Nowadays a lot of new financial instruments for SMEs innovation projects are getting more popular in the business environment. A great number of them are traditional like credit loans at the same time we can observe the appearance of innovative ones. Variable set of financial instruments generalized on fig.1. This classification is giving by Organiztion of Economic Cooperation and Development ( OECD). As we can see from the fig.1 the classification is based on risk approach. For further research it is (...) needed to сlarify these definitions. Firstly, asset based finance is the method of assigning structured turnaround capital and term loans, disbursement of debit portfolio, stocks, machines, funds, and / or real estate. This type of finding is suitable for SMEs beginners, refinancing existing loans, growth financing, mergers and acquisitions. (shrink)

Reinholds Kritik an Kants Ausführungen über Willkürfreiheit aus der Einleitung zur "Metaphysik der Sitten". Zur Aktualität dieser Kritik.

The monograph reveals challenging issues of small and medium enterprises development in the European Union and East-Partnership countries. Special attention is paid to a new paradigm of financing investments and fostering innovations at all levels of legal entities including SMEs, enhancing innovative entrepreneurship in conditions of global social and technological challenges as well as determining priority sectors for small and medium enterprises as drivers of economic growth. The authors of the monograph emphasize on such European approaches to financing SMEs as (...) crowd-funding and SME-bonds, analyze experience of applying fiscal instruments to support investment and innovations. The researchers underline the role of social investment as an innovative strategy for European SMEs that could be applied in Ukraine and East-partnership countries, suggest new conceptual approach to the evaluation of innovative business development. They also analyse trends of Ukrainian IT enterprises development in the context of modern information services in a global market. Additional attention is paid to the analysis of SMEs’ entrepreneurial potential in conditions of global social and technological changes, estimation effects of applying electronic governance technologies to provide administrative services by public authorities of various levels of governance. Finally, the researchers disclose economic mentality of legal entities as an informal side of financial assets and substantiate the necessity of creation entrepreneurial universities as drivers of innovative development of economy. The materials of the monograph will be useful to scholars, financial managers of companies, financial analysts, representatives of state bodies who implement the state policy in the field of SMEs development in the East-partnership countries, as well as students of economic universities. (shrink)

The widely accepted “continuing bonds” model of grief tells us that rather than bereavement necessitating the cessation of one’s relationship with the deceased, very often the relationship continues instead in an adapted form. However, this framework appears to conflict with philosophical approaches that treat reciprocity or mutuality of some form as central to loving relationships. Seemingly the dead cannot be active participants, rendering it puzzling how we should understand claims about continued relationships with them. In this article, we resolve (...) this tension by highlighting two fundamental aspects of paradigmatic loving relationships that can, and often do, continue in an adapted form following bereavement: love and mutual shaping of interests, choices, and self-concepts. Attention to these continuing features of relationships helps to capture and clarify the phenomenological and behavioral features of continuing bonds. However, love and mutual shaping must also change in important ways following bereavement. Love becomes unreciprocated, and although the dead continue to shape our interests, choices, and self-concepts, we predominantly shape their legacies and memories in return. These changes place important constraints upon the nature of our interpersonal connections with the dead. (shrink)

Corporate bond appeared in 1992-1994 in Vietnamese capital markets. However, it is still not popular to both business sectors and academic circles. This paper explores different dimensions of Vietnamese corporate bond market using a unique and perhaps, most complete data set. State not only intervenes in the bond markets with its powerful budget and policies but also competes directly with enterprises. The dominance of state-owned enterprises and large corporations also prevents small and medium enterprises from this debt financing vehicle. Whenever (...) a convertible term is available, bondholders are more willing to accept lower fixed income payoff. But they would not likely stick to it. On the one hand, prospective bondholders could value the holdings of equity when realized favourably ex ante. On the other hand, the applicable coupon rate for such bonds could turn out negative inflation-adjusted payoff when tight monetary policy is exercised and the corresponding equity holding turns out valueless, ex post. Given the weak primary market and virtually non-existent secondary market, the corporate bond market in Vietnam reflects our perception of the relationship-based and rent-seeking behaviour in the financial markets. For the corporate bonds to really work, they critically need a higher level of liquidity to become truly tradeable financial assets. Updated entries in 2010 affirm the findings and conclusions. (shrink)

Van Inwagen proposes that besides simples only living organisms exist as composite objects. This paper suggests expanding van Inwagen’s ontology by also accepting composite objects in the case that physical bonding occurs (plus some extra conditions). Such objects are not living organ-isms but rather physical bodies. They include (approximately) the complete realm of inanimate ordinary objects, like rocks and tables, as well as inanimate scientific objects, like atoms and mol-ecules, the latter filling the ontological gap between simples and organisms in (...) van Inwagen’s origi-nal picture. We thus propose a compositional pluralism claiming that composition arises if and on-ly if bonding or life occurs. (shrink)

There is a persisting debate about what chemical bonds are and whether they exist. I argue that chemical bonds are real patterns of interactions between subatomic particles. This proposal resolves the problems raised in the context of existing understandings of the chemical bond and provides a novel way to defend the reality of chemical bonds.

In this article I examine several related views expressed by Robin Hendry concerning molecular structure, emergence and chemical bonding. There is a long-standing problem in the philosophy of chemistry arising from the fact that molecular structure cannot be strictly derived from quantum mechanics. Two or more compounds which share a molecular formula, but which differ with respect to their structures, have identical Hamiltonian operators within the quantum mechanical formalism. As a consequence, the properties of all such isomers yield precisely the (...) same calculated quantities such as their energies, dipole moments etc. The only means through which the difference between the isomers can be recovered is to build their structures into the quantum mechanical calculations, something that is carried out by the application of the Born-Oppenheimer approximation. Consequently, it has been argued by many authors that molecular structure is written in ‘by hand’ rather than derived. Robin Hendry is one such author, but he goes a great deal further by proposing that this situation implies the existence of emergence and downward causation. In the current article I argue that there are alternative explanations which render emergence and downward causation redundant. Such an alternative lies in the notion of quantum decoherence and the appeal to work in the foundations of physics, which posits that the various isomers exist as a superposition until their wavefunctions are collapsed either by observation or by interacting with their environment. Hendry also alludes to a debate among chemists as to whether chemical bonds are real or not, in the sense of directional connections between two or more nuclei in any given molecule. I reject this view and propose that the structural and energetic views of chemical bonding, that have been discussed by some philosophers of chemistry including Hendry, do not refer to any essential ontological differences. I agree that chemists view bonding in a more realistic fashion and may consider bonds to be in some senses real, while physicists may consider bonding in more abstract energetic terms. However, I do not believe that such differences in scientific practice and attitudes should be considered to offer a window as to the ontological status of bonding or whether bonding is real. Finally, I discuss the kinetic energy school of chemical bonding which would seem to challenge any notion of bonds as directional entities, since bonding is no longer regarded as being primarily due to the build-up of electron density between nuclei. (shrink)

Small and medium enterprises (SMEs) in Albania, similar to other markets, operate in complex, fast-paced and unpredictable environments due to their size and nature. In our contemporary knowledge-based economy, business is constantly changing, and SMEs are thus continually faced with the challenge to find new and innovative ways to improve and adapt to the rapid transformations. As a result, there is a growing interest and necessity for SMEs to explore and adapt new and innovative mechanisms for better decision making, which (...) will then lead to improved performance and competitiveness. Digitalization of SMEs with the use of Business Intelligence (BI) and Knowledge Management (KM) systems is one such innovative instrument open to SMEs for a better performance and increased competitiveness. The research for this doctoral thesis is then set precisely in this configuration whereby: on one hand the current level of adoption and use of advanced ICTs and technological innovation within SMEs, or business digitalization as will be coined later, is relatively limited due to a variety of factors; and on the other hand ICTs themselves as technological systems or tools as well as part of business landscape, i.e. ICT as a sector, are a major driver of innovation, modernization and growth for the Albanian economy. This doctoral thesis addresses the gap in the current state of research regarding the development, adoption and use of advanced ICTs systems, i.e. business digitalization, within SMEs. In addition, the research for the doctoral thesis expands the challenge to the impact of business digitalization on performance of SMEs in Albania. Clearly, SMEs have been selected as the central ground of research not only to contribute towards filling a research gap in management and ICTs studies in Albania, but also because of the central role that SMEs play in Albanian economy and their future potential in the digital world. The results show that business digitalization impacts positively the overall performance of SMEs in Albania. Size, age and location of the SME dominate performance and are related to the business digitalisation more than strategy. Also, the entrepreneurial characteristics of the owner – manager also impact the digitalization. Having a clear business plan was also found to be important when it comes to using BI. SMEs in Albania are a vital part of the national economy and the research shows that there is growing interest in ICTs, digitalisation, BI and KM, but innovation is still at relatively low levels due to financial and human resources, which are limited. However, the research highlights that SMEs are very flexible and easy to adopt to change and when this is combined with a visionary owner- manager they tend to move towards business digitalisation. Another finding of this study is that digitalisation have lead SMEs to reconsider and re-conceptualise their business models attempting to move towards innovations that impact performance. Also, the concept of business model innovations is also gaining ground in SMEs in Albania. Findings show that the use of BI and other digitalisation processes is mainly driven by strategic and innovation related motives that are internal to the company and the owner-manager. The use of BI as a result of external technological factors also plays a role. Analysis of the findings show that the use of BI and digitalisation have a positive impact on business performance. The findings of this research paper have practical implications for the SMEs sector in Albania not only in providing an assessment of the current use of BI, but also in exploring the benefits and potential usage of BI as a necessary activity for deriving improved performance. Findings of this research can be used by owners-managers to better understand how firms can engage with digitalisation and BI and how their adoption and implementation affect business performance. Another implication for business sector is that digitally mature companies have better performance and thus derive more revenue and become more competitive. Finally, the research shows that digitization has a variety of dimensions and can be understood differently by different SMEs, owner-managers and staff, but it is a major contributor to business performance. Future research is needed to explore further the role of digitalisation processes in SMEs in Albania particularly related to enabling and hindering factors. In addition, further research is needed regarding the business model innovations, particularly in terms of human and organizational factors. This study is one of the first research contributions in the case of Albania to analyse the impact of digitalization, specifically the impact of BI on SMEs in Albania. (shrink)

Grief is, and has always been, technologically supported. From memorials and shrines to photos and saved voicemail messages, we engage with the dead through the technologies available to us. As our technologies evolve, so does how we grieve. In this paper, we consider the role chatbots might play in our grieving practices. Influenced by recent phenomenological work, we begin by thinking about the character of grief. Next, we consider work on developing “continuing bonds” with the dead. We argue that (...) for some, chatbots may play an important role in establishing these continuing bonds by helping us develop what we term “habits of intimacy”. We then turn to the “ick factor” some may feel about this prospect, focusing especially on ethical concerns raised by Patrick Stokes and Adam Buben about the risk of replacing our dead with chatbots. We argue that replacement worries are not as pressing as Stokes and Buben suggest. We resist these replacement worries by appealing to the “thin reciprocity”, as we refer to it, that such bots offer, as well as the fictionalist stance that we think users of the bots adopt when engaging with them. We conclude by briefly raising some additional concerns and highlighting future research questions. (shrink)

Often financially excluded by the traditional banking system, small and medium-sized enterprises (SMEs) in many developing countries have found in mobile money services (MMS) a sustainable alternative. Despite its potential in propelling inclusive growth, the use and adoption of mobile money (MM) by SMEs has generally been low in developing countries, and one of the reasons has been limited data that supported its impact on financial performance. As a result, there was a need to investigate the impact of the mobile (...) money payment and receipt services on the financial performance of the SMEs in Cameroon. This paper implemented a mixed research paradigm with data collected through the administration of a survey questionnaire and from one-on-one in-depth interviews. A sample of 285 SMEs responded to the survey, while 12 owners/managing directors were purposively selected to participate in the personal interviews. Version 25 of the Statistical Package for the Social Sciences (SPSS) software was used to analyse the quantitative data, while the qualitative data was analysed along themes. The results were, after that, triangulated for credibility reasons. The concluding findings indicated that the mobile money payment and receipt services contributed of the order of 73% of the total variance in the turnover of the SMEs in Douala after they had begun to use the technology. By confirming the positive relationship between the use of mobile money services and the financial performance of businesses, it is hoped that all the relevant stakeholders will see this as a possible solution to the financial challenges that SMEs face in developing economies. (shrink)

Drawing on upper echelon theory, this study investigates the impact of CEOs’ (chief executive officers) demographic characteristics on corporate environmental performance (CEP) in small and medium-sized enterprises (SMEs). We hypothesized that CEO characteristics, including gender, age, basic educational level, professional educational level, political connection, and ethnicity, affect SMEs’ environmental performance. Using the cross-sectional data analysis of 810 Vietnamese SMEs, this study provides evidence that female CEOs and CEOs’ educational level (both basic and professional) are positively related to the probability of (...) CEP. We also find that based on the role of institutional environment on CEP, political connections had a negative effect on CEP in the context of Vietnam. Another finding is that SMEs with chief executives from ethnic minority groups show a higher level of the probability of corporate environmental performance than companies operated by Kinh chief executives. Since CEP is an essential dimension of corporate social responsibility, a strategic decision for SMEs, it is crucial for the company to select appropriate CEOs based on their demographic characteristics. (shrink)

This article aims to theoretically analyse so-called character friendship from the perspective of emotions. From this angle, our research enables us to distinguish different types of emotions, and we propose a conceptual model of the hierarchy of the emotions of character friendship and their influence on social behaviour. With this model in hand, the article discusses whether other-oriented emotions fully explain the emotional underpinnings of character friendship. We find other-oriented emotions to be ambiguous because they may or may not be (...) selfless. Thus we question whether these emotions can adequately explain the bonding content of character friendship. We conclude that there is a higher affective tier related to moral emotions and moral behaviour, which we have labelled the ‘bonding feeling’. This feeling is described with reference to its historical precedents (Rof Carballo’s ‘affective warp’), thus explaining its particularity. (shrink)

Inspired by the assertion that preventative measures can prevent the failure of business enterprises, this paper sought to determine the types of internal controls and the degree to which SMEs implemented them in the central business district of Harare in Zimbabwe. By completing semi-structured questionnaires, the 135 respondents generated the quantitative data, which was analysed utilising Version 25 of the Statistical Package for the Social Sciences (SPSS) software. The results revealed that the conventional internal controls which are customary in larger (...) business enterprises were either absent or not adequately implemented in the SMEs. A cross-gender comparison suggested that female-led SMEs were more likely to implement internal control systems than their male counterparts. By empirically justifying the need for internal control systems in SMEs, this paper contributes to both theory and practice, by reaffirming the effectiveness of internal controls and emphasising how their effective implementation can increase the sustainability of this business cohort. (shrink)

Despite the many advantages that mobile money o ers to Small and Medium-sized Enterprises (SMEs) relative to traditional banking services, the majority of stakeholders of this platform have not yet maximised its use owing to several concerns not limited to trust, awareness, and even cost. To examine the factors justifying the adoption and usage of Mobile Money Services (MMS) among SMEs, the types of Mobile Money Services used by these SMEs, and the interdependences between these variables, this study adopted an (...) exploratory approach. The researchers elected to use a mixed-method approach, which necessitated the usage of a survey questionnaire and structured in-depth interviews. Representatives of 12 SMEs were interviewed during the qualitative phase to corroborate the 285 SMEs surveyed in the quantitative part of the study. Descriptive and inferential statistics were adopted to analyse the quantitative data using the Statistical Packages for Social Sciences version 26 (SPSS version 26). The researchers described the qualitative data according to themes, and the findings were combined after that. While no single factor was accountable, it emerged that accessibility, safety, and convenience were the main factors that entice SMEs in Douala, Cameroon to embrace mobile money services in the effort to receive money from clientele, pay suppliers, and purchase airtime for additional transactions (most preferred mobile money services). Furthermore, it was found that there was a statistically significant association between most of the motivating factors cited and the most preferred mobile money services used by SMEs in Douala. These findings validate the role that mobile money plays in promoting the inclusive finance agenda for SMEs, mainly in the context of emerging economies where the majority of people and businesses do not have access to banking services and therefore may be of interest to policymakers and different stakeholders. Furthermore, an identification of the types of mobile money services businesspersons mostly use in Douala, a business hub, may help to develop businesses by directing the stakeholders to agenda items of interest in the context of Cameroon. (shrink)

In the meantime, critically needed is a comprehensive regulatory framework that enables not only state-owned but also non-state enterprises to be able to issue a wide range of bonds legitimately. This move will certainly pave the way towards a functional corporate bond market and open up the funding channel for enterprises via bond issues.

Philip Goff has recently argued that due to the ‘subject-summing problem’, panpsychism cannot explain consciousness. The subject-summing problem is a problem which is analogous to the physicalist's explanatory gap; it is a gap between the micro-experiential facts and the macro-experiential facts. Goff also suggests that there could be a solution by way of a ‘phenomenal bonding relation’, but believes that this solution is not up to scratch because we cannot form a positive not-merely-role-playing concept of this relation. In this paper, (...) I argue that the phenomenal bonding solution is up to scratch. I argue that the panpsychist, by carefully inspecting their phenomenology and scrutinising their concepts, can form a positive concept of the phenomenal bonding relation. By doing this they can start to get around their explanatory gap. (shrink)

We investigate the causal uncertainty surrounding the flash crash in the U.S. Treasury bond market on October 15, 2014, and the unresolved concern that no clear link has been identified between the start of the flash crash at 9:33 and the opening of the U.S. equity market at 9:30. We consider the contributory effect of mini flash crashes in equity markets, and find that the number of equity mini flash crashes in the three-minute window between market open and the Treasury (...) Flash Crash was 2.6 times larger than the number experienced in any other three-minute window in the prior ten weekdays. We argue that (a) this statistically significant finding suggests that mini flash crashes in equity markets both predicted and contributed to the October 2014 U.S. Treasury Bond Flash Crash, and (b) mini-flash crashes are important phenomena with negative externalities that deserve much greater scholarly attention. (shrink)

In the prehistoric time, there was an inclination of human beings to protect their existence by living in societies. They confine themselves in the society because of having their qualities of mutual love and amity. The general tendencies of human beings are to develop bonds. These bonds happen in various ways. Society cannot survive without bonds. Bonds have significance in philosophical discussion. In the history of contemporary philosophy, applied philosophy is one of the several other aspects. (...) Applied philosophy deals with Human rights, Euthanasia, Feminism, Abortion, Animal rights, Bonds etc. Brenda Almond, a leading figure in applied philosophy, has offered arguments in favor of her viewpoint regarding the importance of human bonds. In this paper, Almond‟s view on the nature and significance of bond has been analyzed. However, bond has also been studied from ethical perspective in this paper. And finally, it is claimed that marriage and cosmopolitanism make bonds stronger. Philosophy and Progress, Vol#61-62; No#1-2; Jan-Dec 2017 P 147-164. (shrink)

The article deals with a new financial tool of attracting capital, known as Initial Coin Offering (ICO). In conditions of reduced banking lending and difficult access to finance for SMEs, ICO is viewed to be one of the possible ways to access capital. It considers the main advantages and disadvantages of ICO performance, including its typical features, challenges and regulatory approaches to tax regulation, cybersecurity. The authors of the article determine stages of the ICO mechanism, identifying potential risks and ways (...) to mitigate them, focusing primarily on the need to control and regulate ICO projects. The authors identify the main types of ICO funding, including hybrid and pure funding. The research contains an analysis of ICO trends and their duration for the period of 2013-2017. The capital raised through ICO performance over the period of 2013-2017 is analysed, and determination of the exponential trend line showing the level of its approximation is determined. The study covers the territorial distribution of ICO, in which the top positions regarding the amount of capital raised by ICO are attributed to the USA and EU member states. The existence of ICO regulation in European countries, such as Switzerland and UK, was defined positive in terms of further development of the relevant regulation in the financial market. The article considers the best ICO practices in EU member states. To mitigate risks relating to ICO performance and to increase the level of investment, it would be reasonable to create regulatory rules in every country where cases of ICO performance are reported, based on the practice of the mentioned European countries. The authors give recommendations regarding ICO regulation in Ukraine, taking into consideration the relevant European experience. (shrink)

Despite small and medium enterprises (SMEs) being numerically predominant and the most vulnerable role players in the economy of many countries, little research has been conducted on risk management and sustainability of SMEs operating in the Fast Moving Consumer Goods (FMCG) sector of South Africa. This study fills this knowledge gap by investigating the extent to which risk management processes of SMEs operating in the FMCG sector of South Africa incorporate a robust analysis of sustainability factors. We achieve this by (...) distributing questionnaires to a sample of 320 FMCG SMEs in the Cape Metropolitan area. Qualitative data were gathered by interviewing two risk experts to validate the quantitative data gathered through a survey questionnaire. The results show that the risk management processes of FMCG SMEs do not incorporate a robust analysis of the components of sustainability, negatively affecting their survival. Apart from filling the knowledge gap, the study has also significant implications for FMCG SME owner-managers and policymakers while revealing future research avenues. (shrink)

The importance of corporate social responsibility is shaping investment decisions and entrepreneurial actions in diverse perspectives. The rapid growth of SMEs has tremendous impacts on the environment. Nonetheless, the economic emergence plan of Cameroon has prompted government support of SMEs through diverse projects. This saw economic growth increased to 3.8% and unemployment dropped to 4.3% caused by the expansion of private sector investments. The dilemma that necessitated this study is the response strategy of SMEs operators towards environmental sustainability. This study, (...) thus seeks to examine the effects of entrepreneurial intentions and actions on environmental sustainability. The research is a conclusive case study design supported by the philosophical underpins of objectivism ontology and positivism epistemology. Data was sourced from four hundred (400) SMEs operators purposively sampled from the Centre and Littoral regions of Cameroon using structured questionnaire. Data was analysed using the Structural Equation Modelling technique with the aid of statistical packages including: SPSS 24 and AMOS 23. The study revealed that entrepreneurial action has weak positive statistical significant impacts on environmental sustainability; whereas entrepreneurial intention has strong positive statistical significant effects on environmental sustainability. Entrepreneurial intention comprised of self-efficacy and perceived control whereas, entrepreneurial actions involved entrepreneurial alertness and uncertainty. This study concludes that entrepreneurs in Cameroon have sustainable intentions to protect the environment but; the current actions taken are inadequate. This research recommends that entrepreneurs should enhance efforts toward attaining the state of genuine sustainability. (shrink)

This paper presents a new model for valuing hybrid defaultable financial instruments, such as, convertible bonds. In contrast to previous studies, the model relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is mainly due to convertible underpricing. Empirically, however, we do not (...) find evidence supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

This paper has been presented at the Charles S. Peirce Society’s 10-Minute Thesis Initiative: “His Glassy Essence in Relation” on February 18, 2023, where papers were also presented by Professor Doctor António Manuel Martins and Professor Doctor Mohammad Shafiei, respectively affiliated to the Coimbra Institute for Philosophical Studies and Shahid Beheshti University. -/- The edition “His Glassy Essence in Relation” of the Charles S. Peirce Society’s 10-Minute Thesis Initiative has been jointly organized by Aaron Wilson, António Manuel Martins, Mohammad Shafiei, (...) Richard Kenneth Atkins, and Robert Junqueira. The second, the third, and the last all presented papers, while the first one presided over the proceedings. The second to last was responsible for creating the bridge that enabled it all to take place. -/- The 10-Minute Thesis Initiative is an ongoing cycle of the Charles S. Peirce Society. This edition in particular benefited from the collaboration of the Coimbra Institute for Philosophical Studies and the Shahid Beheshti University. This text has been published in PhicaRe (Philosophy & Care Repository) of the Institute for Philosophical Studies of the Faculty of Arts and Humanities of the University of Coimbra. -/- How to cite (Chicago Manual of Style 17th Edition): Junqueira, Robert. “Peirce and the Coimbra Jesuit Course: A Bond Far More Pervasive Than Commonly Believed.” In PhicaRe (Philosophy & Care Repository), 1–12. Coimbra: Institute for Philosophical Studies, 2023. DOI: 10.5281/zenodo.7607786. (shrink)

The philosopher and his passion for the “gentle sex”.

This paper argues that the reduced-form jump diffusion model may not be appropriate for credit risk modeling. To correctly value hybrid defaultable financial instruments, e.g., convertible bonds, we present a new framework that relies on the probability distribution of a default jump rather than the default jump itself, as the default jump is usually inaccessible. As such, the model can back out the market prices of convertible bonds. A prevailing belief in the market is that convertible arbitrage is (...) mainly due to convertible underpricing. Empirically, however, we do not find evidence supporting the underpricing hypothesis. Instead, we find that convertibles have relatively large positive gammas. As a typical convertible arbitrage strategy employs delta-neutral hedging, a large positive gamma can make the portfolio highly profitable, especially for a large movement in the underlying stock price. (shrink)

This article deals with women-centred prose texts of the 1990s and 2000s in Russia written by women, and focuses especially on generation narratives. By this term the author means fictional texts that explore generational relations within families, from the perspective of repressed experiences, feelings and attitudes in the Soviet period. The selected texts are interpreted as narrating and conceptualizing the consequences of patriarchal ideology for relations between mothers and daughters and for reconstructing connections between Soviet and post-Soviet by revisiting and (...) remembering especially the gaps and discontinuities between (female) generations. The cases discussed are Liudmila Petrushevskaia’s ‘povest’ Vremia noch [The Time: Night] (1991), Liudmila Ulitskaia’s novel Medeia i ee deti [Medea and her Children] (1996) and Elena Chizhova’s novel Vremia zhenshchin [The Time of Women] (2009). These novels reflect on the one hand the woman-centredness and novelty of representation in women’s prose writing in the post-Soviet period. On the other hand, the author suggests that they reflect the diverse methods of representing the Soviet era and experience through generation narratives. The texts reassess the past through intimate, tactile memories and perceptions, and their narration through generational plots draws attention to the process of working through, which needs to be done in contemporary Russia. The narratives touch upon the untold stories of those who suffered in silence or hid the family secrets from the officials, in order to save the family. The narration delves into the different layers of experience and memory, conceptualizing them in the form of multiple narrative perspectives constructing different generations and traditions. In this way they convey the ‘secrets’ hidden in the midst of everyday life routines and give voice to the often silent resistance of women towards patriarchal and repressive ideology. The new women’s prose of the 1980s–90s and the subsequent trend of women-centred narratives and generation narratives employ conceptual metaphors of reassessing, revisiting and remembering the cultural, experiential, and emotional aspects of the past, Soviet lives. (shrink)

This paper interprets the demonstrative retreat from public life and the promotion of self-improvement in Seneca’s later works as a political undertaking. Developing arguments by THOMAS HABINEK, MATTHEW ROLLER and HARRY HINE, it suggests that Seneca promoted the political vision of a cosmic community of progressors toward virtue constituted by a special form of progressor friendship, a theoretical innovation made in the Epistulae morales. This network of like-minded individuals spanning time and space is open to anyone who shares the other (...) members’ commitment to the improvement of one’s own self and that of others. By advertising such self-care and courting his readers as prospective friends, the author of the Epistulae morales aims to recruit new members for that community, in particular in the first nine letters. (shrink)

This is a critical discussion of Bernard Chapais' Primeval Kinship (Harvard, 2008).

Many nongovernmental forms of business regulation aim at reducing ethical violations in commerce. We argue that such nongovernmental ethics standards, while often laudable, raise their own ethical challenges. In particular, when such standards place burdens upon vulnerable market participants (often, though not always, SMEs), they do so without the backing of traditional legitimate political authority. We argue that this constitutes a structural analogy to wars of humanitarian intervention. Moreover, we show that, while some harms imposed by such standards are desirable, (...) others are best thought of as a form of collateral damage. We thus look at the well-developed literature on just war theory for inspiration and find that the principles of jus ad bellum and jus in bello contain many insights that can be fruitfully adapted to the case of nongovernmental standard-setting. Consequently, we propose the Ius ad Normam—a set of principles that should guide would-be standard-setters in assessing whether imposing those burdens is ethically justifiable in particular cases. We also discuss how powerful multinational businesses often act simultaneously as standard-takers and standard-setters and explore the normative implications of this dual role. (shrink)

The focus of the research is to develop recommendations of smart specialization (SS) for Ukrainian policymakers using European approaches. The authors revealed that the main SS projects are presented in such sectors as agri-food, industrial modernization and energy. More than 12 EU countries were the plot for conducted analysis of SS, as a result of which the level of activity of each country was determined. The creation of consortiums, including SMEs, associations, universities and other participants, disclosed the successful way of (...) SS realization. The structure of SME’s innovative potential in Ukraine was identified underlining their main characteristic features like types of innovations and innovative activity, differentiation according to enterprise size, their regional distribution. The authors explored lack of innovations on regional and national level and significant territorial disparities, which could be eliminated through policy implementation of regional SS. The existing legislative norms for possibility of SS implementation in Ukraine were analyzed due to correspondence with the EU ones. The analysis provides the opportunity to consider them only as general framework documents without any action plans and sectoral prioritization at all. The weak points of these law documents are emphasized. As a result of research, the authors developed recommendations presented by direct action plan for Ukrainian policymakers, which include such activities as underlining key priorities (especially ICT applicability in every SS project) and their correspondence with the EU ones; eliminating regional imbalances by focusing on innovation development and reorientation of some regions according to SS priorities; respecting regional existing capacities; providing organizational mechanism for cooperation of stakeholders and financial mechanism for SS support through the EU structural funds. (shrink)

Over the past three decades, Vietnam has transitioned from an agrarian-based, centrally planned economy to a mixed economy with emerging market status. Additionally, projections indicate that Vietnam will be one of the world’s largest economies by 2050 if growth is sustained at present rates. The evolution of the financial sector, which began with the Doi Moi reforms in the mid-1980s, has been central to facilitating this growth. As the economy has expanded, Vietnam has maintained a gradualist approach to developing market-based (...) mechanisms of resource allocation. However, financial markets are still in an embryonic stage and substantial reform is required if the economy is to meet the expected rates of development. Against this backdrop, this dissertation critically evaluates trends and dynamics in Vietnam’s journey of financial development over the past three decades, with a particular emphasis on the experiences of small and medium-sized enterprises (SMEs). Drawing on quantitative analysis, secondary data and interviews conducted with a range of firms and stakeholders, I argue that financial development in Vietnam has had positive effects in terms of increasing access to funding for SMEs. As the financial system has developed, allocative efficiency has improved to the benefit of SMEs. However, some informants criticised the progress made to date, arguing that a funding mismatch still exists. Specifically, weak corporate governance, state-owned enterprises and a lack of derivatives have prevented effective capital market development. Given Vietnam’s high level of political corruption, this paper concludes that policy makers must place more attention on the political-economic structures of Vietnam if achieving middle-income status is to occur. Specifically, a tighter and more controlled effort to dismantle corporate bureaucracy and nepotism would allow better access to funding for Vietnamese SMEs. (shrink)

The exclusive relationship, either as a pair or even as a married pair, has regained its attraction. Obviously, the traditional roles, the economically dependent woman who stands by the side of the ‘strong man’, no longer represent the pair bond.

This paper examines the relationship of ethical decision-making by individuals to corporate business ethics and organizational performance of three groups: SMEs, Outstanding SMEs and Large Enterprises, in order to provide a reference for Taiwanese entrepreneurs to practice better business ethics. The survey method involved random sampling of 132 enterprises within three groups. Some 524 out of 1320 questionnaires were valid. The survey results demonstrated that ethical decision-making by individuals, corporate business ethics and organizational performance are highly related. In summary, then, (...) high levels of organizational performance were directly attributable to high levels of applied corporate and individual ethics. Furthermore, there is a demonstrable tendency for Outstanding SMEs to reject ethically unsound practices such as padded expense accounts, tax evasion and misleading advertising. The measurement criteria used to assess organizational performance, however, did not include an objective evaluation of financial performance. (shrink)

We can share experiences with a person online, but the experiences seem thin when compared with face-to-face experiences. Online adventures (social networking, gaming) can certainly strengthen friendship bonds that were forged in more embodied interactions, but can they create those bonds? The kind of presence required for deep friendship does not seem cultivated in many online interactions. Presence in friendship requires “being with” and “doing for” (sacrifice). The forms of “being with” and “doing for” on social networking sites (...) (or even in interactive gaming) seem trivial because the stakes are very low. More important, the “shared space” of digital life is disembodied space. We cannot really touch one another, smell one another, detect facial expressions or moods, and so on. Real bonding is more biological than psychological and requires physical contact. The emotional entanglement of real friendship produces oxytocin and endorphins in the brains and bodies of friends — cementing them together in ways that are more profound than other relationships. -/- It is possible that virtual reality and augmented reality technology will soon be able to generate such friendship-forming experiences. Having embodied adventures with another person — even in a V.R. suit — is more likely to trigger the deeper oxytocin-based bonding. Current social networking, however, seems to privilege the shallow triggers of the brain’s reward system (dopamine squirts in the ventral tegumental area). (shrink)

Music and language are universal human abilities with many apparent similarities relating to their acoustics, structure, and frequent use in social situations. We might therefore expect them to be understood and processed similarly, and indeed an emerging body of research suggests that this is the case. But the focus has historically been on the individual, looking at the passive listener or the isolated speaker or performer, even though social interaction is the primary site of use for both domains. Nonetheless, an (...) important goal of emerging research is to compare music and language in terms of acoustics and structure, social interaction, and functional origins to develop parallel accounts across the two domains. Indeed, a central aim of both of evolutionary musicology and language evolution research is to understand the adaptive significance or functional origin of human music and language. An influential proposal to emerge in recent years has been referred to as the social bonding hypothesis. Here, within a comparative approach to animal communication systems, I review empirical studies in support of the social bonding hypothesis in humans, non-human primates, songbirds, and various other mammals. In support of this hypothesis, I review six research fields: (i) the functional origins of music; (ii) the functional origins of language; (iii) mechanisms of social synchrony for human social bonding; (iv) language and social bonding in humans; (v) music and social bonding in humans; and (vi) pitch, tone and emotional expression in human speech and music. I conclude that the comparative study of complex vocalizations and behaviors in various extant species can provide important insights into the adaptive function(s) of these traits in these species, as well as offer evidence-based speculations for the existence of “musilanguage” in our primate ancestors, and thus inform our understanding of the biology and evolution of human music and language. (shrink)

Введение. С учётом приоритетов государственной политики в сфере экономического и инновационного развития Пермского края, оценки регионального потенциала цифровой экономики, стратегического значения хозяйственной деятельности, реализуемой субъектами малого и среднего предпринимательства, для экономики региона и страны в целом дана оценка фактическому воздействию норм, посвящённых инструментам развития малого и среднего предпринимательства в Пермском крае. Цель. Цель настоящего исследования заключается в совершенствовании региональной нормативной платформы инструментов развития субъектов малого и среднего предпринимательства в Пермском крае с целью завоевания им статуса инвестиционно привлекательного региона в условиях (...) цифровой экономики Российской Федерации с учётом Стратегии развития информационного общества в Российской Федерации, что в конечном счёте будет способствовать развитию в Пермском крае электронного бизнеса, санации и повышению конкурентоспособности экономики Пермского края на глобальном рынке. Методология. Общеметодологическую основу исследования составил диалектико-материалистический метод познания правовой действительности, позволивший исследовать инструменты развития субъектов малого и среднего предпринимательства в Пермском крае в их развитии, рассмотреть проблематику инструментария комплексного развития малого и среднего предпринимательства в Пермском крае с учётом изменившихся социально-экономических условий в неразрывном единстве с иными смежными инструментами, актуальными для нужд цифровизации общества. В работе были использованы такие универсальные научные методы, как анализ и синтез доктринальных и нормативных материалов. Кроме того, применялись специально-юридические методы: метод правового моделирования, позволяющий конструировать возможные правовые ситуации при использовании цифровых инструментов развития субъектов малого и среднего предпринимательства в Пермском крае; метод системного толкования, применяемый при оценке фактического воздействия региональных норм, посвящённых инструментам развития малого и среднего предпринимательства в Пермском крае. Результаты. В статье предложен такой новый инструмент развития субъектов малого и среднего предпринимательства, как региональная электронная платформа для продвижения товаров, работ и услуг субъектов малого и среднего предпринимательства Пермского края. Уделено внимание и уровню цифровой грамотности субъектов малого и среднего предпринимательства и потребителей их товаров, работ и услуг: сделан вывод о недостаточном уровне обладания цифровыми компетенциями. Заключение. Необходимо совершенствовать региональную нормативную платформу с учётом экономических тенденций. Так, важно повсеместно внедрять цифровые компетенции, в том числе на профессиональном уровне применительно к субъектам малого и среднего предпринимательства Пермского края, с целью повышения бизнес-активности молодёжи и иных представителей трудоспособного населения. Что касается собственно внедрениях новых инструментов развития малого и среднего предпринимательства в Пермском крае, то региональному законодателю предлагается разработать за счёт средств регионального бюджета новую электронно-информационную платформу для продвижения товаров, работ и услуг, реализуемых субъектами малого и среднего предпринимательства Пермского края. Предложенные меры по активизации хозяйственной деятельности субъектов малого и среднего предпринимательства могут быть восприняты и другими регионами. (shrink)

This short conference paper serves as a distillation of a keynote address delivered at the the Second National Conference on Management and Higher Education Trends & Strategies for Management & Administration hosted by Bangkok-based Stamford International University (Thailand) on November 1, 2014. Innovation is discussed as the heart of entrepreneurial processes occurring in today's capitalist economic systems, including transition economies like China and Vietnam, which underscores economic competitiveness of firms and economies. But the innovation effort and process also face dilemma (...) of "entrepreneurial curse of innovation". Advantages and disadvantages are weighed for a more balanced view, especially in the context of outnumbering SMEs and given existence of pitfalls and traps along the innovation path of development. Toward the end, the value of the market is once again stressed amid the concern of subjective assumption and illusion about availability of market opportunities in the mind of innovators, which may contrast totally with the dismal outcome the actual market realities may show ex post. (shrink)

V práci sa zaoberám kritickou expozíciou argumentačných schém v kontexte pragma-dialektického prístupu k argumentácii. Nadväzujem pritom na prácu Hitchcocka a Wagemansa (2011), ktorí sa sústredili najmä na problémy súvisiace s typológiou argumentačných schém v pragma-dialektike. Pozorovania Hitchcocka a Wagemansa sú v priebehu výkladu kriticky hodnotené, prípadne upravené. Časť kritiky, ktorú v práci uvádzam, súvisí s tým, že niektoré dôležité aspekty argumentačných schém sú v rôznych pragma-dialektických publikáciách prezentované odlišne bez toho, aby sa odlišnosť akokoľvek komentovala, alebo zdôvodnila. Existencia takýchto zdôvodnení (...) nie je pritom iba znakom, ale aj nevyhnutnou podmienkou toho, aby sme akúkoľvek zmenu mohli nazývať pokrokom v teórii. Posledná časť práce je zameraná na problémy týkajúce sa hodnotenia argumentácie v pragma-dialektickom prístupe. Hoci článok prináša vlastné pozitívne návrhy, dôraz a celkový zámer spočíva predovšetkým na expozícii nedostatkov súčasného stavu pragma-dialektickej koncepcie argumentačných schém. Kľúčové slová: argumentačné schémy, kritické otázky, pragma-dialektický prístup k argumentácii, hodnotenie argumentov. (shrink)

The rediscovery of the silver-backed chevrotain, an endemic species to Vietnam, in 2019, after almost 30 years of being lost to science, is a remarkable outcome for the global conservation agenda. However, along with the happiness, there is a tremendous concern for the conservation of the species as eating wildmeat, including chevrotain, is deeply rooted in the socio-cultural values of Vietnamese. Meanwhile, conservation plans face multiple obstacles since the species has not been listed in the list of endangered, precious, and (...) rare wildlife prioritized for protection and is still classified by the IUCN as lacking data. Given the limited effectiveness of conservation measures, this essay discusses the determining roles of local actions, community cooperation, and humanistic values oriented toward eco-surplus culture in addressing the global biodiversity conservation agenda, specifically the conservation of the silver-backed chevrotain. Local actions and community cooperation for conservation can be actualized to achieve conservation goals through citizen and community sciences, integration of modern technologies (e.g., Internet, crowdfunding platforms, social media, AI, etc.), and the bonding capability of humanistic values that prioritize environmental healing. Communicating conservation information to the community, especially the children, has to stimulate their thinking and imagination about nature, develop their curiosity and desire to protect wildlife, and eventually build eco-surplus core values in their mindsets. To successfully awaken the humanistic values within the community and incorporate them into conservation endeavors, the conservation message with the name “mouse-deer”, “chevrotain”, or scientific name (Tragulus versicolor) is largely insufficient as they show an unfamiliar feeling. Therefore, we suggest calling the mouse-deer “cheo cheo”, a local name that can create familiarity and closeness, awaken the environmental conscience and humanistic values, and stimulate thinking and imagination. All these factors are essential for conservationists, scientists, and the government to support the community in building the eco-surplus culture. (shrink)

Text představuje aktivní role-playing jako výzkumnou experimentální metodu v sociálních vědách. Zasazuje role-playing do rámce simulačních výzkumných metod, rozkrývá jeho epistemo- logii a dosavadní metodologická uchopení zejména v sociální psychologii. Hlavní linií textu je obhajoba epistemologických kvalit metody a experimentu v sociálních vědách obecně. Inspiračním zdrojem je zde na jedné straně Latourova kvalitativní sociologie asociací, tázající se po původu sociality a problematizující samotný před- mět sociálních věd, tj. sociálno. A na druhé straně přístupy naturalizující sociálně- vědné výzkumy propojením s kognitivní (...) vědou. V tomto ohledu je naším klíčovým předpokladem pro smysluplné uchopení sociální reality v její simulované podobě shodnost kognitivních mechanismů skutečného i simulovaného jednání. V pojetí textu jsou oba zdroje spojeny jejich akcentem na tematizaci sociálna jako inter-psychologického fenoménu mezi tradiční mikro a makro úrovní. Analogií s Petriho miskou text promýšlí posunutí původní metody situační sociální psycho- logie směrem k využití konstruovaných diegetických liminálních situací jako svého druhu laboratoří sociálna. (shrink)

In this article, I defend the pragmatic relevance of race in history. Kant and Hegel's racist development thesis assumes that nonwhite, non-European racial groups are defective practical agents. In response, philosophers have opted to drop race from a theory of history and progress. They posit that denying its pragmatic relevance amounts to anti-racist egalitarianism. I dub this tactic “colorblind cosmopolitanism” and offer grounds for its rejection. Following Du Bois, I ascribe, instead, a pragmatic role to race in history. Namely, Du (...) Bois argues that race is an “instrument of progress” that advances emancipatory struggle. He appeals to the writing of history—or historiography—to cultivate group consciousness of historical memory in order to strengthen intragroup bonds among the racially oppressed, especially black Americans, and create intergroup bonds that reconstruct the republic on the basis of universal ideals. I detail Du Bois's defense of the black struggle for freedom in the wake of the U.S. Civil War to provide a concrete illustration of “spirit” in American history. (shrink)

In her provocative discussion of the challenge posed to the traditional impartialist, justice-focused conception of morality by the new-wave care perspective in ethics, Annette Baier calls for ‘a “marriage” of the old male and newly articulated female... moral wisdom,’ to produce a new ‘cooperative’ moral theory that ‘harmonize[s] justice and care.’ I want in this paper to play matchmaker, proposing one possible conjugal bonding: a union of two apparently dissimilar modes of what Nel Noddings calls ‘meeting the other morally,’ a (...) wedding of respect and care. (shrink)

This chapter argues for deregulation of the credit-rating market. Credit-rating agencies are supposed to contribute to the informational needs of investors trading bonds. They provide ratings of debt issued by corporations and governments, as well as of structured debt instruments (e.g. mortgage-backed securities). As many academics, regulators, and commentators have pointed out, the ratings of structured instruments turned out to be highly inaccurate, and, as a result, they have argued for tighter regulation of the industry. This chapter shows, however, (...) that the role of credit-rating agencies in achieving justice in finance is not as great as these commentators believe. It therefore argues instead for deregulation. Since the 1930s, lawgivers have unjustifiably elevated the rating agencies into official, legally binding sources of information concerning credit risk, thereby unjustifiably causing many institutional investors to outsource their epistemic responsibilities, that is, their responsibility to investigate credit risk themselves. (shrink)

The global pandemic of COVID 19 has changed consumer behaviour to reduce the risk. This is common for all interpersonal interactions of individuals especially in maintaining the recommended interpersonal distance based on the recommendations from the health experts. Sri Lanka as a developing country affected by COVID 19, observed changes in individuals' day today’ consumption decision making due to pandemic. Importantly the retailing sector is highly influenced by the conditions since the frequency of interpersonal interactions and degree of interaction is (...) higher in the retailing sector. Interestingly the retailing sector with its largest contributor, the SMEs need to identify the unique changes that happen to the consumer behaviour in responding to them. Accordingly, the objective of the study is to examine the impact of infectious disease risk on the perceived retail crowding in two perspectives of human density and the spatial density. The study has used a quantitative survey in collecting data with the online self-administrated questionnaire with a sample of 100 consumers. Data analysis has been done by using a PLS-SEM with the support of SmartPLS version 3. The key findings of the study emphasize the significant positive influence of infectious disease risk on human density as well as on the spatial density. Based on the findings the study attempts to provide the implications for the retailing industry to cope with situational changes in the environment. (shrink)

The emergence of the Internet and various forms of virtual communities has led to the impact of a new social space on individuals who frequently replace the real world with alternative forms of socializing. In virtual communities, new ‘friendships’ are easily accepted;however,how this acceptance influences cultural identity has not been investigated. Based on the data collected from 443 respondents in the Republic of Serbia, authors analyzethisconnexion,as well as how the absorption of others’ cultural values is reflected on the local cultural (...) values. The results show that the adoption of others’ cultural values diminished the bond with the local community. The present paper adds to the theory of virtual communities by examining the relationship between the acceptance of an unknown person in a virtual community and its effects on cultural identity. This study contributes to the clarificationof the impact that virtual networking has on cultural identity. (shrink)

Although they were never to meet and corresponded only briefly, Catharine Macaulay and Mary Wollstonecraft shared a mutual admiration and a strong intellectual bond. Macaulay’s work had a profound and lasting effect on Wollstonecraft, and she developed and expanded on many of Macaulay’s ideas. While she often took these in a different direction, there remains a great synergy between their ideas to the extent that we can understand Wollstonecraft’s own feminist arguments by approaching them through the frameworks and ideas that (...) Macaulay provided. These included the principles of classical republicanism, particularly in its understanding of the values of freedom, equality and virtue, and an understanding of reason as grounded in immutable principles that apply equally to both sexes. On the question of women’s freedom and social equality with men, I argue that though Macaulay sets up the problem in far richer and more detailed philosophical terms, in the end it is Wollstonecraft that has the more compelling account of its far-reaching social implications and of how this might be addressed. (shrink)

Corporate activities conducted under the banner of creating shared value (CSV) have gained popularity over the last decade, and some MNCs have espoused that CSV has entered the heart of their practices. There has, however, been criticism about the lack of a standard definition of CSV. The purpose of the current study was to develop a working definition of CSV by identifying distinctions between CSV and various conceptions of corporate social responsibility (CSR). We conducted 26 semi-structured interviews with managers and (...) stakeholder representatives of five multinational corporations (MNCs) and three small and medium enterprises (SMEs), all headquartered or rooted in Asia. These firms had received public recognition for their CSV engagement. We compared and contrasted interviewees’ conceptions and descriptions of CSV and traditional CSR (philanthropy) and mapped these against Carroll’s four-layer model of responsible corporate management. Interviewees tended to frame CSV as a sustainable business model that generates social and economic value simultaneously. Traditional CSR was characterized as “giving back” some of the surplus from economic returns. In addition, interviewees described examples of strategic CSR, which involved pump-priming interventions for empowering and enabling stakeholders of the CSV practices of the focal firm to participate in the associated wealth and well-being co-creation. Keywords: Corporate social responsibility, creating shared value, qualitative, Asia. (shrink)

This book covers the field of and points to the intersections between politics, art and philosophy. Its hero, the late Sir Roger Scruton had a longstanding interest in all fields, acquiring professional knowledge in both the practice and theory of politics, art and philosophy. The claim of the book is, therefore, that contrary to a superficial prejudice, it is possible to address the philosophical issues of art and politics in the same oeuvre, as the example of this Cambridge-educated analytical philosopher (...) proves. Accordingly, the book has a bold thesis on the general, theoretical level, mapping the connections between politics, art and philosophy. However, it also has a pioneering commitment on the level of the particular, offering the first full-length study into the philosophical legacy of Roger Scruton, probably the most important British conservative philosopher of the late 20th and the first decades of the 21st century. It also allows reader to look into the philosopher’s fascination with Central European art and culture. Finally, it also provides a daring analysis of the late Scruton’s metaphysical inspirations, connecting the arts, and especially music, with religion and the bonds of love. (shrink)