On monetary policy and stock market anomalies

This study utilizes a macro-based VAR framework to investigate whether stock portfolios formed on the basis of their value, size and past performance characteristics are affected in a differential manner by unexpected US monetary policy actions during the period 1967-2007. Full sample results show that value, small capitalization and past loser stocks are more exposed to monetary policy shocks in comparison to growth, big capitalization and past winner stocks. Subsample analysis, motivated by variation in the realized premia and parameter instability, reveals that monetary policy shocks’ impact on these portfolios is significant and pronounced only during the pre-1983 period.Monetary policy, Federal funds rate, Market anomalies, Credit channel, Risk premia

Examining the Attitudes, Pro-Social Value Orientations and Social Norms of Older People to Road Pricing

This study is set to investigate the relationship between older age and the acceptability of road pricing. Specifically, it examines the attitudes of the people aged 60 and over to road pricing in comparison with the attitudes of younger people using relevant literature review findings, secondary data analysis and the results of a questionnaire and three group discussions. Moreover, this research examines whether older people’s support for what is positively valued for society affects these attitudes. Older people are more likely to express positive or negative opinions about road pricing depending on whether they believe it would be good or bad for others, or society. The influence that family, friends or others in general may have on people’s beliefs about road pricing is another subject that is examined. By looking into these issues this work highlights some of the potential opportunities and problems in the present context of the acceptability of road pricing. This will hopefully help policy-makers to decide on actual design criteria and consultation mechanisms that could assist in promoting and communicating better road pricing to older people, making it publicly and therefore politically more acceptable

The metaphysics of the Time-Machine

The concept of time-travel is a modern idea which combines the imaginary signification of rational domination, the imaginary signification of technological omnipotence, the imaginary concept of eternity and the imaginary desire for immortality. It is a synthesis of central conceptual schemata of techno-science, such as the linearity and homogeneity of time, the radical separation of subjectivity from the world, the radical separation of the individual from his/her social-historical environment. The emergence of this idea, its spread during the 20th century as a major theme of science fiction literature alongside its dissemination as a scientific hypothesis, its popularity with both the public and the scientific community, are indications of the religious role of techno-science. It is my opinion, finally, that, as a chimera, time-travel is non-feasible and impossible. In order to support my claims, I will briefly outline the origins of the time-travel concept and its epistemological and metaphysical/ontological conditions. If these conditions prove to be absurd, the logical impossibility of time-travel will have been demonstrated

Road Pricing and Older People: Identifying Age-Specific Differences Between Older and Younger People's Attitudes, Social Norms and Pro-Social Value Orientations to Road Pricing.

The implementation of road pricing schemes is likely to be an inescapable measure in the future of managing road transport demand in highly congested environments. Since public acceptability is the ‘Holy Grail’ of charging policy-making, revealing the special attitudinal issues of older people may help the identification of some of the potential social dilemmas of road pricing. In an ageing society, where older people have a growing influence in politics in general, and potentially in the acceptability of road pricing in particular, their attitudes to road pricing are of particular interest because they face specific types of risk of transport-related social exclusion. Moreover, older people favour, more than any other age groups, what is positively valued for society – a process termed as ‘pro-social value orientation’. Hence in a transport context, older people may be more likely to express positive or negative attitudes to the acceptability of road pricing depending on whether they believe it would be good or bad for others, or society in general. Family and friends may also have a particular influence on older people’s evaluations about their intentions and choices - thus the importance of studying the influence of ‘social norms’ on older people’s attitudes to road pricing. The paper will develop a thorough theoretical and empirical understanding of these issues, based on the findings of a primarily quantitatively-assessed survey of 491 post-back responses combined with secondary data analysis. This will lead to the identification of age-specific differences of public attitudes to road pricing. All in all, some support is provided for the view that attitudes to road pricing do vary with age as pro-social value orientations, social norms and their influence on attitudes also do

Imagination and Interpretation On the dialogue between Cornelius Castoriadis and Paul Ricoeur

On March 9th, 1985, Paul Ricoeur and Cornelius Castoriadis met at the studio of the France Culture “Le Bon Plaisir” radio broadcaster. In 2016, the transcript of their dialogue, their only public debate, was published. This publication is significant not only because it highlights the points of convergence and divergence between the two prominent thinkers, but also because the issues they discuss: the relation between society and history, tradition and creativity, imagination and collective action, are relevant to the philosophical and political discourse of our time