bluuebunny/crossref_metadata_2025_split huggingface dataset:
The Poverty of Riches
Authors: Wolf Kenneth Baxter 
Published: October 2003

Abstract
The unusually high regard with which Saint Francis of Assisi is held has served to insulate him from any real criticism of the kind of sanctity that he embodied: a sanctity based, first and foremost, on his deliberate pursuit of poverty. This book offers a critique of Francis's “holy poverty” by considering its ironic relationship to the ordinary poverty of the poor. While Francis's emphasis on voluntary poverty as the first step toward spiritual regeneration may have opened the door to salvation for wealthy Christians like himself, it effectively precluded the idea that the poor could use their own involuntary poverty as a path to heaven. In marked contrast to Francis's poverty, theirs was more likely to be seen by contemporaries as a symptom of moral turpitude. Moreover, Francis's experiment in poverty had a potentially negative effect on the level of almsgiving directed toward the involuntary poor. Not only did the Franciscan abhorrence of money prevent the friars from assuming any significant role in alleviating urban poverty but their own mendicant lifestyle also put them in direct competition with the other kind of beggars for the charitable donations of the urban elite. Though this work focuses on the idea of “holy poverty” as it appears in the earliest hagiographical accounts of the saint as well as Francis's own writings, its implications for the relationship between poverty as a spiritual discipline and poverty as a socioeconomic affliction extend to Christianity as a whole.
St.Francis and His Tunic
Authors: Wolf Kenneth Baxter 
Published: October 2003

Abstract
Francis's choice of clothing after his conversion illustrates the extent to which he constructed his own poverty. Though he was content early on simply wearing whatever poor clothes he could find, ultimately he decided, inspired by his reading of Christ's instructions to the apostles, to design his own “voluntary poverty” costume: a tunic that was designed to be deliberately unattractive, uncomfortable, and cross‐shaped. By doing this, Francis distinguished himself not only from the apostles but also from normal poor people who, we imagine, would have engaged in this kind of deliberate “downsizing” of their wardrobe only if their goal was to attract more sympathy from potential almsgivers.
Monetary and Exchange Rate Policy
Authors: Gochoco‐Bautista Maria Socorro , Canlas Dante 
Published: October 2003

AbstractExamines the evolution of monetary policy rules and exchange rate regimes in the Philippines over the past two decades. It highlights the importance of recognizing the interdependence of exchange rate and monetary policies in a small open economy, and argues that failure to appreciate this has yielded undesirable consequences. To illustrate, it discusses the macroeconomic performance following regime shifts for various periods: (1) the eighties to early nineties when observed money growth not commensurate with growth in foreign reserve assets under exchange rate targeting caused episodes of peso collapse; (2) capital account liberalization – culminating in full peso convertibility in 1992 – which compromised the ability to conduct an independent monetary policy; and (3) the financial crisis years when it became apparent that fixing the exchange rate in a world of capital mobility was futile. The paper concludes by raising institutional issues and reviewing the conduct of monetary policy in the more recent postcrisis period.
Agriculture
Authors: David Cristina C. 
Published: October 2003

AbstractArgues that the poor performance of the Philippines in agriculture has been due more to weaknesses in the policy and institutional frameworks governing the sector than to real domestic and external market factors. It begins by describing the growth patterns of agricultural gross value added, foreign trade, measures of comparative advantage, and labor and land productivity. It proceeds to examine how price interventions and the public expenditure program failed to promote rapid growth of the sector. Institutional issues – specifically weaknesses in the property rights structure and the agricultural bureaucracy – and political economy explanations as to why the policy and institutional structures evolved in the way they did are explored and addressed.
Industry
Authors: Hill Hal 
Published: October 2003

AbstractAims to provide a descriptive–analytic overview of the record of Philippine industrialization, with special reference to the period since 1980. It also identifies some of the factors that have retarded efficient industrial growth and examines various key industrial policy debates and challenges. It first presents the basic trends in output, employment, and productivity, followed by an examination of broad structural changes within industry, and of export performance. It further investigates aspects of industrial structure and intervention including ownership and concentration, the size distribution of small‐ and medium‐sized enterprises, spatial patterns, and import protection. The chapter notes that, according to almost all the above criteria and with just a few exceptions, manufacturing has performed poorly for most of the past two decades. It concludes with a forward‐looking assessment of major policy challenges regarding the incentive regime, innovation and diffusion issues, and constraints to industrial growth.
Poverty and Inequality
Authors: Balisacan Arsenio M. 
Published: October 2003

AbstractExamines the nature, pattern, characteristics, and causes of poverty and inequality in the Philippines over the last quarter‐century using comparable household data. The principal macro conclusion is that levels of poverty are highly growth‐sensitive. Since distribution does not change significantly in the short to medium term, this means that changes in the level of household income, which is affected by aggregate levels of economic activity, is the major proximate determinant of poverty. Apart from the economic growth, other factors – such as education, infrastructure, terms of trade, agrarian reform, governance, and certain geographic attributes – exert direct impact on the welfare of the poor. The chapter concludes with policy suggestions for winning the war against poverty.
Regional Development
Authors: Manasan Rosario G. , Chatterjee Shiladitya 
Published: October 2003

AbstractAttempts to evaluate the progress that has been made to date in reducing spatial inequality. More specifically, it aims to evaluate the pattern of regional economic development from 1975 to 2000, assess the gains, if any, in reducing regional disparities, and estimate the extent to which government policies have contributed to regional convergence. Employing convergence methodology, the study finds that there has been “alpha” convergence (a decline in overall regional inequality), and also often “beta” convergence (the poorer regions catching up to the richer ones), which is shown to correlate strongly with agricultural growth. Additionally, it draws attention to the key role of physical infrastructure in shaping regional outcomes, the country's experience with decentralization, and the vertical and horizontal fiscal imbalances among LGUs.
Environment and Natural Resources
Authors: Coxhead Ian , Jayasuriya Sisira 
Published: October 2003

AbstractDiscusses the state of the Philippine environment by studying the trends of available data on environmental quality and natural resource degradation, and comparing them with those of other Asian countries. It then presents a brief review of theoretical links among environment quality, resource depletion, and development strategies and outcomes, considering Philippine data in light of this theory. Recent economic trends and policy initiatives affecting the environment and development are discussed, and simulation results indicating likely trends in economic and environmental variables under alternative policy regimes are presented. The chapter concludes with what past experience and current trends might indicate for the future of the Philippine environment.
Introduction
Authors: Rudebusch George 
Published: October 2003

Abstract
This chapter presents the problem that the book solves. The problem is that Socrates in different places argues for three seemingly incompatible theses about the human good: it is pleasure; it is not pleasure; it is virtue. The solution is to harmonize these theses by distinguishing Socrates’ theory of pleasure from competing theories and by identifying virtuous activity with pleasant activity for a human being.
Plato's Aporetic Style
Authors: Rudebusch George 
Published: October 2003

Abstract
There has been persistent controversy about the aporetic dialogs. Are they meant to convey any underlying philosophical position? A strong argument in favor of a negative answer rests on the following premise: if Plato had been trying to present a positive doctrine in his aporetic dialogs, he would have chosen a more straightforward style of writing for his purpose. I argue that this premise is false.
Callicles' Hedonism
Authors: Rudebusch George 
Published: October 2003

Abstract
There has been no consensus as to what version of hedonist Callicles is. Suggested versions are that he is a prudential, indiscriminate, or sybaritic hedonist. I argue, against these interpretations, that Callicles holds a satisfaction hedonism of felt desire with respect to the intrinsically desirable.
The Paradox of American Power
Authors: Nye Joseph S. 
Published: October 2003

Abstract
The U.S. “war on terror” response to the attacks of September 11, 2001 has exposed the extent, already apparent on various other fronts, to which U.S. foreign policy has become unilateralist, arrogant, and parochial. It is pursuing a limited conception of the U.S. national interest with a limited focus on the utility of “hard” (military) power. Instead, it should be aiming to defend American pluralist values by means of an inclusive, multilateralist foreign policy, based on a judicious mix of “hard” and “soft” power.
Building Trust
Authors: Solomon Robert C. , Flores Fernando 
Published: October 2003

Abstract
Everyone agrees that trust is essential for decent human relationships, but our understanding of trust too often collapses in platitudes and falsehoods. It is typically treated as some sort of inarticulate bond between people, a social “glue” or interpersonal lubricant. In what Francis Fukuyama has famously called “high trust” societies, it functions as a kind of cultural “atmosphere” or “climate.” In personal relationships, we usually confuse trust with an unthinking, taken‐for‐granted attitude of unquestioning acceptance, or what we call “simple trust,” like the trust of a child for its parents. In business, we too readily conflate trust with contractual agreements and the enforcement that goes along with them. What we argue in this book is that trust is first of all a matter of decision, commitment, and action, whether in an intimate relationship like a marriage or in the businesslike atmosphere of a corporation. We introduce the notion of authentic trust, trust that is neither naïve nor “blind” but trust with its eyes wide open. It is a risky and uncertain world, but trust is what allows us to navigate it successfully, together. Our aim is not only to understand trust but also to give the reader the tools to build and maintain trust in personal and business relationships and to restore trust even when it has been lost or betrayed. Building Trust has grown out of many decades of experience, consulting with both corporations and couples.
Beyond Greed and Fear
Authors: Shefrin Hersh 
Published: October 2003

Abstract
Behavioral finance is the study of how psychology impacts finance. This book represents the first general, comprehensive treatment of the subject. The book explains how psychological phenomena impact the entire field of finance. Readers will learn to recognize the influence of psychology on themselves, on others, and on the financial environment at large. Psychology is the basis for human desires, goals, and motivations. Psychology is also the basis for a wide variety of human errors that stem from perceptual illusions, overconfidence, over‐reliance on rules of thumb, and emotions. Errors and bias cut across the entire financial landscape, affecting individual investors, institutional investors, analysts, strategists, brokers, portfolio managers, options traders, currency traders, futures traders, plan sponsors, financial executives, and financial commentators in the media.
Introduction
Authors: Shefrin Hersh 
Published: October 2003

AbstractBehavioral finance consists of three themes: (1) heuristic‐driven bias; (2) frame dependence; and (3) inefficient markets. These themes are ubiquitous and germane, touching every corner of the financial landscape: portfolio selection, corporate finance, asset pricing, and options. Notably all the preceding areas have been recognized through the awarding of Nobel prizes in Economics. Indeed, behavioral finance was explicitly recognized with the 2002 award to Daniel Kahneman, one of the psychologists upon whose work behavioral finance is built. A key lesson for financial practitioners is to appreciate that successful investing requires taking the psychological propensities of others into account. Historically, behavioral psychologists first laid the groundwork for behavioral finance by developing the underlying psychological framework. In the 1980s a few financial economists began to apply this framework to finance. Debates with proponents of the traditional approach soon followed.
Heuristic‐Driven Bias: The First Theme
Authors: Shefrin Hersh 
Published: October 2003

Abstract
Statistics and probability are essential concepts when it comes to risk. Yet, most people have poor intuition about statistics and probabilities. Instead of behaving like professional statisticians, they rely on flawed intuition, based on rules of thumb called heuristics. By using heuristics people render themselves vulnerable to errors and biases. That is why the first theme of behavioral finance is called heuristic‐driven bias. The chapter describes these biases using behavioral concepts such as availability, representativeness, anchoring‐and‐adjustment, overconfidence, and aversion to ambiguity. Examples are provided to illustrate how these concepts affect the manner in which investors form predictions.
“Get‐Evenitis”: Riding Losers Too Long
Authors: Shefrin Hersh 
Published: October 2003

Abstract
Most people exhibit aversion to sure losses: they have great difficulty coming to terms with losses. Consequently, they are predisposed to holding their losers too long, and correspondingly sell their winners too early. Several examples of the phenomenon are described in this chapter. Some pertain to individual investors. Some pertain to money managers. Others pertain to decisions by corporate executives, particularly the reluctance to terminate losing projects. Instead of terminating, they throw good money after bad.
Retirement Saving: Myopia and Self‐Control
Authors: Shefrin Hersh 
Published: October 2003

Abstract
A great many people find that they lack the foresight and self‐control necessary to save adequately for retirement. But the spectrum is wide. Some people learn the keys to successful retirement planning. They learn that they need to deal with framing effects and behavioral biases. Notably, there are some aspects of mental accounting that are detrimental to accumulating retirement wealth, and other aspects that are helpful. Mental accounting can lead people to invest too conservatively, because it leads them to suffer from myopic loss aversion. At the same time, mental accounting can be constructively used to distinguish different categories of wealth, thereby helping people both to save money and thereafter to safeguard that money from being injudiciously spent. Dollar cost averaging is intriguing from a behavioral perspective. It combines the cultivation of good savings habits to deal with temptation, framing effects that reduce the pain of loss, and conventionality that mitigates feelings of regret.
Open‐Ended Mutual Funds: Misframing, “Hot Hands,” and Obfuscation Games
Authors: Shefrin Hersh 
Published: October 2003

AbstractMisframing and heuristic‐driven bias combine to confuse investors about the relative contributions of skill and luck in fund performance. Investors invariably attribute excessive weight to skill, and consequently they tend to overweight the importance of an individual fund's track record. Moreover, open‐end mutual funds companies tend to play to investors' weaknesses by inducing opaque frames.
Closed‐End Funds: What Drives Discounts?
Authors: Shefrin Hersh 
Published: October 2003

AbstractThe prices of closed‐end funds present a puzzle for market efficiency. The chief feature of the puzzle is that closed‐end fund prices systematically deviate from fundamental values. In this respect, fundamental value is measured by net asset value (NAV), defined as the per share market value of the securities in the closed‐end fund portfolio. Because fund shares trade on organized exchanges, just like the shares of corporations, the market value of the closed‐end fund shares may differ from NAV. When the market value of closed‐end fund shares exceeds NAV, the shares are said to trade at a premium. If market value is less, the shares trade at a discount. Typically closed‐end funds begin trading at a premium, but within a few months begin to trade persistently at a discount. The closed‐end puzzle illustrates opaque framing, heuristic‐driven bias, and an inefficient market—in short, all three themes in behavioral finance.
Fixed Income Securities: The Full Measure of Behavioral Phenomena
Authors: Shefrin Hersh 
Published: October 2003

AbstractThis chapter discusses some of the successes and failures associated with the management of fixed income securities, first by presenting a case, and then by discussing some general issues associated with yield curves. The chapter focuses on all three themes: heuristic‐driven bias, frame dependence, and inefficient markets. In order to illustrate the key issues, the chapter details the experiences of the Orange County Investment Pool. This case is exceedingly rich in behavioral phenomena. At the beginning of the case, the most prominent phenomena are overconfidence, gambler's fallacy, and betting on trends. As the case progresses, emphasis shifts to conservatism, hindsight bias, loss aversion, and regret. The case is very complicated. After discussing the Orange County case, the chapter moves to the general issue of market inefficiency. Many scholars believe that in an efficient market, yield curves should satisfy a property known as the expectations hypothesis. But the evidence indicates that in practice, yield curves fail to satisfy this property. The discussion focuses on a behavioral explanation for this failure. In this respect, the most important behavioral element is conservatism. Specifically, anchoring and adjustment gives rise underreaction, particularly in connection with expectations about future rates of inflation. Underreaction interferes with the forces that would otherwise induce yield curves to satisfy the expectations hypothesis.
IPOs: Initial Underpricing, Long‐Term Underperformance, and “Hot‐Issue” Markets
Authors: Shefrin Hersh 
Published: October 2003

Abstract
There are three behavioral phenomena associated with initial public offerings (IPOs). These have been termed (1) initial underpricing; (2) long‐term underperformance; and (3) “hot issue” market. Initial underpricing occurs when the offer price is too low. In this case, the issue will be underpriced and its price will soar on the first trading day. But price may overshoot fundamental value. In this case, it will fall back over time, giving rise to long‐term underperformance. IPO activity also appears to move in cycles, hot and cold. A “hot issue” market is a period when investor demand for IPOs is especially high. Are the three IPO phenomena consistent with market efficiency? They are not. In a “hot issue” market, excessive optimism on the part of investors leads IPO prices to rise above fundamental value on the first trading day, and remain so for long periods. This optimism is a manifestation of heuristic‐driven bias. Investors may also be affected by other heuristics. The chapter discusses instances of similarity, betting on trends, representativeness, and regret. Two cases are used to illustrate IPO phenomena, Boston Chicken and Netscape.
Commodity Futures: Orange Juice and Sentiment
Authors: Shefrin Hersh 
Published: October 2003

Abstract
From the perspective of market efficiency, the question about volatility in commodity prices boils down to whether commodity prices overreact to the flow of new material information. From the outside, it is often difficult to judge how material the flow of information actually is. However, there is one commodity market where it is relatively easy to evaluate those information flows. That commodity is orange juice concentrate, where the most relevant fundamental variables that change on a day‐to‐day basis are the weather around Orlando, Florida and the supply of oranges from Brazil. The bottom line is that heuristic‐driven bias by these traders causes the prices of orange juice concentrate to be excessively volatile relative to the underlying fundamentals. In other words, sentiment impacts the market for concentrate. Usually, excess volatility is a manifestation of trader overreaction, either to news that has occurred, or to the absence of news altogether.
Excessive Speculation in Foreign Exchange Markets
Authors: Shefrin Hersh 
Published: October 2003

AbstractForeign exchange traders engage in excessive speculation, stemming from heuristic‐driven bias. In particular, foreign exchange traders seem to overreact, bet on trends, and are overconfident. Therefore, the foreign exchange market shares similar features with the pick‐a‐number game described in Chapter 1. Foreign exchange rates are affected by both fundamental economic factors and by sentiment. This is yet one more instance where heuristic‐driven bias leads to market inefficiency.