Juristitoimitusjohtajat ja yrityksen riskinotto

The purpose of this thesis is to study how lawyer CEOs affect corporate risk-taking. Chief executives with a law degree comprise 9% of S&P 1500 CEOs but have not received wide attention in the growing CEO-focused corporate finance literature. Lawyers are generally perceived as risk-averse due to their education and previous career that typically focuses on understanding, controlling and mitigating risks. The goal of this thesis is to empirically assess whether this potential risk-aversion affects corporate policies. I use OLS regressions to estimate the dependency between lawyer CEOs and investment, capital structure and acquisition variables, and find that lawyer CEOs associate with lower capital expenditure, lower R&D investments, higher leverage and lower cash-to-assets ratios. I find no effect for acquisition likelihood or volume but show that lawyer CEOs have a significant positive effect on cumulative abnormal stock returns surrounding acquisition announcements. The positive returns are not explained by acquisition characteristics or a higher completion rate and are robust to different sub-samples and time intervals. Finally, I do not find empirical support for risk-aversion in stock option holding behavior of lawyer CEOs. The empirical results suggest differences in corporate policies for companies with lawyer CEOs compared to the baseline, but general lawyer CEO risk-aversion is not established. Rather it appears that lawyer CEOs are averse towards certain policies such as capital expenditures and R&D investment, which have been shown to increase the company’s litigation risk, while being less risk-averse towards other corporate policies such as the capital structure of the company. The most significant finding of my thesis is documenting 1.4 percentage points higher cumulative announcement day returns in the three-day period [-1, +1] surrounding the announcement of a large acquisition. Based on previous research, I formulate three potential explanations for the result. Lawyer CEOs may be more effective in managing investor expectations which would decrease the negative surprise typically related to acquisitions. They may also be more talented in navigating the legal complexity of acquisitions and mitigating their litigation risk. Finally, lawyer CEOs may announce better acquisitions due to better negotiation outcomes or improved target selection. My thesis has significant contribution to finance literature and increases our understanding of CEOs, specifically lawyer CEOs, and their effect on firm policies. Further academic extensions of the thesis include studying lawyer CEOs in takeover target companies to better understand the causal effects of observed higher announcement returns. Studies could also be extended to other traditional areas of finance research such as innovativeness, IPO underpricing or stock returns. Finally, my thesis also provides practical implications to for example boards making CEO hiring decisions, investors reacting to CEO appointments and acquisition announcements, and lawyer CEOs themselves in understanding potential biases affecting their own decision making

Three concepts of causal mechanism in the social sciences

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A theoretical framework for explaining the paradox of university rankings

University rankings have led to the following paradox. On one hand, global and national university rankings have an increasing impact on scientific research and higher education. On the other hand, a growing number of researchers have argued that university rankings are biased and methodologically flawed as well as documented their unintended consequences that are counterproductive to education and research activities in universities. In this article, I combine sociological and cognitive perspectives to develop a theoretical framework for explaining this paradox. The theoretical framework has four interrelated parts. The first is a distinction between three temporal stages through which university rankings commensurate universities. The second consists of an account of the social mechanisms through which university rankings generate reactive outcomes that tend to transform universities instead of just measuring their quality. The third is a league table metaphor that links the conceptual domain of team sports and the conceptual domain of universities and, I argue, provides a cognitive mechanism that shapes how many extra-academic actors, such as prospective students and policymakers, understand the results of university rankings. The fourth focuses on the affordances of the published league tables of university rankings that many extra-academic actors use for outsourcing part of their decision-making to the league tables. As a whole, this framework allows us to understand how the interrelated and materially mediated actions of different groups of actors give rise to and sustain the paradox of university rankings.Peer reviewe

Reclaiming Naturalized Critical Realism : Response to McWherter

This article responds to McWherter’s detailed critique of my assessment of Roy Bhaskar’s method of transcendental argumentation in chapter four of my Naturalizing Critical Realist Social Ontology (2013). I begin by describing some naturalist ontological and epistemological views defended in my book, thereby showing that my naturalist challenge to the original version of critical realism is not only methodological (or metaphilosophical) but also substantial. I also indicate that this point is effectively downplayed in McWherter’s framing of the debate in terms of competing metaphilosophies. I then consider how the doctrine of transcendental idealism is presupposed in Kant’s transcendental deduction and question the consistency of McWherter’s various descriptions of Bhaskar’s transcendental arguments. Finally, I provide detailed responses to McWherter’s objectives to my views. My conclusion is that naturalized critical realism is a more coherent and scientifically viable position than the neo-Kantian version of critical realism defended by McWherter. Nevertheless, I think that there is enough overlap between original and naturalized critical realism to regard the latter as a revised and elaborated version of the former.Peer reviewe

Context in Mechanism-based Explanation

In this article, we discuss the issue of context-dependence of mechanism-based explanation in the social sciences. The different ways in which the context-dependence and context-independence of mechanism-based explanation have been understood in the social sciences are often motivated by different and apparently incompatible understandings of what explanatory mechanisms are. Instead, we suggest that the different varieties of context-dependence are best seen as corresponding to different research goals. Rather than conflicting with one another, these goals are complementary to each other and therefore pave the way to a methodologically more cooperative approach to mechanism-based explanation in the social sciences.Peer reviewe

Mechanistic explanations in the cognitive social sciences : lessons from three case studies

Discussions of the relations between the social sciences and the cognitive sciences have proliferated in recent years. Our article contributes to the philosophical and methodological foundations of the cognitive social sciences by proposing a framework based on contemporary mechanistic approaches to the philosophy of science to analyze the epistemological, ontological and methodological aspects of research programs at the intersection of the social sciences and the cognitive sciences. We apply this framework to three case studies which address the phenomena of social coordination, transactive memory, and ethnicity. We also assess how successful these research programs have been in providing mechanistic explanations for these phenomena, and where more work remains to be done.Peer reviewe

Mittarien reaktiivisuus ja objektiivisuus yliopistojen yhteismitallistamisessa

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Sosiaalisilla mekanismeilla selittäminen historiallisessa sosiologiassa

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Cognitive-behavioural therapy for a variety of conditions : an overview of systematic reviews and panoramic meta-analysis

Background: Cognitive-behavioural therapy aims to increase quality of life by changing cognitive and behavioural factors that maintain problematic symptoms. A previous overview of cognitive-behavioural therapy systematic reviews suggested that cognitive-behavioural therapy was effective for many conditions. However, few of the included reviews synthesised randomised controlled trials. Objectives: This project was undertaken to map the quality and gaps in the cognitive-behavioural therapy systematic review of randomised controlled trial evidence base. Panoramic meta-analyses were also conducted to identify any across-condition general effects of cognitive-behavioural therapy. Data sources: The overview was designed with cognitive-behavioural therapy patients, clinicians and researchers. The Cochrane Library, MEDLINE, EMBASE, PsycINFO, Cumulative Index to Nursing and Allied Health Literature, Child Development & Adolescent Studies, Database of Abstracts of Reviews of Effects and OpenGrey databases were searched from 1992 to January 2019. Review methods: Study inclusion criteria were as follows: (1) fulfil the Centre for Reviews and Dissemination criteria; (2) intervention reported as cognitive-behavioural therapy or including one cognitive and one behavioural element; (3) include a synthesis of cognitive-behavioural therapy trials; (4) include either health-related quality of life, depression, anxiety or pain outcome; and (5) available in English. Review quality was assessed with A MeaSurement Tool to Assess systematic Reviews (AMSTAR)-2. Reviews were quality assessed and data were extracted in duplicate by two independent researchers, and then mapped according to condition, population, context and quality. The effects from high-quality reviews were pooled within condition groups, using a random-effect panoramic meta-analysis. If the across-condition heterogeneity was I-2 < 75%, we pooled across conditions. Subgroup analyses were conducted for age, delivery format, comparator type and length of follow-up, and a sensitivity analysis was performed for quality. Results: A total of 494 reviews were mapped, representing 68% (27/40) of the categories of the International Classification of Diseases, Eleventh Revision, Mortality and Morbidity Statistics. Most reviews (71%, 351/494) were of lower quality. Research on older adults, using cognitive-behavioural therapy preventatively, ethnic minorities and people living outside Europe, North America or Australasia was limited. Out of 494 reviews, 71 were included in the primary panoramic meta-analyses. A modest effect was found in favour of cognitive-behavioural therapy for health-related quality of life (standardised mean difference 0.23, 95% confidence interval 0.05 to 0.41, prediction interval -0.05 to 0.50, I-2 = 32%), anxiety (standardised mean difference 0.30, 95% confidence interval 0.18 to 0.43, prediction interval -0.28 to 0.88, I-2 = 62%) and pain (standardised mean difference 0.23, 95% confidence interval 0.05 to 0.41, prediction interval -0.28 to 0.74, I-2 = 64%) outcomes. All condition, subgroup and sensitivity effect estimates remained consistent with the general effect. A statistically significant interaction effect was evident between the active and non-active comparator groups for the health-related quality-of-life outcome. A general effect for depression outcomes was not produced as a result of considerable heterogeneity across reviews and conditions. Limitations: Data extraction and analysis were conducted at the review level, rather than returning to the individual trial data. This meant that the risk of bias of the individual trials could not be accounted for, but only the quality of the systematic reviews that synthesised them. Conclusion: Owing to the consistency and homogeneity of the highest-quality evidence, it is proposed that cognitive-behavioural therapy can produce a modest general, across-condition benefit in health-related quality-of-life, anxiety and pain outcomes. Future work: Future research should focus on how the modest effect sizes seen with cognitive-behavioural therapy can be increased, for example identifying alternative delivery formats to increase adherence and reduce dropout, and pursuing novel methods to assess intervention fidelity and quality. Study registration: This study is registered as PROSPERO CRD42017078690.Peer reviewe

Two traditions of cognitive sociology : An analysis and assessment of their cognitive and methodological assumptions

Cognitive sociology has been split into cultural and interdisciplinary traditions that position themselves differently in relation to the cognitive sciences and make incompatible assumptions about cognition. This article provides an analysis and assessment of the cognitive and methodological assumptions of these two traditions from the perspective of the mechanistic theory of explanation. We argue that while the cultural tradition of cognitive sociology has provided important descriptions about how human cognition varies across cultural groups and historical periods, it has not opened up the black box of cognitive mechanisms that produce and sustain this variation. This means that its explanations for the described phenomena have remained weak. By contrast, the interdisciplinary tradition of cognitive sociology has sought to integrate cognitive scientific concepts and methods into explanatory research on how culture influences action and how culture is stored in memory. Although we grant that interdisciplinary cognitive sociologists have brought many fresh ideas, concepts and methods to cultural sociology from the cognitive sciences, they have not always clarified their assumptions about cognition and their models have sketched only a few specific cognitive mechanisms through which culture influences action, meaning that they have not yet provided a comprehensive explanatory understanding of the interactions between culture, cognition and action.Peer reviewe