885 resultados para Philosophy of finance
Resumo:
The informational properties of biological systems are the subject of much debate and research. I present a general argument in favor of the existence and central importance of information in organisms, followed by a case study of the genetic code (specifically, codon bias) and the translation system from the perspective of information. The codon biases of 831 Bacteria and Archeae are analyzed and modeled as points in a 64-dimensional statistical space. The major results are that (1) codon bias evolution does not follow canonical patterns, and (2) the use of coding space in organsims is a subset of the total possible coding space. These findings imply that codon bias is a unique adaptive mechanism that owes its existence to organisms' use of information in representing genes, and that there is a particularly biological character to the resulting biased coding and information use.
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The first version of this text was presented in the “Philosophy of Communication” section at the ECREA’s 5th European Communication Conference, “Communication for Empowerment,” in Lisbon in November 2014. I would like to thank the audience for the lively post-presentation discussion.
Resumo:
This study examines the pluralistic hypothesis advanced by the late Professor John Hick viz. that all religious faiths provide equally salvific pathways to God, irrespective of their theological and doctrinal differences. The central focus of the study is a critical examination of (a) the epistemology of religious experience as advanced by Professor Hick, (b) the ontological status of the being he understands to be God, and further asks (c) to what extent can the pluralistic view of religious experience be harmonised with the experience with which the Christian life is understood to begin viz. regeneration. Tracing the theological journey of Professor Hick from fundamentalist Christian to religious pluralist, the study notes the reasons given for Hick’s gradual disengagement from the Christian faith. In addition to his belief that the pre-scientific worldview of the Bible was obsolete and passé, Hick took the view that modern biblical scholarship could not accommodate traditionally held Christian beliefs. He conceded that the Incarnation, if true, would be decisive evidence for the uniqueness of Christianity, but rejected the same on the grounds of logical incoherence. This study affirms the view that the doctrine of the Incarnation occupies a place of crucial importance within world religion, but rejects the claim of incoherence. Professor Hick believed that God’s Spirit was at work in all religions, producing a common religious experience, or spiritual awakening to God. The soteriological dimension of this spiritual awakening, he suggests, finds expression as the worshipper turns away from self-centredness to the giving of themselves to God and others. At the level of epistemology he further argued that religious experience itself provided the rational basis for belief in God. The study supports the assertion by Professor Hick that religious experience itself ought to be trusted as a source of knowledge and this on the principle of credulity, which states that a person’s claim to perceive or experience something is prima facie justified, unless there are compelling reasons to the contrary. Hick’s argument has been extensively developed and defended by philosophers such as Alvin Plantinga and William Alston. This confirms the importance of Hick’s contribution to the philosophy of religion, and further establishes his reputation within the field as an original thinker. It is recognised in this thesis, however, that in affirming only the rationality of belief, but not the obligation to believe, Professor Hick’s epistemology is not fully consistent with a Christian theology of revelation. Christian theology views the created order as pre-interpreted and unambiguous in its testimony to God’s existence. To disbelieve in God’s existence is to violate one’s epistemic duty by suppressing the truth. Professor Hick’s critical realist principle, which he regards as the key to understanding what is happening in the different forms of religious experience, is examined within this thesis. According to the critical realist principle, there are realities external to us, yet we are never aware of them as they are in themselves, but only as they appear to us within our particular cognitive machinery and conceptual resources. All awareness of God is interpreted through the lens of pre-existing, culturally relative religious forms, which in turn explains the differing theologies within the world of religion. The critical realist principle views God as unknowable, in the sense that his inner nature is beyond the reach of human conceptual categories and linguistic systems. Professor Hick thus endorses and develops the view of God as ineffable, but employs the term transcategorial when speaking of God’s ineffability. The study takes the view that the notion of transcategoriality as developed by Professor Hick appears to deny any ontological status to God, effectively arguing him out of existence. Furthermore, in attributing the notion of transcategoriality to God, Professor Hick would appear to render incoherent his own fundamental assertion that we can know nothing of God that is either true or false. The claim that the experience of regeneration with which the Christian life begins can be classed as a mere species of the genus common throughout all faiths, is rejected within this thesis. Instead it is argued that Christian regeneration is a distinctive experience that cannot be reduced to a salvific experience, defined merely as an awareness of, or awakening to, God, followed by a turning away from self to others. Professor Hick argued against any notion that the Christian community was the social grouping through which God’s Spirit was working in an exclusively redemptive manner. He supported his view by drawing attention to (a) the presence, at times, of comparable or higher levels of morality in world religion, when contrasted with that evidenced by the followers of Christ, and (b) the presence, at times, of demonstrably lower levels of morality in the followers of Christ, when contrasted with the lives of other religious devotees. These observations are fully supported, but the conclusion reached is rejected, on the grounds that according to Christian theology the saving work of God’s Spirit is evidenced in a life that is changing from what it was before. Christian theology does not suggest or demand that such lives at every stage be demonstrably superior, when contrasted with other virtuous or morally upright members of society. The study concludes by paying tribute to the contribution Professor Hick has made to the field of the epistemology of religious experience.
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We approach marketization and commodification of adult education from multiple lenses including our personal narratives and neoliberalism juxtaposed against the educational philosophy of the Progressive Period. We argue that adult education occurs in many arenas including the public spaces found in social movements, community-based organizations, and government sponsored programs designed to engage and give voice to all citizens toward building a stronger civil society. We conclude that only when adult education is viewed from the university lens, where it focuses on the individual and not the public good, does it succumb to neoliberal forces. (DIPF/Orig.)
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Trade credit is an important source of finance for SMEs and this study investigates the use of the financial statements and other information in making trade credit decisions in smaller entities in Finland, the UK, USA and South Africa. The study adds to the literature by examining the information needs of unincorporated entities as a basis for making comparisons with small, unlisted companies. In-depth, semi-structured interviews in each country were used to collect data from the owner-managers of SMEs and from credit rating agencies and credit insurers. The findings provide insights into similarities and differences between countries and between developed and developing economies. The evidence suggests that there are three main influences on the trade credit decision: formal and report-based information, soft information relating to social capital and contingency factors. The latter dictate the extent to which hard/formal information versus soft/informal information is used.
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The purpose of this thesis was to explore how Christian networks enable strategies of transnational alliance, whereby groups in different nations strive to strengthen one another’s leverage and credibility in order to resolve conflicts and elaborate new possibilities. This research does so by analyzing the case of the Presbyterian Church of Colombia (IPC). The project examines the historical development of the IPC from the initial missionary period of the 1850s until the present. Specifically, the purpose of the study was to consider how the historical struggle to articulate autonomy and equality vis-à-vis the U.S. Presbyterians (PCUSA) and paternalist models of ecclesial relations has affected recent political strategies pursued by the IPC. Despite the paternalism of the early missionary model, changing conceptions of social transformation during the 60s contributed to a shift in relations. Over time the IPC and PCUSA negotiated relationships in which groups both acknowledge a problematic history and insist upon an ethnic of partnership and respect. Today, PCUSA groups, in concert with the IPC, collaborate on a range of transnational political strategies aimed at strengthening the IPC’s leverage in local struggles for justice and peace. A review of this case suggests that long-established Christian networks may have an advantage over other civil society groups such as NGOs in facilitating strategies of transnational alliance. Although civil society organizations often have better access to important resources needed for international advocacy initiatives, Christian networks, such as the one established between the IPC and U.S. Presbyterian communities, rely on a history of negotiating power-disparity in order to elaborate relationships based on listening and partnership. Such findings prove important not only to how we conceptualize transnational alliance but also to the ways that we think about the history and future of Christian networks.
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This thesis addresses spiritual violence done to queer people in the sacrament of Communion, or Eucharist, in both Protestant and Roman Catholic churches in the U.S. Rooted in the sexual dimorphic interpretation of Genesis, theologians engendered Christianity with sexism and patriarchy, both of which have since developed into intricate intersections of oppressions. Religious abuse is founded on the tradition of exclusionary practices and is validated through narrow interpretations of Scripture that work to reassert the authority of the experiences of the dominant culture. The resultant culture of oppression manifests itself in ritualized spiritual violence. Queer people are deemed “unworthy” to take ‘the body and blood of the Christ’ and, in fact, are excluded altogether. This “unworthiness” is expressed as spiritual violence against queer people who are shunned and humiliated, internalize hateful messages, and are denied spiritual guidance or life-affirming messages. By “queering” Scripture, or reading the Bible anew through a framework of justice, queer people have begun to sacramentalize their experiences and reclaim their place at the table.
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Neuroaesthetics is the study of the brain’s response to artistic stimuli. The neuroscientist V.S. Ramachandran contends that art is primarily “caricature” or “exaggeration.” Exaggerated forms hyperactivate neurons in viewers’ brains, which in turn produce specific, “universal” responses. Ramachandran identifies a precursor for his theory in the concept of rasa (literally “juice”) from classical Hindu aesthetics, which he associates with “exaggeration.” The canonical Sanskrit texts of Bharata Muni’s Natya Shastra and Abhinavagupta’s Abhinavabharati, however, do not support Ramachandran’s conclusions. They present audiences as dynamic co-creators, not passive recipients. I believe we could more accurately model the neurology of Hindu aesthetic experiences if we took indigenous rasa theory more seriously as qualitative data that could inform future research.
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The popularization of academic spaces that combine Buddhist philosophy with the literature of the Romantic period – a discipline I refer to as Buddhist Romantic Studies – have exposed the lack of scholarly attention Samuel Taylor Coleridge and The Rime of the Ancient Mariner have received within such studies. Validating Coleridge’s right to exist within Buddhist Romantic spheres, my thesis argues that Coleridge was cognizant of Buddhism through historical and textual encounters. To create a space for The Rime within Buddhist Romantic Studies, my thesis provides an interpretation of the poem that centers on the concept of prajna, or wisdom, as a vital tool for cultivating the mind. Focusing on prajna, I argue that the Mariner’s didactic story traces his cognitive voyage from ignorance to enlightenment. By examining The Rime within the framework of Buddhism, readers will also be able to grasp the importance of cultivating the mind and transcending ignorance.
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The central objective of this case study was to formulate the strategy of internationalization of Tubofuro®, discriminating relevant points from its design to its implementation. This is a company located in Leiria, Ortigosa parish, which operates, among others, in the Portuguese PVC pipes industry for which currently the domestic market is clearly insufficient, given the oversupply compared to demand. Being Tubofuro® an exporting company since 2004, the work here developed specifically intended to increase sales to the foreign market, with this representing 45% of total company's business in 2018 increasing of the number of markets through new partners to enable the positioning of Tubofuro® among the main players in each market, particularly in South American markets, North African and European. To achieve the above objectives presented a case study was applied, centred on Tubofuro® company, target of the internationalization strategy. The search carried out for the formulation of the strategy has been supported on a thorough analysis of the external environment and internal characteristics of the company, for which were crossed different types of data, quantitative, qualitative, secondary data and primary data. From this work resulted the development of internationalization and international marketing plan for the next three years, whose objectives are based on entrance and consequent growth in new markets, including the market Chilean, Peruvian, Mexican, Argentine, Algerian and German, as well growth in the presence and turnover in the markets for which Tubofuro® already exports regularly, for example Spain, France, Tunisia and Morocco. Based on the production capacity of Tubofuro® company, which will not suffer any kind of investment for incrementing but only to update, it is expected that the appropriate response capacity for the company is 8 regular markets, and could eventually arise sporadic exports to other markets not interfering with the normal production capacity of the company. The suggestion of the presented markets resulted from the study of the final price based on the one that local customers purchase a product equal or similar to Tubofuro® and the number of potential existing customers in each market. The internationalization model known as Uppsala Model corresponds to the strategy adopted by the company to its internationalization process, taking into account the philosophy of senior management and the risk aversion of them. The sales team Tubofuro® demand for each market, export a full container registering customer feedback, including quality and flow capacity in the market in order to seek a partnership agreement with a local distributor, which allows the Tubofuro® go to step two above mentioned model. The partnership agreement is based on mutual commitment to technical cooperation and trade between the Tubofuro® and partner, in order to increase the performance capacity among local customers. Only if the market presents a greater demand to our supply capacity and be justified by cost / benefit ratio, the entry into this market through a joint venture or subsidiary is that the decision will be taken. Although this is a case study, which means that is adjusted to the concrete case Tubofuro® preventing generalization of findings, we believe that this work can be a useful example for other companies in the internationalization process or the methodology adopted in formulating strategy or the outputs and conclusions drawn.
Resumo:
The uncertainty of the future of a firm has to be modelled and incorporated into the evaluation of companies outside their explicit period of analysis, i.e., in the continuing or terminal value considered within valuation models. However, there is a multiplicity of factors that influence the continuing value of businesses which are not currently being considered within valuation models. In fact, ignoring these factors may cause significant errors of judgment, which can lead models to values of goodwill or badwill, far from the substantial value of the inherent assets. Consequently, these results provided will be markedly different from market values. So, why not consider alternative models incorporating life expectancy of companies, as well as the influence of other attributes of the company in order to get a smoother adjustment between market price and valuation methods? This study aims to provide a contribution towards this area, having as its main objective the analysis of potential determinants of firm value in the long term. Using a sample of 714 listed companies, belonging to 15 European countries, and a panel data for the period between 1992 and 2011, our results show that continuing value cannot be regarded as the current value of a constant or growth perpetuity of a particular attribute of the company, but instead be according to a set of attributes such as free cash flow, net income, the average life expectancy of the company, investment in R&D, capabilities and quality of management, liquidity and financing structure.
Resumo:
Peter Sloterdijk presented a reading of Heidegger's Letter on Humanism at a conference held at Elmau in 1999. Reinterpreting the meaning of humanism in the light of Heidegger's Letter, Sloterdijk focused his presentation on the need to redefine education as a form of genetic ‘taming’ and proposed what seemed to be support for positive eugenics. Although Sloterdijk claimed that he only wanted to open a debate on the issue, he could not have been surprised at the level of opposition this suggestion aroused. In the weeks following, he blamed Habermas for raising this opposition and for refusing to engage with him openly. Although Luis Arenas has chronicled the aftermath of Sloterdijk's paper, it may be of interest to educators to examine how Heidegger's text is presented. What is this new humanism? If Heidegger's new humanism was based on a mystical attitude towards Being, so Sloterdijk's new humanism was to be based on the materialist principles of a biotechnological age. Unlike Heidegger who rejected technology as yet one further example of the forgetfulness of Being, Sloterdijk seems to embrace technology and the enhancement of the human body and mind as the next great step forward in educational theory. Could he possibly be right? Is education in these times a partner or an opponent of the technological enhancement of the human being? This article tries to identify Sloterdijk's disagreements with Heidegger on the question of the human.
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This paper evaluates the performance of a survivorship bias-free data set of Portuguese funds investing in Euro-denominated bonds by using conditional models that consider the public information available to investors when the returns are generated. We find that bond funds underperform the market significantly and by an economically relevant magnitude. This underperformance cannot be explained by the expenses they charge. Our findings support the use of conditional performance evaluation models, since we find strong evidence of both time-varying risk and performance, dependent on the slope of the term structure and the inverse relative wealth variables. We also show that survivorship bias has a significant impact on performance estimates. Furthermore, during the European debt crisis, bond fund managers performed significantly better than in non-crisis periods and were able to achieve neutral performance. This improved performance throughout the crisis seems to be related to changes in funds’ investment styles.
Resumo:
We propose a method denoted as synthetic portfolio for event studies in market microstructure that is particularly interesting to use with high frequency data and thinly traded markets. The method is based on Synthetic Control Method and provides a robust data driven method to build a counterfactual for evaluating the effects of the volatility call auctions. We find that SMC could be used if the loss function is defined as the difference between the returns of the asset and the returns of a synthetic portfolio. We apply SCM to test the performance of the volatility call auction as a circuit breaker in the context of an event study. We find that for Colombian Stock Market securities, the asynchronicity of intraday data reduces the analysis to a selected group of stocks, however it is possible to build a tracking portfolio. The realized volatility increases after the auction, indicating that the mechanism is not enhancing the price discovery process.
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El objetivo general de esta revisión es explicar que la educación superior en Colombia necesita integrar al campo administrativo el reconocimiento y manejo de las emociones, para que la gerencia contribuya al verdadero desarrollo social sostenible. Como el campo de interés está centrado en la gerencia, se hizo uso de los aportes del marketing relacional, la teoría de creación de valor compartido y la inteligencia emocional, así como otras aproximaciones teóricas y bibliográficas que sirvieron de soporte durante el desarrollo del seminario de gerencia. Consecuentemente, los aportes de los autores soportan las razones por las cuales se requiere de una reestructuración de la gerencia para mitigar las externalidades del medio y promover el desarrollo social y económico. Finalmente, se pretendió proporcionar la información adecuada al lector acerca del tema, de forma tal que facilite la comprensión y promueva la discusión acerca de los diferentes aportes de los autores.