the first part of Plato the Myth Maker , Luc Brisson reconstructs Plato's multifaceted description of muthos in light of the latter's Atlantis story. The second part (...) of the book contrasts this sense of myth with another form of speech that Plato believed was far superior: the logos of philosophy. Gerard Naddaf's substantial introduction shows the originality and importance both of Brisson's method and of Plato's analysis and places it in the context of contemporary debates over the origin and evolution of the oral tradition. "[Brisson] contrasts muthos with the logos found at the heart of the philosophical reading. [He] does an excellent job of analyzing Plato's use of the two speech forms, and the translator's introduction does considerable service in setting the tone."-- Library Journal. (shrink)