Firm managers make ethical decisions regarding the form and quality of disclosure. Disclosure can have long-term implications for performance, earnings manipulation, and even fraud. We investigate the impact of venture capital (VC) backing on the quality and informativeness of disclosure controls and procedures for newly public companies. We find that these controls and procedures are stronger, as evidenced by fewer material weaknesses in internal control under Section 302 of the Sarbanes–Oxley Act, when companies are VC-backed. Moreover, these disclosures are informative (...) and are more likely to be followed by subsequent financial statement restatements than are disclosures made by non-VC-backed IPO companies. (shrink)

Neural markers, such as the mismatch negativity, have been used to examine the phonological underspecification of English feature contrasts using the Featurally Underspecified Lexicon model. However, neural indices have not been examined within the approximant phoneme class, even though there is evidence suggesting processing asymmetries between liquid and glide phonemes. The goal of this study was to determine whether glide phonemes elicit electrophysiological asymmetries related to [consonantal] underspecification when contrasted with liquid phonemes in adult English speakers. Specifically, /ɹɑ/ is categorized (...) as [+consonantal] while /wɑ/ is not specified [i.e., ]. Following the FUL framework, if /w/ is less specified than /ɹ/, the former phoneme should elicit a larger MMN response than the latter phoneme. Fifteen English-speaking adults were presented with two syllables, /ɹɑ/ and /wɑ/, in an event-related potential oddball paradigm in which both syllables served as the standard and deviant stimulus in opposite stimulus sets. Three types of analyses were used: traditional mean amplitude measurements; cluster-based permutation analyses; and event-related spectral perturbation analyses. The less specified /wɑ/ elicited a large MMN, while a much smaller MMN was elicited by the more specified /ɹɑ/. In the standard and deviant ERP waveforms, /wɑ/ elicited a significantly larger negative response than did /ɹɑ/. Theta activity elicited by /ɹɑ/ was significantly greater than that elicited by /wɑ/ in the 100–300 ms time window. Also, low gamma activation was significantly lower for /ɹɑ/ vs. /wɑ/ deviants over the left hemisphere, as compared to the right, in the 100–150 ms window. These outcomes suggest that the [consonantal] feature follows the underspecification predictions of FUL previously tested with the place of articulation and voicing features. Thus, this study provides new evidence for phonological underspecification. Moreover, as neural oscillation patterns have not previously been discussed in the underspecification literature, the ERSP analyses identified potential new indices of phonological underspecification. (shrink)

Background Intestinal transplant in infants with severe short bowel syndrome (SBS) is an emerging therapy, yet without sufficient long-term data or established guidelines, resulting in possible variation in practice. Objectives To assess current attitudes and counselling practices among physicians regarding intestinal transplant in infants with SBS, and to determine whether counselling and management vary between subspecialists or centres. Methods A national sample of practicing paediatric surgeons and neonatologists was surveyed via the American Academy of Paediatrics listserves. Results were analysed by (...) physician subspecialty and again by presence or absence of intestinal transplant at respondent's centre. Results The survey was completed by 433 respondents, consisting of 363 neonatologists and 70 paediatric surgeons. Fifty-seven respondents (13.2%) practiced at a centre that performed intestinal transplants in children. The vast majority of respondents (91% for preterm, 95% for term neonates) felt that maintaining a neonate with SBS on total parenteral nutrition for intestinal transplant was ethically optional (neither impermissible nor obligatory), and that parents should be given an informed choice whether to pursue that option. However, only 33% indicated they often/always offer intestinal transplant as a treatment option to families in this situation. Conclusions There is a marked disparity between individual physicians’ beliefs regarding the acceptability of intestinal transplant for severe SBS and their reported practice. Wide variability exists among physicians with respect to their knowledge, beliefs and practice regarding severe SBS, raising concerns about transparency and justice. Survival data prior to transplant, currently unavailable, are essential to rational decision making and informed parental permission. (shrink)

The Featurally Underspecified Lexicon theory predicts that [coronal] is the language universal default place of articulation for phonemes. This assumption has been consistently supported with adult behavioral and event-related potential data; however, this underspecification claim has not been tested in developmental populations. The purpose of this study was to determine whether children demonstrate [coronal] underspecification patterns similar to those of adults. Two English consonants differing in place of articulation, [labial] /b/ and [coronal] /d/, were presented to 24 children characterized by (...) either a typically developing phonological system or a phonological disorder. Two syllables, /bɑ/ and /dɑ/, were presented in an ERP oddball paradigm where both syllables served as the standard and deviant stimulus in opposite stimulus sets. Underspecification was examined with three analyses: traditional mean amplitude measurements, cluster-based permutation tests, and single-trial general linear model analyses of single-subject data. Contrary to previous adult findings, children with PD demonstrated a large positive mismatch response to /bɑ/ while the children with TD exhibited a negative mismatch response ; significant group differences were not observed in the /dɑ/ responses. Moreover, the /bɑ/ deviant ERP response was significantly larger in the TD children than in the children with PD. At the single-subject level, more children demonstrated mismatch responses to /dɑ/ than to /bɑ/, though some children had a /bɑ/ mismatch response and no /dɑ/ mismatch response. While both groups of children demonstrated similar responses to the underspecified /dɑ/, their neural responses to the more specified /bɑ/ varied. These findings are interpreted within a proposed developmental model of phonological underspecification, wherein children with PD are functioning at a developmentally less mature stage of phonological acquisition than their same-aged TD peers. Thus, phonological underspecification is a phenomenon that likely develops over time with experience and exposure to language. (shrink)

In the year ending March 2020, an estimated 773,000 people in England and Wales were sexually assaulted. These types of crimes have lasting effects on victims’ mental health, including depression, anxiety, and post-traumatic stress disorder. There is a large body of literature which identifies several factors associated with the likelihood of the victim reporting a sexual assault to the police, and these differences may be due to rape myth stereotypes which perpetuate the belief that rape is only “real” under certain (...) conditions. Less is known, however, about the effect these rape myths and stereotypes have on the investigation process itself and the subsequent police outcomes assigned to sex offences. This study aimed to address this gap, providing a profile of all RASSO (rape and serious sexual offences) committed over a 3-year period in one English police force, the police outcomes of these offences, and whether any offences, suspect, or victim variables were associated with different outcomes, in particular the decision to charge or cases where victims decline to prosecute. In line with previous research, the majority of victims were female while the majority of suspects were male, and the most frequent victim–suspect relationship was acquaintance, followed by partner/ex-partner. Charge outcomes were more likely in SSOs and less in rape offences, more likely with stranger offences and less likely than offences committed by partners/ex-partners and relatives, and some non-white suspects were more likely to be charged than suspects of other ethnicities, including white suspects. Victim attrition was more likely in cases where the suspect was a partner or ex-partner and least likely where the suspect was a stranger, more likely in SSOs than in rape cases, and more likely when the victim ethnicity was “other”. Law enforcement should be aware of the potential biases, both relating to rape myths and stereotypes and to the biased treatment of victims and suspects based on demographic characteristics, and work to eliminate these to ensure a fairer and more effective RASSO investigative process. (shrink)

During the Napoleonic Wars there was a shortage of suitable millstones for the British Ordnance gunpowder mills. John MacCulloch spent five summers searching Western Britain for a source of non-siliceous limestones to be used as gunpowder millstones. His search was authorized by the Board of Ordnance, which also paid all his expenses.By 1812 MacCulloch had found suitable limestones in Sutherland, Skye, and at Glen Tilt, but the Board of Ordnance were unable to exploit any of the sources until 1815 when (...) unsuccessful quarries were opened on Skye. After the defeat of Napoleon at Waterloo the British millstone project was abandoned. The military objective of the millstone survey was not achieved, but MacCulloch learned much about the geology of the older rocks of Britain and he built a reputation as an expert geologist through the papers he submitted to the Geological Society of London. (shrink)

The first truly multidisciplinary text of its kind, this book offers an original analysis of the current state of linguistic pragmatics. Cummings argues that no study of pragmatics can reasonably neglect the historical and contemporary influences on this.

To paraphrase Lewis Carroll’s poem “The Walrus and the Carpenter” from his Through the Looking Glass, “The time has come to talk of many things.” Not as the Walrus did in the nursery rhyme, “of sho...

This paper explores the type of stakeholder engagement currently being undertaken by many organisations as part of social and ethical accounting, auditing and reporting processes. Specifically, the paper seeks to determine the extent to which current corporate practice iteratively promotes stakeholder participation in collaboratively designing accountability programmes, or whether it merely is a new term for canvassing stakeholder opinions. Arnstein’s Ladder of Citizen Participation is used as a conceptual model for positioning contemporary methods of stakeholder dialogue. The findings from interviews (...) with representatives from twenty‐nine UK and transnational organisations actively engaged in stakeholder dialogue are presented. This paper concludes that contemporary organisations seem to be seeking to engage with stakeholders in partnerships, yet their attempts still fall short of what Arnstein called Citizen Control, the level of achievement that non‐governmental organisations would like stakeholder engagement to attain. (shrink)

We prove a number of consistency results complementary to the ZFC results from our paper [J. Cummings, M. Foreman, M. Magidor, Canonical structure in the universe of set theory: part one, Annals of Pure and Applied Logic 129 211–243]. We produce examples of non-tightly stationary mutually stationary sequences, sequences of cardinals on which every sequence of sets is mutually stationary, and mutually stationary sequences not concentrating on a fixed cofinality. We also give an alternative proof for the consistency of the (...) existence of stationarily many non-good points, show that diagonal Prikry forcing preserves certain stationary reflection properties, and study the relationship between some simultaneous reflection principles. Finally we show that the least cardinal where square fails can be the least inaccessible, and show that weak square is incompatible in a strong sense with generic supercompactness. (shrink)

Few, if any, scientific inquiries are conducted against a background of complete knowledge, a background in which inquirers are in possession of the ‘full facts’ that relate to a particular question or issue. More often than not, scientists are compelled to conduct their deliberations in contexts of epistemic uncertainty, in which partial knowledge or even a total absence of knowledge characterise inquiry. Nowhere is this epistemic uncertainty more evident, or indeed more successfully controlled, than in the branch of scientific inquiry (...) called epidemiology. In this paper, I examine how epidemiologists overcome the unique challenges to inquiry that are posed by epistemic uncertainty. In specific terms, I contend that epidemiologists employ analogical reasoning strategies in an attempt to advance their inquiries in situations that are epistemically uncertain. The context for my claims will be the early inquiries that were conducted into the emergence of HIV/AIDS in the United States. I argue that early scientific work in relation to HIV/AIDS was directly premised upon epidemiological investigations in which analogical reasoning with hepatitis B had featured significantly. I conclude that epidemiological investigations of AIDS exemplify the capacity of analogical reasoning to advance inquiry under conditions of epistemic uncertainty. To this extent, analogical reasoning should be a concern both to those who address practical problems of uncertainty management and to those who pursue theoretical debates within argumentation studies and epistemology. (shrink)

It is a feature of scientific inquiry that it proceeds alongside a multitude of non-scientific interests. This statement is as true of the scientific inquiries of previous centuries, many of which brought scientists into conflict with institutionalised religious thinking, as it is true of the scientific inquiries of today, which are conducted increasingly within commercial and political contexts. However, while the fact of the coexistence of scientific and non-scientific interests has changed little over time, what has changed with time is (...) the effect of this coexistence on scientific inquiry itself. While scientists may no longer construct their theories with various religious dictates in mind, growing commercial and political interests in science have served to distort the interpretation of science. Using the U.K.’s recent crisis with bovine spongiform encephalopathy (BSE) as my context, I examine two ways in which this distortion has occurred – the interpretation of the science of BSE by politicians and by commercial parties for the purposes of justifying policy decisions and informing the public of risk, respectively. Fallacious reasoning, I contend, is the manifestation of this distortion in these contexts. In demonstration of this claim, I examine how politicians and commercial parties alike have employed two fallacies in their assessments of the science of BSE. These fallacies extend in novel ways the set of so-called traditional informal fallacies. The interpretation of science, I conclude, is a rich context in which to conduct a study of fallacious reasoning; moreover, such a study can contribute in significant ways, I argue, to the public understanding of science. (shrink)

We prove a consistency result about square principles and stationary reflection which generalises the result of Ben-David and Magidor [4].

"Husserl had captured me, I saw everything in terms of the perspectives of his philosophy," wrote Sartre of his conversion to Husserl's phenomenology. In the present volume Cumming analyzes Sartre's transformation of Husserl's phenomenological method into a rudimentary dialectic. Cumming thus provides an introduction to phenomenology itself, and more generally to the ways in which debts to previous philosophies can be refurbished in later philosophies. He shows how phenomenology, which for Husserl was a theory of knowledge in which (...) "we can always presume sincerity," becomes for Sartre a theory in which imagination, self-deception, and role playing are crucial. Cumming also shows that conversion is not merely a personal predisposition of Sartre's--further manifest in his later conversions to Heidegger and to a version of Marxism. Conversion is also philosophical preoccupation, illustrated by the "conversion to the imaginary" whereby Sartre explains how he himself, as well as Genet and Flaubert, became writers. Finally, Cumming details how Husserl's phenomenological method contributed both to the shaping of Sartre's style as a literary writer and to his theory of style. (shrink)

We show that it is consistent with ZFC (relative to large cardinals) that every infinite Boolean algebra B has an irredundant subset A such that 2 |A| = 2 |B| . This implies in particular that B has 2 |B| subalgebras. We also discuss some more general problems about subalgebras and free subsets of an algebra. The result on the number of subalgebras in a Boolean algebra solves a question of Monk from [6]. The paper is intended to be accessible (...) as far as possible to a general audience, in particular we have confined the more technical material to a "black box" at the end. The proof involves a variation on Foreman and Woodin's model in which GCH fails everywhere. (shrink)

In Aristotle’s account of change, lacking a form is called privation (Physics I.7 191a14). For example, someone takes on the form of being musical only from previously having the privation of being unmusical. However, he also states that “shape and nature are spoken of in two ways, for the privation too is in a way form” (Physics II.1 193b19). I will demonstrate that these seemingly contradictory statements are not actually in tension. Since all perceptible matter must be enformed, we would (...) have trouble discussing things that have yet to undergo generation, like menstrual fluid, and things that have undergone corruption, like corpses, if we did not cite the privation as a sort of form. I will argue that, given his commitment to hylomorphism, Aristotle is committed to privation being a form in a qualified sense. It cannot be a form in an unqualified sense because privation often spoils the matter such that it can no longer be reformed. The fact of the matter is we cannot draw a bright line between privation and form because the two are contraries and can be said to hold to different degrees at different points on a spectrum. (shrink)

This paper examines and critiques the ethical issues in postmortem sperm retrieval and the use of postmortem sperm to create new life. The article was occasioned by the recent request of the parents of a West Point cadet who died in a skiing accident at the Academy to retrieve and use his sperm to honor his memory and perpetuate the family name. The request occasioned national media attention. A trial court judge in New York in a two-page order authorized both (...) the retrieval and use of the postmortem sperm. (shrink)

The study of pragmatic disorders is of interest to speech-language pathologists who have a professional responsibility to assess and treat communication impairments. However, these disorders, it will be argued in this paper, have a significance beyond the clinical management of clients with communication impairments. Specifically, pragmatic disorders can now make a contribution to the diagnosis of a range of clinical conditions in which communication is adversely affected. These conditions include attention deficit hyperactivity disorder, the autistic spectrum disorders, schizophrenia and the (...) dementias. Pragmatic disorders are already among the criteria used to diagnose some of these conditions, although they are not described in these terms. In other conditions, pragmatic disorders have potential diagnostic value in the absence of reliable biomarkers of these conditions and similar initial presenting symptoms. Using clinical data, and the findings of empirical studies, the case is made for the inclusion and/or greater integration of pragmatic disorders in the formal classificatory systems that are used to diagnose a range of disorders. A previously unrecognised role for pragmatic impairments in the nosology and diagnosis of clinical disorders is thereby established. (shrink)

Wait, what? I've been fired?” I repeated, in the middle of morning rounds in the neonatal intensive care unit. Finally, the nurse who was taking care of our patient, Angela, responded, “Her parents fired you last night. They've already called Patient Relations. They want a new doctor.” My heart sank. Only days into my block of service time as the attending physician in the NICU and I was fired, axed, canned, rejected by a family. How could this have happened? On (...) my first day of service, I had introduced myself to Angela's parents, and I had then met with them daily to review results and the plan and to answer their questions. I thought we had connected well. I thought I had done everything right. I thought they trusted me to care for their daughter. (shrink)

Since the work of Gödel and Cohen, which showed that Hilbert's First Problem was independent of the usual assumptions of mathematics, there have been a myriad of independence results in many areas of mathematics. These results have led to the systematic study of several combinatorial principles that have proven effective at settling many of the important independent statements. Among the most prominent of these are the principles diamond and square discovered by Jensen. Simultaneously, attempts have been made to find suitable (...) natural strengthenings of ZFC, primarily by Large Cardinal or Reflection Axioms. These two directions have tension between them in that Jensen's principles, which tend to suggest a rather rigid mathematical universe, are at odds with reflection properties. A third development was the discovery by Shelah of "PCF Theory", a generalization of cardinal arithmetic that is largely determined inside ZFC. In this paper we consider interactions between these three theories in the context of singular cardinals, focusing on the various implications between square and scales, and on consistency results between relatively strong forms of square and stationary set reflection. (shrink)

Assuming that GCH holds and [Formula: see text] is [Formula: see text]-supercompact, we construct a generic extension [Formula: see text] of [Formula: see text] in which [Formula: see text] remains strongly inaccessible and [Formula: see text] for every infinite cardinal [Formula: see text]. In particular the rank-initial segment [Formula: see text] is a model of ZFC in which [Formula: see text] for every infinite cardinal [Formula: see text].

The reform of China’s one-child policy allows families to have more children and thus may affect anticipation of intergenerational succession of family businesses and drive family firms to improve their corporate social responsibility (CSR). Using a difference-in-differences design, we find that the reform positively affects the CSR of family firms. We also find that the positive impact is more pronounced for family firms whose owners have fewer children, have no son, and have not yet surpassed reproductive age (older than 50), (...) which confirms the theory that anticipation of intergenerational succession drives CSR in such firms. Moreover, we find that the positive impact is more pronounced for firms that operate in environments where CSR is more strategically important. We validate our findings by showing that the reform prompts investment in value-enhancing CSR and curtails short-termism. This study offers novel evidence that government policies conducive to intergenerational succession in family firms can lead to not only strategic CSR but also to truly ethical corporate behaviour. (shrink)

This paper examines the interplay of semantics and pragmatics within the domain of film. Films are made up of individual shots strung together in sequences over time. Though each shot is disconnected from the next, combinations of shots still convey coherent stories that take place in continuous space and time. How is this possible? The semantic view of film holds that film coherence is achieved in part through a kind of film language, a set of conventions which govern the relationships (...) between shots. In this paper, we develop and defend a new version of the semantic view. We articulate it for a pair of conventions that govern spatial relations between viewpoints. One such rule is already well-known; sometimes called the "180° Rule," we term it the X-Constraint; to this we add a previously unrecorded rule, the T-Constraint. As we show, both have the effect, in different ways, of limiting the way that viewpoint can shift through space from shot to shot over the course of a film sequence. Such constraints, we contend, are analogous to relations of discourse coherence that are widely recognized in the linguistic domain. If film is to have a language, it is a language made up of rules like these. (shrink)

Objective: To determine whether the marks in the third year Objective Structured Clinical Examination were affected by the collusion reported by the students themselves on an electronic discussion board.Design: A review of the student discussion, examiners’ feedback and a comparison of the marks obtained on the 2 days of the OSCE.Participants: 255 third year medical students.Setting: An OSCE consisting of 15 stations, administered on three sites over 2 days at a UK medical school.Results: 40 students contributed to the discussion on (...) the electronic discussion board. The main points raised were perceived inequity between students who did, or did not, have prior knowledge of the station content, and the lack of honesty and professionalism of their peers. Most contributors claimed to have received, or knew of others receiving, prior knowledge, but none confessed to passing on information. No significant difference was observed in the overall mark for the OSCE on day 1 ) and day 2 ). On day 2, marks were considerably greater for four stations and markedly lower for three stations. It was not obvious why collusion should affect these station marks. A clear indication of the effects of collusion could only be obtained from a single subsection of an individual station where 82 students on day 2 incorrectly gave the diagnosis from day 1.Conclusion: Marks do not provide a sound inference of student collusion in an OSCE and may mask the aspects of professional development of students. (shrink)

We present an alternative proof that from large cardinals, we can force the tree property at $\kappa ^+$ and $\kappa ^{++}$ simultaneously for a singular strong limit cardinal $\kappa $. The advantage of our method is that the proof of the tree property at the double successor is simpler than in the existing literature. This new approach also works to establish the result for $\kappa =\aleph _{\omega ^2}$.

We start by studying the relationship between two invariants isolated by Shelah, the sets of good and approachable points. As part of our study of these invariants, we prove a form of “singular cardinal compactness” for Jensen's square principle. We then study the relationship between internally approachable and tight structures, which parallels to a certain extent the relationship between good and approachable points. In particular we characterise the tight structures in terms of PCF theory and use our characterisation to prove (...) some covering results for tight structures, along with some results on tightness and stationary reflection. Finally, we prove some absoluteness theorems in PCF theory, deduce a covering theorem, and apply that theorem to the study of precipitous ideals. (shrink)

This book develops a contemporary metaphysics of morals.

Among the distinguished intellectuals of sixteenth-century Italy was Antonio Brucioli, renowned for participating in the gatherings in the garden of the Rucellai in Florence during the second decade of the sixteenth century. Since Delio Cantimori’s fundamental article and Giorgio Spini’s fundamental monograph, Brucioli’s Dialogi have been valued for the insight they afford into the discussions of the Rucellai group. Twice in the Dialogi Brucioli offers a revealing discussion of music. The references reflect intellectual traditions of great significance and longevity and (...) afford valuable insight into the late-Renaissance reception of such venerable doctrines. (shrink)

Develops a theory of culture based on a metaphysics that elaborates on the Platonic and Confucian traditions. In Metaphysics of Goodness, Robert Cummings Neville extends Alfred North Whitehead’s project of cultural studies, which was based on a new metaphysics that Whitehead developed in Adventures of Ideas. Neville’s focus is value or goodness in many modes. The metaphysics treated in this book derive from the Platonic and Confucian traditions, with significant modifications of Whitehead, Peirce, Dewey, Confucius, Xunzi, and Zhou Dunyi. Part (...) one develops a theory of form based on a metaphysics of harmony. Part two elaborates a theory of art based on a metaphysics of beauty. Part three sketches a theory of personhood based on a metaphysics of obligation. Part four discusses civilization in a systematic way based on a metaphysics of flourishing. Throughout the book, Neville elaborates a theory of interpretation that is inspired by Peirce, Dewey, and Xunzi but is not limited to their ideas. While the reasoning of the book is concise, it employs methodologies from many kinds of philosophy, art criticism, ethics, and cultural studies, and sees philosophy as needing to learn from all these disciplines. “Neville’s work is informed by a lifelong engagement with the most important philosophers in history, including Plato, Aristotle, Whitehead, and Dewey. Here, he offers an important argument that there is beauty not only in how people see the world, but also in the world itself.” — Kevin Schilbrack, Appalachian State University. (shrink)

Many children and adults experience significant breakdown in the use of language. The resulting pragmatic disorders present a considerable barrier to effective communication. This book is the first critical examination of the current state of our knowledge of pragmatic disorders and provides a comprehensive overview of the main concepts and theories in pragmatics. It examines the full range of pragmatic disorders that occur in children and adults and discusses how they are assessed and treated by clinicians. Louise Cummings attempts to (...) integrate the fields of pragmatics, language pathology and cognitive science by examining the ways in which pragmatics can make a useful contribution to debates about cognitive theories of autism. The reader is encouraged to think in a critical fashion about how clinicians, experimentalists and theorists deal with pragmatic issues. (shrink)

Fraud in the reward-based crowdfunding market has been of concern to regulators, but it is arguably of greater importance to the nascent industry itself. Despite its significance for entrepreneurial finance, our knowledge of the occurrence, determinants, and consequences of fraud in this market, as well as the implications for the business ethics literature, remain limited. In this study, we conduct an exhaustive search of all media reports on Kickstarter campaign fraud allegations from 2010 through 2015. We then follow up until (...) 2018 to assess the ultimate outcome of each allegedly fraudulent campaign. First, we construct a sample of 193 fraud cases, and categorize them into detected vs. suspected fraud, based on a set of well-defined criteria. Next, using multiple matched samples of non-fraudulent campaigns, we determine which features are associated with a higher probability of fraudulent behavior. Second, we document the short-term negative consequences of possible breaches of trust in the market, using a sample of more than 270,000 crowdfunding campaigns from 2010 through 2018 on Kickstarter. Our results show that crowdfunding projects launched around the public announcement of a late and significant misconduct detection (resulting in suspension) tend to have a lower probability of success, raise less funds, and attract fewer backers. (shrink)

Variabilism is the view that proper names (like pronouns) are semantically represented as variables. Referential names, like referential pronouns, are assigned their referents by a contextual variable assignment (Kaplan 1989). The reference parameter (like the world of evaluation) may also be shifted by operators in the representation language. Indeed verbs that create hyperintensional contexts, like ‘think’, are treated as operators that simultaneously shift the world and assignment parameters. By contrast, metaphysical modal operators shift the world of assessment only. Names, being (...) variables, refer rigidly in the latter merely intensional contexts, but may vary their reference in hyperintensional contexts. This conforms to the intuition that the content of attitude ascriptions encapsulates referential uncertainty. Furthermore, names in hyperintensional contexts are ambiguous between de re* and de dicto* interpretations. This fact is used to account for asymmetric mistaken identity attributions (for example, Biron thinks Katherine is Rosaline, but he doesn’t think Rosaline is Katherine). -/- The variable theory compares favourably with its alternatives, including Millianism and descriptivism. Millians cannot account for the behaviour of names in hyperintensional contexts, while descriptivists cannot generate a necessary contrast between intensional and hyperintensional contexts. No other theory can capture the facts pertaining to the existentially bound use of names. (shrink)

This article examines how private equity returns in Asia are related to levels of legal protection and corruption. We utilize a unique data set comprising over 750 returns to private equity transactions across 20 developing and developed countries in Asia. The data indicate that legal protections are an important determinant of private equity returns in Asia, but also that private equity managers are able to mitigate the potential for corruption. The quality of legal system (including legal protections) is positively related (...) to returns. Inefficient legal protections negatively impact transaction structures and economic certainty when exiting investments. We also find that private equity managers, irrespective of the quality of legal system they are operating within, can mitigate the potential impact of corruption. Private equity returns are higher in countries with higher levels of corruption, controlling for legal systems. This finding is consistent with the view that private equity managers bring about organizational change to alleviate the costs of corruption. Our findings are robust to inclusion of controls for Hofstede cultural variables, economic conditions, and transaction specific characteristics, as well as consideration of econometric sample selection methods for unexited investments. (shrink)