Search Results (54)

This paper asks whether debt among affluent consumers reflects rational leverage, comparable to firms, or the influence of cognitive biases. Using survey data on Brazilian bank clients, we combine logistic regressions with a finite-mixture-inspired, rule-based classification and a test based on a ten-business-day overdraft grace period to identify heterogeneity in borrowing behavior. In the high-income subsample, Cognitive Reflection Test scores are unrelated to debt incidence, diverging from prior evidence in mixed-income populations. Among indebted affluent respondents, most borrowing is cost-sensitive and consistent with deliberate leverage (about 80 percent), while a minority displays patterns consistent with optimism bias and overconfidence (about 20 percent). The institutional feature of a temporary grace period lowers the effective cost of short-term credit and is associated with a marked reduction in overdraft use, reinforcing the leverage interpretation. Overall, consumer debt is heterogeneous; for the affluent, it largely aligns with leverage, though behavioral biases persist at the margins. Policy for high-income borrowers should prioritize targeted measures that address optimism bias and overconfidence while preserving deliberate leverage management through clear disclosures and monitoring of sensitivity to short-term credit costs. Full article

Background/Objectives: Family is a key protective factor for firefighters’ mental health, yet the home-related challenges of firefighting’s occupational demands remain underexplored in South Korea. This study aimed to establish an initial understanding of these challenges by conducting in-depth interviews with male firefighters and analyzing their lived experiences using a phenomenological approach. Methods: Twenty-nine married male firefighters (mean age = 43.4 years, range = 31–55) affiliated with the Busan Fire Department participated in individual telephone interviews between April and July 2022 during the COVID-19 pandemic. Data were analyzed using Giorgi’s descriptive phenomenological method, with NVivo Pro 12.0 employed for coding and organization. Results: Six themes were identified: (1) acting as an emergency commander at home, (2) reinterpreting traumatic experiences after marriage, (3) physical and emotional exhaustion from irregular schedules, (4) being national heroes misunderstood by families, (5) guilt-ridden and indebted Superman, and (6) striving to be Superman at home as well. These themes reflected the overarching meaning of a “lonely breadwinner struggling to be Superman both at work and home.” Participants described hyperarousal, emotional withdrawal, strained relationships, guilt over missed family events, and compensatory overextension. Distress was often concealed to protect families, but this limited emotional support. Conclusions: Korean male firefighters face significant work–family conflict shaped by cultural and occupational factors. These findings highlight the need for family-centered counseling, psychoeducation, and organizational interventions. Policy measures such as guaranteed rest after shifts, couple-based communication programs, and resilience-building initiatives are recommended to strengthen families as vital sources of psychological resilience. Full article

Promoting structural deleveraging is a key strategy for China to reduce high debt levels and mitigate systemic financial risks. In this context, the deleveraging of state-owned enterprises (SOEs) has become a national strategic priority. This study explores whether enhancing the quality of internal control as an internal governance mechanism can facilitate the deleveraging process of SOEs. Using a sample of A-share state-owned listed companies from the Shanghai and Shenzhen stock exchanges (2009–2023) and based on resource-based theory and signaling theory, we examine the impact and mechanisms through which internal control quality influences SOE leverage reduction. Our results demonstrate that higher internal control quality significantly promotes deleveraging in SOEs, and these findings remain robust after conducting endogeneity tests and employing alternative model specifications. Improved internal control mitigates resource misallocation and encourages firms to adopt two primary strategies: debt reduction (through short-term liability repayment and retained earnings) and equity expansion. However, the positive effect diminishes as Research and Development (R&D) intensity increases, reflecting the trade-off between innovation-driven growth and financial stability. Further heterogeneity analyses reveal that the deleveraging effect is more pronounced in local SOEs and over-indebted SOEs, as enhanced internal control helps eliminate non-performing liabilities. This study contributes to the literature on the economic consequences of internal control and provides empirical insights for policymakers seeking to optimize the capital structures of SOEs. Full article

Ancrene Wisse describes the medieval devotional concern on work as a valid means for spiritual salvation. Depicting women’s domestic chores as imageries to be used for confession and penance, Ancrene Wisse demonstrates that the intellectual labors of the anchoresses maintaining their enclosure are indebted to manual labor. More importantly, the maidservants’ work enables the practice of enclosure and contributes to the spiritual goal of anchoritism. The servants’ work visualizes the virtues of the anchoress to the community, promotes enclosure to the public, and enables teaching as a shared form of work between the servants and the anchoress. Thus, Ancrene Wisse opens up a discussion of the relation between women, work, and spiritual development in medieval England. Full article

Debt is a fundamental component of modern economic systems. It serves as a source of financing for government, business, and individual projects. Many earlier studies concentrated on the direct relationship between debt and economic performance using different econometric methodologies. This work investigates the effect of debt on production efficiency, extracted from the estimated production function. Unlike previous econometric approaches, we employ a production stochastic frontier analysis (SFA) on data for 18 OECD countries spanning from Quarter 1, 2015, to Quarter 3, 2021, to capture the short-run effect of debt on the production efficiency and, thus, output growth. The results show that, in the short run, as debt increases by $1 billion, efficiency increases by 0.04%. Additionally, we found that the most indebted countries are the most efficient countries. In our sample, those were the UK and France. Furthermore, the average efficiency for the 18 OECD countries was 70.07. Full article

This article provides an analysis of the enduring disagreements among bioethicists over the divide between secular and religious boundaries that are reflected in liberal, libertarian, and conservative approaches to medicine as a profession and vocation. At the beginning of the twentieth century, the most authoritative voices to address the problem of suffering were Protestants, Strict Calvinists, hydropaths, and homeopaths. Other religious and medical groups had regularly confronted pain and suffering in the nineteenth century in light of the discovery and increasing use of anesthesia. Rationalizations for suffering were first and foremost indebted to strong beliefs about divine will and about the seemingly inevitable course of nature. Did physical pain reflect the wrongdoing of one individual or of an entire community? What was the appropriate way to respond to the natural circumstances of growth, decay, and healing? Such questions produced a varied rhetoric of suffering that emerged in new ways in the second half of the twentieth century. Questions and concerns about the ethical foundations of medical practice—what should and should not be permitted—illustrate the present cultural struggles. Full article

The foot-and-mouth disease virus is a highly contagious and economically devastating virus of cloven-hooved animals, including cattle, buffalo, sheep, and goats, causing reduced animal productivity and posing international trade restrictions. For decades, chemically inactivated vaccines have been serving as the most effective strategy for the management of foot-and-mouth disease. Inactivated vaccines are commercially produced in cell culture systems, which require successful propagation and adaptation of field isolates, demanding a high cost and laborious time. Cell culture adaptation is chiefly indebted to amino acid substitutions in surface-exposed capsid proteins, altering the necessity of RGD-dependent receptors to heparan sulfate macromolecules for virus binding. Several amino acid substations in VP1, VP2, and VP3 capsid proteins of FMDV, both at structural and functional levels, have been characterized previously. This literature review combines frequently reported amino acid substitutions in virus capsid proteins, their critical roles in virus adaptation, and functional characterization of the substitutions. Furthermore, this data can facilitate molecular virologists to develop new vaccine strains against the foot-and-mouth disease virus, revolutionizing vaccinology via reverse genetic engineering and synthetic biology. Full article

Notwithstanding the considerable attention that Chinese Bible translations have attracted, some important theological issues have been ignored for a long time, one of which is anthropology. The present article focuses on the Chinese rendering of terms in this category. From the attempts in the first three Catholic versions, the Western theory of soul introduced by Matteo Ricci began to influence the connotation of ling 靈 in Chinese biblical texts, though anima and spiritus had not been distinguished or the translations were still obscure in these renditions. Robert Morrison’s version, though heavily dependent on Jean Basset’s translation, was also indebted to Emmanuel Diaz and Louis A. de Poirot in its dichotomous anthropology, developing a ling–rou 靈–肉 (lit. spirit–flesh) dichotomous discourse with his conceptualization of ling 靈. Initiated by the “second generation” of Protestant Bible translators, the renderings of pneuma/ruach and sarx/basar took the indigenized approach that culminated in the Delegates’ Version of the Bible. With the assistance of some Chinese scholars in completing this version, Medhurst launched a dialogue between Christian anthropology and Chinese traditional outlooks of human beings by emphasizing the concepts of shen 身 and xin 心, which had long-lasting popularity in later versions of the Chinese Bible. Full article

The epistemic arrow of time is the fact that our knowledge of the past seems to be both of a different kind and more detailed than our knowledge of the future. Just like with the other arrows of time, it has often been speculated that the epistemic arrow arises due to the second law of thermodynamics. In this paper, we investigate the epistemic arrow of time using a fully formal framework. We begin by defining a memory system as any physical system whose present state can provide information about the state of the external world at some time other than the present. We then identify two types of memory systems in our universe, along with an important special case of the first type, which we distinguish as a third type of memory system. We show that two of these types of memory systems are time-symmetric, able to provide knowledge about both the past and the future. However, the third type of memory systems exploits the second law of thermodynamics, at least in all of its instances in our universe that we are aware of. The result is that in our universe, this type of memory system only ever provides information about the past. We also argue that human memory is of this third type, completing the argument. We end by scrutinizing the basis of the second law itself. This uncovers a previously unappreciated formal problem for common arguments that try to derive the second law from the “Past Hypothesis”, i.e., from the claim that the very early universe was in a state of extremely low entropy. Our analysis is indebted to prior work by one of us but expands and improves upon this work in several respects. Full article

This essay examines Jean-Luc Marion’s phenomenal model of the Trinity expounded in his recent book D’Ailleurs, la révélation (2020) and attempts to give an initial assessment from a theological perspective. Since Marion’s programme is largely indebted to the Roman Catholic theologian Hans Urs von Balthasar’s own project, first I give an overview of the Balthasarian phenomenal approach to revelation famously termed “aesthetic theology”. Next, I present Marion’s ideas concerning the convergence between the phenomenological and the theological enterprise. The third part examines the theological rationale behind Marion’s phenomenal model of the Trinity that again can be seen as relying significantly on Balthasarian trinitarian theology. In this section, I give an overview of the idea of the relationship between the immanent and the economic Trinity, and I inspect notions, such as trinitarian distance, kenosis and Marion’s own concept elsewhere. The fourth section gives an outline of Marion’s phenomenal model of the trinity where he develops a new trinitarian triad based on a phenomenal approach. The closing section reflects on the advantages and difficulties of Marion’s project. Full article

Financial decision making in family companies is a topical issue that has arisen from an awareness of the significant impact of family businesses on the economies of individual countries. This article deals with the capital structure and business performance of family firms in the Czech Republic, as there is still a significant gap in family business research and empirical verification. This study aims to investigate Czech family businesses’ corporate financing practices and compare them with population data from all active companies. The literature distinguishes between the positive and negative impacts of family ownership on capital structure and performance. Our empirical findings hypothesise that family businesses are more leveraged than non-family firms and vice versa. At the same time, a slightly positive impact from family influence on firm financial performance is indicated. This study uses descriptive statistics to detect family influence on corporate capital structure and financial performance regarding business sectors. The results of this study indicate that Czech family firms are less indebted than all/non-family businesses, and that they have proved to be more profitable in terms of ROEs and ROAs. Furthermore, significant differences in financial characteristics have been identified not just between individual business sectors but also between sample family firms and all/non-family firms within one business sector. Full article

As states bring more and more offshore wind online and build renewable energy capacity, the promise of large-scale ocean renewables such as offshore wind is not shared equally across all coastal states. This paper examines the situation of coastal states identified by the World Bank as Heavily Indebted Poor Countries (HIPCs) in the context of the boom in offshore wind investment. Specifically, the paper looks at the limited access to renewable energy production exacerbated by ongoing public debt loads, and the almost complete lack of access to clean ocean energy development for the poorest coastal states. Using statistics from the International Renewable Energy Agency and datasets from the Our World in Data project, this paper highlights that the most indebted coastal states only have access to 0.69% of the available renewable energy even though these states represent 4.6% of the global population. In the context of state responsibility for failing to meet climate obligations under the UNFCCC, this paper argues that a sovereign debt relief package offers an equitable remedy to HIPC coastal states, many of whom owe a substantial portion of their GDP as external public debt. The debt service payments would be invested in the upfront capital costs of ocean-based clean energy. These types of debt relief arrangements address international state responsibility and offer the dual co-benefits of long-term economic development and low-carbon sustainability. Full article

This study explores fiscal consolidations’ impact on non-performing loans (NPLs) in highly indebted countries (HICs) following the global financial crisis (GFC) and subsequent sovereign debt crisis. A dynamic panel data estimator was applied to obtain the unbiased estimator due to NPLs’ time persistence. The findings reveal that fiscal consolidation measures increase NPLs since they limit the household and business loan-serving capacity. Extended analysis categorises fiscal consolidation episodes into (1) the fiscal consolidation weak form (FCWE) and (2) the fiscal consolidation strong form (FCSE). The extended analysis results reveal that the FCWE and FCSE improve NPLs by 1.55% and 31.10%, respectively. The weak-to-strong form transition of the fiscal consolidation analysis resulted in improving NPLs by 28.55 percentage points. NPL definition challenges, the potential influence of loan restructuring and regulatory restrictions, and implications for policymakers and financial institutions in managing NPLs in highly indebted economies were explored. Investigating the potentially different effects of both forms of fiscal consolidation (FCWE and FCSE) on NPLs in countries with different definitions of NPLs, including a comparison study between different definitions, was identified as an implication for future research. Finally, future studies should examine how restrictions on IFRS 9 may affect the FCWE and NPL as well as FCSE and NPL associations. Full article

Andrej Tarkovsky is a Russian film author who has indebted the entire world’s cinematography with his cinematic style. His (auto)biography and filmography give us a hint that he was a deeply religious man who believed that art should serve to deepen man’s spirituality. By watching and analyzing the author’s films, we came to the hypothesis that Tarkovsky uses the characters of children to express something supernatural, and therefore, we wanted to explore which narratives and stylistic devices the director uses to give his interpretation of the spiritual and transcendent. Thus, we analyzed nine characters of children that appear in the director’s six full-length feature films: Ivan Bondarev (Ivan’s Childhood), Boriska (Andrei Rublev), Aleksej, Ignat and Asafjev (Mirror), Marta (Stalker), Domenico’s son and Angela (Nostalghia), and Gossen (The Sacrifice). The methods we have used are qualitative content analysis, description, comparison, and synthesis. The characteristics we have noticed in the characters of the children, which could point to the transcendent, are a deep and penetrating gaze, the supernatural powers children use, the mysterious environments they inhabit, the deep influence they have on other characters, asking religious questions, hermit-like loneliness, modest clothes, and allusions to a Christ-like figure. Full article