Search results

The purpose of this paper is to investigate whether socially responsible investment (SRI) is less sensitive to market downturns than conventional investments; the legal implications for fund managers and trustees; and possible legislative reforms to allow conventional funds more scope to invest in SRI.

The paper uses the market model to estimate betas over the past 15 years for SRI funds and conventional investment funds during economic downturns, as distinct from during more “normal” (non‐recessionary) economic times.

The beta risk of SRI, both in Australia and internationally, increases more than that of conventional investment during economic downturns. Traditional fund managers and trustees in Australia are therefore likely to breach their fiduciary duties if they go long – or remain long – in SRI funds during economic downturns, unless relevant legislation is reformed.

The methodology assumes that alpha and beta in the market model are constant. Second, it categorises the state of the market into “normal” economic conditions and downturns using dummy variables. More sophisticated techniques could be used in future research.

The current law would prevent conventional funds from investing in SRI. If SRI is viewed as socially desirable, useful legislative reforms could include explicitly overriding the common law to allow conventional funds to invest in SRI; introducing a 150 percent tax deduction or investment allowance for SRI; and allowing SRI sub‐funds to obtain deductible gift recipient status from the Australian Tax Office and other taxation authorities.

The accurate assessment of risk in SRIs is an area which, despite its serious legal implications, is yet to be subjected to rigorous empirical investigation.

Many analyses point to Trump's behavior on the world stage – bullying and racketeering more reminiscent of a mafioso than a statesman – as a personal character flaw. We argue that, while this behavior was shocking in how unvarnished it was, Trump marks the culmination of a decades-long trend that shifted US foreign policy from a regime of “legitimate protection” in the mid-twentieth century to a “protection racket” by the turn of the twenty-first. While the temperaments of successive presidents have mattered, the problems facing the United States and its role in the world are not attributable to personalities but are fundamentally structural, in large part stemming from the contradictions of US attempts to cling to preeminence in the face of a changing global distribution of power. The inability of successive US administrations – Trump and Biden included – to break out of the mindset of US primacy has resulted in a situation of “domination without hegemony” in which the United States plays an increasingly dysfunctional role in the world. This dynamic has plunged the world into a period of systemic chaos analogous to the first half of the twentieth century.

With the beginning of the twentieth century, preventive medicine is entering upon a new era. We are now confronted by a set of problems which are different in many respects from the problems so successfully attacked by the great masters of preventive medicine of the last century, and which call for the application of different preventive measures. The objects which Edwin Chadwick, John Simon, and our other great forerunners of the last century, sought to attain, and which to a large extent they did attain, may, I think, not unfairly be described by the phrase “ civic cleanliness.” They sought to provide pure water supplies ; to remove refuse and filth from the vicinity of human beings by establishing improved systems of drainage and sewerage, and better methods of dust collection ; to provide open spaces and wider streets; to pave streets, yards, etc.; to raise the sanitary standard of building construction; to provide proper burial grounds ; to regulate offensive trades ; and to abate the smoke nuisance and the pollution of rivers. Of course we all know that they did very much more than this. Their work was too great and its effect too far‐reaching to be described by any single phrase. Still, I think it not unfair to say that, broadly speaking, we may regard the attainment of civic cleanliness as the great object of cur public health administration in the nineteenth century. It cannot be said that this object has been wholly attained. In a country whose capital is still supplied with something like filtered sewage as drinking water, it is obvious that there is much yet to be done to secure civic cleanliness. But the point is that any further progress in this direction must, or should, take place on the lines already laid down by our predecessors. Their methods of civic sanitation have stood the test of experience, and all that is wanted is a further development on existing lines. It is otherwise with the new problems that now press for solution. These are problems of a different nature, and demand new methods of treatment, although the principles underlying the methods will be found, probably, to be the same. Preventive medicine in the nineteenth century was chiefly occupied with problems of civic cleanliness ; in the twentieth century we are confronted with the problems of personal hygiene, and the three problems of this kind which appear to me to call most urgently for solution at the present time are: (1) The problem of infantile mortality; (2) The problem of school hygiene; (3) The problem of the milk supply.

Some misconception appears to have been caused in certain districts by the issue of a circular by the Local Government Board, dated December 12, 1905, and addressed to the Clerks and Town Clerks of counties and boroughs. In many cases the letter in question has been forwarded to the Public Analysts, who, seeing it for the first time, naturally imagine that it imposes fresh duties on them, and that the Public Analyst is to collect and tabulate the details with regard to prosecutions and fines.

The paper focuses on the question of the extent to which individual preference-based values are suitable in guiding environmental policy and damage assessment decisions. Three criteria for “suitableness” are reviewed: conceptual, moral and legal. Their discussion suggests that: (i) the concept of economic value as applied to environmental resources is a meaningful concept based on the notion of trade-off; (ii) the limitations of the moral foundations of cost-benefit analysis do not invalidate its use as a procedure for guiding environmental decision making; (iii) the input of individual preferences into damage assessment is compatible with the basic foundations of tort law; (iv) using individual preference-based methods provides incentives for efficient levels of due care; (v) determining standing is still very contentious for various categories of users as well as for aggregating non-use values. Overall, the discussion suggests that the use of preference-based approaches in both the policy and legal arenas is warranted provided that they are accurately applied, their limitations are openly acknowledged and they assume an information-providing rather than a determinative role.

When the food which we ingest starts on its way along the path of the alimentary tract it is ordinarily regarded as having entered the body. It does, in truth, disappear from sight as soon as it has passed beyond the mouth and into the deeper recesses of the organism; but every one who is familiar with the structure of the long gastro‐intestinal tube—the digestive canal—realizes that the walls of the latter offer a pronounced barrier to the ready transport of the swallowed food materials to the various tissues and organs where it may be needed. To follow the nutrients into the stomach and upper intestine is comparatively easy; far more difficult, however, is the task of tracing their passage through the thick walls of the alimentary tract into the lymph and blood‐streams wherein they are distributed far and wide in the body.

To explore and document the emerging international market for stolen tractors and plant in the United Kingdom. Whilst this may appear to be a criminological problem relating specifically to rural crime, it is a sophisticated international criminal business organised by traditional organised crime groups (OCGs) such as the Italian, Polish and Turkish Mafia’s in conjunction with a network of criminal entrepreneurs.

Using annual statistical data provided by National Farmers Union (NFU) Mutual and Plant and Agricultural National Intelligence Unit (PANIU) and other material sourced using documentary research techniques supplemented by qualitative interviews with industry specialists we present 10 micro-case studies of rural OCGs engaged in this lucrative enterprise crime. The data is verified and authenticated using narrative inquiry techniques.

There is an entrepreneurial dimension to the crime because traditional criminal families with knowledge of rural areas and rural social capital form alliances with OCGs. The practical utility of the NFU model of entrepreneurial alliances with interested parties including the police is highlighted.

Implications for research design, ethics and the conduct of such research which are identified and discussed. These include the need to develop an investigative framework to protect academic researchers similar to guidelines in place to protect investigative journalists.

An investigative framework and the adaption of the business model canvass (Osterwalder & Pigneur, 2010) to cover illegal business models are proposed.

Suggestions are provided for the need to legislate against international criminal conspiracies.

Uses a mixture of entrepreneurship and criminological theories to help develop an understanding of the problem from an investigative perspective.

It has often been said that a great part of the strength of Aslib lies in the fact that it brings together those whose experience has been gained in many widely differing fields but who have a common interest in the means by which information may be collected and disseminated to the greatest advantage. Lists of its members have, therefore, a more than ordinary value since they present, in miniature, a cross‐section of institutions and individuals who share this special interest.

The idea of what constitutes rationality has always been central to moral philosophy as well as to modern social science and economics; regardless of the fact that its meaning has also greatly changed during the last five hundred years. While for Aristotle and his followers, full rationality implied not only effective deliberation of means towards any given end, but also that such end had to be rationally selected with the guidance of reason or “practical wisdom”, since the age of Thomas Hobbes and David Humes, the concept of rationality has been reduced to one of seeking the best means to any particular end, wise or unwise. In the process, reason was relegated to mere “reckoning”, of adding and subtracting according to arithmetic rules. The good was simply what was desired, motivated by a physiological appetite for survival or otherwise. As could have been expected, such mechanical mode of reasoning readily provided the rudiments of contemporary computational theories of action, in particular game theory (see Cudd, 1993).