Vice versus virtue investing around the world

This paper assumes the role of advocatus diaboli by testing whether an investment in sin stocks can financially outperform an investment in socially responsible stocks. We create a set of global, regional, and domestic portfolios consisting of a large number of stocks belonging to what could be labeled as a sextet of sin: adult entertainment, alcohol, gambling, nuclear power, tobacco, and weapons. We assess the performance of sin stocks against well-known benchmarks, and rerun the identical assessment for socially responsible stocks. We find no compelling evidence that sin stocks, or socially responsible stocks outperform or underperform, and establish this result in several ways. Consistent with this finding, a hedge portfolio long in sin stocks and short in socially responsible stocks does not outperform the market, either. However, sin stocks are substantially tilted towards value, bear less market risk with an average beta below one, and are prone to momentum relative to socially responsible stocks.     

Compulsory intergenerational family solidarity shaping choices between work and care: Perceptions of informal female carers and local policymakers in Estonia

Estonians are obliged by law to provide maintenance for family members who are unable to cope by themselves. As a result, 80% of fragile older people receive informal care. Whether this is because the carers themselves feel solidarity and choose informal caring or because they lack alternatives is the question. We applied the cultural approach for explaining the construction of compulsory family solidarity in care provision to older people through the perceptions of informal carers and policy actors. Our interest is in how filial norms framed by individual responsibilities of care provision required by law can influence (i) informal carers’ perceptions concerning their choices between work and care and (ii) impact policy actors’ perceptions concerning eldercare service provision. Analysing the empirical data produced during focus groups with female carers and interviews with policy actors, we demonstrate the triple‐fold pressure to informal caregiving as an expression of compulsory family solidarity. Key Practitioner Message: ? The article demonstrates how the national Family Law Act constitutes a compulsory requirement of family solidarity in society; ? The compulsory family solidarity norm influences local‐level policymaking and inhibits the development of formal care services for older people; ? Informal carers’ choices between work and care are shaped by their personal filial norms, familialistic policymaking, and pressure exerted by older people.     

Max-min (σ-)additiye representation of monotone measures

In non-additive measure and integration (or fuzzy measure and integral) one tries to generalise the issues of product measure and conditional expectation from the additive theory. In the discrete case successful attempts have been made via the max-min additive representation of the monotone measure and the corresponding integrals. The present paper intends to find, for arbitrary monotone measures, a max-min additive representation and, under certain topological assumptions, a representation with σ-additive measures, thus providing a powerful tool for the theory of non-additive measure and integration. Received: December 2000; revised version: September 2001     

‘You tell all the stories’: Using narrative to explore hierarchy within a Community of Practice1

Recent discussion of the Community of Practice (CofP) ( Davies 2005 ) has suggested that there are certain limitations to the approach with regard to how it accounts for internal hierarchy and community membership. Eckert and Wenger (2005: 588) have suggested that the only way to evaluate such criticism (and avoid building an inappropriately rigid conception of power into CofP theory) is to explore how hierarchies operate within CofPs. This paper offers such an exploration. Using data from a long‐term ethnographic study of a high school in the north‐west of England, this paper will use narrative analysis (drawing upon the work of Labov and Waletsky [1967] 1997 amongst others) to explore the interactional space in which speakers actively negotiate their personal and community behaviour. The analysis focuses upon the role individuals play as narrators of community practice and illustrates that status inequalities between individual CofP members do not necessarily result in inequitable allocation of control within the CofP.     

12‐Month‐Old Infants' Perception of Attention Direction in Static Video Images

Twelve‐month‐old infants' ability to perceive gaze direction in static video images was investigated. The images showed a woman who performed attention‐directing actions by looking or pointing toward 1 of 4 objects positioned in front of her (2 on each side). When the model just pointed at the objects, she looked straight ahead, and when she just looked, her hands were hidden below the tabletop. An eye movement system (TOBII) was used to register the gaze of the participants. We found that the infants clearly discriminated the gaze directions to the objects. There was no tendency to mix up the 2 object positions, located 10° apart, on the same side of the model. The infants spent more time looking at the attended objects than the unattended ones and they shifted gaze more often from the face of the model to the attended object than to the unattended objects. Pointing did not significantly increase the infants' tendency to move gaze to the attended object, irrespective of whether the pointing gesture was accompanied by looking or not. In all conditions the infants spent most of the time looking at the model's face. This tendency was especially noticeable in the pointing‐only condition and the condition where the model just looked straight ahead.     

Time and Work–Life Balance: The Roles of ‘Temporal Customization’ and ‘Life Temporality’

This article poses a challenge to the orthodox binary, conceptualization of work–life balance only made possible by relying on the widespread ‘clock time’ worldview, which understands employment practices in terms of the basic time = money equation. In particular, it is the balance metaphor which relies on a quantification of both work and life in order to make sense and can therefore be seen to be based on an understanding of time as a measurable and value‐able unit. This article seeks to begin the exercise of examining the concept of work–life balance through a broader concept of the temporal dimension than simply limited quantitative notions. Two temporal themes are reported from a study which identified employees who had customized their working pattern to suit the various and multi‐dimensional facets of their lifestyles and thereby successfully improved their work–life balance. Participants in this study demonstrated that an improved work–life balance is more about a mind‐set that refuses to be dominated by a work temporality and is determined to create ‘me time’ rather than e.g. simply choosing a four day week or a part‐time job. It is argued that the notion of work–life balance is more usefully conceptualized within a broader notion of ‘livingscapes’ which contain both elements of work and life and that as researchers, our challenge must be to reflect the complexity of this weave within our analyses of individuals’ work–life balance.