Contesting postliberalism: governmentality or emancipation?

This article takes the form of a debate between two theorists who work with the concept of postliberalism. Following an introduction reflecting upon what is at stake in this debate, each contribution is organised in three sections. Firstly, as an opening gambit, both authors outline their basic understanding of the concept of postliberalism. Secondly, the authors stake out their very different claims as to whether or not postliberal approaches challenge neoliberal understandings sufficiently to create new conditions for emancipa- tion or merely maintain governmentality. In the respective final sections of their con- tributions, the authors clarify the workings of postliberal approaches in policy practice.

Religion and returns in Europe

Drawing on social identity and social impact theory, this paper is the first to investigate the impact of religious preferences on share prices and expected returns at the country level. Using data from 12 European countries, our findings suggest that religion has a significant effect on the share price of companies whose activities are considered unethical, i.e., tobacco manufacturers and alcohol producers. The share price of these companies (called sin stocks) is depressed when they are located in a predominantly Protestant environment (relative to a Catholic environment). With investors in Protestant countries being more sin averse than in Catholic countries, they insist upon higher expected returns on sin stocks. Conversely, religious preferences do not have the same impact on the performance of other companies, e.g. socially responsible companies. Our results are robust to various methodologies and controlling for several firm-specific, industry-specific and country-specific characteristics.