bluuebunny/crossref_metadata_2025 huggingface dataset:
Logic of Relations and Diagrammatic Reasoning: Structuralist Elements in the Work of Charles Sanders Peirce
Authors: Carter Jessica
Published: June 2020

This chapter presents aspects of the work of Charles Sanders Peirce showing that he adhered to a number of pre-structuralist themes. Further, it indicates that Peirce’s position is similar in spirit to the category theoretical structuralist view of Steve Awodey (2004). The first part documents Peirce’s extensive knowledge of, and contribution to, the mathematics of his time, illustrating that relations played a fundamental role. The second part addresses Peirce’s characterization of mathematical reasoning as diagrammatic reasoning, that is, as reasoning done by constructing and observing rational relations in diagrams.
Stars and Black Holes
Authors: Moffat John W.
Published: June 2020

Physicists began to believe in black holes when research revealed new information about the constitution of stars and their life cycles, indicating that a black hole represents the death of certain massive stars. Chandrasekhar used quantum mechanics and the notion of a degenerate electron gas to obtain the maximum mass of a white dwarf. A degenerate neutron gas produced enough pressure to stop the gravitational collapse of a massive star, producing a neutron star or pulsar. For a massive-enough star, the degenerate neutron gas fails to prevent gravitational collapse into a black hole. Supernovae explosions and implosions produce a neutron star or black hole as remnants. Oppenheimer and Volkoff used general relativity to derive the maximum mass of a star that would produce a black hole. Wheeler conceived of a “hairless black hole” in which only the mass, charge, and angular momentum determined the properties of the black hole.
Early Observations of Black Holes
Authors: Moffat John W.
Published: June 2020

Early observations of black holes, before the LIGO/Virgo detection of gravitational waves, were made by observing electromagnetic processes involving atomic spectral lines. X-ray binary systems were observed consisting of a progenitor star such as a neutron star and a dark companion. X-rays emitted from the gas accreting the dark companion tells us whether it is a black hole. Evidence indicated supermassive black holes at the centers of galaxies. From observations of orbits of stars near the supermassive black holes, one could determine their masses, which proved they were black holes. Observations of quasars, among the brightest objects in the universe, showed they contain black holes. It is important to establish the existence of an event horizon with the black hole, as predicted by general relativity. The current evidence for the event horizon is circumstantial, based on controversial theoretical models about the accretion disks surrounding the collapsed dark objects.
Wormholes, Time Travel, and Other Exotic Theories
Authors: Moffat John W.
Published: June 2020

In 1935, Einstein and Rosen described what is now called the Einstein-Rosen bridge. Wheeler called this a wormhole, which could connect two distant parts of the universe. Thorne and Morris showed the wormhole cannot be traversable unless exotic matter with negative energy props it up. Using the Penrose mechanism of superradiance, one can produce rotational energy from a black hole, which could be used to detect dark matter particles. Higher dimensional objects such as branes in superstring theory have been considered as sources of gravitational waves. Black holes have even been proposed to be giant atoms, related to Hawking radiation and black hole entropy. Bekenstein and Mukhanov postulated that black holes radiated quantum radiation. Many such speculative ideas have been put forth that could potentially be verified by detecting gravitational waves. Yet, many physicists work with mathematical equations, unconcerned with whether their ideas can be verified or falsified by experiments.
The Biggest Ears in the Sky: LIGO
Authors: Moffat John W.
Published: June 2020

At a press conference on February 11, 2016, David Reitz, LIGO Executive Director, announced, “We did it!” They detected gravitational waves for the first time. Both LIGO sites, in Washington state and Louisiana, registered the incoming gravitational waves from two black holes colliding and merging far away. Over the following months, more mergers were detected. Gravitational waves are caused by the acceleration of a massive object, which stretches and compresses spacetime in a wave-like motion that is incredibly small and difficult to detect. Numerical relativity research over decades has produced over a quarter of a million template solutions of Einstein’s equations. The best template fit to the wave form data identifies the masses and spins of the two merging black holes. Much of this chapter describes the technology of the LIGO apparatus. On October 3, 2017, Barish, Thorne, and Weiss, the founders of LIGO, received the Nobel Prize for Physics.
LIGO/Virgo Listens to Neutron Stars
Authors: Moffat John W.
Published: June 2020

On August 8, 2017, LIGO/Virgo detected the merging of two neutron stars 130 million light years away. Just 1.7 seconds later, the Fermi Gamma Ray Space Telescope received an optical signal—a short gamma ray burst (GRB). Thus began a new era of “multimessenger astronomy.” The GRBs are very energetic explosions observed in galaxies. The neutron star merger offers the first evidence that heavy metals such as gold, platinum, and uranium were created by the collision of neutron stars in a “kilonova.” The resulting gravitational waves offer a new way of measuring the Hubble constant, which determines the rate of expansion of the universe. An important result from the neutron star merger is an extremely accurate determination of the speed of gravitational waves; they move at the speed of light. This has significant ramifications for gravitational theory. It falsifies many proposed modified gravity models.
Is There Anything Wrong With Using AI Implantable Brain Devices to Prevent Convicted Offenders from Reoffending?
Authors: Gilbert Frédéric , Dodds Susan
Published: June 2020

The world’s first clinical trial using advisory brain implant operated by artificial intelligence (AI) has been completed with significant success. The tested devices predict a specific neuronal event (epileptic seizure), allowing people implanted with the device to be forewarned and to take steps to reduce or avoid the impact of the event. In principle, these kinds of artificially intelligent devices could be used to predict other neuronal events and allow those implanted with the device to take precautionary steps or to automate drug delivery so as to avoid unwanted outcomes. This chapter examines moral issues arising from the hypothetical situation where such devices controlled by AI are used to ensure that convicted criminal offenders are safe for release into society. We distinguish two types of predictive technologies controlled by AI: advisory systems and automated therapeutic response systems. The purpose of this chapter is to determine which of these two technologies would generate fewer ethical concerns. While there are moral similarities between the two technologies, the latter raises more concerns. In particular, it raises the possibility that individual moral decision-making and moral autonomy can be threatened by the use of automated implants.
“It Will Help You Repent”
Authors: Bülow William
Published: June 2020

This chapter explores The question of whether prison inmates suffering from attention-deficit/hyperactivity disorder (ADHD) should be administered a psychopharmacological intervention (methylphenidate) for their condition. The theoretical starting point for the discussion is the communicative theory of punishment, which understands criminal punishment as a form of secular penance. Viewed through the lens of the communicative theory, the provision of pharmacological treatment to offenders with ADHD need not necessarily be conceived of as an alternative to punishment, but as an aid to achieving the penological ends of secular penance. The criminal justice system punishes offenders who commit offences prohibited under the criminal law, and the hope is that this will lead them to become repentant, to start reforming themselves, and to reconcile with those whom they wronged. However, the neurophysiological obstacles associated with severe ADHD present serious obstacles to achieving repentance and self-reform. As a remedy, the chapter proposes that to achieve those aims, criminal offenders diagnosed with ADHD should be offered the option to undergo pharmacological treatment. This proposal is defended from the objection that secular penance made possible by methylphenidate is less authentic.
Make Me Gay
Authors: Vierra Andrew
Published: June 2020

Current legal arguments for gay rights use gay primarily to refer to individuals that have same-sex erotic desires. However, as this chapter argues using a thought experiment based on a neurointervention that would alter the orientation of one’s erotic desires, the term gay should be understood in a broader sense to include a more diverse group of individuals, including some individuals that do not have same-sex erotic desires. For this reason, the current restrictive use of the term gay presumed in legal discourse doesn’t capture the entire gay community that we should want to extend rights to. To rectify this problem with the way that arguments for gay rights are being framed, this chapter suggests that we expand the use of the term gay in legal discourse to encompass a more heterogeneous population than the one picked out by same-sex-attracted individuals, and it explains some of the advantages of doing so.
Living
Authors: Silva José Filipe
Published: June 2020

This chapter presents the basic known facts of Kilwardby’s life and career, from his time as a student and then arts master in Paris during the 30’s and 40’s of the thirteenth century to his highly successful ecclesiastic career in Canterbury and finally his promotion to the cardinalate. The picture that emerges is that of an intellectual engaged with the main theological debates and the key philosophical traditions of his time. His transformation from devoted Aristotelian to fervent Augustinian is often used to obscure his contribution to later medieval thought. A quick glimpse to his life shows that this is a gross simplification, especially when considering the number of works on philosophical matters he wrote during his life. The chapter presents a list of all the works that he wrote or that have been attributed to him and further offers a categorization of the types of works for easy consultation.
Being Logical
Authors: Silva José Filipe
Published: June 2020

The chapter provides an overview of Kilwardby’s commentaries to Aristotle’s logical treatises of what was known as the Old Logic (Logica vetus), in what is commonly recognized as one of the earliest set of such commentaries. The chapter examines how Kilwardby conceives of the notions of being in the Categories and of signification (in the On Interpretation). In addition, it presents an analysis of the way thoughts are related to things and to language, in a way that is influential to later medieval authors. Among the ten categories of being identified by Aristotle and examined by Kilwardby, the category of relation has a particular significance, due to its theological and logical implications. The chapter presents Kilwardby’s thought on the nature of relation in the eponymous treatise (De natura relationis) dedicated to the topic, as well as in the Sentences commentary.
Behaving
Authors: Silva José Filipe
Published: June 2020

This chapter focuses on Kilwardby’s ethical theory, especially on the notions of happiness and virtue in the context of the Christian thought and also civil society. The key texts in which he discusses these topics—the Ethics and the Sentences commentaries—are examined in detail. Kilwardby’s commentary to the Ethics is limited to the first three books, as what is commonly known as the Ethica vetus et nova. Without access to the rest of the work, Kilwardby defends a particular understanding of what constitutes human happiness and how it can be achieved in this life. The analysis presented in this chapter brings new insight into how ethical and moral theory was discussed prior to the reception of the whole of the Aristotelian ethical treatises in the Latin West.
Believing
Authors: Silva José Filipe
Published: June 2020

This chapter provides the first systematic study of Kilwardby’s theological thought, as found in his commentary to Peter Lombard’s Sentences. It starts by examining the nature of the Divine Trinity, namely how the three persons are related and differentiated in one divine nature. It continues by considering the concept of creation, namely how Kilwardby justifies the relation between creatures and the Creator in a way that explains ontological dependence in a non-transitive way: the creature is dependent of the Creator for its being while God creates without changes to its nature. The chapter also examines the nature of grace and its salvific outlook, as well as the nature of faith and of sin. Lastly, Kilwardby’s analysis of sacraments as signs and the relation between their salvific force and their performance is presented.
The Self
Authors: Weissmark Mona Sue
Published: June 2020

This chapter analyzes research on the development of the self in relation to others and shows that the need for attachment and belonging is manifest before birth. In fact, studies have found that the fetus is sensitive to maternal stimulation. Through experience and memory, the fetus gets “familiar” with their mother’s voice. According to researchers, the findings lend support to the “epigenetic” model of the self, which presumes an interaction between fetal neural development and social experiences. In other words, pregnancy sets the stage for the mother–child attachment and emotional regulation that lie at the base of people’s social nature. Moreover, this neurobiological basis of attachment and the need to belong ensures people’s survival. While several psychologists contributed to the development of attachment theory and belongingness needs, and explored their implications and practical applications for psychotherapy and client interaction, perhaps the most significant figure in furthering this work was the American psychologist Abraham Maslow. Maslow theorized that the “need to belong” was one of five human needs in a hierarchy of inborn needs, along with physiological needs, safety, self-esteem, and self-actualization.
Categorizing
Authors: Weissmark Mona Sue
Published: June 2020

This chapter examines the psychological processes involved in stereotyping, or categorization. As the American psychologist Gordon Allport noted, the ability to categorize is critical to survival, helping people process information and respond in a timely way without reinventing the mental wheel. That said, such heuristics, or mental shortcuts, sometimes lead to false hypotheses and/or self-fulfilling prophecies. Moreover, in the cognitive approach to stereotyping, prejudice is a byproduct of categorical thinking—a person’s way of simplifying information, and not from pathological personality traits or conditioned behaviors. Therefore, by understanding the cognitive processes and “redirecting them,” prejudice might be eliminated. One way to accomplish this is through decategorization strategies that encourage people to see each other as distinct individuals. Personalization, that is, relaying information that expresses a person’s unique qualities, is one method researchers suggest might help people recognize that their stereotypes of another group are incorrect. This has led some researchers to use controlled psychology experiments to study “implicit” prejudice, or subconscious bias. The most common of such measures is the Implicit Association Test (IAT), which assesses strengths of associations between concepts by observing response latencies in computer-administered categorization tasks.
Judging
Authors: Weissmark Mona Sue
Published: June 2020

This chapter discusses the limits of the cognitive view of the mind, most significantly that it attributed the skills and processes of judging, evaluating, and meaning making to pre-assigned information. However, the mind is not a machine of mere inputs and outputs. Instead, according to postcognitive researchers, the human mind is “embodied” and reliant on unconscious judgments and knowledge about the world accumulated intuitively in interaction with the world and other people. Therefore, the post-cognitive view posits that people are active—not passive—participants in the generation of meaning by judging, evaluating, and engaging in transformational interactions: they enact a world. The chapter then considers the limitations of laboratory-controlled studies concerning prejudice and conflict reduction and introduces the concept of “action research.” Coined by the psychologist Kurt Lewin, the term “action research” refers to the triangle of research, training, and action in producing social change. To date, the relatively few studies conducted in this area have yielded no reliable, durable, observable evidence, in part because most of this research has relied on traditional cognitive theories of the mind. Personal histories, memories, and emotions were not considered. The postcognitive revolution, however, recognizes the need for a parallel “affective revolution” to help understand how the emotions are related to the biology of cognition and more specifically to judgments. Moreover, the evolutionary advantage of an affective system is initially evident as a danger signal system.
Diversity and Groups
Authors: Weissmark Mona Sue
Published: June 2020

This chapter provides a comprehensive overview of the way evolving models of human organization—from hunter-gatherer to megacities—have an impact on human psychology, human relations, and the development of alienation. The idyllic paradigm, according to some researchers, was the low-population-density hunter-gatherer societies based on mutual exchange and shared resources. The principal organizing mechanism in these societies was kinship, which offered a defined behavioral guide. Eventually, the discovery and development of agriculture led to the Agricultural Revolution, and village-based sedentary societies supplanted the small hunter-gatherer units. Human interaction became more complex and impersonal in the higher-density towns and villages, and the sharing society evolved into one based on private property, trade, and the development of elite social classes. The next critical turning point following the Agricultural Revolution was the Urban Revolution. Several classical and contemporary theorists developed the concept of “social alienation” to describe the impact of the rushed pace of city life and the ephemeral nature of relationships on mental attitudes and social relations. Indeed, the rise of globalization, megacities, and migration in the late twentieth and early twenty-first century revived interest in the alienation theories of the 1950s and 1960s. The chapter then describes the American developmental psychologist Erik Erikson’s eight stages of psychosocial identity development.
Diversity and Social Justice
Authors: Weissmark Mona Sue
Published: June 2020

This chapter studies the evolution of the psychological concept of injustice, for which there is broad agreement, in contrast to individual ideas about what is fair and unfair, which differ greatly across time and societies. Charles Darwin argued that people have an innate sense of what “ought” to be, an idea that the psychologist Fritz Heider expanded on. Heider defined the sense of ought as beliefs about the “requiredness” of acting in a particular way. Requiredness to act, posits Heider, is rooted in the gap or incompleteness or injustice of a situation. Bringing about needed closure, then, is tantamount to the just and right. Heider’s ideas relate to Leon Festinger’s more recent concept of “cognitive dissonance,” which suggests that individuals feel tension or discord when grappling with two incongruent thoughts, beliefs, or attitudes. The chapter then considers the conundrum that arises in instances when the human drive for fairness and justice cannot be rebalanced. For instance, neither the law nor individual attempts to restore justice could successfully redress the injustices of slavery and the Holocaust. In fact, research shows a neural foundation for the need for revenge and retribution. Injustice, then, becomes an intergenerational matter when injustices are not rebalanced between people. They simply extend to their descendants after the original people involved die.
Diversity and Nations
Authors: Weissmark Mona Sue
Published: June 2020

This chapter conceptualizes the nation and nationalism, placing them in context with issues of wealth and income inequality, immigration, xenophobia, and diversity. The term “nation” may be defined in several ways, but generally a nation refers to a distinct, usually geographically or regionally bound people. Likewise, depending on academic discipline, nationalism has varied definitions, though the concept generally refers to the emotions wrapped up in a shared national identity. There are two dichotomous types of nationalism: civic and ethnic. Civic nationalism was found in Western societies, where individuals are seen as belonging to a political community consisting of people with equal rights and duties. People in these societies unite around political precepts, values, and respect for institutions. Conversely, in countries where ethnic nationalism is the norm, citizens belong to an ethnic community based on blood ties. Although this dichotomous view has its share of critics, the notion that civic meanings of nationhood correlate with a positive attitude toward immigrants while ethnic-based ideas of the nation promote xenophobia still holds currency. Meanwhile, although there is little empirical research concerning factors that influence nationalist thinking, one study found poor citizens’ national pride rises as income inequality increases, especially in countries where there are many migrants in the lower class.
The Samson Complex
Authors: Junior Nyasha , Schipper Jeremy
Published: June 2020

As campaigns for civil rights intensified in the 1950s and 1960s, parties calling for more militant approaches in the struggle against racial injustice invoked Samson’s climactic action in the Philistine temple. At the same time, this racially charged image sparked controversy among African American intellectuals and activists as some claimed that the younger activists had a “Samson complex” that would ultimately result in nothing but self-destruction. The use of Samson imagery signaled the growing fault lines among leading African American intellectuals and activists regarding how to achieve meaningful racial justice. Some imagined Samson as a model of militant resistance even at the cost of one’s life. Others interpreted his death as a cautionary tale about the end results of imprudent reactionary strategies.
But Some of Us Are Strong Believers in the Samson Myth
Authors: Junior Nyasha , Schipper Jeremy
Published: June 2020

The African American women discussed in this chapter use the Black Samson tradition to focus on the complex intersections of race and gender. From the Harlem Renaissance to the Black Arts movement, the major artistic and literary movements that helped shape African American culture throughout the twentieth century involved women who found something in Samson’s story that resonated with them deeply. One might think that the story of a hyper-masculine biblical hero would not provide much material for reflections upon the intersections of race and gender in America. Yet, from the playful audacity of Christina Moody’s claim that she could defeat Jack Johnson to the painful predictions from Gaza in Lucille Clifton’s poem dedicated to Ramona Africa, the twentieth century witnessed African American women claiming a place within the Black Samson tradition.
Epilogue
Authors: Junior Nyasha , Schipper Jeremy
Published: June 2020

In the epilogue, the authors offer brief reflections on writing this book. They discuss the historical context in which they wrote the book starting with the protests in Ferguson Missouri following the police killing of Michael Brown. They comment on their reaction to the selection of a sculpture titled “Freedman” by John Quincy Adams Ward for the cover art, and they relate this art work to Samson traditions. In addition, they reiterate the long history of Samson’s use in addressing issues of race and racism and share their thoughts on the historic and ongoing relevance of Black Samson in America.
The Arameans
Authors: Doak Brian R.
Published: June 2020

Because of their strategic proximity to major Mesopotamian empires like the Assyrians and Babylonians, the Arameans occupied an important political role in their ancient Near Eastern world. The Arameans were never, in fact, a single nation or group, but rather Aram was a region with local centers of power spread throughout contemporary Syria, Jordan, and Lebanon, at major cities such as Damascus and Hamath. The Aramean language (Aramaic) was widespread in the ancient Near Eastern world, becoming the language of diplomacy and trade for the long-lasting and influential Persian Empire (c. 539–333 bce) and well beyond, even centuries into the Common Era in some regions. In one biblical text, Israel considers itself to be connected with Aram in very deep ways. Aram and the Arameans occupy an ideological place alongside Israel similar to the Edomites, in that the relationship, though adversarial at times, blurs the boundary between discrete groups and merges into familial identity.
Sounding the Ethnic, Shaping the Nation
Authors: Amico Marta
Published: June 2020

In spite of recent critical literature about the role of French colonial anthropology in the conception of Malian ethnies, the current Malian conflict is often described as a consequence of ethnic reprisals that provoked the unsettling of national borders. In this difficult context, new musical representations of belonging are organized by local and international actors drawing upon ethnicity to heal national fractures and propose new models of “living together.” Based on long-term ethnography and analysis of musical projects in Mali (video clips, songs, bands, concerts), this chapter questions current reproductions of the colonial paradigm of African ethnicity that now model ideals of “peace” in national and international institutions. It examines how cultural differences contribute to reframing the national boundaries and reshaping peacekeeping politics. Furthermore, it considers the history of anthropological knowledge in light of contemporary power practices within the globalization of African conflicts.
Ships and Military Power on Land
Authors: Plank Geoffrey
Published: June 2020

Chapter 4 examines amphibious operations and the impact of naval forces on the balance of military power on land. Ships were essential tools for overseas invasion, but navigational challenges limited their ability to operate safely, communicate effectively, and supply fighters on land. Military commanders launching seaborne raids, sieges, or invasions used their ships as weapons platforms, but the most important military function of ships was to transport soldiers, settlers, and supplies. Military commanders deployed ships to evacuate colonists from conquered territory and to remove war captives from the regions where they were taken. Military leaders in Africa supplying the slave trade adopted a similar logic to imperial and colonial commanders in the Americas by taking advantage of ocean-going transportation to banish their adversaries. Over the course of the early modern era mass evacuations and small-scale banishments cumulatively affected millions of people.
Warriors
Authors: Plank Geoffrey
Published: June 2020

Chapter 6 examines the shared experiences of communities in the Caribbean, North and South America, Africa, and Europe in fielding men for combat on land. After discussing the first Spanish campaigns on Hispaniola, the chapter analyzes the challenges of recruiting, training, arming, and feeding warriors, maintaining discipline, demobilizing fighting men, and coping with combat deaths. These challenges are common among all societies engaged in warfare, and they were complicated across the Atlantic world in the early modern era as long-term, long-distance military deployments placed new burdens on fighting men and their communities, straining the logistical capacities of villages and empires.
The General Structure of the Criminal Law in Terms of Ascriptive Moral Principles
Authors: Moore Michael S.
Published: June 2020

The criminal law is seen as having a “general part,” a part that contains the doctrines that determine liability to criminal sanctions for all crimes. These are depicted as the basic conditions for criminal liability no matter what the crime charged. The general legal doctrines are shown to be reflections of a similarly general part of deontic morality, the morality of our obligations to act one way rather than another. This general aspect of deontic morality is often called “ascriptive morality,” so labeled because it describes the conditions of fair fault ascription no matter what the immorality involved. Ascriptive morality is a part of every society’s moral code, and it forms a universal backbone for the criminal codes all over the world. Such ascriptive morality determines when someone is responsible in terms of their acts, the consequences those acts cause, their intentions and beliefs, and their reasons for acting.
Further Questions about the Basic Distinction between Intention and Belief
Authors: Moore Michael S.
Published: June 2020

In this chapter, subtleties in the distinguishing of intention from belief are explored. These subtleties are different depending on whether one is talking about intention or belief with respect to a consequence of one’s action, or whether one is talking about intention or belief with respect to the circumstances in which one acted. With respect to consequences, the problem of “closeness” is explored, which is the problem of whether when one intends some state of affairs, such as hitting a glass with a rock, and that hitting is “close” to the glass breaking, one necessarily intends the breaking of the glass. With regard to circumstances, the problem is whether one only intends the circumstances that motivate one to act or whether in addition one intends all those circumstances that figure in the actor’s own description of what it is that he is doing.
The Royal Road to the Criminal Law’s Concept of the Psychology of Persons
Authors: Moore Michael S.
Published: June 2020

One of the most famous excuses from responsibility and defenses to criminal liability is insanity. The doctrines of insanity are the royal road to grasping the nature of personhood presupposed by both morality and the criminal law. This is because the insane are thought to lack that which makes us accountable agents. The doctrines defining legal insanity are thus examined at some length, probing such doctrines for their suppositions about what psychological characteristics sane persons must possess to be responsible agents. Considerable stripping away from standard doctrines of insanity is needed to reveal the defense’s presuppositions about personhood and moral agency. For those standard doctrines treat insanity as if it were an ordinary excuse like mistake or coercion, just one incidentally limited to those offenders who are mentally ill. Whereas in fact insanity excuses independently of both the cognitive excuses of mistake and of the volitional excuses of coercion, and it does so because of the defense’s central focus on mental illness. Because of their mental illness those who are legally insane lack something more basic than the cognitive and volitional defects on which the defenses of mistake and coercion are based; those who are legally insane lack the moral agency possessed by sane adult persons. This is why this sui generis excuse of insanity affords such a unique opportunity to probe law and morality’s suppositions of what persons must be like to be responsible agents.
The Limited Compatibilism of Epiphenomenalism with Responsibility
Authors: Moore Michael S.
Published: June 2020

The second response to the epiphenomenal challenge is to deny that epiphenomenalism has any implications that are skeptical of responsibility. Such a compatibilist response is seemingly ruled out by adopting the classical compatibilist response to the challenge of hard determinism. Whether this is in fact so is explored in this chapter, the thesis being that in a certain range of cases we are responsible for effects that we do not cause so long as those effects are on one horn of an epiphenomenal fork the existence of which we know and the other horn of which we can control. Because such responsibility across the horns of an epiphenomenal fork can involve control of the past, and because a general control of the past to the extent that we can control the future is implausible, some care is taken to limit the scope of what in the past we can control by our present decisions. These limits are cast in terms of there being a strong necessitation of a past event by a present decision which necessitation is known to the actor as he acts to make it have been the case that such past event occurred.
Peopling of the Journalistic Imagination
Authors: McDevitt Michael
Published: June 2020

Chapter 2 posits that journalism invests in democratic decline through representation of grievance, benefiting in fact, from anti-elitist insurgence at the expense of other institutions. Political scientists refer to democratic backsliding as decline in support for norms that foster consent of the governed. The channeling of anger cripples the capacity of news media to work effectively with policymakers in setting an agenda supportive of those left behind by neoliberalism. The result is a failure of responsiveness in both journalism and governance. A brief history of professional education foreshadows how the press would accommodate the rise of Donald Trump. A discussion of how anti-intellectualism manifests in American culture then underscores how the failure of journalism to develop as an intellectual profession makes it vulnerable to incursion of illiberal sentiment. Populist anti-elitism, anti-rationalism, and other strands of anti-intellectualism intertwine in the news, churning up contradictions of democracy, inviting further decline.
Social Drama at Macro and Micro Levels
Authors: McDevitt Michael
Published: June 2020

Chapter 6 applies social drama—adapted from the anthropology of Victor Turner—to portray media ritual in punishment of an intellectual breach. The transgression occurred when Ward Churchill, a University of Colorado scholar of ethnic studies, hammered out an essay in response to the suicidal/homicidal attacks of September 11, 2001. Churchill plowed through consequences of US involvement in various regions of the globe, dismissing with contempt the notion that Americans could have been surprised by payback. Analysis of the media frenzy uncovers a fractal-like structure, such that ritualistic punishment as a cultural response is anticipated in the first wave of news text. Exposure of the macro-micro constitution, in turn, leads to a discussion as to whether journalism’s performance is best understood as culturally conscripted or opportunistic. The former is the more benign interpretation. In the latter scenario, a predatory press elevates its cultural status at intellect’s expense.
Deviant in Residence
Authors: McDevitt Michael
Published: June 2020

Journalism following 9/11 became fiercely protective of American innocence, and while the Colorado social drama demonstrates the prowess of proximate media in punishment of intellectual dissent, the case also offers an opportunity to observe resistance at the epicenter of redress. The drama illustrates idea rendering and repair as a dynamic in which news prompts a corrective response. Content analysis focuses on de-contextualization as the rendering practice in newspaper coverage. Idea repair is explored in how contributors to Front Range opinion pages bypassed news to engage directly with Churchill’s polemic. Journalists, for their part, are not simply enlisted in suppression of ideas. When confronted with evidence of de-contextualization, reporters and editors responded across a range of denial, ambivalence, regret, and resistance. A concluding section contemplates the role of parochial media in regulation of ideas across time and place.
Debt Markets and Investments
Authors: baker H. Kent , Filbeck Greg , Spieler Andrew C.
Published: June 2020

This chapter begins by providing a brief background on debt markets and investments including basic bond terminology and market sectors. It also discusses bond risks and products including securitized products. The chapter then explains the book’s purpose, its distinguishing features, and intended audience. Next, it outlines the book’s structure consisting of eight parts: (1) background, (2) market sectors, (3) yield curves, swap curves, and interest rate models, (4) bond products, (5) securitized products, (6) bond valuation and analysis, (7) special topics, and (8) strategies, portfolio management, and future outlook. The chapter then presents an abstract of each chapter within its appropriate topic heading. The final section offers a summary and conclusions.
Debt Fundamentals and Indices
Authors: Dodge Ryan J. , Petra Steven T. , Spieler Andrew C.
Published: June 2020

This chapter serves as an introduction to debt obligations and securities and in particular bonds and related fixed income instruments. The chapter discusses the size of the bond market relative to other traditional asset classes as well as describing different types of debt instruments. The relatively large par value of bonds and structured payments affects the issuance, trading, and ratings processes. The unique structure and risk-return profile of fixed income instruments can be useful for investors to hold in their portfolios. Bonds are obligations of federal and local governments, corporations, and other issuers and are issued via auctions and public and private placements. The fundamental risk factors including interest rate risk, credit risk, and option risk are summarized. Finally, the chapter concludes with a discussion about the purpose and uses of bond indices with a focus on some challenges involved in their construction.
Interest Rate Risk, Measurement, and Management
Authors: Barkley Tom
Published: June 2020

Interest rates are part of the fabric of finance, used for assessing rates of return on investments, determining costs of capital to firms, compounding and discounting cash flows, and as underlying variables in many derivative instruments. As interest rates change, so do values of associated securities, resulting in substantial risk to investors in these financial products. Interest rate risk measurement is often defined in terms of the sensitivity of prices to changes in interest rates. Duration is a measure used for small changes in rates, and convexity provides a correction to duration when the rate changes are larger. Forecasting how short- and long-term rates move based on macroeconomic factors becomes important for businesses in any country, as these rate changes affect borrowing costs and investment opportunities. Financial institutions carry out interest rate risk management using instruments such as interest rate swaps, or through more advanced approaches such as asset-liability management and gap analysis.
Other Risks Associated with Debt Securities
Authors: Nordby Randolph D.
Published: June 2020

This chapter covers the additional risks in investing in debt securities that are not considered under interest rate risk. It emphasizes credit risk and provides a primer on understanding the S&P credit rating naming conventions. Investors are warned not to rely solely on credit rating agencies to conduct the required due diligence necessary to understand the credit risks associated with an individual security. Next, the chapter presents a method to supplement credit reporting agency reviews. This supplemental analysis involves applying the Cs of credit analysis and determining where the security resides in the overall corporate capital structure. The chapter also addresses inflation risk, liquidity risk, reinvestment risk, and environmental, social, and governance (ESG) risk. These additional risks provide a more comprehensive view of the risks facing fixed income investors.
Securitized Debt Markets
Authors: Ağca Şenay , Islam Saiyid S.
Published: June 2020

Securitized debt markets play a vital role in financial markets in risk-sharing and creating alternative financing sources, which provide benefits for both borrower and lenders. This chapter describes the main characteristics of securitized debt and securitized debt instruments. Major securitized debt instruments are mortgage-backed securities (MBSs) including residential mortgage-backed securities (RMBSs) and commercial mortgage-backed securities (CMBSs) as well as asset backed commercial paper (ABCP) and collateralized debt obligations (CDOs). The characteristics of these securities, their associated benefits and uses, and the risk factors that determine the performance of securitized debt instruments are covered. The evolution and size of these securitized markets is also discussed. Overall, the chapter indicates that securitized markets help originators in transferring risks and monetizing illiquid assets and aid investors by providing an efficient mechanism for portfolio diversification and ability to better adjust their investments to their risk preferences.
Bonds with Embedded Options
Authors: Barnes Christopher J. , Gupta Gaurav , Abinanti Joseph F.
Published: June 2020

Bonds with embedded options are a subset of traditional fixed income instruments in which an option has the potential to influence the timing and amount of a security’s cash flows and the security’s valuation. The term embedded signifies that the option and the bond are inseparable. Unlike a warrant, which typically can be detached and traded independently of its underlying instrument, an embedded option cannot be split from the bond to create two distinct, investable assets—the bond and the option. The inseparability of the bond and option changes the risk-return profile for both issuers and investors alike, and therefore renders traditional bond metrics, such as yield-to-maturity, ineffective. This chapter explores the most common bonds with embedded options, which are callable, puttable, and convertible bonds, in addition to discussing some nontraditional embedded option bond structures including contingent convertibles, extendable bonds, combinations, and knock-in and knock-out options.
Bond Mutual Funds, Closed-End Bond Funds, and Exchange-Traded Funds
Authors: Kiymaz Halil , Simsek Koray D.
Published: June 2020

This chapter provides an overview of the academic literature involving bond mutual funds, closed-end bond funds (CEFs), and exchange-traded funds (ETFs). Since the turn of the century, the net assets under management (AUM) of investment firms have increased steadily. The composition of the net AUM has also changed in favor of ETFs. As more money flows to bond funds, bond CEFs, and ETFs, the issue for investment firms continues to be how to provide risk-adjusted returns to investors while minimizing expenses. The existing literature tends to report mixed evidence on the performance of bond mutual funds, bond CEFs, and ETFs. Most studies comparing performance against their benchmark index report widespread underperformance. However, actively managed global bond funds tend to provide higher risk-adjusted returns.
Credit Analysis and Ratings
Authors: Dadalt Peter , Gueli Michael , Khalid Rafay , Zhang Ling
Published: June 2020

Credit analysis is more than just a quantitative exercise because qualitative factors can influence creditor decisions to lend funds. This chapter discusses the importance of balancing the strengths and weaknesses of quantitative characteristics with an analysis of qualitative characteristics. The extension of credit from a lender to a business is a decision that should follow the careful analysis of factors recognized as industry structuring tools. The “five Cs of credit” provide a framework to begin a qualitative assessment of a company, for without context, financial analysis is almost meaningless. A subsequent discussion of business, industry, and economic analysis rounds out the qualitative considerations. The chapter also offers a discussion of the critical role of the credit rating agencies as gatekeepers. Finally, a review of financial statements, metrics, ratio analysis, and firm capital structure provides a broad view of the firm when conducting a financial analysis. The chapter presents a case study to illustrate key principles.
Distressed Debt
Authors: Kim Seoyoung
Published: June 2020

This chapter provides an introduction to distressed debt, primarily from the vantage point of debtholders in financially distressed corporations. In doing so, it gives a description of this sub-asset class and the basic intuition along with stylized examples to explain the motivating factors behind the strategic behavior of other stakeholders that may devalue a distressed-debt investor’s financial claim if left unattended. This chapter also discusses the considerations in distressed debt exchanges of public bond issuances or in the restructuring of private loan agreements, with the view to minimizing the likelihood of strategic default and other inefficient outcomes to investors of distressed debt. Overall, this chapter offers exposure to the basic features and terminology in distressed debt and debt restructuring.
Debt Investment Strategies
Authors: Cosares Steven , Riggs Taylor , Spieler Andrew C.
Published: June 2020

The diverse investment opportunities available in the debt market enable both individual and institutional investors to develop effective passive and active strategies for financial planning and portfolio management. Such strategies suggest a set of purchases, redemptions, and liquidations to meet investor objectives that consider such factors as market risk, expected investment returns, cash flows, liquidity, and investor convenience. Investment strategies can inoculate the portfolio against potential adverse markets events such as wide fluctuations in interest rates or can be executed in anticipation of an event affecting future market conditions such as an announcement by the Federal Reserve or the default of a municipality. This chapter presents different scenarios in which an investor would employ some appropriate strategies involving bonds or other debt-based securities.
Debt Portfolio Management
Authors: Jersky Zachary , Li He
Published: June 2020

Debt portfolio management has received increasing attention over time as both academics and practitioners have become aware of its unique challenges. This chapter discusses the common risk factors faced by debt portfolio managers and introduces a set of portfolio management strategies that are targeted at addressing major debt portfolio risks in order to achieve common portfolio management goals. These strategies differ in both style and objective. Passive strategies only require investor effort and decision-making at the initial formation of the portfolio, whereas active strategies require frequent restructuring and rebalancing of the portfolio. Some strategies aim at funding liabilities, while others attempt to seek total return. The chapter also provides a discussion of the application of modern portfolio theory within the context of debt portfolio management.