This article analyzes the judicial framework of the takeover bid regulation in Lithuania, identifies the obstacles to the more effective regulation and considers possible solutions. As laid down in the Directive 2004/25/EC of the European Parliament and the Council as well as in the Law on Securities of the Republic of Lithuania, if a natural or legal person acquires a specified percentage of voting rights in the company (the issuer), which gives him a certain degree of control (...) of the company, this person must announce and implement a mandatory takeover bid to protect the minority shareholder rights. The regulation process of takeover bids in Lithuania, however, encounters several obstacles in aiming to increase the protection of minority shareholders. The authors claim that the main problems preventing a more efficient takeover regulation are first, issues related to the counting rules of the voting rights and second, the lengthy process of implementing mandatory takeover bids (the implementation process could last up to six years). Finally, the definition of a fair price of the security presents another obstacle to a more efficient takeover regulation as well. The matter of a fair and reasonable price is the most important in emerging markets, such as Lithuania. (shrink)

Control of the market microstructure theory of corporate governance perspective on the traditional theory of the firm as a deepening of the study, the use of information economics and game theory tools to the mainstream economic analysis framework for the development, the market for corporate control transactions, configuring and tuning the details of the process accurately describes the shares of companies in the separation of ownership and control of internal control case shareholders, tender offers, takeover bids and other governance (...) mechanisms different from the actual control and operation of, the existence of incomplete information and transaction costs under control conditions to analyze market transactions , from the perspective of market microstructure control to clarify the shareholders of the managers to implement effective control mechanisms, policies and conditions. Share control over the behavior of financial market issues, equity market and environmental factors control the interaction between the control and equity issues in the legal protection and market control policy design issues will be the future theoretical research in this field focus. Corporate governance theory based on corporate control market microstructure focuses on trading, allocating and adjusting process of the corporate control market, applying the information economic approach and game instrument to expand the mainstream economic analysis framework. It accurately describes the factual operation of different corporation control and governance mechanism such as corporation owner's internal control, tender offer, takeover bid and negotiating transfer, deepening the traditional firm theory. Moreover it analyzes the corporate control market transactions on the case of incomplete information and positive transaction cost, examines the effective mechanism, strategies and condition by which the owner control and monitor the management based on corporate control market microstructure perspective. Those are the future research topics in this field that behavior finance, interaction with environments and legislation protect and regulation policy designations. (shrink)

PurposeThe purpose of this paper is to present implications of the seller's ability to bid in the four classical auction forms, with independent private values: English, Dutch, first‐ and second‐price auctions.Design/methodology/approachUnder each auction form, the identity of the winning bidder and the expected winning bid are compared between the case when the seller may bid and when he cannot, using equilibrium bidder strategies. The seller's incentive to bid is evaluated.FindingsThe strategies and the welfare results differ with auction type and underlying (...) information assumptions – bidders are either aware or unaware of the seller's ability to bid. In the Dutch and the first‐price auctions, seller‐bidding does not affect any classical results. In the English and the second‐price auctions, it leads to no lower expected prices than without it and higher prices with positive probability. In the English and the second‐price auctions, the seller bids above his reservation value and may unintentionally win the auction. These auctions result in inefficiency with positive probability.Practical implicationsThe English and the second‐price auctions are the most common real‐world auctions. In these auctions, the seller's ability to bid – secretly or publicly – redistributes welfare among participants and introduces a possibility of inefficiency. Making this ability publicly known does not solve the latter problem. Auctioneers must prevent the seller from bidding, or must select a different auction form when seller‐bidding is anticipated.Originality/valueThe paper clarifies to regulators, auction designers, bidders, and other readers which auction forms are susceptible to subversion by seller‐bidding and what the potential damages are. (shrink)

January 21, 2010 will go down as a dark day in the history of American democracy, and its decline. The editors of the New York Times did not exaggerate when they wrote that the Supreme Court decision that day "strikes at the heart of democracy" by having "paved the way for corporations to use their vast treasuries to overwhelm elections and intimidate elected officials into doing their bidding" -- more explicitly, for permitting corporate managers to do so, since current laws (...) permit them to spend shareholder money without consent. (shrink)

In recent years, there are many reasons for the frequent safety accidents in the construction field. The most controversial and typical one that firmly correlated with China’s national condition is the low-price bid winning and the general subcontracting management, which probably have a great impact on the unsafe behavior intention of workers on the construction site. In order to figure out their internal relation, a quantitative statistical analysis of the unsafe behavior intentions of construction workers in the Beijing area was (...) conducted through the on-site questionnaire considering three main variables, namely, general subcontract management, reasonable low-cost bid winning, and construction experiences. Meanwhile, the correlation, regression, and mediating effects of different influencing factors were analyzed through a regressive model to quantify the impact of each variable on the unsafe behavior intention of construction workers. The results showed that the influence of low-price bid winning on the unsafe behavior intention of on-site workers is faint. This is mainly because, in the case of labor buyer’s market, the actual salary of workers is not relevant to whether the project is awarded at a low price. However, the general subcontracting management has a great impact on the unsafe behavior intention of on-site workers. At the same time, low-price bid winning also indirectly affects the strength of general subcontracting safety management, which has an indirect impact on the unsafe behavior intention of on-site workers. Generally, it is of greater significance to enhance the strength of the general subcontracting management and to formulate relevant regulations to guarantee the safety of construction workers. (shrink)

The non-financial effects (NFE) antitakeover amendment addresses the duties of company directors and management when faced with a possible takeover bid. The NFE amendment either permits or requires managers to consider the interests of the company's stakeholders during takeover bids. Other types of antitakeover devices have been viewed as protecting either stockholder or management interests. The NFE amendment would appear to protect a broad spectrum of interests including those of company employees, creditors, and the community in which the (...) company operates. Positive market returns to the adoption of NFE amendments provide some evidence that investors approve. The percent of both management and institutional ownership are positively related to the market reaction to the NFE amendment adoption. To the extent that institutional ownership proxies for the broad spectrum of stakeholder interest, NFE devices, unlike some other amendments that have been studied, appear to be in the interests of more than a single interest group. (shrink)

Internet fraud is an issue that increasingly concerns regulators, consumers, firms, and business ethics researchers. In this article, we examine one common form of internet fraud, the practice of shill bidding (when a seller in an auction enters a bid on his or her own item). The significant incidence of shill bidding on eBay (in spite of the fact that it is illegal just as it is in live auctions) exemplifies the current ineffectiveness of regulatory means as well as the (...) lack of effective societal mechanisms to prevent online fraud. Further, the proliferation of shill bidding along with other types of internet fraud may have broader implications. If unethical behavior such as shill bidding becomes too widespread on the internet, regulators and other societal forces may deem it necessary to institute controls that will impact the entire online marketplace as well as the future development and regulation of business activities on the internet. Our results indicate that shill bidding is perpetrated on eBay significantly more often than 0.1% rate of fraud estimated by the firm. This suggests that regulators, users, and others stakeholders may become concerned enough to act. The impact of those responses on the internet of the future may affect a broad array of users beyond the unethical sellers on eBay. (shrink)

continent. 1.1 (2011): 22-25. The Author gratefully acknowledges the financial support of CAPES (Coordenação de Aperfeiçoamento do Ensino Superior), Brazil. From the multifarious subdivisions of semiotics, be they naturalistic or culturalistic, the realm of semiotics of value is a ?eld that is getting more and more attention these days. Our entire political and economic systems are based upon structures of symbolic representation that many times seem not only to embody monetary value but also to determine it. The connection between monetary (...) and linguistic exchanges is self-evident: the former requires the latter and develops in direct relation to it. Creative experimentation and design of digital systems of value exchange are blossoming on the web. Dr. Gilson Schwartz, an economist turned media theorist and professor at the University of São Paulo, adopted the concept of Iconomics, originally created by Michael Kaplan, an author concerned with the linguistics of economic value. Empowering local communities and unlocking new levels of value creation and representation via digital technologies are the main goals of Dr. Schwartz’s projects, aiming at the re-designing of our relationship to the economic value of imagination and the social control of property. Schwartz is Assistant Professor at the School of Communication and Arts of the University of São Paulo, a former Chief Economist at BankBoston, Brazil and Advisor to the President of the National Social and Economic Development Bank (BNDES). FURTHER READING: Kaplan, Michael. “Iconomics: The Rhetoric of Speculation.” Public Culture . 15.3 (2003): 477-493. Renata Lemos-Morais: You have recently produced and directed a short documentary about Creative Currencies in Latin America. Could you tell us a bit about its process and its findings? Gilson Schwartz: The “Creative Currencies” project is a work-in-progress platform which unfolds as an action research agenda connected both to the production of audiovisual content and the development of social currency software. The initiative dates back to 2003 when I led an experimental project supported by the Presidency of Brazil. At that time, we issued paper currency in a small, touristic village in the Northeast Region which stimulated local cultural projects. But it was only in 2009 that the Central Bank of Brazil acknowledged “social currencies” as a legitimate economic agenda, calling for more debate at the I Financial Inclusion Forum. This year, the monetary authorities organized a second forum that also opened the room to discussions on mobile payment systems and new perspectives on poverty alleviation via State subsidies. The Ministry of Culture funded the “Creative Currencies” project in 2009-2010 and our next stage in this discovery process is to be supported by the National Social and Economic Development Bank (BNDES). In short, there is genuine interest among public officials in different areas and public funding for social currencies is on the rise in Brazil. However, after all these years we are still at a very early stage of research and practice. Some of the most successful initiatives (such as Banco Palmas) actually evolved out of local monetary creation to become correspondent banking operations for commercial banks and other financial groups. After eight years of price stability and social inclusion, Brazil stands out as a major opportunity for social experimentation, even the Grameen Bank is now entering the Brazilian market and many NGOs are geared towards different forms of entrepreneurialism in the base of the pyramid, riding solidarity economic models, microfinance and microcredit for local development. It is yet to be seen, however, whether these developments are just one more stage of “bankarization”, that is to say, an extension of regular banking services or actually a new form of social and symbolic self-determination at the local level. So far, the Central Bank of Brazil is open to new forms of credit and local finance as long as they are strictly territorial and very close to barter among the poor. In other words, whether the process of monetary creation could be made to fit an open source paradigm is yet to be seen. Community banking and social currencies might as well end up as just another channel for access to and use of banking services. The “Creative Currencies” project aims at promoting the discussion of more fundamental issues, such as the limits of central banking, the prospects for local financial development and the possibility of creating and managing financial icons as cultural assets. The purpose of this project is to produce short documentaries that will bear testimony to this evolving regulatory framework while inducing more discussion about the fundamental iconomic issues concealed in the process of money and wealth creation. RLM: What new potential is there in applying digital technologies to currency creation? GS: Globalization is a result of the virtualization of money, that is, the overcoming of illusions such as the “gold standard”. Money is an icon created by institutions, not on supposedly natural or material foundations but out of political and financial interests. The “dollar standard” is an outstanding evidence of this phenomenon and Kaplan´s paper, the first to use the expression “iconomics”, insists on the rhetoric and semiotic effects associated to a supposedly scientific model of money creation and management. This is a fundamental change that was perceived and discussed much before the digitalization of the world by unorthodox economists such as John Maynard Keynes since the early 20th century. The digitalization of global financial flows accelerated this immateriality and the creation of the Euro was yet another evidence of the political foundations of currencies. The banking establishment, however, is keen on the idea that scientific formulae hold the key to sound money creation. Keynesianism has been repeatedly associated to “inflationism” while the supposedly sound monetary policies of the Orthodoxy serve well the political and financial interests of a technocratic elite. Corporate media also serve this fictitious depiction of the monetary process despite the cyclical bust of monetary rules and financial regulations. The internet, however, has created numerous opportunities for the disintermediation in industries such as film, music and commodities. There is no reason to doubt that the financial industry can also be transformed by Peer-to-Peer (P2P) infrastructures. Money is media as well. Credit is but confidence. Once people realize that the distributed computing power of networks can also be the platform to weave new monetary and credit operations, there is room for grassroots emancipation out of the established owners of monetary institutions. So far, however, there has been a privatization of monetary management and there is not a clear path or model for the emergent (P2P) property democratization that is inherent to the internet. Digital assets, however, clearly have an inherent potential to escape central control and proprietary regulatory frameworks. RLM: How are social networks transforming the ways in which we exchange value? Do you believe that online influence and reputation might be translated into a new kind of currency? GS: The foundation for social currencies as envisaged by solidarity economics is the territory. Authorities are willing to concede local monetary creation as long as it is restricted to poor neighborhoods, as a proxy to barter. In this relevant but limited context, reputation, personal knowledge and informal ties form the matrix of local or “proximity” finance which are expected to keep credit and leverage to a sustainable level. Anything beyond that should and would lead to an integration of local finance into the established banking system. However, inasmuch as the internet promotes virtual territories and reputation is now subject to all sorts of digital manipulation and stardom becomes an everyday cultural process among teenagers and elders alike, the territorial “foundation” is substituted for more complex patterns of solidarity, cooperation and exchange that reach beyond the physical territory and even the “human.” Digital assets embody knowledge, technology, cultural and educational values that are exchanged at a global scale beyond the control of democratic States (Chinese-like intervention is the exception, not the rule). Hacktivism is unstoppable and so is monetary hacktivism. Especially in the Third World, mobile communications fast became conveyors of money transfers and other appropriation strategies. Banking and telecom sectors already battle for the control of these emerging markets and, as a matter of fact, have so far contributed to the containment of these processes. Governments serve these moguls and have usually adopted a wait-and-see attitude. If open source hardware and grassroots social movements combine to challenge these proprietary battles, then social networks may evolve into new forms of social capital and thus form the ground on which to design and implement social currencies. The global financial crisis, as well as the dollar demise, are an event of such a proportion that social networks may open the path for emancipator subjects to seize the opportunity. RLM: What are some of the social experiments that you think are revolutionizing the way in which value is exchanged? GS: There is a broad evolution of economic systems towards the valuation of intangible assets such as knowledge, reputation and sustainability. There are many examples of local as well as global events that call the traditional systems of exchange into question, from carbon credits to educational bonuses, digital barter frameworks and locally based solidarity and fair trade networks. These emerging examples, no matter how different in nature or scale, represent a challenge to the traditional value creation schemes and theories which are based on use and exchange value, supply and demand. This is not to say that utility and labour or scarcity are to be totally dismissed, but there is now an emerging perception that value is also a function of behavioral codes, symbolic patterns and the energy of institutional frameworks. The plasticity of digital platforms is relevant insofar as intellectual property becomes the central source of value creation. But when you discuss the property rights of public goods such as the environment or basic social rights (of minorities or localities), then a new paradigm seems to emerge. RLM: Are gaming and online storytelling digital practices that might have an impact on the way new currencies are created and developed? GS: “Play money” has been one of the early and most intriguing phenomena associated to the diffusion of virtual worlds. These virtual currencies have also been prone to “boom and bust” dynamics, speculation and pure theft (Second Life scams were common and led to “intervention” by the owners of the game). Storytelling is a major source of value, that is, the value of attention and the markets for audience. There are plenty of private monies created and managed by corporate entertainment groups, telecom operators (via mobile virtual network operators) and marketing frameworks. The casino economy, as already depicted by Keynes and other unorthodox economists, is always storytelling about future states of the world, confidence building and leverage of animal spirits. The novelty of current events is not the fictitious nature of any form of capital, but the potential for digital democratization of controls over the imaginary nature of value creation. But this is just a potential, a possibility, a figment that more often than not is appropriated by centralized and opaque private powers. The game industry is a testbed for new connections between storytelling and money creation. RLM: Monetary value was originally connected to the scarcity of precious metals, such as gold. Our entire monetary system seems therefore to function according to a logic of scarcity. Do you believe it is possible to reverse this logic into a logic of abundance? GS: The gold standard was a fiction itself, the “scarcity” is always produced by institutions that regulate confidence and access to credit. The key issue is not to fabricate abundance, but to question the institutions which produce scarcity out of any standard, gold or whatever. Central banks are at the service of private banks in the creation and management of scarcity. RLM: The promise that nanotechnology holds for our future is one of radical abundance (or so say transhumanists). The possibility of creating any kind of material substance through nanoengineering seems each day more feasible. What would this possibility entail in terms of systems of value exchange? GS: Nanotechnology, environmental concerns and grassroots appropriation of distributed knowledge are the frontiers of a new horizon of energy creation and management. Social groups in charge of managing scarcity for the sake of wealth and power concentration must be held accountable for the destruction of our future. Once this key political conundrum is accounted for, new systems of value exchange and even a non-mercantile society will come into existence. Revolutionary theorists such as Marx envisaged transformation via the extreme clash of contradictions between capital and labour. This approach has never led to a change in the systemic logic of scarcity for the sake of social control. We are once again facing the threshold of large scale societal change, but the outcome of the current crisis should come from our imagination, not from yet another paradox of abundance and scarcity. As long as we remain attached to the materiality of value, the illusion of freedom will but reinforce the massive manipulation of necessity. RLM: What do you think is the role of crowdfunding in this context? GS: Crowdsourcing as well as crowdfunding are examples of the peer to peer opportunities that come along with distributed computer power. However, the power structure behind wealth and scarcity creation may or may not be changed by crowd management. But it should not be taken at face value, so to speak. The stock market of course is an early form of crowdfunding without calling into question the proprietary framework of the companies offering their investment projects to the market. Any market is a form of crowdsourcing, that is to say, of distributed forms of supply and demand matchmaking. The wealth of networks, however, depends on the contractual ecosystem, the institutional framework, the channeling of social imagination, not on the purely quantitative distribution of bids and offers. I see economics as supply, demand and code. Once you have access to the code, once openness becomes part of the game, then there is a chance of crowd behavior becoming collective intelligence and sustainable imagination. RLM: Is the development of digital currencies headed towards a pluralistic ecology in which many micro currency systems co-exist, or is it penetrating the mainstream monetary system? If it is affecting the mainstream financial system, what would be its effect in the long-term? GS: The same issue is at stake both at local and global levels. The global system is, as a matter of fact, an unstable ecosystem of “micro currencies” whereas the dollar has so far exerted an overwhelming influence. Local currencies and private monies coexist with national currencies only to the extent that the Central Bank admits, for instance, that grassroots monetary emissions remain territorial and strictly connected to poverty. However, the question of how new developments in digital technologies and nanotechnologies might alter not only our current monetary systems but also our understanding of value in itself, is still an open question. (shrink)

A culture war has been brewing in Singapore since 2009 when a conservative Christian group conducted a reverse takeover of a feminist civil society organization and was subsequently expelled from the organization in a publicized meeting between the two groups. Since then, the state has mediated the contestation of values between religious conservatives and liberal groups allied around issues of gender and sexuality. The culture war between the two sides has revolved around creative protests that have evaded state prohibitions (...) against public contestations over what is legally considered private beliefs and affairs. They involve innovative hybridizations of American discourses on values and rights mixed with Asian emphases on family traditions and sentiments. The COVID-19 pandemic has, however, laid bare the adaptation of the American culture war into the Singaporean public sphere. This article looks at and analyzes COVID-19 vaccine hesitancy among conservative Christians in Singapore and their incorporation of anti-vaccination views from American Christian nationalism into secular framings, invoking legal rights and responsibilities aligned with the state’s nationalist discourse. I argue that this represents a new phase of contestation by conservatives, refashioning their religious views into secular frames of public good and morality serving the secular nation. By doing so, they implicitly challenge the state’s regulation of religion as private interests and beliefs. This altered religious activism has shifted the terms of secularism and loosened the hegemony of the state in defining these terms. (shrink)

The notion of a ‘financial subjectivity’ is fast becoming an important way of understanding how people rationalize the need to take risks in daily life as crucial to personal success. This paper therefore traces the structural changes and institutional fixes – that is, the institutional stabilization of crisis tendencies in capitalism – to understand how individual strategies for making ends meet have been shaped by finance. In particular, I look at regulation theory’s depictions of the ‘ideology of shareholder value’ (...) as partially responsible for the flourishing business sector in which competition and the threat of takeover led to the prioritization of corporate performance over job security and workers’ benefits. However, it is also necessary to understand the particular mechanisms that enable independence from the welfare state at the level of the household, in the form of expanded borrowing and financial services, which I explore further in this paper. (shrink)

We develop a framework for assessing security market quality, relating five elements of market design to three metrics of market integrity and two metrics of market efficiency. We empirically implement this integrity–efficiency MQ framework by testing a hypothesis that trade-based ramping manipulation at the close raises execution costs on 24 security markets worldwide. Estimating a simultaneous equations model of ramping incidence, spreads, and the probability of deploying real-time surveillance, we show that quoted bid-ask spreads are positively related to the incidence (...) of MTC across seven liquidity deciles. The magnitude is economically significant; improving market integrity by cutting MTC in half reduces spreads 6–11 %. Allowing direct market access in conjunction with RTS, conducting auctions at the close, and developing regulations that require surveillance, all reduce MTC and thereby lower spreads, assuring better market integrity and enhancing market efficiency. Introducing circuit breakers or prohibiting shorts poses integrity–efficiency tradeoffs. (shrink)

This book contains the Rockwell Lectures delivered at Rice University in February, 1989. What should a business firm do when its activities are within the law, yet potentially harmful? Each of the lectures is built around a case, reflecting the ethical dilemma faced by business managers when doing more than the law requires, which may mean substantial loss of profit. With the issue of dial-a-porn, telephone companies were faced with conflicting interests of protecting children against harm, preserving free speech, and (...) profit. In a property sales case, a potential flooding problem could result in substantial financial loss to the purchaser and damage to condominiums. In a case where the complete bid of a competitor had been obtained and the law was murky, winning a contract was pitted against fairness and honesty. (shrink)

This paper selected Vanke as the case to study the governance problems of Vanke and the protection of the interests of small and medium shareholders under the situation of equity disputes. At the same time, the study further explored the advantages and disadvantages of the dispersed ownership structure, the long-term impact on the company’s development and the choice of the involved corporate governance methods under the current Chinese capital market conditions. This paper adopted the event research method and selected the (...) period from June 2015 to June 2017 as the observation period to analyze the market performance impact of Vanke in the equity disputes. At the same time, this paper also measured Vanke’s individual stock rate of return and market rate of return, and calculated Vanke’s normal rate of return [E], abnormal rate of return, and cumulative abnormal rate of return during different event windows. Vanke’s shareholding was too dispersed and the stock price had been sluggish for a long time, which had greatly reduced the acquisition difficulty and cost of Baoneng, thus triggering the “barbarian invasion” of Baoneng. In the struggle for control, whether it was Vanke’s anti-takeover measures or China Resources, Baoneng, and Evergrande’s competition for equity, their actions had harmed the interests of small and medium shareholders. The market supervision department was too lenient to supervise and punish the interests of small and medium shareholders, and opportunism made behaviors that infringe on the interests of others more reckless. However, small and medium shareholders cannot actively participate in the company’s management decision-making to safeguard their legitimate rights and interests, which intensifies the violations of all parties in the equity disputes, thus forming a vicious circle. Therefore, the protection of the interests of small and medium shareholders required the joint efforts and consciousness of regulators, small and medium shareholders, and acquirers. (shrink)

The shareholder value conception of the firm and its consequences for the functioning of corporations have been studied from a variety of disciplinary and theoretical perspectives. In this article we examine in more detail than has been done sofar the origins and early adoption of this particular conception. By investigating public business sources from the perspective of field theory, we argue that the rise and early diffusion of “shareholder value” are best understood as a function of the changing power relations (...) in the economic field during the first half of the 1980s. The deep economic recession at the end of the 1970s and early 1980s led to a crisis in the prevailing management beliefs, offering newcomers the opportunity to promote alternative business strategies, among which the shareholder value conception became dominant. The sources studied indicate that the spokespersons of the new business conception were initially wealthy outsiders, corporate “raiders,” who used the economic crisis to oppose management and acquire shares in undervalued firms with the threat of restructuring and selling parts of them in the name of shareholders’ interests. Although these hostile take-overs, or threats of take-overs, were widely contested, the Reagan administration blocked regulation and stimulated the take-over market. The rivalry between “raiders” and public pension funds over the profits of these takeovers led to the founding the Council of Institutional Investors (1985), which adopted the shareholder value doctrine inaugurating the organized activism of public pension funds with regard to the management of firms. It was thus in all likelihood the competition and conflict among different groups of shareholders, primarily corporate raiders and pension funds, that triggered the shift in the balance of power between managers and shareholders. Since managers found profitable ways to adapt to the new balance of power, the shareholder value ideology spread rapidly through the economic field, becoming the dominant business model of North American firms in the second half of the 1980s. (shrink)

Corporations have been investing in academia to an extent that could be classified as a corporate takeover of universities. Intra‐university critics see this as an ethical problem, because of the degree of business control over university policies and decisions which accompanies the funding. University critics rarely suggest that the corporate funding be given up, returned, or even limited. What they protest against is corporate control, which they see as threatening university autonomy, and as inimical to the public good. Multi‐university (...) conferences have been held focusing on this problem, and the most serious solution proposed thus far is to construct a relevant code of ethics regulating and limiting corporate involvement, through standards and guidelines which corporations will then have to subscribe to, in order to fund universities. However, there is a conflict of interest here. Universities have a public trust and a fiduciary duty not to compromise education. This implies a covenant not to cede power to outside interests, not to use university resources, or faculty and students, as a means to an educationally irrelevant end. Universities cannot sell out. However, it seems equally dishonest not to offer their students a well‐funded first‐rate, quality education in applied fields with current skills, maximum research opportunity, and the corporate ties that would allow them to obtain jobs. We examine three cases showing errors made by universities in ceding control to corporate investment, and draw some policy conclusions. (shrink)

In lieu of an abstract, here is a brief excerpt of the content:Playing the Dummy:Maugham, Smartphones, and the End of EleganceEric BronsonIOn the Russian Trans-Siberian train from Vladivostok to Petrograd (now St. Petersburg), an American businessman won't stop talking for the entire ten-day journey. In his story, "A Chance Acquaintance," W. Somerset Maugham describes this 1917 meeting between Ashenden, a British character loosely based on himself, and the chatty American, named Harrington. The two passengers are blissfully unmoved by the revolution (...) unfolding all around them. Ashenden casually suggests the two of them try and find another pair to pass the time playing bridge. Harrington refuses. "It beats me how an intelligent man can waste his time card-playing," Harrington asserts, "and of all the unintellectual pursuits I have ever seen it seems to me that solitaire is the worst. It kills conversation. Man is a social animal and he exercises the highest part of his nature when he takes part in social intercourse."1 Ashenden doesn't understand the American's distaste for playing cards, especially bridge. "'There is a certain elegance in wasting time,' said Ashenden. … 'Besides,' he added with bitterness, 'you can still talk.'" [End Page 477]Like many of his fictional characters, Maugham enjoyed eloquent, "time-wasting" games like bridge. Unlike solitaire, bridge encourages social interaction. Once, when his confounded bridge partner confronted Maugham with evidence that his high-class opponents were cheating, Maugham was nonplussed. "They gave us double Martinis to start with," he noted, "a slap-up lunch with a particularly good bottle of white Burgundy and old brandy with our coffee."2 The dishonesty was irrelevant. For Maugham, a good bridge game, like the attendant conversation, should help temper one's moral outrage and skim over the unruly passions that so often plague our public and private lives. Elegance, for Maugham, meant presenting the appearance of calm and respectability, especially when such presentations conflicted with one's more turbulent emotions.In Maugham's short story "The Three Fat Women of Antibes," the women around the bridge table desperately try to keep up appearances, both physically and emotionally. When passionate arguments inevitably threaten to undo the air of genteel conversation, Lena, the newest addition to the table, states, "I think it's such a pity to quarrel over bridge. … After all, it's only a game."3 But while it might be true that bridge is "only a game," Maugham took games seriously. Parlor games like bridge were spaces to practice and perfect the social mores on which colonial hierarchies were solidified. In Maugham's England, the game of life required an elegant performance of the many roles the genteel class was expected to play. That performance was predicated on a relentless effort to keep up ordinary appearances by regulating emotional displays. As Maugham wrote in a 1944 article for Good Housekeeping, a good bridge game rewards people who are "truthful, clearheaded, and considerate," characteristics essential "for playing the more important game of life."4More than any other card game, bridge is built on conventions. Etiquette dictates how cards are shuffled, passed, and played. While there is always some room for surprise and risk, everyone around the table needs to know the bidding and playing conventions to ensure the best possible game. In every hand a silent partner, known as the dummy, lays their cards face up, thereby taking themself out of the action.The persistence of such conventions is a holdover from the game of whist, the predecessor of bridge. In an early-nineteenth-century story, "Mrs. Battle's Opinions on Whist," essayist Charles Lamb describes an elderly whist player who enjoys the elegant waste of time that such long card games encourage. While dances and parties help build social skills around untrustworthy passions, card games like whist, and later bridge, [End Page 478] were more like "a long meal; not like quadrille, a feast of snatches. One or two rubbers might co-extend in duration with an evening. They gave time to form rooted friendships." This kind of congeniality mattered to serious people like Mrs. Battle, people who "despised superficiality, and looked deeper than the colours of things."5The game of bridge... (shrink)

We contribute to the growing literature on white fragility by examining how the distinctively emotional manifestations of white fragility (which we dub ‘emotional white fragility’) make it more difficult for white people to have constructive, meaningful thoughts and conversations about race. We claim that emotional white fragility typically involves a failure of emotion regulation, or the ability to manage one’s emotions in real time. We suggest that this lack of emotion regulation can contribute to an unjust distribution of (...) burdens that can further entrench moral damage in the context of relationships as well as help support large-scale patterns of white supremacy. Given the serious implications of emotional white fragility, we suggest a number of emotion regulation techniques that one can deploy to mitigate the potential harms wrought by emotional white fragility. (shrink)

This authoritative volume provides a comprehensive road map of the important and rapidly growing field of emotion regulation.

Pharmacoresistant schizophrenia is a significant impediment to the successful management of the disease. The expression and function of P‐glycoprotein (P‐gp) has recently been implicated in this phenomenon. P‐gp is a multidrug efflux transporter that prevents drug substrates from crossing the blood–brain barrier (BBB). Although the direct interaction between individual antipsychotic agents and P‐gp has been demonstrated, the effect of antipsychotic drug combinations used in disease management on P‐gp transport function remains to be elucidated. This could have important clinical implications in (...) some individuals as dosage adjustments based on plasma drug concentration changes may not always be appropriate if drug–drug interactions and the resulting changes in drug concentration in the brain are not considered. This paper introduces the potential impact that combination antipsychotic therapy may have on P‐gp function at the BBB and discusses the consequences of this in the prevention and circumvention of unfavourable therapeutic response in schizophrenic disorders. BioEssays 30:183–188, 2008. © 2008 Wiley Periodicals, Inc. (shrink)

Smith et al. show that monkeys and dolphins can respond adaptively under conditions of uncertainty, suggesting that they monitor subjective uncertainty and control their behavior accordingly. Drawing on our own work with humans on the strategic regulation of memory reporting, we argue that, so far, the distinction between monitoring and control has not been addressed sufficiently in metacognitive animal research.

This paper discusses different ways of formulating regulation that takes into account a responsibility towards future generations in environmental issues. A rights-based or human-rights based approach, based on notions of intergenerational equity, can be problematic on a conceptual level, and implementation of rights for future generations is challenging. An alternative approach is based on the assignment of duties to present generations rather than rights of future generations. This approach, which is often used in regulation concerning sustainability, uses goal (...) regulation to avoid conceptual problems with rights of future generations while it still provides the opportunity to safeguard their interests and needs. (shrink)

The global industry engaged in direct-to-consumer marketing of unproven stem cell-based interventions has undergone sweeping changes over the past decade. Two of the most striking developments in recent years have been the emergence of stem cell marketing businesses in highly developed nations, such as the United States, Japan, and Australia, and the industry's convergence on a much narrower range of supposedly therapeutic cell types than in the past. The greatest number of businesses advertising unproven uses of stem cells in English (...) are now in the US, and the majority of those promote unproven therapeutic uses of autologous cells (see Supplementary Table S1 in Turner and... (shrink)

Despite growing interest in emotion regulation, the degree to which psychophysiological measures of emotion regulation are stable over time remains unknown. We examined four-week test-retest reliability of corrugator electromyographic and eyeblink startle measures of negative emotion and its regulation. Both measures demonstrated similar sensitivity to the emotion manipulation, but only individual differences in corrugator modulation and regulation showed adequate reliability. Startle demonstrated diminished sensitivity to the regulation instructions across assessments and poor reliability. This suggests that (...) corrugator represents a trait-like measure of voluntary emotion regulation, whereas startle should be used with caution for assessing individual differences. The data also suggest that corrugator and startle might index partially dissociable constructs and underscore the need to collect multiple measures of emotion. (shrink)

The ability to represent emotional experiences in a precise fashion with language, termed emotional granularity, is related to a number of beneficial outcomes. However, the emotion granularity construct and operationalization are rooted in the lens of so-called Western, Educated, Industrialized, Rich and Democratic (WEIRD) societies that focus on emotions as a mental-state phenomena. Using evidence from multiple non-WEIRD societies, we illustrate that people's everyday vernacular often emphasizes bodily over, or in addition to, mental states. This suggests that granularity focused only (...) on mental state language may limit our ability to operationalize this construct in a culturally valid manner. To overcome this limitation, we propose capturing “experiential” granularity and a concept model on how it may link to regulation and health. (shrink)

Why do people with psychopathology use less adaptive and more maladaptive strategies for negative emotions if such usage has self-destructive consequences? Although researchers have examined the reasons for people’s engagement in maladaptive “behaviors,” such as nonsuicidal self-injury, surprisingly little attention has been paid to the reasons why people might endorse maladaptive emotion regulation (ER) strategies. This article addresses this question, focusing on the case of depression, evaluating an array of 10 possible explanations. After considering the existing evidence, we provide (...) a blueprint to help the field reach stronger conclusions about depression and other forms of psychopathology. Better understanding of the origins of healthy/unhealthy ER has implications for clinical science, clinical practice, as well as their integration. (shrink)

Technology regulation is one of the most important public policy issues facing society and governments at the present time, and further clarity could improve decision making in this complex and challenging area. Since the rise of the internet in the late 1990s, a number of approaches to technology regulation have been proposed, prompted by the associated changes in society, business and law that this development brought with it. However, over the past decade, the impact of technology has been (...) profound and the associated issues for government have extremely challenging, ranging across cyber security, artificial intelligence, and many other areas. To that end, this article introduces a Theory of Institutional Technology Actors and Norms (TITAN), a normatively informed and institutionally-based account of technology regulation. It focuses on the moral and legal (including regulatory) rights and responsibilities of the relevant actors and seeks to inform the development of regulation that is both fit for purpose, rights compliant and fair for all concerned. The account incorporates the perspectives of four key categories of groups in society: producers of technology, users of technology, government regulators, and normative policy shapers. (shrink)

Action orientation is a volitional mode that promotes flexible self-regulation of emotional and motivational states; state orientation represents the conceptually opposite volitional mode that promotes fixation on (particularly negative) emotional and motivational states (Kuhl & Beckmann, 1994a). The present research investigated the link between action versus state orientation and implicit emotion regulation under demanding conditions. After inducing a demanding context, action-oriented participants displayed reduced affective priming effects of negative primes relative to state-oriented individuals (Studies 1–3). Action versus state (...) orientation did not moderate affective priming effects of positive prime words (Studies 1–3). Effects of action versus state orientation emerged only for a limited number of trials (Study 2) and were reversed under low-demanding conditions (Study 3). These findings support the notion that implicit emotion regulation is closely linked to volitional action control. (shrink)