This paper provides an examination of some problems caused by the concentration of influence in the capital markets of developed countries. In particular, I argue that large asset managers exercise quasi-political power that is not democratically legitimate. In section two, I will examine the economic driver behind the size and power of the big asset managers: the passive investing revolution. I will discuss several respects in which this revolution has fundamentally changed capital markets, most notably by making a large share (...) of investors universal owners. In the third section, I argue for my central analytical conjecture: asset managers exercise quasi-political power. They use their influence to shape the rules of the game in public capital markets in order to implement social and environmental policies that have traditionally been the exclusive purview of states. “Asset manager capitalism” is a recent term coined to refer to the contemporary system of corporate governance that succeeded the Berle and Means corporation with its dispersed ownership; the argument of this section is that asset manager capitalism is also a new political-economic regime. In the fourth section I defend my central normative claim: asset manager capitalism is an untenable and illegitimate political-economic arrangement, for at least two reasons. First, the power of asset managers is not checked by any institutional constraints, and is not rendered legitimate by any democratic process. More fundamental than this procedural critique is an argument that the interests of asset managers could not be aligned with the public interest, given the fact that the distribution of capital is highly unequal. I conclude by discussing several proposals to reform asset manager capitalism. (shrink)

This capstone is centered around the development of an efficient electronic property inventory system tailored for school assets, driven by the overarching objective of resource optimization to ensure equitable access to vital materials for all learners. The methodology follows the “ISSO” framework (Ignite, Strategize, Systematize, Operationalize), complemented by a Logical Framework. The project employs a homegrown digitalized system constructed through a waterfall model approach, which undergoes alpha and beta testing. The study’s analysis utilizes a t-Test to evaluate its impact. (...) The outcomes reveal that real-time property monitoring significantly enhances custodianship, while digitalization yields improvements in reliability, efficiency, and usability, effectively overhauling the conventional inventory process. The electronic system fosters stakeholder engagement, supporting communication, budget allocation, and audits. Comparative testing demonstrates clear advantages over traditional manual methods. In conclusion, this study underscores the merits of a refined electronic property inventory system. Notably, the research suggests a need for careful consideration of process complexities in outsourcing decisions and showcases the swift, precise, and transparent accounting provided by e-AIMSS deployments, thereby nurturing transparency and public confidence. This innovative approach holds promise for broader application within the realm of e-government processes. (shrink)

The monograph highlights the results of research of theoretical, methodological and practical aspects of the formation of accounting information for the needs of management, regulatory regulation of the accounting system as an institutional factor in the organization and choice of forms of accounting of the enterprise, organization of accounting of assets, liabilities and results of agricultural enterprises. The problems of the methodology for organizing the accounting of individual objects and ways to solve them are revealed. The monograph is intended (...) for applicants of all levels of higher education, researchers, employees of agricultural enterprises, teachers who study the problems of organizing accounting. The materials of the monograph reflect the results of the research carried out in the framework of research work “Information resources for the formation of the mechanism of economic security of the enterprise for the purposes of management in a competitive environment” (state registration number 0119U100043). (shrink)

Many attempts to define privacy have been made over the last century. Early definitions and theories of privacy had little to do with the concept of information and, when they did, only in an informal sense. With the advent of information technology, the question of a precise and universally acceptable definition of privacy in this new domain became an urgent issue as legal and business problems regarding privacy started to accrue. In this paper, I propose a definition of informational privacy (...) that is simple, yet strongly tied with the concepts of information and property. Privacy thus defined is similar to intellectual property and should receive commensurate legal protection. (shrink)

This paper addresses the field of economic measurements of the value of assets, carried out by the methods of independent expert evaluation. The mathematical principles of application, within a comparative methodical approach, of additive and multiplicative models for correcting the cost of single indicator of compared objects have been considered. The differences of mathematical basis of the compared models were analyzed. It has been shown that the ambiguity in the methodology of correction procedure requires studying the advantages and disadvantages (...) of known models, as well as the justification and elaboration of recommendations for their application. Possible forms of correction representation using several alternative units of measurement have been defined; formulas for their interconnection have been built. Analytic expressions have been derived that mathematically describe the algorithms for performing the evaluation correction procedure using various forms of correction representation. The influence of the correction execution model on the characteristics of uncertainty in the independent evaluation result has been analyzed. The scope of two possible types of correction introduction models has been determined. A specific numerical example was used to demonstrate the methodological advantages of using a multiplicative model when summarizing percentage corrections. The independence of the correction result on the sequence of correction introduction has been confirmed. It is proposed to use the selected measure of partial corrections as a criterion for the adequacy of the correction introduction model. It is proved that the result of the independent expert evaluation depends on the chosen model and does not depend on the sequence of correction introduction. The reported study results are important in terms of theory and practice since they make it possible to improve the accuracy and reliability of the result of independent expert evaluation. (shrink)

This study constitutes an ethical analysis through the lens of distributive justice in the case of the Troubled Asset Relief Program (TARP), which was enacted in the midst of the Great Recession of 2007–2009. It begins by engaging with the visions of justice constructed by John Rawls and Robert Nozick, using their insights to locate the injustices of TARP according to their moral imaginations. However, this study argues that Rawls’ and Nozick’s theories of justice primarily envision the nature of law (...) as being restrictive of vice, not as instructors of virtue. Thus, it resources the legal philosophy of St. Thomas Aquinas to demonstrate how the positive pedagogy of law can enable a more just construction of economic rescue legislation, one that not only prevents future repetitions of economic vices and injustice, but is also formative for a society that prizes economic justice and virtues. In doing so, the study proposes two criteria for a more just consideration of economic rescue legislation that embraces law’s positive pedagogy. (shrink)

This article presents a comprehensive framework for valuing financial instruments subject to credit risk. In particular, we focus on the impact of default dependence on asset pricing, as correlated default risk is one of the most pervasive threats in financial markets. We analyze how swap rates are affected by bilateral counterparty credit risk, and how CDS spreads depend on the trilateral credit risk of the buyer, seller, and reference entity in a contract. Moreover, we study the effect of collateralization on (...) valuation, since the majority of OTC derivatives are collateralized. The model shows that a fully collateralized swap is risk-free, whereas a fully collateralized CDS is not equivalent to a risk-free one. (shrink)

Kenneth Arrow presents Rawls as making a controversial assumption, which he terms “asset egalitarianism”: that all the assets of society, including personal skills, are available for distribution. I distinguish two versions of the assumption and draw attention to difficulties in determining what Arrow’s concern over the assumption is.

The role of the cultural assets as one of the pillars of sustainable development is undeniably of great significance in the cultural sustainability of cities. Indeed, the way users understand and interpret cultural heritage sites would be highly critical to managing cultural organizations properly. It means by improving users’ perception of these sites, it can expect a fair distribution of comprehensive awareness among generations about the values of cultural assets. Past studies in spatial psychology have demonstrated that environmental (...) properties can positively Influence human emotions. On the other hand, using computational–mathematical methods used to examine spatio-visual properties have rarely been compared to human perceptions. This paper examines the impact of spatio-visual properties on human perception as a clever cultural management strategy to promote cultural sustainability. It is discussed how environmental features in general, and visibility in particular, can shape the way users interpret cultural heritage. Results indicate that not only visibility of users’ paths within cultural heritage sites can be an influential factor for the development of users’ perception, but also the visibility of the entrance of these complexes can change their understanding. This means that decision-makers, architects, and managers of the cultural organizations can apply these findings as cultural management framework by defining predefined paths in these sites in the way that they possess high visibility and visible entrance. Consequently, the distribution of public awareness among generations can be improved to strengthen the role of cultural aspects in sustainable development. (shrink)

The study present how in the late 1930s-1940s a new, modern pension system was introduced in America without any theoretical basis, as a kind of arbitrary mix of existing pension systems, to replace the by then non-functioning “traditional pension system” in which working children maintained their ageing parents in exchange for having been raised. Later, in 1958, they found an ideology for the system, “solidarity between generations,” but this didn’t fit in with the system’s economic foundations, with the fact that (...) the modern, pay-as-you-go pension system distributes the profits of raising children amongst the older generation regardless of how much people have contributed to it. This made raising children unprofitable, which provided a strong incentive to avoid it, thus launching the ageing process. Moreover, the modern pension system, also as a result of ageing, is making increasingly large and uncovered promises to the retired generation. The system may be repaired by matching the asset side to the liabilities side, for example, by only promising a pension to those who have contributed to the system, and only to the extent of that contribution. Contribution payments are an obligation, the repayment of the cost of people’s upbringing, with relation to which no pension is automatically due. By doing so, the 3rd pillar of the modern pension system will also have been capitalized using a special kind of capital: human capital. (shrink)

Many multinational corporations develop business operations in Europe. The current research attempts to fill the gap on how corporations can increase their political influence in this geography by exploring the joint effect of corporate political activity(CPA) and social responsibility (CSR) on political embeddedness and financial performance. Based on institutional theory and on a sample of autochthonous (European Union [EU]) and allochthonous (non-EU) firms with declared EU lobbying (from 2008to 2019) we conducted two studies. Based on a multi-level model, Study 1 (...) finds strong and robust evidence that boardroom gender diversity and EU lobbyists inter-actively increase EU political embeddedness. Complementarily, Study 2, which relies on general linear Modeling, suggests that allochthonous corporations are more profit-able when they display high-level political embeddedness and lobbying expenditures, combined with adoption of United Nations (UN) guidelines. Overall, findings show that lobbying in Europe pays off, especially when corporations strive to be aligned with EU ethical values and aspirations. Hiring lobbyists to be based in Brussels and promoting gender equality help establish EU political connections. Subsequently, findings highlight the role that EU political embeddedness, lobbying expenditures, and UN guidelines play in leveraging financial performance, especially across non-EU corporations. Regarding EU corporations, results show that a firm-level investment on CPA-CSR is particularly important. Overall, findings from this research support corporations that are growing businesses in Europe. KEYWORDScorporate political activity, corporate social responsibility, lobbying, return on assets (ROA),United Nations (UN_. (shrink)

The study aimed to determine the personal financial management practices among selected personnel of the Bureau of the Treasury – Central Office. It used the descriptive method of gathering data. The respondents of the study consisted of 183 personnel from 35 divisions of the Bureau and selected through simple random probability sampling technique. The study shown that most of the respondents aged 26 to 35 years old, female, single, bachelor’s degree holder, rank and file workers, permanent employees, have been in (...) the agency for 5 years and below and with monthly compensation ranging from P15,001 – P30,000. In terms of financial planning, most of the respondents set their short and long-term financial goals. In terms of money management, most of the respondents saved so that they do not need to borrow from others. In terms of income and asset protection, most of the respondents considered uncertainties for their future. And in terms of investments, most of the respondents purchased government securities. The researcher recommended to utilize various social media platforms as an avenue for financial planning, start considering the use of credit management in the acquisition of their needs, understand the need of acquiring non-life insurance and start familiarizing themselves in the concept of the derivatives market. Also, the Bureau of the Treasury should initiate seminars/webinars about how to start writing a financial plan, effective ways in managing finances, the vital role of insurance and estate planning, and possible ways in earning money when investing on securities and derivatives. (shrink)

This study examined the determinants of trust in artificial intelligence (AI) in the area of asset management. Many studies of risk perception have found that value similarity determines trust in risk managers. Some studies have demonstrated that value similarity also influences trust in AI. AI is currently employed in a diverse range of domains, including asset management. However, little is known about the factors that influence trust in asset management-related AI. We developed an investment game and examined whether shared investing (...) strategy with an AI advisor increased the participants’ trust in the AI. In this study, questionnaire data were analyzed (n=101), and it was revealed that shared investing strategy had no significant effect on the participants’ trust in AI. In addition, it had no effect on behavioral trust. Perceived ability had significantly positive effects on both subjective and behavioral trust. This paper also discusses the empirical implications of the findings. (shrink)

Risk assessment is one of the prerequisites for understanding its causes and possible consequences. We base our risk assessment on the principles described in the European standard EN 31000 - Risk Management Process. This standard comprehensively describes the continuous activities that are necessary in managing risks and minimizing their possible adverse effects on the operation of the system under investigation. In this activity, it is necessary to first identify the existing risks, then analyze and evaluate the identified risks. In the (...) analysis of existing risks, it is possible to use both qualitative and quantitative analytical methods, or combine them. We use qualitative methods in cases where we do not have a sufficient amount of input information, these are more subjective. Quantitative methods are more accurate, but also more demanding on input information and time. The choice of a suitable analytical method is a basic prerequisite for knowledge of risks and their evaluation. The values of individual risks obtained in this way are the basis for determining the measures that are ecessary to minimize them, i.e., to adjust them to an acceptable level. The draft measures are always based on the value of the individual components used to calculate the risk number, as well as on the value of the asset , which needs to be protected. Appropriately chosen analytical methods are one of the basic prerequisites for the consistent application of the principles of risk management, as a continuous process aimed at increasing the overall security of the system under study. In the article, the author describes the procedures used in risk assessment, as well as specific analytical methods that can be used in working with risks. The aim of identifying risk factors is to create a list of events that could cause undesirable disruption to ongoing processes. At this stage, we define all the risks that will be subsequently analyzed and evaluated. When identifying, we can use methods such as, e.g. SWOT, PHA (Preliminary Hazard Analysis) or CA (Checklist Analysis). Methods suitable for determining the causes and creating scenarios for the course of a risk event are ETA (Event Tree Analysis) or FTA (Fault Tree Analysis). The basic analysis of the system can be performed using the FMEA method (Failure Mode and Effect Analysis), which provides a numerical risk assessment. By comparison with the numerical value of the risk that we are willing to accept, we obtain 2 groups of risks. Acceptable, which will be given regular attention and unacceptable, which we will focus on in risk management and we will try to minimize its negative affect on the functioning of the system under study. (shrink)

This paper attempts to assess the economic significance and implications of collateralization in different financial markets, which is essentially a matter of theoretical justification and empirical verification. We present a comprehensive theoretical framework that allows for collateralization adhering to bankruptcy laws. As such, the model can back out differences in asset prices due to collateralized counterparty risk. This framework is very useful for pricing outstanding defaultable financial contracts. By using a unique data set, we are able to achieve a clean (...) decomposition of prices into their credit risk factors. We find empirical evidence that counterparty risk is not overly important in credit-related spreads. Only the joint effects of collateralization and credit risk can sufficiently explain unsecured credit costs. This finding suggests that failure to properly account for collateralization may result in significant mispricing of financial contracts. We also analyze the difference between cleared and OTC markets. (shrink)

A method of identifying banks’ business models and studying the features of their risk profile, considering the system of indicators featuring the structure of assets, liabilities, income, expenses, and other qualitative indicators based on monthly statistical reporting. Kohonen's self-organizing maps (SOM) are used to process large data sets, revealing objects’ hidden features by forming homogeneous groups according to similar values of a large system of indicators. The choice of the system of indicators that play the most significant role in (...) describing the business models of modern banks is substantiated. The proposed method makes it possible to group banks with homogeneous characteristics into so-called structural-functional groups and studies the change in the characteristics of groups of banks over time to compare their behavior during periods of active development of the system and during a crisis. That approach is useful for studying the banking system at the macro level, as it provides a quantitative measure of its financial stability. The more banks are in groups with negative values of parameters, increased risks, and unprofitable performance, the worse the general state of the system. The method also allows studying the features of each structural and functional group and the business models’ features at the meso-level. The number and composition of banks inherent in any group change dynamically, which characterizes the features of the relevant business model in a particular period. The averages of each group reflect the objective changes in the banking system structure. In addition, the SOM trajectory can be built for each individual bank determining the development of its strategy, features of a particular business model, and risk profile. At the micro-level, it allows comparing the features of individual banks within the SFGB and models ways to improve efficiency and financial stability by forecast values for SOM. An extensive system of indicators used to form structural and functional groups of banks allows to quickly respond to changes in the banking system, identify areas of increased risk and explore the adequacy and effectiveness of banks’ business models. (shrink)

Financial gerontology can be defined as investigating relations between finances and aging. Authors such as Neal E. Cutler, Kouhei Komamura, Davis W. Gregg, Shinya Kajitani, Kei Sakata, and Colin McKenzie affirm that financial literacy is an effect of aging with concern about the issue of finances, as well as stating that it is the effect of longevity and aging on economies or the financial resilience of older people.

One of the important assets that Gutenberg’s printing press gifted to modern political economies is the ability to print paper money. The common man usually thinks that paper money is the real money, while in fact it is only a promissory note promising the bearer of the note the payment of the same amount (in coins, if not in gold) by the Reserve Bank. In the past, however, governments did deny such payment in exchange of the notes and one (...) government even made the holding of gold by the citizens as illegal. (shrink)

Credit risk, also known as default risk, is the likelihood of a corporation losing money if a business partner defaults. If the liabilities are not met under the terms of the contract, the firm may default, resulting in the loss of the company. There is no clear way to distinguish between organizations that will default and those that will not prior to default. We can only make probabilistic estimations of the risk of default at best. There are two types of (...) credit risk default models in this regard: structural and reduced form models. Structural models are used to calculate the likelihood of a company defaulting based on its assets and liabilities. If the market worth of a company's assets is less than the debt it owes, it will default. Reduced form models often assume an external cause of default, such as a Poisson jump process, which is driven by a stochastic process. They model default as a random event with no regard for the balance sheet of the company. This paper provides a Review of credit risk default models. (shrink)

This article seeks to establish the development of rural communities, with up to 500 inhabitants, with the creation of a Rural Tourism Development Forum and a Tourism Development Program with local identity. It is proposed to capitalize on cultural assets and local knowledge, to strengthen the profile and tourist circuits, local services and enterprises, agro-tourism and other related economic and social activities. The objective is to contribute to territorial tourism development from an innovative perspective, which, based on the efficient (...) use of local resources, generates employment and improves the quality of life of its inhabitants, capitalizing on the advantages of tourist activity. The methodology used consisted in analyzing the problems of local development, identifying the obstacles and conceiving tourism as a solution and sustenance that allowed the elaboration of the model. (shrink)

Goodwill is an intangible asset that we can find in a company's accounting cycle. Goodwill is basically subject to depreciation and the measurement related to the amount of depreciation of goodwill does not yet have a strong enough basis so that the assessment of goodwill tends to be subjective and based on management's interests, the impact of this subjective assessment is a failure to present good financial statements and can trigger decision-making errors for third parties. internal or external. The asymmetry (...) of the philosophy of economic materialism is an approach that can be used to repress or negate goodwill by providing an alternative to eliminating goodwill. However, this Philosophical Asymmetry of Economic Materialism is not a final approach because it still depends on several factors that will influence it. Ethical utilitarianism is one of the factors that can influence the effectiveness and implementation of the Philosophical Asymmetry of Economic Materialism as a form of increasing profits and optimizing costs to be incurred by companies in the future. Philosophical asymmetry of Economic Materialism seeks to suppress or negate the existence of goodwill as a form of ethical utilitarianism in the business environment. (shrink)

The truth of every human being is the end his life with death, and this leads to leaving assets and funds for those after him and can lead to hate between the heirs, it has made a point of Islamic law on all aspects of life, including the subject of the inheritance of the deceased. The main problem is how to get the knowledge of the basics of inheritance. This paper reviews work done in the use of expert system (...) software to calculate inheritance in Islam. A proposed expert system was designed and developed using CLIPS language to calculate the inheritance in Islam. (shrink)

Purpose ‐ The purpose of this paper is to explore the "resource curse" problem as a counter-example of creative performance and innovation by examining reliance on capital and physical resources, showing the gap between expectations and ex-post actual performance that became clearer under conditions of economic turmoil. Design/methodology/approach ‐ The analysis uses logistic regressions with dichotomous response and predictor variables on structured tables of count data, representing firm performance as an outcome of capital resources, physical resources and innovation where appropriate. (...) Findings ‐ Key findings relevant to economic and business practice follow. First, a typical characteristic of successful Vietnamese firms in the transition period is their reliance on either capital resources or physical asset endowments. Second, poor performers exhibit evidence of over-reliance on both capital and physical assets. Third, firms that relied on both types of resources tended to downplay creative performance. Some evidence suggests that firms face more acute problem caused by the law of diminishing returns in troubled times. Fourth, the "innovation factor" has not been tapped as a source of economic growth. Research limitations/implications ‐ This study has some limitations. The size of the survey sample is approximately 150 firms, while the potential sample of > 300 should be possible in the future. When the size increases, the research could be expanded to include further variables that will help investigate more deeply into the related issues and business implications. With regard to the implications of the study, the absence of innovations has made the notion of "resource curse" identical to "destructive creation" implemented by ex-ante resource-rich firms, and worsened the problem of resource misallocation in transition turmoil. The Vietnamese corporate sector's addiction to resources may contribute to economic deterioration, through a downward spiral of lower efficiency leading to consumption of more resources. Practical implications ‐ Insights obtained from this study could save transition economies' resources which have almost always been considered sine qua non before any critical major policymaking, while this is not necessarily true, and in many cases, even counterproductive. Originality/value ‐ Original data set on Vietnam stock market are collected, processed, prepared and used by the authors. Original design by the authors for regression equations with dichotomous predictor variables: dependence on endowed physical assets, reliance on capital resources and significant signs of creative performance/innovations. Original idea of viewing "resource curse" as absence of innovation and due to uncreative "destructive creation" of poor-performing commercial operations by resource-rich firms is used in the paper. We have searched the literature in business research and found that the empirical results have not been previously reported. (shrink)

Modern Monetary Theory and Distributive Justice shows how the macroeconomic framework called modern money theory (MMT) is relevant to the field of political philosophy called distributive justice. Many of the macroeconomic assumptions of distributive justice are unstated and unexamined. The framework of MMT illuminates these assumptions and provides an alternative vision of distributive justice analysis and prescriptions. In particular, MMT holds that modern money is a nominal state issued token (fiat), there is a distinction between nominal assets and real (...) assets, that state money as a nominal token can cause changes in real terms, and that the macroeconomy has historically not operated at capacity. The upshot of these assumptions held by MMT is that state spending can bring about changes in persons’ well-being without traditional redistributive measures via taxation. This is in contradistinction to standard assumptions in the distributive justice literature, which holds that the macroeconomy is at capacity and, thus, redistribution is the necessary mechanism for enacting improvements in well-being. This is a fundamental shift in how distributive justice can be conceived. (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)

In this article, we philosophically reflect on the nature of business management. We move beyond the political paradigm of the conceptualization of management in order to lay the ground for a philosophy of business management. First, we open-up the self-evident conceptualization of business management in contemporary management practices by comparing ancient and contemporary definitions of management. Second, we develop a framework with six dimensions of the nature of business management that can guide future philosophical and empirical work on the nature (...) of business management: management control, people management, asset management and entrepreneurial action, management as participation, management as responsive action and management as constituting meaning. (shrink)

Despite its short historical moment in the sun, behaviorism has become something akin to a theoria non grata, a position that dare not be explicitly endorsed. The reasons for this are complex, of course, and they include sociological factors which we cannot consider here, but to put it briefly: many have doubted the ambition to establish law-like relationships between mental states and behavior that dispense with any sort of mentalistic or intentional idiom, judging that explanations of intelligent behavior require reference (...) to qualia and/or mental events. Today, when behaviorism is discussed at all, it is usually in a negative manner, either as an attempt to discredit an opponent’s view via a reductio, or by enabling a position to distinguish its identity and positive claims by reference to what it is (allegedly) not. In this paper, however, we argue that the ghost of behaviorism is present in influential, contemporary work in the field of embodied and enactive cognition, and even in aspects of the phenomenological tradition that these theorists draw on. Rather than take this to be a problem for these views as some have, we argue that once the behaviorist dimensions are clarified and distinguished from the straw-man version of the view, it is in fact an asset, one which will help with task of setting forth a scientifically reputable version of enactivism and/or philosophical behaviorism that is nonetheless not brain-centric but behavior-centric. While this is a bit like “the enemy of my enemy is my friend” strategy, as Shaun Gallagher notes (2019), with the shared enemy of behaviorism and enactivism being classical Cartesian views and/or orthodox cognitivism in its various guises, the task of this paper is to render this alliance philosophically plausible. Doi: 10.1007/s11229-019-02432-1. (shrink)

This paper presents a new model for pricing OTC derivatives subject to collateralization. It allows for collateral posting adhering to bankruptcy laws. As such, the model can back out the market price of a collateralized contract. This framework is very useful for valuing outstanding derivatives. Using a unique dataset, we find empirical evidence that credit risk alone is not overly important in determining credit-related spreads. Only accounting for both collateral arrangement and credit risk can sufficiently explain unsecured credit costs. This (...) finding suggests that failure to properly account for collateralization may result in significant mispricing of derivatives. We also empirically gauge the impact of collateral agreements on risk measurements. Our findings indicate that there are important interactions between market and credit risk. (shrink)

Effective altruism is the use of evidence and careful reasoning to work out how to maximize positive impact on others with a given unit of resources, and the taking of action on that basis. It’s a philosophy and a social movement that is gaining considerable steam in the philanthropic world. For example, GiveWell, an organization that recommends charities working in global health and development and generally follows effective altruist principles, moves over $90 million per year to its top recommendations. Giving (...) What We Can, which encourages individuals to pledge at least 10% of their income to the most cost-effective charities, now has over 3500 members, together pledging over $1.5 billion of lifetime donations. Good Ventures is a foundation, founded by Dustin Moskovitz and Cari Tuna, that is committed to effective altruist principles; it has potential assets of $11 billion, and is distributing over $200 million each year in grants, advised by the Open Philanthropy Project. [...] GPI Working Paper No. 8-2019. (shrink)

In the bitcoin whitepaper, Satoshi Nakamoto (2008: 2) defines an electronic coin as a chain of digital signatures. Many have since defined a bitcoin as a chain of digital signatures. This latter definition continues to appear in reports from central banks, advocacy centers, and governments, as well as in academic papers across the disciplines of law, economics, computer science, cryptography, management, and philosophy. Some have even used it to argue that what we now call bitcoin is not the real bitcoin. (...) The definition fails, however. This is important because the Chain Definition obscures Satoshi’s solution to a dilemma in the design of electronic cash, as well as the truth about bitcoin’s privacy and fungibility. In this article, I explain why the Chain Definition fails and what Satoshi likely endorsed instead. Along the way, I untangle some issues around bitcoin fungibility and clarify some others around the ontology of digital assets. (shrink)

How promising is Bitcoin as a currency? This paper discusses four claims on the advantages of Bitcoin: a more stable currency than state-backed ones; a secure and efficient payment system; a credible alternative to the central management of money; and a better protection of transaction privacy. We discuss these arguments by relating them to their philosophical roots in libertarian and neoliberal theories, and assess whether Bitcoin can effectively meet these expectations. We conclude that despite its advocates’ enthusiasm, there are good (...) reasons to doubt that Bitcoin can fulfill its promises and act as a functioning currency, rather than as a mere speculative asset. (shrink)

Substantially increased wealth inequality across the developed world has prompted many philosophers, economists and legal theorists to support comprehensive taxes on all forms of wealth. Proposals include levying taxes on the basis of total wealth, or alternatively the change in the value of capital holdings measured from year-to-year. This contrasts with most existing policies that tax capital assets at the point they are transferred from one beneficiary to another through sale or gifts. Are these tax reforms likely to meet (...) their aims of greater economic and political equality? We argue that these policies are likely to fail because, following neoclassical economic theory, they are based on a conception of capital as possessing given values in what amounts to a static equilibrium. This mischaracterizes the dynamic and subjective character of market economies and the contested value of real instantiations of capital goods. This makes them very difficult, often impossible, to value apart from at the point of voluntary transfer or profit realization. This means most taxes levied on a mark-to-market basis will be arbitrary and unfair. We propose alternative policies based on an income realization approach to taxation that are more likely to curb excessive wealth holdings. This includes introducing international treaties that prohibit preferential tax treatment for individual companies and specific sectors, and broadening the income tax base to include the imputed rent of personal housing wealth. (shrink)

This paper describes an AFOSR-supported basic research program that focuses on developing a new framework for combining hard with soft data in order to improve space situational awareness. The goal is to provide, in an automatic and near real-time fashion, a ranking of possible threats to blue assets (assets trying to be protected) from red assets (assets with hostile intentions). The approach is based on Conceptual Spaces models, which combine features from traditional associative and symbolic cognitive (...) models. While Conceptual Spaces are revolutionary, they lack an underlying mathematical framework. Several such frameworks have attempted to represent Conceptual Spaces, but by far the most robust is the model developed by Holender. His model utilizes integer linear programming in order to obtain an overall similarity value between observations and concepts that support the formation of hypotheses. This paper will describe a method for building Conceptual Spaces models for threats that utilizes ontologies as a means to provide a clear semantic foundation for this inferencing process; in particular threat ontologies and space domain ontologies are developed and employed in this approach. A space situational awareness use-case is presented involving a kinetic kill scenario and results are shown to assess the performance of this fusion-based inferencing framework. (shrink)

After Marx, dissenting economics almost always used 'the labour theory' as a theory of value. This paper develops a modern treatment of the alternative labour theory of property that is essentially the property theoretic application of the juridical principle of responsibility: impute legal responsibility in accordance with who was in fact responsible. To understand descriptively how assets and liabilities are appropriated in normal production, a 'fundamental myth' needs to be cleared away, and then the market mechanism of appropriation can (...) be understood. On the normative side, neoclassical theory represents marginal productivity theory as showing that (a metaphorical version of) the imputation principle is satisfied ('people get what they produce') in competitive enterprises. Since that shows the moral commitment of neoclassical economics to the imputation principle, the labour theory of property is presented here as the actual non-metaphorical application of the imputation principle to property appropriation. The property-theoretic analysis at the firm level shows how the neoclassical (and much heterodox) analysis in terms of 'distributive shares' wholly misframed the basic questions. Finally, the paper shows how the imputation principle (modernised labour theory of property) is systematically violated in the present wage labour system of renting persons. The paper can be seen as taking up the recent challenge posed by Donald Katzner for a dialogue between neoclassical and heterodox microeconomics. (shrink)

Simone de Beauvoir is renown for The Second Sex (1949), a work now considered to be a feminist classic. Nevertheless, when Beauvoir wrote this book she did not explicitly endorse the women's movement, nor did she associate her analysis with the women's liberation. It took twenty-one years after the publication before she publicly declared herself a feminist, but from that point on she was a dedicated feminist. How can her development from a gender blind young philosopher to a radical feminist (...) activist be explained? In this article I argue that her less known moral philosophy might provide an answer, as it might be understood as the foundation for her later philosophical analysis and political commitments. In her existentialist ethics she assets that freedom to be the normative core value, and develops an ethical justification for why we should defend our own as well as the freedom of others. However, when this idealistic and abstract moral philosophy was applied to the concrete situation of women, she discovered a reality permeated with gendered structures that impeded women's possibilities of transcendence and to attain freedom. An examination of the philosophical link between Beauvoir's ethics, The Second Sex and her feminist analysis also reveals, Pettersen argues, what might happen when a gender blind moral philosophy is faced with a gendered reality. NORWEGIAN ABSTRACT: Hvordan kunne Simone de Beauvoir allerede i 1949 skrive Det annet kjønn uten tilknytning til en kvinnebevegelse, og uten å oppfatte seg som feminist? Svaret er trolig at hennes mindre kjente moralfilosofi danner grunnlaget for senere analyser, og også forklarer utviklingen fra kjønnsblind ung filosof til radikal feministisk aktivist. Forbindelsen mellom Beauvoirs etikk og senere femi- nistiske analyser viser dessuten hva som kan skje når idealistisk moralfilosofi møter en kjønnet virkelighet. (shrink)

Philosophy in community projects provide powerful, immersive introductions to philosophical thinking for both children and tertiary students. Such introductions can jumpstart transformative learning as well as diversify who seeks out philosophy in the longer term, both in schools and in universities. Using survey responses from teachers, parents, participants, staff, and volunteers of two such programs – Eurekamp Oz! and philosothons – we show how participants find value in engaging in communities of inquiry and philosophical thinking more broadly. We argue correspondingly (...) that such philosophy in community projects are an asset to universities, both as highly successful university outreach programs and in offering high school, undergraduate, and postgraduate students mentoring and employment opportunities utilising their growing philosophical skills. For these reasons, philosophy in community programs provide alternative and supplementary pathways into sustained philosophical thinking to those available within traditional philosophy in the classroom approaches. (shrink)

Many of us read Peter Singer ’ s work on our obligations to those in desperate need with our students. Famously, Singer argues that we have a moral obligation to give a significant portion of our assets to famine relief. If my own experience is not atypical, it is quite common for students, upon grasping the implications of Singer ’ s argument, to ask whether Singer gives to famine relief. In response it might be tempting to remind students of (...) the ad hominem fallacy of attacking the person advancing an argument rather than the argument itself. In this paper I argue that the “ ad hominem reply ” to students ’ request for information about Singer is misguided. First I show that biographical facts about the person advancing an argument can constitute indirect evidence for the soundness / unsoundness of the argument. Second, I argue that such facts are relevant because they may reveal that one can discard the argument without thereby incurring moral responsibility for failing to act on its conclusion even if the argument is sound. (shrink)

In this chapter, one considers finance at its very foundations, namely, at the place where assumptions are being made about the ways to measure the two key ingredients of finance: risk and return. It is well known that returns for a large class of assets display a number of stylized facts that cannot be squared with the traditional views of 1960s financial economics (normality and continuity assumptions, i.e. Brownian representation of market dynamics). Despite the empirical counterevidence, normality and continuity (...) assumptions were part and parcel of financial theory and practice, embedded in all financial practices and beliefs. Our aim is to build on this puzzle for extracting some clues revealing the use of one research strategy in academic community, model tinkering defined as a particular research habit. We choose to focus on one specific moment of the scientific controversies in academic finance: the ‘leptokurtic crisis’ opened by Mandelbrot in 1962. The profoundness of the crisis came from the angle of the Mandelbrot’s attack: not only he emphasized an empirical inadequacy of the Brownian representation, but also he argued for an inadequate grounding of this representation. We give some insights in this crisis and display the model tinkering strategies of the financial academic community in the 1970s and the 1980s. (shrink)

A citizens’ movement in Berlin advocates for the expropriation of housing corporations and has won a significant majority in a popular referendum in September 2021. Building on this proposal, this paper develops a general account of expropriation as a measure for corporate reform and thereby contributes to the ongoing debate on the democratic accountability of business corporations. It argues that expropriation is a valuable tool for intervention in a dire situation in some economic sector to enable a re-structuring of the (...) governance of the assets in question. Compared with other tools available, expropriation is a more forward-looking, genuinely political measure that does not depend on the legal assignment of guilt but rather proceeds in a pragmatic and problem-oriented manner. It also allows us to reconsider in how far the market mechanism should be employed in the administration of assets. Objections from private property rights against expropriation fail as corporations generally are privileged, quasi-public institutions that can justifiably be subject to democratic interventions. Expropriation is thus an important addition to the arsenal of corporate reform proposals, especially for those concerned with a broad democratization of the corporation. (shrink)

Natural kinds, real kinds, or, following J.S Mill simply, Kinds, are thought to be an important asset for scientific realists in the non-fundamental (or “special”) sciences. Essential natures are less in vogue. I show that the realist would do well to couple her Kinds with essential natures in order to strengthen their epistemic and ontological credentials. I argue that these essential natures need not however be intrinsic to the Kind’s members; they may be historical. I concentrate on assessing the merits (...) of historical essential natures in a paradigm case of Kinds in the non-fundamental sciences: species. I specify two basic jobs for essential natures: 1) offering individuation criteria, and 2) providing a causal explanation of the Kind’s multiple projectable properties. I argue that at least in the case of species historical essences are fit for both tasks. The principled resistance to Kinds with historical essences should also be cleared. (shrink)

Digital Rights Management (DRM) covers the description, identification, trading, protection, monitoring and tracking of all forms of rights over both tangible and intangible assets. The Digital Object Identifier (DOI) system provides a framework for the persistent identification of entities involved in this domain. Although the system has been very well designed to manage object identifiers, some important questions relating to the creation and assignment of identifiers are left open. The paradigm of a Referent Tracking System (RTS) recently advanced in (...) the healthcare and life sciences environment is able to fill these gaps. This is demonstrated by pointing out inconsistencies in the existing DOI models and by showing how they can be corrected using an RTS. (shrink)

Climate change is an existential risk reinforced by ordinary actions in afuent societies—often silently present in comfortable and enjoyable habits. This silence is sometimes broken, presenting itself as a nagging reminder of how our habits fuel a catastrophe. As a case in point, global warming has created a state of urgency among wine makers in Spain, as the alcohol level has risen to a point where it jeopardises wine quality and thereby Spanish viticulture. Eforts are currently being made to solve (...) this problem technologically by developing (non-GMO) strains of yeast that produce less alcohol. If successful, this could help save Spanish viticulture. This kind of technological solution is routinely criticised for ofering simplistic “techno-fx” solutions to solve complex societal problems. However, it is not clear what features are criticised by the notion of techno-fx and hence how to avoid this criticism. In our interpretation, the techno-fx notion is not exclusively used as a dismissive term. The notion points to a general virtue of engineering: to create technological solutions that work silently in the background. This asset of technological solutions might sometimes be problematic and sometimes not. Hence, it needs to be analysed case-by-case by paying attention to the moral relevance of the hidden implications of the technology and of the unrefective actions and habits that they facilitate. Such moral analysis will in turn inform strategies for foregrounding this technology to counteract silencing. We discuss what this means in the case of modifying yeast as a viticultural climate resilience strategy. (shrink)

Banking sector is one of the fastest growing sectors in India. Today’s banking sector becoming more complex. The objective of this study is to analyze the Financial Position and Performance of the Bank of Baroda and Punjab National Bank in India based on their financial characteristics. This study attempts to measure the relative performance of Indian banks. For this study, we have used public sector banks. We know that in the service sector, it is difficult to quantify the output because (...) it is intangible. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. (shrink)

Mental accounting is a concept associated with the work of Richard Thaler. According to Thaler, people think of value in relative rather than absolute terms. They derive pleasure not just from an object’s value, but also the quality of the deal – its transaction utility (Thaler, 1985). In addition, humans often fail to fully consider opportunity costs (tradeoffs) and are susceptible to the sunk cost fallacy. Why are people willing to spend more when they pay with a credit card than (...) cash (Prelec & Simester, 2001)? Why would more individuals spend $10 on a theater ticket if they had just lost a $10 bill than if they had to replace a lost ticket worth $10 (Kahneman & Tversky, 1984)? Why are people more likely to spend a small inheritance and invest a large one (Thaler, 1985)? According to the theory of mental accounting, people treat money differently, depending on factors such as the money’s origin and intended use, rather than thinking of it in terms of the “bottom line” as in formal accounting (Thaler, 1999). An important term underlying the theory is fungibility, the fact that all money is interchangable and has no labels. In mental accounting, people treat assets as less fungible than they really are. Even seasoned investors are susceptible to this bias when they view recent gains as disposable “house money” (Thaler & Johnson, 1990) that can be used in high-risk investments. In doing so, they make decisions on each mental account separately, losing out the big picture of the portfolio. (See also partitioning and pain of paying for ideas related to mental accounting.) . (shrink)

The objective of this study is to Analyze the Financial Position and Performance of the Axis and Kotak Mahindra Bank in India based on their financial characteristics. We have chosen the CAMEL model and t-test which measures the performance of bank from each of the important parameter like capital adequacy, asset quality, management efficiency, earning quality, liquidity and Sensitivity. The present study is conducted analyze the consistency of the profitability of the Axis and Kotak Mahindra bank’s. It is analyses that (...) the ratio of credit deposit is maximum of Kotak Mahindra Bank Ltd and it shows efficient management of the bank. The ratio of earning per share is maximum for Axis Bank Ltd i.e. 50.28 and the ratio of return on Assets is minimum for Axis Bank Ltd. The CAMELS’ analysis and t-test concludes that there is no significance difference between the Axis and Kotak Mahindra bank’s financial performance but the Kotak Mahindra bank performance is slightly less compared with Axis Bank. (shrink)

Essential Microeconomics is designed to help students deepen their understanding of the core theory of microeconomics. Unlike other texts, this book focuses on the most important ideas and does not attempt to be encyclopedic. Two-thirds of the textbook focuses on price theory. As well as taking a new look at standard equilibrium theory, there is extensive examination of equilibrium under uncertainty, the capital asset pricing model, and arbitrage pricing theory. Choice over time is given extensive coverage and includes a basic (...) introduction to control theory. The final third of the book, on game theory, provides a comprehensive introduction to models with asymmetric information. Topics such as auctions, signaling and mechanism design are made accessible to students who have a basic rather than a deep understanding of mathematics. Examples and diagrams are used to illustrate issues as well as formal derivations. (shrink)

Concerns about population ageing apply to both developed and many developing countries and it has turned into a global issue. In the forthcoming decades the population ageing is likely to become one of the most important processes determining the future society characteristics and the direction of technological development. The present paper analyzes some aspects of the population ageing and its important consequences for particular societies and the whole world. Basing on this analysis, we can draw a conclusion that the future (...) technological breakthrough is likely to take place in the 2030s (which we define as the final phase of the Cybernetic Revolution). In the 2020s – 2030s we will expect the upswing of the forthcoming sixth Kondratieff wave, which will introduce the sixth technological paradigm (system). All those revolutionary technological changes will be connected, first of all, with breakthroughs in medicine and related technologies. We also present our ideas about the financial instruments that can help to solve the problem of pension provision for an in-creasing elderly population in the developed countries. We think that a more purposeful use of pension funds' assets together with an allocation (with necessary guarantees) of the latter into education and upgrading skills of young people in developing countries, perhaps, can partially solve the indicated problem in the developed states. (shrink)

Two experiments with undergraduates as subjects were carried out with the aim of replicating and extending previous results showing that the implication of the behavioral life-cycle hypothesis (H. M. Shefrin & R. H. Thaler, 1988) that people classify assets in different mental accounts (current income, current assets, and future income) may explain how consumption choices are influenced by temporary income changes. In both experiments subjects made fictitious choices between paying for a good in cash or according to a (...) more expensive installment plan after they had received an income which was either less, the same, or larger than usual. In Experiment 1 subjects were supposed to have savings so that the total assets were equal, whereas in Experiment 2 the total assets varied. The results of both experiments supported the role of mental accounts in demonstrating that subjects were unwilling to pay in cash after an income decrease even though they had access to saved money. Thus, in effect they chose to pay more for the good than they had to. Indicating a need for further refinement of the concept of mental account, choices to pay in cash after an income decrease tended to be more frequent when the consumption and savings motives were compatible than when they were incompatible. Furthermore, increasing the total assets made subjects more willing to pay in cash after an income decrease. (shrink)

Feminist philosophers are right to criticize Hegel’s prejudices against women. In many of his works, Hegel reduces women to their physiology as means of explaining why they occupy a subordinate role in nature and in society. Such treatment seems arbitrary at best, for the gendering of roles disrupts Hegel’s dialectical approach to spirit without any meaningful gain. Despite this defect in Hegel’s work, what is positive in Hegelian social and political philosophy remains intact. In this paper I argue that the (...) sexist claims that Hegel makes about women are irrelevant to his theory of the family in the Philosophy of Right. Therein, Hegel outlines three components that are necessary for the completion of the family: marriage, property and assets, and the raising of children. Hegel also includes a description of the different roles occupied by family members and divides these roles along gender lines. Given the three components that are essential to the family, I argue that there is no necessary basis for familial roles to be divided by gender. (shrink)

Data is very important in any research experiment because it occupies a central place in making decisions based on findings resulting from the analysis of such data. Given its central role, it follows that such an important asset as data, deserve effective management in order to protect the integrity and provide an opportunity for effective problem-solving. The main thrust of this paper was to examine data management practices that should be adopted by scholars in maintaining the quality of their research (...) data. In achieving this, various concepts related to this paper were clarified. Various data management practices were also discussed beginning from data generation to data shredding. Based on the underlying observations from the light of the discussions made in this paper, it was recommended among others that: tertiary institutions in every part of the world should endeavour to establish a data management unit that will be saddled with the primary duty of formulating research data management policies, and the hosting of research data; every Journal should as a matter of compulsion, require the submission of data set corresponding to empirical papers submitted by authors and scholars. (shrink)