Responsibility,planning and risk management: moralizing everyday finance through financial education

The individualization, privatization and marketization of risk management represent a fundamental dimension of the financialization of everyday life. As individuals are required to engage with financial products and services as the main way of protecting themselves from risks and uncertainties, their economic welfare and security are construed as depending largely on their own financial decisions. Within this setting, the concept of financial literacy and accompanying practices of financial education have emerged as a prominent institutional field handling the formulation and communication of the attributes and dispositions that arguably constitute the proper financial actor. This article analyzes financial education programmes currently conducted by state agencies in Israel, examining the notions and principles they articulate when defining and explaining proper financial conduct. The study indicates that moral themes and categories occupy a salient place in the formulation of the character traits that constitute the desired literate financial actor. Notions of individual responsibility, planning ahead and rational risk management are presented not merely as instrumental resources, but as moral imperatives. Through these notions, the programmes moralize a broad array of everyday practices of personal finance such as saving, investing, borrowing and budget management, thereby connecting the sphere of financial matters to the domain of moral virtues. Offering a representation of particular modes of financial conduct as constitutive components of morally virtuous personhood, these practices imbue the financial field as a whole, especially its current generalized logic of individualized and marketized risk management, with moral meanings, hence contributing to the normalization and depoliticization of the financialization of everyday life.     

The Organizational Connection: Social Capital and the Career Expansion of Directors of Business Groups in Israel

This article studies which directors of the largest corporations forming part of the Israeli business groups accumulated directorships within the groups between the years 1974 and 1988. A comparison is made between directors within business groups who accumulate directorships and those who do not, and in addition, the research focuses on directors who joined additional boards, questioning who gets ahead in terms of three components of social capital: organizational positions, elite positions, and social networks. The study uses logistic regression to discern which variables increase the likelihood of being invited onto an additional board within the business groups and the likelihood of getting ahead. The findings strongly support the hypothesis that the organizational position of directors, more than their elite position ties and social networks, is the most significant determinant of who will join additional boards and who will get ahead. The article is concluded with a discussion of several factors contributing to relative impact of organizational positions.     

The clash between legal and business logic: business groups in the new Israeli corporate law

Planned institutional change presents an uncommon opportunity for institutional entrepreneurs to advance their innovations. The dispute of why the new Israeli corporate law, enacted at the end of 1990s, does not refer to business groups, which form a salient part of Israeli big business, opens a window through which the conflict between two different and competing types of logic may be viewed. The carriers of legal-professional logic were legal academics and state officials, who opposed the inclusion of a special chapter or any other reference to business groups within the new corporate law based on US legal ideas, and especially on the ‘Law and Economics’ perspective. In contrast, the carriers of business logic were interest groups and professional associations that sought to appropriate the legal and economic advantages resulting from organizing business in the form of business groups within the new law, without protecting the rights of minority shareholders and, more importantly, without enabling state agencies to intervene in the governance of their businesses.     

State-Corporate Relationships in an Era of Shifting Regime: The Case of Corporate Law Reform in Israel

Different aspects of the relationship between state and economy have traditionally been examined, yet corporate governance and specifically corporate law have received less attention. This article focuses on the legislation of the new corporate law in Israel at the end of the 1990s, which took place during regime transformation from an interventionist state to a regulatory state. The article makes specific reference to three disputes: the lifting of the corporate veil, the separation of the positions of chairman of the board and chief executive officer, and the obligation of private firms to disclose financial reports. This article suggests that despite the transformation of the regime, state actors have continuously been involved via corporate law in the governance of corporations and their relationship with the environment. However, corporate law enables corporations to constrain state power and the state's influence on property rights.     

Multivariate Process Variability Monitoring

Understanding multivariate variability is a difficult task because there is no single measure that can be properly used. This article presents a new measure that features good properties. If this measure is simultaneously used with generalized variance, it will give a better understanding of multivariate variability. It can also efficiently be used for large data sets with high dimensions. Furthermore, when it is used for constructing a Shewhart-type chart to monitor multivariate variability, the resulting chart has a much better out-of-control ARL than the generalized variance chart. An example illustrates its advantage.     

Robust Multivariate Outlier Labeling

A criterion for robust estimation of location and covariance matrix is considered, and its application in outlier labeling is discussed. This method, unlike the methods based on MVE and MCD, is applicable to large and high-dimension data sets. The method proposed here is also robust and has the same breakdown point as the MVE- and MCD-based methods. Furthermore, the computational complexity of the proposed method is significantly smaller than that of other methods.     

The reflection of desire for revenge and revenge fantasies in drawings and narratives of sexually abused children

Whereas the desire for revenge for an unjust deed is considered natural, its use within the therapeutic setting is scarce, specifically in sexually victimized children. The study aimed to find how experiencing sexual molestation during childhood and the revenge fantasy is reflected in drawings and narratives of sexually victimized children. Following ethical approval and signing a consent form, 14 children who experienced sexual abuse and were psychologically treated (ages 11–18) were recruited. They were asked to draw two drawings: “draw an unjust event that had happened to you” and “draw what you would have liked to happen to the person that unjustly treated you.” At completion, participants were asked to give a narrative to each drawing. Phenomenological analysis of the drawings and narratives indicated that most participants refrained from using more than two colours, did not draw the perpetrator and drew schematic figures. The main themes that emerged in the drawings and the narratives were feeling of loneliness, aloneness, and the desire for role reversal.