Financial diversification strategies before World War I: Buy-and-hold versus naïve portfolio selection

This study contributes to a growing volume of scholarship that highlights the importance of financial diversification in business history. It shows that, pre-WWI, financial advice for equal portfolio weighting, the so-called naïve diversification, then called scientific investment or geographical distribution of risk, was a sophisticated strategy for Victorian investors and not suboptimal to Markowitz optimization. Drawing upon a unique dataset of 507 individual portfolios at death, this study shows that, although Victorian investors, in particular wealthy investors, did diversify investment risk across a number of securities, they did not hold equally weighted portfolios. It explores possible reasons for the unbalanced nature of investor portfolios and dismisses socio economic factors, illiquidity, passive ‘buy the market’ and market timing strategies as possible explanatory factors. The results rather point to a strategy of naïve diversification spread over time, a ‘buy as you go and hold strategy’, buying new securities as savings allowed and holding them until death

Does the WTO Violate Human Rights (and Do I Help It)? Beyond the Metaphor of Culpability for Systemic Global Poverty

I challenge an influential analysis (the ‘participation account’) that attributes human rights violations to the global economic system, and attributes complicity with those violations to citizens of affluent countries. The participation account is shown to rest on a faulty account of wrongful action. An alternative, and superior, account of wrongful action (the ‘agency account’) is proposed, and used to analyse the rules of the global economic order. These include the ‘foreground rules’ of trade agreements and the ‘background rules’ of state privileges. The agency account identifies wrongful action with unreasonably imposing losses/risks. The systemic bad effects of the economic system and its rules are shown not to be due to agents in the system acting unreasonably in this sense. The metaphor that the economic system ‘violates rights’ and that we act in complicity with this are thus shown not to stand up to analysis

A multimeasure approach to investigating affective appraisal of social information in Williams syndrome

People with Williams syndrome (WS) have been consistently described as showing heightened sociability, gregariousness, and interest in people, in conjunction with an uneven cognitive profile and mild to moderate intellectual or learning disability. To explore the mechanisms underlying this unusual social–behavioral phenotype, we investigated whether individuals with WS show an atypical appraisal style and autonomic responsiveness to emotionally laden images with social or nonsocial content. Adolescents and adults with WS were compared to chronological age-matched and nonverbal mental age-matched groups in their responses to positive and negative images with or without social content, using measures of self-selected viewing time (SSVT), autonomic arousal reflected in pupil dilation measures, and likeability ratings. The participants with WS looked significantly longer at the social images compared to images without social content and had reduced arousal to the negative social images compared to the control groups. In contrast to the comparison groups, the explicit ratings of likeability in the WS group did not correlate with their SSVT; instead, they reflected an appraisal style of more extreme ratings. This distinctive pattern of viewing interest, likeability ratings, and autonomic arousal to images with social content in the WS group suggests that their heightened social drive may be related to atypical functioning of reward-related brain systems reflected in SSVT and autonomic reactivity measures, but not in explicit ratings