bluuebunny/crossref_metadata_2025_split huggingface dataset:
The End of the Beginning
Authors: Yago Glenn , Trimbath Susanne 
Published: October 2003

AbstractAn account and analysis is given of the largely unanticipated decline of the US high‐yield market in 1989 and 1990, and its subsequent rallying in 1991 and 1992. Structural and cyclical factors affecting the high‐yield market are discussed by looking at the economic factors that influence changes in its supply and demand, and returns: aspects addressed are the default rate on high‐yield debt, higher spreads, credit conditions, stock prices, and repayment. A test developed by Brown, Durbin and Evans (1975) is used to analyze the level and month‐to‐month changes in returns and the number of high‐yield issues from 1985 to 1991, and this shows that structural stability was not part of the landscape. In other words, the functional economic relationships between cyclical factors, credit/quality defaults, competitive market yields (etc.) that drove the high market during the 1980s changed considerably – apparently as a result of the dramatic increases in government regulatory intervention in that market – but appear to have been restored by late 1991 as the market recovered from regulatory destabilization and responded to more economic fundamentals in the marketplace. The remainder of the chapter discusses the cause and consequences of financial distress in companies, the fact that some industries are more sensitive to economic conditions than others, company restructuring for economic recovery, and challenges and opportunities in 2001 and beyond; Appendix B gives details of the technical material used in the chapter.
Participants in the Recovery
Authors: Yago Glenn , Trimbath Susanne 
Published: October 2003

AbstractThe previous chapter discussed the factors that triggered the price collapse of the high‐yield market in the USA in 1989 and 1990. This chapter turns to the question of when and how the first movers returned to the market in 1991 and renewed it from then on with an activity that far surpassed high‐yield bond issuance and performance over previous decades. Year‐by‐year data are presented on the recovery for the US market, which is discussed in detail by economic industries and sectors, and by reference to individual companies. Separate analyses are given of high‐yield bonds during the transition years of 1991, 1992, 1993, and 1994. The chapter ends by briefly discussing the developing non‐US issuance market in the 1990s.
Extended Markets and Innovative Extensions
Authors: Yago Glenn , Trimbath Susanne 
Published: October 2003

AbstractFinancial innovation is the engine driving the financial system toward improved performance in the real economy. The conventional view of financial instruments is based upon the categorical distinction between debt and equity, but financial innovations have evolved less as distinct categories than as a range of financial technologies involving characteristics of both, and in the high‐yield market, innovative debt securities have emerged, which have added value by various means. During the US recession and credit crunch of 1974, many companies (especially small and medium‐sized enterprises and emerging firms) learned that capital access was no longer guaranteed on the basis of profits or success. With dramatic changes in the world economy, companies required innovative securities to provide them with the financial freedom necessary to survive and grow, to enhance their flexibility in managing the capital structure of their firms in changing times, and to finance their objectives for accomplishing corporate growth strategies. These issues are addressed in different sections of this chapter as follows: The corporate finance revolution; Financial innovation and growth; Categorizing financial innovations – an elaboration of some of the more recent and innovative financial instruments that have evolved with and from the high‐yield market; The rise of the placement market: Rule 144A – which permits private placements to be freely traded among qualified institutional buyers (QIBs); Efficiency gains from Rule 144A; Implications of the ‘aircraft carrier’ proposal – a proposal to overhaul US securities laws and reduce private placements by encouraging companies to issue stocks and bonds through public offerings; Structured finance: collateralized debt obligations; Collateralized loan obligations; and Collateralized bond obligations.
Why Capital Structure Matters: The Corporate Finance Revolution
Authors: Yago Glenn , Trimbath Susanne 
Published: October 2003

Abstract
The chapter starts by presenting a brief history of capital structure theory and research. After that it goes on to discuss the corporate finance revolution, which was catalyzed by the rise of the high‐yield securities market, and demonstrated that a company could reduce its cost of capital and raise its stock price by increasing the liquidity of its securities. Solving the capital structure puzzle – how a company divides its capital along the debt‐to‐equity continuum to support its business strategy and activities in a way that maximizes current company value – became central to the financial and business strategy in setting the leverage ratio; furthermore, substituting debt for equity has been shown to add value. The rest of the chapter discusses the high‐yield market and the real economy in light of the facts that the relationship between financial markets, complex capital structure, and economic growth has become increasingly apparent, and that the linkages between the means and methods of financing firms and the future of the economy as a whole have become increasingly clear. It ends by discussing the implications of recent developments in the high‐yield market.
The 1980s Users' Performance in the 1990s
Authors: Yago Glenn , Trimbath Susanne 
Published: October 2003

AbstractCase studies are presented of five high‐yield US companies and the strategies they have pursued to maximize the value of their assets, labor force, products and markets. The examples show how businesses have responded to the pressures of economic change by modifying their strategies, adopting new technologies, and changing their supply chains and distribution channels; they also show how high‐yield issuers have responded to increasing competition in both domestic and international markets. A common story appears to repeat itself throughout the case studies: in utilizing the high‐yield market, companies not only went beyond traditional sources of capital but also created functions that went beyond traditional industrial categories. The companies are placed in the historical context of their foundations to give a sense of their place in their industries and in the economy as a whole, and these histories show that innovation was not new to any of them; they are Stone Container, McCaw Cellular, Viacom Incorporated, the Chrysler Corporation, and Medco Containment Services. The last part of the chapter discusses the use of high‐yield bond financing to improve efficiency by mergers and acquisitions.
Financing the Future
Authors: Yago Glenn , Trimbath Susanne 
Published: October 2003

Abstract
While this book was being written, the US economy hovered between recession and recovery, and the global economy remained increasingly polarized and endangered by economic stagnation, instability, and inadequate job and capital formation; in this context, extending the logic of financial innovation to new markets and assets is a significant challenge. This final chapter addresses the application of the logic and practice of high‐yield financial innovations to the future, and in doing so, recounts what has been learned in the book and discusses how the means and methods of high‐yield finance might be applied to future challenges. The first three sections of the chapter are as follows: What have we learned? Yield gaps and the role of the high‐yield market; and Toward global market development. The fourth section, Missing markets, identifies several key issues as emerging global risks to sustainable growth and the capacity of the global economy to finance its future, noting that these are the markets that financial innovations and high‐yield markets, and capital markets in general, must address; they are negative capital flows to developing and transition economies, inadequate demand growth, and the absence of middle‐class development in the developing world, and lack of markets to allocate capital adequately and efficiently for entrepreneurial markets and economic growth. The remaining sections of the chapter are as follows: Capital flows; The importance of financial infrastructure; Emerging domestic markets [EDM]; Structured finance for EDM; Environmental finance; and Intellectual capital securitization.
The Last Word
Authors: Nagel Thomas 
Published: October 2003

Abstract
In this discussion of where justification and understanding come to an end, Nagel undertakes to refute various forms of subjectivism. Defending rationalism, he argues that there are some thoughts that we simply cannot get outside of; thoughts that we cannot regard as mere psychological dispositions. The last word on philosophical disputes about the objectivity of any form of thought must lie in some unqualified thoughts about how things are. In the domains of logic and mathematics, certain basic propositions are immune to doubt being central to the framework of everything we can think. In the domains of ethics, science, or history, resistance to the external or subjective viewpoint comes from within these domains themselves. First‐order thoughts about ethics, science, and history are the decisive factor in response to any second‐order thoughts about their psychological character. Any criticism of the reasoning within these domains necessarily involves reasoning carried out at the same level of inquiry. Questions about how the capacity for rational thought is possible for a species like ours generate a pernicious fear of religion that Nagel seeks to dispel.
Introduction
Authors: Nagel Thomas 
Published: October 2003

Abstract
Nagel outlines his project to defend rationalism against subjectivism. In his view, no matter how sophisticated they may be, all forms of subjectivism and relativism either are clearly false or collapse into self‐contradiction or vacuity. Where justification and understanding come to an end, there is, he argues, a category of thought with universal authority that we cannot get outside. It is reason. The question is, How is access to this universally valid method of objective thought possible for a biological species like ours? Addressing this question in relation to different fields of inquiry is Nagel's primary concern in subsequent chapters.
Logic
Authors: Nagel Thomas 
Published: October 2003

Abstract
Nagel argues that there is no room for skepticism about basic logic or mathematics since thoughts like 2 + 2 Í 4 cannot be dislodged by any other propositions. Such examples of reason are immune to doubt and must be recognized by all as having universal validity. Nagel rejects as unintelligible Descartes’s idea that God, with his omnipotence and ultimate responsibility, could have made the truths of logic and mathematics other than they are. For Nagel, doubts about reasoning cannot avoid using some form of reasoning, and certain forms of reasoning cannot intelligibly be doubted because they form the irreducible framework of everything we can think about the world and ourselves.
Evolutionary Naturalism and the Fear of Religion
Authors: Nagel Thomas 
Published: October 2003

Abstract
Rationalism bears a closer association with religion than empiricism does; the former offers a conception of the world that links the deepest truths of nature to the deepest thoughts of the human mind in a way that makes many people nervous. Nagel reassures defenders of atheism that they have no more reason to fear fundamental and irreducible mind–world relations than fundamental and irreducible laws of physics. Although Nagel endorses (in part) Robert Nozick's evolutionary explanation of human reason, which reverses the Kantian dependence of facts upon reason, Nagel argues that an evolutionary story about reason must be coupled with an independent basis for confidence in reason. To be justified in trusting our reasoning capacity as a product of Darwinian natural selection, we must be justified in trusting it simply in itself in virtue of the content of its arguments. To the question, How can a biological species shaped by the contingencies of natural selection have access to self‐justifying reason?, Nagel offers the defensive reply that we do not know how biological possibilities and their likelihood of actualization are constrained by fundamental laws of nature.
The Myth of Ownership
Authors: Murphy Liam , Nagel Thomas 
Published: October 2003

AbstractIn a capitalist economy, taxes are the most significant instrument by which the political system can put into practice a conception of economic justice. But conventional ideas about what constitutes tax fairness--found in the vigorous debates about tax policy going on in political and public policy circles, in economics and law--are misguided. In particular, the emphasis on distributing the tax burden relative to pretax income is a fundamental mistake. Taxation does not take from people what they already own. Property rights are the product of a set of laws and conventions, of which the tax system forms a central part, so the fairness of taxes can’t be evaluated by their impact on preexisting entitlements. Pretax income has no independent moral significance. Standards of justice should be applied not to the distribution of tax burdens but to the operation and results of the entire framework of economic institutions. The result is an entirely different understanding of a host of controversial issues, such as the estate tax, the tax treatment of marriage, “flat” versus progressive taxes, consumption versus income taxes, tax cuts for the wealthy, and negative income taxes for the poor.
Introduction
Authors: Murphy Liam , Nagel Thomas 
Published: October 2003

AbstractTaxation arouses strong passions, fueled not only by conflicts of economic self-interest, but by conflicting ideas of justice or fairness. Though empirical questions and questions of economic theory are inescapable in responsible discussion of tax policy, so too are philosophical questions of social and economic justice. But the topic has been neglected by philosophers, especially by comparison with such legal issues as abortion and freedom of expression. This book aims to make a start at filling this gap.
Redistribution and Public Provision
Authors: Murphy Liam , Nagel Thomas 
Published: October 2003

Abstract
Taxation has two primary functions. First, it determines how much of a society’s resources will come under the control of government, for expenditure in accordance with some collective decision procedure, and how much will be left in the discretionary control of private individuals, as their personal property; call this public-private division. Second, it plays a central role in determining how the social product is shared out among different individuals, both in the form of private property and in the form of publicly provided benefits; call this distribution. Though these functions are typically run together in political discussion--by the use of slogans such as “big government”–they are conceptually and normatively distinct. It is difficult, however, to address the two policy issues separately, since the two functions are mutually interdependent in practice.
Progressivity
Authors: Murphy Liam , Nagel Thomas 
Published: October 2003

Abstract
Considerations of fairness have no direct bearing on the issue of progressivity in tax rates; there is no genuine issue of vertical equity. Whether a proportional, progressive, or a regressive tax rate scheme is to be preferred on ethical grounds depends upon the justice of the outcomes the different schemes tend to promote. It is clear that this instrumental question requires a good deal of empirical information for its answer. While it is often claimed that high marginal tax rates greatly deter work (which is bad according to most theories of justice), this is not the consensus among economists.
Inheritance
Authors: Murphy Liam , Nagel Thomas 
Published: October 2003

Abstract
Setting aside spurious considerations about double taxation and fairness to donors, the real moral question concerning taxation and inheritance is whether gratuitous transfers require special tax treatment on the ground of equality of opportunity. Some place such a high value on personal responsibility that confiscation of all such transfers has ethical appeal. A more appealing view holds that opportunities need not be strictly equal, so long as they are adequate for all. On such a view there is no ground for the confiscation of gratuitous transfers, but neither is there ground for the current exemption of such transfers from the tax base of donees.
Tax Discrimination
Authors: Murphy Liam , Nagel Thomas 
Published: October 2003

Abstract
Since the distribution of tax burdens has no intrinsic moral significance, there is no genuine value of horizontal equity. Favorable tax treatment of owner-occupied housing is not intrinsically unfair, though it may be objectionable for contributing to social inequality. And a “marriage penalty” is not unfair, though it may be arbitrary. However the tax system can have discriminatory effects; for example, a combination of joint filing and graduated rates results in a disincentive for second earners (at present mostly women) to seek work.
Conclusion: Politics
Authors: Murphy Liam , Nagel Thomas 
Published: October 2003

Abstract
What politically feasible results might be drawn from the foregoing reflections? Self-interest does set limits to what is politically feasible, but most people defend their views about taxation in moral language. So much would be gained from the wholesale rejection of the morally obtuse but tenacious ideas of everyday libertarianism. Increasingly widespread understanding of how capitalism works may help. We may hope that most people are coming to believe that even under capitalism the organization of the economy and the allocation of its product between public and private control is a legitimate object of continual collective choice, and that this choice must be made on grounds that justify it not only economically but morally, and by a democratic procedure that legitimizes it.
Self‐Control and Belief
Authors: Mele Alfred R. 
Published: October 2003

AbstractExamines the etiology of motivationally biased beliefs that manifest akrasia, as in some cases of self‐deception, and argues that it is possible to avoid such beliefs by exercising self‐control. Empirical work on belief formation and hypothesis testing is reviewed, and accounts of akratic belief and its opposite are developed. Other topics include belief‐regulating principles and modes of acceptance of such principles.
The Upper Reaches of Self‐Control and the Ideally Self‐Controlled Person
Authors: Mele Alfred R. 
Published: October 2003

Abstract
Examines the place of self‐control in effective critical reflection on one's principles and values, develops an account of an ideally self‐controlled person, and presents a preliminary argument that even perfect self‐control combined with frequent and thorough critical reflection is not sufficient for autonomy. The preliminary argument features a kind of brainwashing that produces values that guide an agent's practical reasoning. Accounts are offered of values, valuing, identification with a desire, compulsiveness, and mental health.
Darwin's Legacy in America
Authors: Witham Larry A. 
Published: October 2003

Abstract
The debate between creationists and evolutionists stems from America's view of God and nature, of science, and of attitudes toward social elites and taxes. This chapter looks at events in Massachusetts, Virginia, and Tennessee. It compares the life of England's Charles Darwin and America's William Barton Rogers. It looks at the rise of “creation science” and the contemporary strategies of evolutionists.
The Two Books
Authors: Witham Larry A. 
Published: October 2003

Abstract
Using the theme of “two books” – nature and the Bible – this chapter surveys a century of contact between Christianity and evolutionary biology in the U.S., beginning with the antievolution crusades of the 1920s. It closes with the century‐end science‐and‐religion dialog, the new creationists, and new interest in ecology. It details developments in the theory and profession of evolutionary biology and the Protestant and Catholic responses.
Hearts and Minds
Authors: Witham Larry A. 
Published: October 2003

Abstract
The cultural side of the evolution–creation debate, playing out in religion and mass media, is illustrated by the lives of Eugenie Scott and Phillip Johnson. Scott is the director of the anticreationist National Center for Science Education. Johnson is a Berkeley law professor, an anti‐Darwinist, and an intelligent design leader. Against the backdrop of an Arkansas court case and California debates, here is a history of the Center's work, rooted in the 1970s, and Johnson's prominence since the 1990s.
Nature Alone: Evolutionists
Authors: Witham Larry A. 
Published: October 2003

Abstract
Here are biographical profiles of six evolutionists who see no God behind nature: Joseph McInerney, a biology educator and a textbook publisher; Ernst Mayr, a preeminent evolutionist; Michael Ruse, a philosopher of evolution; Francisco Ayala, a top geneticist; Niles Eldredge, a “punctuated equilibrium” theorist; and David Raup, a paleontologist expert on mass extinctions.
God and Nature: Creationists
Authors: Witham Larry A. 
Published: October 2003

Abstract
Here are biographical profiles of scientists who do see God behind nature: Kurt Wise, a young‐earth paleontologist; John Wiester, a geology educator and an activist; Henry Morris, an engineer and a “creation science” founder; Howard Van Till, a physics professor; Owen Gingerich, a Harvard astronomer; and Michael Behe, a biochemist and an intelligent design theorist.
Higher Education
Authors: Witham Larry A. 
Published: October 2003

Abstract
The University of Chicago hosted the 1959 Darwin Centennial, showing evolution's place in U.S. higher education. This chapter looks at the academic freedom case of biology professor Dean Kenyon, compares treatment of evolution at two schools – Liberty University and Virginia Tech – and samples religion‐founded schools, and debates over creationists holding science Ph.D.s.
Museums and Sanctuaries
Authors: Witham Larry A. 
Published: October 2003

Abstract
Natural history museums and churches are public arenas for evolutionist and creationist stories. This chapter gives their numbers, educational roles, and histories of handling this topic. Major museums, such as the Smithsonian, are sampled and “cladistic” displays are discussed. The views of U.S. seminaries, theological responses to museum exhibits, and sermons on Creation are reviewed.
The Great Debate
Authors: Witham Larry A. 
Published: October 2003

Abstract
Legendary public debates over evolution began with Thomas H. Huxley in 1860 and raged through the 1920s and 1970s to the present, featuring debaters such as biologists Kenneth Miller (pro‐evolution) and Duane Gish (pro‐creation). This chapter looks at key figures in this history, strategic arguments, campus debates, radio and television, and the rhetorical approach of “intelligent design.”
Search for the Underdog
Authors: Witham Larry A. 
Published: October 2003

Abstract
Public events of 2000 illustrate the continuing social debate. The “intelligent design” movement emerges. Two predictions are made: (1) A sociological split over middle‐class values will swing the distribution “knowledge” class to evolution, the family‐based production class to creation; (2) Both apocalyptic creationism and orthodox Darwinism will decline. While both sides have challenges – evolutionists to justify morals and creationists to fit God to science – both may be appreciated as underdogs.