Abstract: Accurate stock price prediction is essential for informed investment decisions and financial planning. In this research, we introduce an innovative approach to forecast stock prices using an Artificial Neural Network (ANN). Our dataset, consisting of 5582 samples and 6 features, including historical price data and technical indicators, was sourced from Yahoo Finance. The proposed ANN model, composed of four layers (1 input, 1 hidden, 1 output), underwent rigorous training and validation, yielding remarkable results with an accuracy (...) of 99.84% and an average error of 0.005. Additionally, we conducted a feature importance analysis, identifying the key drivers of stock price prediction, such as "High," "Low," "Open," "Volume"," and "Date." This study not only offers a highly accurate stock price prediction model but also contributes valuable insights into the influential factors affecting stock prices, enhancing the field of financial analysis and investment decision-making that are suitable for the task. (shrink)

As the world’s population grows and urbanization continues, the global waste crisis is becoming more severe, especially in developing countries. Without proper waste management, they may encounter various environmental and health risks. Biological technologies are regarded as promising waste management and recycling approaches in developing countries due to their cost-effectiveness and capability to handle diverse waste categories. One prominent technology in this aspect is the vermicomposting of organic waste utilizing the black soldier fly larvae. Nevertheless, significant financial resources are still (...) necessary to advance and expand biological waste treatment, which requires the participation of businesses. By examining waste management companies listed on the Vietnamese stock market, we highlight two challenges that hinder the adoption and scaling of the waste treatment system using black soldier flies and potentially other biological technologies in Vietnam. Specifically, the business regards the environmental services they offer primarily as a means to generate profit rather than as a genuine commitment to environmental preservation, and the values of companies operating in the environmental sector, particularly in waste management, have been significantly undervalued by the Vietnamese investing public. Therefore, we advocate for societal shifts toward the eco-surplus culture and apply the semiconducting principle of monetary and environmental values exchange to address the problem. (shrink)

In the boiling atmosphere of the Vietnamese stock market, it is time to mention a few misconceptions from Vietnamese investors. (Vietnam Investment Review, 27-6-2007).

As one of the most contagious diseases in history, Corona Virus (COVID-19) spread rapidly around the world infecting millions of people in the year 2020. Besides killing huge number of persons, the calamity not only ignited severe panic and chaos among them, it even affected vast businesses and stock markets around the globe. This study was undertaken to investigate those determinants, which affected the extent of stock market investors’ behavior in Pakistan during spread of COVID-19. Data was collected (...) from various individual investors, representing a high response rate of about 86.5% from 167 respondents. From the analysis it was indicated that most important and significantly influencing determinants on investment decisions in Pakistan Stock Markets are pertinent to: ‘getting rich quickly, loss aversion, fear of losses, expected corporate earnings and dividends, gut feelings on the economy, previous performances of firm’s stock and opinions of its majority shareholders, and eventually, the recommendations of brokers and family/friends. Our findings would first, assist in understanding the most common behavioral patterns of investors and secondly, determine to show the adequate paths, which lead towards the growth of Pakistan Stock Market. (shrink)

This thesis consists of three substantive studies about the Vietnam stock market. In particular, I study the asymmetric information, corporate governance (CG) practices, and foreign investment of publicly listed companies in Vietnam, presented in Chapters 2, 3, and 4, respectively. In Chapter 2, I investigate the effectiveness of a market surveillance system (MSS) on improving the market quality of the Vietnam stock market, as measured by liquidity and informed trading level. I find that market liquidity decreased after (...) the introduction of the MSS, and that the effect is more pronounced for small firms. Although informed trading, on average, does not change significantly after the MSS, subsample analysis indicates a significant decrease in informed trading among large and liquid firms. In Chapter 3, I investigate the relationship between firms’ CG practices and informed trading. I find a negative relationship between the two variables. Firms with better CG practices have a lower level of informed stock trading. Moreover, a natural experiment on a shock of firms’ CG practices generated by the CG policies shows that the negative relationship between CG practices and informed trading is a causal one, in which a change in the former causes a change in the latter. In another analysis around the implementation of the MSS, I find that the implementation of the surveillance system affects the relationship between the two variables, and this effect is driven by large and liquid firms. In Chapter 4, I investigate whether foreign investors in the Vietnam stock market are informed about firms’ performance. Using the residuals of foreign investor ownership as a measure of the abnormal foreign investor holding, I find that the abnormal foreign investor holding is positively correlated with firm performance in the following one year. I also find a positive correlation between abnormal foreign investor holding and the stock returns in the next three quarters. These findings indicate that foreign investors are informed about the firms up to a one-year period. (shrink)

The Ukrainian PFTS stock index volatility reaction as a whole and its constituent economic sectors (“Basic Materials”, “Financials”, “Industrials”, “Oil & Gas”, “Telecommunications”, “Utilities”) to seven non-monetary US information signals (“Consumer price index”, “Personal spending”, “Unemployment rate”, “Gross domestic product”, “Industrial production”, “Consumer confidence”, “Housing starts”) was carried out for the period 2000–2017 on the basis of closing stock quotations in the trading day format. To assess the “surprise” component direct influence nature of the USA selected non-monetary information (...) signals on the PFTS stock index, an AR-GARCH econometric modelling device was used. The results achieved clearly indicate the presence of some PFTS stock index economic sectors heterogeneous reaction to the United States individual non-monetary information signals announcement. For example, such economic sectors as “Basic Materials”, “Financials”, and “Oil & Gas” volatility response to the US non-monetary information signal “Consumer price index” “surprise” components the opposite of the overall PFTS stock index reaction. It can also be concluded that the United States non-monetary information signals influence on the Ukrainian stock market volatility depends not only on the financial cycle phase and data frequency, but also on the PFTS stock index economic sector. (shrink)

The stronger the level of economic integration between countries, the greater the need to study the formation patterns of the stock market reaction to the financial information signals. This concerns the Ukrainian stock market, which is now in its infancy, and which reaction to financial information signals is sometimes ambiguous. The research aims to identify the formation patterns of return and volatility indicators of the Ukrainian stock market reaction to the US financial information signals. To assess the (...) direct nature of US financial information signals effect on the PFTS stock index, the GARCH econometric modeling toolkit was applied. The research information base is the PFTS stock index and the Federal Reserve System financial information signals at the discount rate for 2000–2019. The fetch is divided into intervals corresponded to the ascent and decline phases of the financial cycle. It was found that an unforeseen increase in the discount rate at the financial cycle decline phase by 25 basis points decreases the PFTS stock index return, on average by 2.9%. Besides, the hypothesis about the general change stabilizing effect in the discount rate on the Ukrainian stock market volatility at the financial cycle growth phase was confirmed. Nevertheless, for investors, the most essential is the regulator’s monetary signals in the discount rate at the financial cycle decline phases rather than at the ascent phases because there is a more significant increase in the volatility level. (shrink)

This article argues that capital flight of real investment presents governments with a quadrilemma. First, governments can tailor their policies to attract investors – but this is incompatible with a whole range of alternative policy choices. Second, they can simply accept capital flight – but this is incompatible with a robust capital stock and tax base. Third, they can harmonize its taxes and regulations with other states – but this is incompatible with international independence. Fourth, they can impose (...) capital controls – but this is incompatible with international capital mobility. These incompatibilities make up four different goals, the value of which are described. Strategies may be mixed, but the pursuit of any three goals must always come at the expense of the fourth. (shrink)

I defend an account of sexual orientation, understood as a reflexive disposition to be sexually attracted to people of a particular biological Sex or Sexes. An orientation is identified in terms of two aspects: the Sex of the subject who has the disposition, and whether that Sex is the same as, or different to, the Sex to which the subject is disposed to be attracted. I explore this account in some detail and defend it from several challenges. In doing so, (...) I provide a theoretical framework that justifies our continued reference to Sex-directed sexual orientation as an important means of classifying human subjects. (shrink)

This paper concerns the familiar topic of whether we can have genuinely emotional responses such as pity and fear to characters and situations we believe to be fictional1. As is well known, Kendall Walton responds in the negative (Walton (1978); (1990): 195-204 and Chapter 7; (1997)). That is, he is an ‘irrealist’ about emotional responses to fiction (the term is Gaut’s (2003): 15), arguing that such responses should be construed as quasiemotions (Walton (1990): 245), of which their possessor imagines that (...) they are genuine emotions. This is not to deny that an experience in response to a fiction may have a phenomenology very like a given emotion, but to insist that, nonetheless, such responses are not real instances of the emotions which they resemble (Walton (1997)). So, in his most famous example, Charles, who experiences fear-like emotion in relation to a film which depicts the approach of evil slime, does not, despite appearances, experience genuine fear towards the slime, but only quasi-fear (Walton (1990): 195-204)2. Walton’s view presupposes the following view about the nature of emotion3. (shrink)

My topic is a certain view about mental images: namely, the ‘Multiple Use Thesis’. On this view, at least some mental image-types, individuated in terms of the sum total of their representational content, are potentially multifunctional: a given mental image-type, individuated as indicated, can serve in a variety of imaginative-event-types. As such, the presence of an image is insufficient to individuate the content of those imagination-events in which it may feature. This picture is argued for, or (more usually) just assumed (...) to be true, by Christopher Peacocke, Michael Martin, Paul Noordhof, Bernard Williams, Alan White, and Tyler Burge. It is also presupposed by more recent authors on imagination such as Amy Kind, Peter Kung and Neil Van Leeuwen. I reject various arguments for the Multiple Use Thesis, and conclude that instead we should endorse SINGLE: a single image-type, individuated in terms of the sum total of its intrinsic representational content, can serve in only one imagination event-type, whose content coincides exactly with its own, and is wholly determined by it. Plausibility aside, the interest of this thesis is also in its iconoclasm, as well as the challenge it poses for the diverse theories that rest on the truth of the Multiple Use Thesis. (shrink)

Against the backdrop of these works (Mitchell/Snyder and others), we propose an analysis of films with and about blind or visually disabled individuals that aims at exploring different modes of world perception. In our view, such an examination should not only discuss the question of “giving voice” and visibility to those who were formerly only represented in or by the media, or the fact that films belonging to what might be considered a “new disability documentary cinema” are dedicated to the (...) experience of disability from the point of view of those who deal with it. Rather, we examine films that do not restrict their field of vision to institutional context as cultural productions. These films allow the viewer to get to know different practices of seeing in the daily life of both blind or visually disabled and sighted people. In approaching these productions, we are interested in focusing on how the audio-visual regimes produce and structure our visual experience, translate it into a filmic grammar and thus not only create filmic patterns of blind perception but, at the same time, the cinematographic aesthetic of a so-called normal sightedness. (shrink)

Nghiên cứu này được thực hiện để tìm hiểu liệu các nguồn thông tin ảnh hưởng đến quyết định đầu tư của nhà đầu tư có ảnh hưởng đến sự sợ hãi của họ khi khủng hoảng xảy ra hay không? Nghiên cứu đã sử dụng phương pháp phân tích Bayesian Mindsponge Framework (BMF) trên bộ dữ liệu từ 1,526 nhà đầu tư Trung Quốc và Việt Nam. Kết quả nghiên cứu chỉ ra rằng, các nhà đầu tư tiếp cận (...) các loại thông tin khác nhau khi đưa ra quyết định đầu tư sẽ ảnh hưởng đến tần suất phản ứng sợ hãi khác nhau. Cụ thể, các nhà đầu tư tham khảo thông tin từ chuyên gia hoặc tự phân tích khi đưa ra quyết định đầu tư ít bị đóng băng (biểu hiện của tâm lý sợ hãi) hơn trong thời kỳ thị trường sụt giảm. Ngược lại, những người đưa ra quyết định đầu tư dựa trên thông tin từ người quen hay bạn bè và trực giác sẽ bị đóng băng thường xuyên hơn. -/- [English Abstract] This study was conducted to explore whether the sources of information priority during decision-making contribute to their fear reactions during crises. The research utilized the Bayesian Mindsponge Framework (BMF) analytics on data collected from 1,526 investors in China and Vietnam. The study results indicated that investors prioritizing different types of information when making investment decisions would have different frequency of fear reactions. Specifically, investors who prioritized information from experts or conducted self-analysis when making investment decisions experienced less freezing (an expression of psychological fear) during market downturns. Conversely, those who based their investment decisions on information from acquaintances, friends, and intuition tended to experience freezing more frequently. (shrink)

This article explores situational determinants and psychological consequences of counterfactual excuse-making - denying responsibility by declaring `I couldn’t have known.’ Participants who were made accountable for a stock investment decision that resulted in an outcome caused by unforeseeable circumstances were particularly likely to generate counterfactual excuses and, as a result, to deny responsibility for the outcome of their choices and minimize their perceptions of control over the decision process. The article discusses the implications of these findings for structuring (...) accountability reporting relationships in business and, more generally, stresses the benefits of counterfactual denials of responsibility for maintaining self-esteem and a desired self-identity. (shrink)

This month, the AISDL Team was glad to see its continuing effort to raise the voice for conserving wildlife appearing in Pacific Conservation Biology (published by CSIRO/the Australian Academy of Science). The article stipulates the need for weaving humane values with scientific information, leveraging the sociocultural power to harmonize humans with nature. The article articulates the coauthors’ idea of building a funding source to contribute to the nature conservation cause by investing in some listed stocks. Technically, stocks we intend to (...) invest in must possess some key features of (i) having significant growth potential, (ii) containing little environmental risk of potential moral-practical gaps in their CSR missions, and (iii) showing a certain degree of “relevance” with AISDL’s fundamentals. (shrink)

Mutual funds are common investments because they provide a cost-effective and effective means to vary your investments (or possess an assortment of securities -- stocks, bonds, etc.) without having to make a huge starting investment.

The transition economy of Vietnam enjoyed remarkable achievements in the first 20 years of economic renovation (Doi Moi) from 1986 to 2006. Notably, the economy grew at an average annual rate of 7.5% in 1991-2000 period. Vietnam’s Amended Constitution 1992 recognized the role of private sector in the economy. U.S.-Vietnam Trade Bilateral Agreement (US-BTA) was signed in 2001. The country's stock market made debut trading in 2000. Vietnam became a member of Association of Southeast Asian Nations (ASEAN) in 1995, (...) then proceeded to full membership of the World Trade Organization in 2007, following which registered foreign direct investment (FDI) reached an all-time high of US$71.7 billion in 2008. Together with the impressive economic achievements, Vietnam also saw its diplomatic and political status constantly improved in the international arena. The country has established diplomatic relations with more than 170 countries in the world, strategic partnerships with 12 important economies, both developed and emerging, namely China, Japan, Russia, India, England, France, North Korea, Italy, Germany, Indonesia, Malaysia and Thailand. The country also successfully hosted important events including the Asia Pacific Economic Cooperation (APEC) in 2006. (shrink)

One famous scene in The Wolf of Wall Street (2013) is the dialogue between the young Jordan Belfort (Leonardo DiCaprio) and the expert trader Mark Hanna (Matthew McConaughey). Hanna is complaining that the stock market is unpredictable; it’s “fugazi … it’s fairy dust. It doesn’t exist. It’s never landed. It is not matter. It’s not on the element chart. It’s not real”. But the fact that something is unpredictable and non-physical does not imply that it does not exist. On (...) the other hand, its unpredictability, non-physicality, and the fact that the stock market trend is largely determined by investors’ beliefs, do make its nature difficult to grasp. -/- This special issue of Rivista di Estetica aims to explore the financial sector from an ontological point of view. While the ontology of money has been extensively studied, few scholars have focused on the stock market and, more generally, on those entities belonging to the investment landscape. Matters are made more complicated by the fact that the financial sector is characterized by an ever-increasing use of digital technology, including software elements that trade in the market themselves. We believe that a careful study of this phenomenon may help us better to understand the role of artificial agents in the social world. (shrink)

A background assumption of this paper is that the repertoire of inference schemes available to humanity is not fixed, but subject to change as new schemes are invented or refined and as old ones are obsolesced or abandoned. This is particularly visible in areas like health and environmental sciences, where enormous societal investment has been made in finding ways to reach more dependable conclusions. Computational modeling of argumentation, at least for the discourse in expert fields, will require the possibility (...) of modeling change in a stock of schemes that may be applied to generate conclusions from data. We examine Randomized Clinical Trial, an inference scheme established within medical science in the mid-20th Century, and show that its successful defense by means of practical reasoning allowed for its black-boxing as an inference scheme that generates (and warrants belief in) conclusions about the effects of medical treatments. Modeling the use of a scheme is well-understood; here we focus on modeling how the scheme comes to be established so that it is available for use. (shrink)

The paper deals with the topical issue of studying cyclic patterns in the economy and their practical application for the forecasts on the development of financial markets. The work aims to establish the features of the seasonal-cyclic patterns "The January barometer" and "The first five days of January" in the international financial markets in current conditions and to develop recommendations for the practical application of these patterns in the investment activities. The US stock market as an integral part (...) of the World financial market was chosen as a basis for research. The research was conducted by statistical processing of data on the values of the broad market index Standard & Poor's-500 for the period from 1950 to 2019. The study showed that the formation of forecasts about the annual growth or decline of the stock market index using the seasonal-cyclic patterns "The January barometer" and "The first five days of January" can show a high result in cases where the growth of the Standard & Poor's-500 index by the results of both the first five days of January and the results of the entire month of January of this year is a positive value. Otherwise, forecasting based on these instruments is not advisable. The best results (the forecast efficiency was 93.3%) were achieved with the joint application of both cyclic patterns. The practical application of the research results makes it possible to improve the efficiency of investment activities in international financial markets. (shrink)

Climate change policy decisions are inescapably intertwined with future generations. Even if all carbon dioxide emissions were to be stopped today, most aspects of climate change would persist for hundreds of years, thus inevitably raising questions of intergenerational justice and sustainability. -/- The chapter begins with a short overview of discount rate debate in climate economics, followed by the observation that discounting implicitly makes the assumption that natural capital is always substitutable with man-made capital. The chapter explains why non-substitutability matters (...) if we are to take intergenerational justice seriously and invest aptly in mitigation. Non-substitutability simply implies that there are some forms of capital that cannot be substituted by another, and so consumption of one cannot be compensated with additional stocks of the other. The non-substitutability of critical natural capital can be defended without empirical data about preferences or the need to view the environment as a superior good, and the argument is presented through the language of keeping options open. -/- Those alive today make decisions about what natural capital to use and what to save for future. These choices are often represented as different points in a continuum of sustainability: weak sustainability is associated with a high degree of substitutability and therefore a lot of flexibility over what capital to consume, whereas strong sustainability is more stringent on substitutability. While it may be that in economical understanding weak and strong sustainability collapse into one another, philosophically the emphasis is slightly different. The chapter discusses how normative sustainability can be supported without ignoring opportunity costs and trade-offs. (shrink)

Despite the numerous benefits of natural solutions, potential challenges and limitations impede their widespread adoption. A recent paper suggests these obstacles may include financial issues through the stock market and eco-deficit of environmental companies and investors. Specifically, natural solutions, such as biological waste management methods utilizing organisms like black soldier flies, face challenges due to financial considerations and the prevailing eco-deficit culture within the business and investment sectors.

In this paper I argue that Christopher Kutz misapplies his theory of joint action when he attributes shareowners responsibilities on the basis of their intentional participation in the corporations in which they invest. Instead I propose that his theory of joint action should be used to attribute shareowners responsibilities on the basis of their intentional participation in the stock market. If shareholders’ accountability is grounded in their intentional participation in the stock market, then shareholders cannot take responsibility for (...) corporation’s individual actions. Instead they are solely responsible for the benefits they gain from holding shares if these are a result of moral wrongdoing and for this they should be held accountable. (shrink)

This study assessed external debts and the financing of education in Nigeria using time series data obtained from World Bank, and CBN Statistical Bulletin covering a period of 31 years from 1988 -2018. The model of the study was derived, while the data collected were analysed using the Ordinary Least Squares. Diagnostic tests such as Augmented Dickey- Fuller (ADF) unit root test, Johansen co-integration, Vector Error Correction (VEC) techniques of estimation, and Granger Causality tests were all performed. Findings revealed a (...) significant long-run relationship between external debts and the financing of education; external debts have a significant effect (F=39.07055, p<.05) on the financing of education in Nigeria; external debt stock and external debt service payment have no significant effect on the financing of education; real GDP and Exchange rate have a significant effect on the financing of education in Nigeria respectively. Based on these findings, it was concluded that external debt is a big hindrance to the financing of education and consequently, the economic growth of Nigeria. It was recommended amongst others that the government should use borrowed funds from external sources for productive capital projects or development initiatives such as investment in education and the eradication of illiteracy. (shrink)

The monograph is devoted to the scientific substantiation of theoretical and methodological postulates of the integrated reporting formation and development of practical recommendations for definition and disclosure of the integrated reporting items. Preconditions of the integrated reporting genesis are defined, which include institutional theory development and institutional investors emergence, whose activities are based on the following principles: socially responsible investment; movement of Ukraine to the European Union; increasing the requirements for the disclosure of accounts by stock exchanges; international (...) cooperation in ecological safety issues; modern information and communication technologies development. An overview of the basic foundations of the integrated reporting compilation is presented, difficulties of its formation and popularization among Ukrainian companies are revealed. Perspective directions of activity on the integrated reporting implementation in Ukraine are determined. (shrink)

The monograph is devoted to the scientific substantiation of theoretical and methodological postulates of the integrated reporting formation and development of practical recommendations for definition and disclosure of the integrated reporting items. Preconditions of the integrated reporting genesis are defined, which include institutional theory development and institutional investors emergence, whose activities are based on the following principles: socially responsible investment; movement of Ukraine to the European Union; increasing the requirements for the disclosure of accounts by stock exchanges; international (...) cooperation in ecological safety issues; modern information and communication technologies development. An overview of the basic foundations of the integrated reporting compilation is presented, difficulties of its formation and popularization among Ukrainian companies are revealed. Perspective directions of activity on the integrated reporting implementation in Ukraine are determined. Recommended for managers, academics, graduate and undergraduate students of economic specialties. (shrink)

The monograph is devoted to the scientific substantiation of theoretical and methodological postulates of the integrated reporting formation and development of practical recommendations for definition and disclosure of the integrated reporting items. Preconditions of the integrated reporting genesis are defined, which include institutional theory development and institutional investors emergence, whose activities are based on the following principles: socially responsible investment; movement of Ukraine to the European Union; increasing the requirements for the disclosure of accounts by stock exchanges; international (...) cooperation in ecological safety issues; modern information and communication technologies development. An overview of the basic foundations of the integrated reporting compilation is presented, difficulties of its formation and popularization among Ukrainian companies are revealed. Perspective directions of activity on the integrated reporting implementation in Ukraine are determined. Recommended for managers, academics, graduate and undergraduate students of economic specialties. (shrink)

This paper is aimed at analyzing the effects of banking relationship on performance of Vietnamese firms in Food and Beverage (F&B), one of the highest potential sectors. Panel data of 170 observations covers 34 F&B firms listed in the Vietnam stock exchanges in the period 2014-2018. The fixed effect model (FEM) is applied. The key findings are: First, short-term loan financing, leverage, and fixed asset ratios all negatively impacted on F&B firm performance, while firm size and net profit margin (...) had positive impacts. These findings were consistent with previous studies. Second, the opposite results with previous studies were: (i) negative corelation of ROE and number of banks firms working with, as F&B firms were inefficient in selecting bank partners; (ii) positive relation of short-term liabilities ratio and ROA/ROE, as F&B firms utilize other non-bank liabilities shortly; (iii) foreign ownership had negative relationship with ROA& ROE. Foreign investors did not have significant roles in most F&B firms. Third, long-term borrowing from banks, state ownership and ages all insignificantly correlated with firm performance. Recommendations to F&B firms include: (1) Reduce the short- term loans and fixed assets investment, while increase the cheap equity funding sources via shareholders (2) Be selective in working with banks to have better fees and interest saved with banks. (3) Utilize other short-term liabilities, including payables and advances – the low-cost funding sources. F&B firms have good bargaining powers in requesting advances from their clients. (4) Have smart buy-in strategies on foreign ownership. (shrink)

Abstract: The aim behind analyzing Google Stock Prices dataset is to get a fair idea about the relationships between the multiple attributes a day might have, such as: the opening price for each day, the volume of trading for each day. With over a hundred thousand days of trading data, there are some patterns that can help in predicting the future prices. We proposed an Artificial Neural Network (ANN) model for predicting the closing prices for future days. The prediction (...) is based on these features (date, opening price, highest price, lowest price, volume), which were used as input variables and (closing price) as output variable for our ANN model. Our model was created, trained, and validated using data set in JNN environment, which its title is “Google-Stock-Prices”. The model evaluation showed that the ANN model is able to predict correctly 99.48% of the validation samples. (shrink)

Among recent objections to Pascal's Wager, two are especially compelling. The first is that decision theory, and specifically the requirement of maximizing expected utility, is incompatible with infinite utility values. The second is that even if infinite utility values are admitted, the argument of the Wager is invalid provided that we allow mixed strategies. Furthermore, Hájek has shown that reformulations of Pascal's Wager that address these criticisms inevitably lead to arguments that are philosophically unsatisfying and historically unfaithful. Both the objections (...) and Hájek's philosophical worries disappear, however, if we represent our preferences using relative utilities rather than a one-place utility function. Relative utilities provide a conservative way to make sense of infinite value that preserves the familiar equation of rationality with the maximization of expected utility. They also provide a means of investigating a broader class of problems related to the Wager. (shrink)

In this chapter I argue that choosing to live forever comes with the threat of an especially pernicious kind of boredom. However, it may be theoretically possible to circumvent it by finding ways to pursue an infinite number of projects consistent with one’s personality, taking on endlessly pursuable endlessly interesting projects, or by rekindling old projects once you’ve forgotten about them. However, each of these possibilities is contingent upon having certain traits that you are likely not currently in a good (...) position to assess. I therefore argue that no one is in a good position to be confident about her prospects for living forever. (shrink)

Reproductive genetic technologies allow parents to decide whether their future children will have or lack certain genetic predispositions. A popular model that has been proposed for regulating access to RGTs is the ‘genetic supermarket’. In the genetic supermarket, parents are free to make decisions about which genes to select for their children with little state interference. One possible consequence of the genetic supermarket is that collective action problems will arise: if rational individuals use the genetic supermarket in isolation from one (...) another, this may have a negative effect on society as a whole, including future generations. In this article we argue that RGTs targeting height, innate immunity, and certain cognitive traits could lead to collective action problems. We then discuss whether this risk could in principle justify state intervention in the genetic supermarket. We argue that there is a plausible prima facie case for the view that such state intervention would be justified and respond to a number of arguments that might be adduced against that view. (shrink)

For many years, the relationship between the financial system and economic growth has attracted the attention of scholars intending to uncover the direction of the relationship. The stock market is a part of the financial system and plays an essential role in channelling equity funds into the economy and creating liquidity for the equity instruments. A substantial empirical study postulates that the stock market can boost the economic growth of an economy. However, other studies assert that, at best, (...) the stock market is an unimportant economic driver. (shrink)

The identity and institutional capabilities of the European Union (EU) have changed over the years. As a global player in international politics, the EU has recognized the need to develop a comprehensive space policy perspective. This perspective is shaped by changes in the dynamics of the space ecosystem, the "New Space", and this phenomenon consists of new business models, new technologies, new markets, new value chains and new actors. New space actors (private investors) have fundamentally changed the dynamics of space (...) activities. The subject of the research is the peculiarities of the influence of investment processes of the EU and Ukraine on the development of space industries. The methodological basis consisted of general scientific and special methods of knowledge, based on a systematic approach to the consideration of economic processes. The article aims to examine investment in the context of space management in the EU and Ukraine, and to examine in detail the trends in such funding of space companies. In order to better understand the European space system. The article concludes that, recognizing the indisputable importance of space applications and safety of space systems, the EU attaches great importance to taking into account the trend of "New Space" in its governance structure and stimulating changes in this sector. Unfortunately, Ukraine lags far behind in this respect. In the EU, in the initial stages of space research and use, space programs are financed from the general budget, and as individual activities reach a level of profitability, their public funding is reduced. Therefore, the sphere of commercial space activities and the share of private investments in their total financing are rapidly growing. The reduction of state expenditures is compensated by investments of private business in commercial projects. Thus, the article emphasizes the particular importance of private investments in the development of the Ukrainian space industry and points to the need to develop the commercialization of space activities, especially given the potential in the absence of budget financing. It is impossible to compare the sufficiently powerful and effective investment system of the EU and the lack of even state financing of the space industry in Ukraine. Against the backdrop of hostilities in Ukraine, there is a significant need to reconsider investments in this area on the basis of public-private and international partnerships. Conclusion. The main tasks for Ukraine are revision and change of the state policy, right accents on investments into the space industry, qualitative overcoming of bureaucratic obstacles, approval of a new Strategy of Space Industry Development. As an example, one could use the experience of the EU and refer to its previous experience in this sphere to have an opportunity to stay among the world space powers. (shrink)

In Anti-Oedipus, Deleuze and Guattari claim that a general theory of society must be a generalised theory of flows. This is hardly a straightforward claim, and this paper attempts to examine the grounds for it. Why should socio-political theory be based on a theory of flows rather than, say, a theory of the social contract, or a theory of the State, or the questions of legitimation or revolution, or numerous other possible candidates? The concept of flow (and the related notions (...) of code and stock), I argue, is derived from contemporary economic theory, and most notably John Maynard Keynes. Deleuze and Guattari remained Marxists, not only because they held that contemporary political philosophy must inevitably be centred on the analysis of capitalism, but also because they held, following Marx himself, that the Marxist analysis of capital must constantly be transformed and adapted to new conditions. Thus, while certain aspects of Marx's analysis disappear from Capitalism and Schizophrenia, they are supplemented by the addition of new concepts adequate to the contemporary state of capitalism. The paper concludes, then, with an analysis of the role played by the concepts of flow, code and stock in Deleuze and Guattari's political philosophy. (shrink)

I consider Kathleen Stock’s response to trans-rights claims which appeals to the concept of immersion in a fiction. I propose that some fictional personas, however artificial they seem, are fixed points within a subject’s system. That fiction is there come what may.

This paper aims at answering the question whether the VN30 index futures introduction has an impact on stock market volatility in Vietnam. Apply GARCH model of volatility with additive dummy variable from 28/7/2000 to 10/9/2020, the result shows that when the first listed index futures contract appears, it makes the volatility of VNIndex increases. The result is still robust after excluding the turmoil period of Vietnam stock market. This paper implies that policy maker should be more careful in (...) promoting derivatives market in Vietnam. (shrink)

Critics of investment citizenship often appeal to the idea that citizenship should not be commodified. This chapter clarifies how the different arguments in support of this Commodification Objection are best understood as versions of wider claims in the literature on the moral limits of markets (MLM). Through an analysis of the three main objections – The Wrong Distribution Argument, The Value Degradation Argument, and the Motivational Corruption Argument – it claims that these objections rely on flawed and partial interpretations (...) of the broader debates. As such, they do not in fact support the conclusions critics of investment citizenship wish to draw from them. The paper concludes that the commodification objection to investment citizenship should therefore be abandoned, and that normative resistance to the practice should be made on other grounds. (shrink)

The purpose of this paper is to think about the various methods of attempting to make money in the capital markets (“investing”). I suggest that though running a betting system on a Roulette wheel is silly, running a betting system on the capital markets may be a good idea.

[First paragraph]: On Wednesday, June 8, 2011, UK’s The Guardian reported that numerous US universities including Harvard and Vanderbilt were invested in companies that were buying large tracts of African farmland and kicking off the indigenous farmers in order for their employees (mostly non-Africans) to grow cash crops to sell to Europe.1 Harms associated with this land-grabbing include, in addition to the evictions themselves, corruption among African governments and among absentee African land owners, increased food prices, and accelerated climate change.

The available resources for global health assistance are far outstripped by need. In the face of such scarcity, many people endorse a principle according to which highest priority should be given to the worst off. However, in order for this prioritarian principle to be useful for allocation decisions, policy-makers need to know what it means to be badly off. In this article, we outline a conception of disadvantage suitable for identifying the worst off for the purpose of making health resource (...) allocation decisions. According to our total advantage view: the worst off are those who have the greatest total lifetime disadvantage; advantage foregone due to premature death should be treated in the same way as other ways of being disadvantaged at a time; how badly off someone is depends on the actual outcomes that will befall her without intervention, not her prospects at a time; and all significant forms of disadvantage count for determining who is worst off, not just disadvantage relating to health. We conclude by noting two important implications of the total advantage view: first, that those who die young are among the globally worst off, and second, that the epidemiological shift in the global burden of disease from communicable to non-communicable diseases should not lead to a corresponding shift in global health spending priorities. (shrink)

This paper examines ethics in finance, specifically related to responsible investment. In recent years, socially responsible principles are becoming the de facto standard not only for socially responsible but also for profitable investing. For instance, the United Nations developed the Principles for Responsible Investment (PRI) in 2006, which require institutional investors to incorporate ESG (Environmental, Social and Governance) issues into investment analysis and decision-making processes. This raises the following question: can responsible investments be justified from an ethical (...) point of view? In this paper I first explain responsible investments. Then, I turn to the ethical foundation of responsible investments. There are two arguments for responsible investments. I argue that both fail. Therefore, my conclusion is that the ethical foundation of responsible investments is not firm. (shrink)

While many argue investment-based criteria for immigration are wrong or at least problematic, skill-based criteria remain relatively uncontroversial. This is normatively inconsistent. This article assesses three prominent normative objections to investment-based selection criteria for immigrants: that they wrongfully discriminate between prospective immigrants that they are unfair, and that they undermine political equality among citizens. It argues that either skill-based criteria are equally susceptible to these objections, or that investment-based criteria are equally shielded from them. Indeed, in some (...) ways investment-based criteria are less normatively problematic than skill-based criteria. Given this analysis, the resistance to investment-based migration criteria, but not to skill-based criteria, is inconsistent. (shrink)

The problem of measurement in economic models and the possibility of their quantum-mechanical description are considered. It is revealed that the apparent paradox of such a description is associated with a priori requirement of conformity of the model to all the alternatives of free choice of the observer. The measurement of the state of a trader on a stock exchange is formally defined as his responses to the proposals of sale at a fixed price. It is shown that an (...) analogue of Bell's inequalities for this measurement model is violated at the most general assumptions related to the strategy of the trader and requires a quantummechanical description of the dynamics of his condition. In the framework of the theory of weak continuous quantum measurements, the equation of stock price dynamics and the quantum-mechanical generalization of the F. Black and M. Scholes model for pricing options are obtained. The fundamental distinctions between the obtained model and the classical one are discussed. (shrink)

China has overtaken Japan as the world's second-biggest economy. In a remarkably short span– less than fifteen years– the United States economy has experienced a relatively huge decline vis-à-vis China on a nominal GDP basis.

A failed market, or asymmetric information, is a well-known economic concept. This phenomenon can be witnessed in a variety of markets. However, the repercussions of information asymmetry are thought to be more substantial in the stock market. Because, in addition to measurable economic impact, knowledge asymmetry harms trust. The Vietnamese stock market has experienced several successes since its creation, yet it still has many restrictions typical of a young market. The numerous violations of the subjects on the market (...) in recent years reflect those restrictions. Information issues, or more broadly, information asymmetry, are primarily responsible for these errors. The goal of this study was to analyze and assess the degree of information asymmetry in the Vietnamese stock market during a five-year period (2018 – 2022). The author tests the information asymmetry effect using GARCH models for VN-Index data and measures Adverse Selection Component (ASC) using the Glosten & Harris model for the 100 largest capitalization companies on the Ho Chi Minh City Stock Exchange (HOSE). The findings demonstrate information asymmetry, and the ASC value for the entire study period is 89.53%. This empirical finding serves as the foundation for formulating suitable policy recommendations for every market participant, aiding in the growth of a productive, equitable, open, and transparent Vietnamese stock market. (shrink)

An updated excerpt from the larger paper AI Human Impact. Excerpt explains why ESG investing requires Updating for the AI economy.