41 research outputs found

    Tentacled Self-Organizing Map for Effective Data Extraction

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    Attention to infrastructure offers a welcome reconfiguration of anthropological approaches to the political

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    This constitutes the edited proceedings of the 2015 meeting of the Group for Debates in Anthropological Theory held at Manchester

    Companies as Commodities

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    Like copper, corn, or crude oil, companies increasingly trade like commodities. Some investors-certain holders of debt, activist shareholders, and controlling shareholders, especially private equity funds-are focused solely on returns. In practice, this means that they care about the fate of the companies in which they invest no more than they care about the fate of any tonne of copper, bushel of corn, or oil barrel they happen to trade. These investors are so immune to reputational concerns that they will even prefer that the companies in which they invest fail if failure maximizes their return on investment. This Article identifies and labels these going-concern-neutral ( GCN ) investors. By virtue of their singular focus on return on investment, GCN investors are not bound by the same norms and relationships as other stakeholders in a company. This disconnect allows GCN investors to transfer an outsized share of company value to themselves. As a result, GCN investing typically increases the costs and risk faced by other stakeholders. This Article then uses property theory to understand GCN investing and the conflicts in the use of company value that it creates. Although it is contested whether GCN investors are properly understood as true owners of firms and their assets, accepting that premise to leverage the tools of property theory leads to significant insights. Analyzing these investors\u27 ownership claims through an exclusion framework reveals unseen nuances in the relationships between GCN investors and other stakeholders. Next, four property-law concepts-the right to destroy, waste, nuisance, and the tragedy of the commons-provide a rich source of analogies. These analogies reveal that the law has long used a number of so-called governancer ules to manage property where there are several competing users. These rules restrict the rights of owners in order to address externalities and to promote welfare maximization. Although companies have been commoditized into mere property, the governance rules that restrict property ownership in other contexts do not yet apply to ownership of companies. It is time to consider interventions that would align the benefits and burdens of ownership of commoditized companies with ownership of other assets

    Companies as Commodities

    Get PDF
    Like copper, corn, or crude oil, companies increasingly trade like commodities. Some investors — certain holders of debt, activist shareholders, and controlling shareholders, especially private equity funds — are focused solely on returns. In practice, this means that they care about the fate of the companies in which they invest no more than they care about the fate of any tonne of copper, bushel of corn, or oil barrel they happen to trade. These investors are so immune to reputational concerns that they will even prefer that the companies in which they invest fail if failure maximizes their return on investment. This Article identifies and labels these “going-concern-neutral” (GCN) investors. By virtue of their singular focus on return on investment, GCN investors are not bound by the same norms and relationships as other stake-holders in a company. This disconnect allows GCN investors to transfer an out sized share of company value to themselves. As a result, GCN investing typically increases the costs and risk faced by other stakeholders.This Article then uses property theory to understand GCN investing and the conflicts in the use of company value that it creates. Although it is contested whether GCN investors are properly understood as true owners of firms and their assets, accepting that premise to leverage the tools of property theory leads to significant insights. Analyzing these investors’ ownership claims through an exclusion framework reveals unseen nuances in the relationships between GCN investors and other stakeholders. Next, four property-law concepts — the right to destroy, waste, nuisance, and the tragedy of the commons — provide a rich source of analogies. These analogies reveal that the law has long used a number of so-called governance rules to manage property where there are several competing users. These rules restrict the rights of owners in order to address externalities and to promote welfare maximization. Although companies have been commoditized into mere property, the governance rules that restrict property ownership in other contexts do not yet apply to ownership of companies. It is time to consider interventions that would align the benefits and burdens of ownership of commoditized companies with ownership of other as-sets

    The Humid Condition

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    The Humid Condition: (More) Overheated Observations continues on the clicking heels of Dominic Pettman’s Humid, All Too Humid (2016), providing a companion volume of pithy and witty observations for our overheated age. Covering topics from pop culture to academia to romance to politics to human mortality to everything in between, this collection of pointed musings aims to amuse, edify, instruct, provoke, tease, caution, and inspire. As with the first installment, the spirit of this book represents a fusion of Montaigne and Wilde; a mashup of Adorno and Yogi Berra; a parallel channeling of Marx and Marx (both Karl and Groucho). No doubt, Hannah Arendt would be appalled at the irreverence on display within these pages. Then again, “Heidegger has left the bildung.” And as the author himself notes: “I have nothing new to say. And I’m saying it!

    Art in the Anthropocene: Encounters Among Aesthetics, Politics, Environments and Epistemologies

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    Taking as its premise that the proposed geologic epoch of the Anthropocene is necessarily an aesthetic event, this book explores the relationship between contemporary art and knowledge production in an era of ecological crisis, with contributions from artists, curators, theorists and activists. Contributors include Amy Balkin, Ursula Biemann, Amanda Boetzkes, Lindsay Bremner, Joshua Clover & Juliana Spahr, Heather Davis, Sara Dean, Elizabeth Ellsworth & Jamie Kruse (smudge studio), Irmgard Emmelhainz, Anselm Franke, Peter Galison, Fabien Giraud & Ida Soulard, Laurent Gutierrez & Valérie Portefaix (MAP Office), Terike Haapoja & Laura Gustafsson, Laura Hall, Ilana Halperin, Donna Haraway & Martha Kenney, Ho Tzu Nyen, Bruno Latour, Jeffrey Malecki, Mary Mattingly, Mixrice (Cho Jieun & Yang Chulmo), Natasha Myers, Jean-Luc Nancy & John Paul Ricco, Vincent Normand, Richard Pell & Emily Kutil, Tomás Saraceno, Sasha Engelmann & Bronislaw Szerszynski, Ada Smailbegovic, Karolina Sobecka, Zoe Todd, Richard Streitmatter-Tran & Vi Le, Anna-Sophie Springer, Sylvère Lotringer, Peter Sloterdijk, Etienne Turpin, Pinar Yoldas, and Una Chaudhuri, Fritz Ertl, Oliver Kellhammer & Marina Zurkow
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