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Making a ‘Good Investment’: Value under Construction in Early-Stage Impact Investing

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Abstract
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This article is an inquiry into value under construction. By unfolding the context of early-stage impact investing I examine how investors qualify and give value to environmental aspirations. I trace the role of the investor in shaping what a ‘good investment’ is and highlight the close connection between judging value and constructing value. Earlier studies have emphasised how investors spur financialised forms of valuation and impose financial frames onto the companies they engage with. However, more than financial logic is in play when things are made valuable in finance. The findings of this article illustrate how making something valuable is entwined with making something ‘good’. I show how the qualitative and moral judgements of investors shape what is valued of environmental aims in significant ways. The qualifications constrict what is considered environmental solutions and draw boundaries between ‘right’ and ‘wrong’ aspirations. The approach contributes a holistic lens onto how things are made valuable in the economy.

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  • Research Article
  • Cite Count Icon 59
  • 10.3758/bf03203048
Dynamic occlusion in the perception of rotation in depth.
  • Jul 1, 1983
  • Perception & Psychophysics
  • George J Andersen + 1 more

Occlusion of more distant texture elements by nearer elements can provide relative distance information in parallel projections of rotating objects, according to Braunstein, Andersen, and Riefer (1982). In that study, occlusion was present in static views in the form of contour interruptions or interposition. In the present study, all visible contours were eliminated. Dots were located within implicit pentagonal texture elements on a transparent sphere. The proportion of the sphere’s surface covered by pentagons and dot density within the pentagons was varied. Accuracy of direction of rotation judgments was significantly affected by area, but not by dot density. Accuracy levels with purely kinetic occlusion were as high as in the earlier study, which included static interposition. Judgments of depth and shape were not affected significantly by occlusion, suggesting that occlusion is a specialized source of information for depth order. Levels of texture and the separability of depth and relative distance judgments are discussed.

  • Research Article
  • Cite Count Icon 4
  • 10.2307/1420864
Instructions and Knowledge of the Situation in Brightness Perception
  • Mar 1, 1970
  • The American Journal of Psychology
  • Martin S Lindauer + 1 more

The influence of information and instructions on brightness perception was investigated under conditions where either ratio or retinal matches were possible. Unlike most earlier studies, this one found no effect of experience: both trained and control groups showed identical ratio responses. The importance of obtaining perceptual rather than cognitive reports is emphasized in accounting for the contradictions in the literature. Experience and training have been shown to influence the perception of shape, size, and brightness.1 It is of particular note that constancy for each has also been shown to be affected by instructions requiring observers to make retinal rather than phenomenal reports of their observations.2 The susceptibility of such basic phenomena to learning has been argued strenuously by the transactionalists and to a lesser degree, by gestaltists as well.3 But it is Received for publication July 22, 1969. 1 On shape, see P. K. Leppmann and R. B. Mefferd, Jr., Validity of perceptual reports of experienced and inexperienced observers, Percept. mot. Skills, 26, 1968, 1167-1172; R. B. Mefferd, Jr., Betty A. Wieland, D. G. Greenstein, and P. K. Leppman, Effects of pretraining and instructions on validity of perceptual reports by inexperienced observers, Percept. mot. Skills, 27, 1968, 1003-1006. On size, see H. R. Schiffman, Size-estimation of familiar objects under informative and reduced conditions of viewing, this JOURNAL, 80, 1967, 229-235. On brightness, see R. G. Hopkinson, An experiment on the assessment of brightness under 'free-choice' and 'forced-choice' conditions by a group of observers, Ergonomics, 3, 1960, 44-50. 2 A. A. Landauer, The effect of instructions on the judgment of brightness, Quart. J. exp. Psychol., 16, 1964, 23-29; A. A. Landauer and R. S. Rodger, Effect of apparent instructions on brightness judgments, J. exp. Psychol., 68, 1964, 80-84; M. Parrish and K. Smith, Simultaneous brightness contrast as a function of perceptual set, Psychon. Sci., 7, 1967, 155-156; A. A. Landauer, Influence of instructions on judgments of unfamiliar shapes, J. exp. Psychol., 79, 1969, 129-132; W. H. Lichte and C. R. Borresen, Influence of instructions on degree of shape constancy, J. exp. Psychol., 74, 1967, 538-542; V. R. Carlson and E. P. Tassone, Size-constancy judgments at equal distances, Percept. mot. Skills, 27, 1968, 193-194. The terms used in the instructions of these studies to contrast the two attitudes have included: analytic, critical, objective, physical, projective, real, vs. apparent, immediate, naive, perceived, synthetic, whole. 3 On the transactionalists, see W. H. Ittelson, The constancies in perceptual theory, Psychol. Rev., 58, 1951, 285-294; W. H. Ittelson and F. P. Kilpatrick, Experiments in perception, Sci. Amer., 185, 1951, 50-55; F. P. Kilpatrick and W. H. Ittelson, The size-distance invariance hypothesis, Psychol. Rev., 60, 1953, This content downloaded from 157.55.39.114 on Mon, 25 Apr 2016 06:56:53 UTC All use subject to http://about.jstor.org/terms NOTES AND DISCUSSION 131 surprising to find brightness included among those phenomena shown to be affected by experience. MacLeod's early investigation did not find it so, nor would such an effect seem consistent with the great body of work which places brightness perception within a psychophysical framework.4 Furthermore, in contrast to shape and size, brightness is thought of as being more stimulus-bound and dependent upon retinal factors. Thus, the treatment of brightness and brightness constancy as a function of ratios of intensities explicitly rules out the traditional explanation of 'taking illumination into account,' i.e. denies the role of knowledge. Finally, everyday observations of objects in different illuminations (and the observations in the Gelb and Katz demonstrations) do not appear to be events easily amenable to phenomenal change as a result of knowledge of the situation or of conscious attempts to reverse one's percept.7 The purpose of this study was to investigate whether maximizing observers' critical understanding and approach to a brightnessperception task would indeed lead to a change in the outcome. To this end, two groups differing in their knowledge of the situation and in their instructions were asked to make brightness matches under ratio conditions of illumination. Thus, the structural factors thought responsible for brightness perception would be shown to persist if observers made ratio rather than retinal matches despite circumstances which favored the opposite result.

  • Research Article
  • 10.2139/ssrn.2265497
Right-Brain Left-Brain Investing
  • May 16, 2013
  • SSRN Electronic Journal
  • Patrick B Beaudan

Right-Brain Left-Brain Investing

  • Book Chapter
  • Cite Count Icon 1
  • 10.4324/9780203067901.ch4
Is the Transition Over?
  • Apr 25, 2013
  • Oleh Havrylyshyn

While many observers thought it was premature for Czech Prime Minister Klaus to suggest in 1995 the transition was over except for fine-tuning , as we approach the 20th year after the fall of the Berlin Wall on Nov. 9, 1989,-and the 18th after the dissolution of the Soviet Union at Byelovezha- it is surely relevant to ask the question again. The first new contribution of this paper is to show that ,for all practical purposes, the post-communist transition is over in eight or nine early reformers of Central Europe and the Baltics; but it is not over for other transition countries –though many are close, and only a few very far behind. The second and perhaps more important novelty of this paper is that it goes beyond the qualitative expert judgments in earlier studies addressing this question. With one or two exceptions, earlier studies did not start with an explicit analytical definition of transition and its end-point, and evidence provided was selective often mixing partial quantitative measures with qualitative judgments-albeit well reasoned ones. This paper proposes an analytical definition of transition and its end-point , as well as ways this can be measured quantitatively without undertaking impossibly massive econometric exercises .

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  • Research Article
  • Cite Count Icon 1
  • 10.1044/2022_aja-22-00043
A Systematic Review of Ethics Knowledge in Audiology Literature: A Follow-Up Study (2011-2020).
  • Aug 9, 2022
  • American Journal of Audiology
  • Alida Naudé + 2 more

This systematic review aimed to update and explore the extant literature (2011-2020) regarding ethics knowledge in audiology and to compare the findings to an earlier study (2001-2010). This systematic review employed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses. MEDLINE, CINAHL, ERIC, MasterFILE Premier, E-Journals, Africa-Wide information and Academic Search Premier electronic databases, and non-peer-reviewed papers in Seminars in Hearing yielded a total of 63 papers. Following systematic screening using inclusion and exclusion criteria, a total of 12 full-text papers were included in this review. Pertinent data and findings from the review were tabulated and analyzed using a qualitative, deductive approach. Results showed that the 12 papers were published in nine peer-reviewed journals with a predominantly social scientific approach. This differs from the earlier review that reported only five papers with a predominantly philosophical approach. However, both the current and earlier studies focused on the rehabilitation/management role of the audiologist. In the earlier study, the focus was on moral judgment (as one of the components of moral behavior), whereas this was the focus of only half of the papers identified in this study, with the remaining papers focusing on moral sensitivity and moral motivation. The focus of papers had evolved and continued to include more elements related to the multiple perspectives used to analyze and describe ethics research. The body of knowledge of ethics in audiology specifically expanded in the area of social scientific research, focusing on beneficence and nonmaleficence, including moral motivation and basing research on moral judgment with the emphasis on the rehabilitation/management and education/research/administration role of audiologists.

  • Research Article
  • Cite Count Icon 93
  • 10.1037//0096-1523.10.6.749
Shape and depth perception from parallel projections of three-dimensional motion.
  • Jan 1, 1984
  • Journal of experimental psychology. Human perception and performance
  • Myron L Braunstein + 1 more

Parallel projections of dots on the surface of a transparent sphere rotating about a vertical axis provide strong impressions of depth and spherical shape. The hypothesis was tested that these impressions are the result of three perceptual heuristics: (a) The sinusoidal projected velocity function of each dot in the horizontal dimension tends to be perceived as a rotary motion in depth; (b) the projected velocity gradient in the vertical dimension is perceived as curvature in depth; and (c) the simultaneously visible fields of dots moving in opposite directions are perceived as surfaces separated in depth. When each factor was varied independently, all three significantly affected judgments of spherical shape and depth. Similar results were obtained with cylinders. The first factor was more important for shape judgments; the second was generally more important for depth judgments. These results, together with those of earlier studies in which these factors led to similar effects for different stimuli and transformations, suggest that these are general principles applicable to the perception of structure from both rigid and nonrigid motion.

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  • Cite Count Icon 28
  • 10.2466/pr0.1983.53.2.575
Relationship between Moral Judgment and Empathy
  • Oct 1, 1983
  • Psychological Reports
  • Mirja Kalliopuska

The study examined correlations between empathy and moral judgment. 342 school children aged 9 to 12 yr. were tested with two Kohlberg dilemmas and the Mehrabian and Epstein scale on emotional empathy. The results confirm the positive relation found in earlier studies. It is, however, possible that the higher levels of moral judgment were more closely related to the cognitive pole of empathy whereas convenrional morality would be closer to the affective pole of empathy.

  • Research Article
  • Cite Count Icon 79
  • 10.1017/s193029750000139x
In defense of the personal/impersonal distinction in moral psychology research: Cross-cultural validation of the dual process model of moral judgment
  • Apr 1, 2011
  • Judgment and Decision Making
  • Adam B Moore + 3 more

The dual process model of moral judgment (DPM; Greene et al., 2004) argues that such judgments are influenced by both emotion-laden intuition and controlled reasoning. These influences are associated with distinct neural circuitries and different response tendencies. After reanalyzing data from an earlier study, McGuire et al. (2009) questioned the level of support for the dual process model and asserted that the distinction between emotion evoking moral dilemmas (personal dilemmas) and those that do not trigger such intuitions (impersonal dilemmas) is spurious. Using similar reanalysis methods on data reported by Moore, Clark, & Kane (2008), we show that the personal/impersonal distinction is reliable. Furthermore, new data show that this distinction is fundamental to moral judgment across widely different cultures (U.S. and China) and supports claims made by the DPM.

  • Book Chapter
  • 10.1007/978-3-319-66311-1_10
Understanding the World
  • Jan 1, 2018
  • Vincenzo Cicchelli + 1 more

The cosmopolitan reasoning that individuals develop with regard to cultural products and artworks constitutes an outlook on the world that belongs simultaneously to the realm of knowledge and imagination: in fact, the three modes of reception, based on realism, verisimilitude, and fictional escapism, often all blend together. Most importantly, these kinds of contacts with alterity through artworks and cultural products can be combined in different ways to provide a representation of the world. The use of artworks and cultural products—especially when these take a narrative form—not only lets individuals craft their own world view, but also allows them to engage in critical thinking on politics and ethics in their attempt to understand their society. This is because all narratives—by virtue of the fact that they necessarily structure actions and events—fundamentally elicit the approval or disapproval of their recipients, leading to a multitude of qualitative, moral, and value-based judgements.

  • Research Article
  • Cite Count Icon 31
  • 10.1007/s13164-009-0008-1
Beliefs and Moral Valence Affect Intentionality Attributions: the Case of Side Effects
  • Dec 18, 2009
  • Review of Philosophy and Psychology
  • Sandra Pellizzoni + 2 more

Do moral appraisals shape judgments of intentionality? A traditional view is that individuals first evaluate whether an action has been carried out intentionally. Then they use this evaluation as input for their moral judgments. Recent studies, however, have shown that individuals’ moral appraisals can also influence their intentionality attributions. They attribute intentionality to the negative side effect of a given action, but not to the positive side effect of the same action. In three experiments, we show that this asymmetry is a robust effect that critically depends on the agent’s beliefs. The asymmetry is reduced when agents are described as not knowing that their action can bring about side effects, and is eliminated when they are deemed to hold a false belief about the consequences of their actions. These results suggest that both evaluative and epistemic considerations are used in intentionality attribution.

  • Book Chapter
  • Cite Count Icon 11
  • 10.1007/978-1-4899-0429-4_3
Theoretical Issues in the Development of Social Justice
  • Jan 1, 1981
  • Carolyn H Simmons

Interest in the origins and development of social justice principles would appear to be an obvious starting point for the construction of theoretical perspectives on social justice. Everyday observation confirms that children in various cultures demonstrate sharing, assistance, and equity—in short, perceptions of fairness in their relationships with others. Indeed, some of the earliest psychological theories on moral judgment (Piaget, 1932/1965) as well as early research studies on the knowledge of justice norms (Hartshorne & May, 1929) were based on the behavior of children. However, this promising beginning was not followed up in any systematic way; only within the past dozen years or so has there been intensified and expanded investigation into the ways in which children judge and react to each other’s fate, develop and refine their notions of various forms of justice, and behave in ways that demonstrate a commitment to deserving in their relationships with others.

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  • Cite Count Icon 155
  • 10.1016/j.neuropsychologia.2017.09.035
Human lesion studies of ventromedial prefrontal cortex
  • Sep 29, 2017
  • Neuropsychologia
  • Brett Schneider + 1 more

Human lesion studies of ventromedial prefrontal cortex

  • Research Article
  • Cite Count Icon 18
  • 10.1016/j.neuron.2008.11.019
You Shouldn't Have: Your Brain on Others' Crimes
  • Dec 1, 2008
  • Neuron
  • Johannes Haushofer + 1 more

You Shouldn't Have: Your Brain on Others' Crimes

  • Research Article
  • Cite Count Icon 22
  • 10.1176/appi.ps.60.2.231
Association Between Staff Factors and Levels of Conflict and Containment on Acute Psychiatric Wards in England
  • Feb 1, 2009
  • Psychiatric Services
  • Len Bowers

Objective: Conflict (for example, aggression, substance use, and absconding) threatens the safety of patients and staff, and containment use (for example, coerced medication, special observation, and manual restraint) arouses strong feelings and is controversial. Previous work suggests that three staff factors have an impact on rates of these events: the positive appreciation of patients by staff, the staff's management of their own emotional reactions to patient behavior, and the provision of an effective structure. The aim of this study was to test this theory.<br/><br/>Methods: A multivariate cross-sectional design was utilized. Data were collected for a six-month period on 136 acute psychiatric wards in 26 National Health Service Trusts in England. Multiple regression was conducted to determine the factors most strongly associated with total conflict and containment rates.<br/><br/>Results: Provision of an effective structure of rules and routines for patients was the staff feature most strongly and consistently associated with lower conflict and containment rates, with other elements of the theory less well supported by the data. Other patient and ward factors were also significantly associated with differences in conflict and containment rates between wards, in particular the proportion of patients formally detained under mental health legislation, the quality of the physical environment, and staff and patient race-ethnicity. <br/><br/>Conclusions: Conflict and containment are reliable and meaningful concepts. Staff factors are relevant in the determination of conflict and containment rates on wards, but the most important of these is the provision of an effective, well-organized structure of rules and daily routines. There are a number of ways in which conflict on wards might be reduced, including a greater emphasis on the production of effective structure and order on the ward and work in the community to reduce the numbers of compulsory admissions.

  • Research Article
  • Cite Count Icon 90
  • 10.1176/ps.2009.60.2.231
Association Between Staff Factors and Levels of Conflict and Containment on Acute Psychiatric Wards in England
  • Feb 1, 2009
  • Psychiatric Services
  • Len Bowers

Conflict (for example, aggression, substance use, and absconding) threatens the safety of patients and staff, and containment use (for example, coerced medication, special observation, and manual restraint) arouses strong feelings and is controversial. Previous work suggests that three staff factors have an impact on rates of these events: the positive appreciation of patients by staff, the staff's management of their own emotional reactions to patient behavior, and the provision of an effective structure. The aim of this study was to test this theory. A multivariate cross-sectional design was utilized. Data were collected for a six-month period on 136 acute psychiatric wards in 26 National Health Service Trusts in England. Multiple regression was conducted to determine the factors most strongly associated with total conflict and containment rates. Provision of an effective structure of rules and routines for patients was the staff feature most strongly and consistently associated with lower conflict and containment rates, with other elements of the theory less well supported by the data. Other patient and ward factors were also significantly associated with differences in conflict and containment rates between wards, in particular the proportion of patients formally detained under mental health legislation, the quality of the physical environment, and staff and patient race-ethnicity. Conflict and containment are reliable and meaningful concepts. Staff factors are relevant in the determination of conflict and containment rates on wards, but the most important of these is the provision of an effective, well-organized structure of rules and daily routines. There are a number of ways in which conflict on wards might be reduced, including a greater emphasis on the production of effective structure and order on the ward and work in the community to reduce the numbers of compulsory admissions.

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