First-order modal logic, in the usual formulations, is not sufficiently expressive, and as a consequence problems like Frege’s morning star/evening star puzzle arise. The introduction of predicate abstraction machinery provides a natural extension in which such difficulties can be addressed. But this machinery can also be thought of as part of a move to a full higher-order modal logic. In this ...

The basic question of ontology is “What exists?”. The basic question of metaontology is: are there objective answers to the basic question of ontology? Here ontological realists say yes, and ontological anti-realists say no. (Compare: The basic question of ethics is “What is right?”. The basic question of metaethics is: are there objective answers to the basic question of ethics? Here moral rea...

In today's investment world there is emphasis on the role of accounting information. Behavioral factors always play an important role in financial markets. All investors are not rational and their demand for riskiness of assets is influenced by their beliefs and feelings. Optimism, pessimism, self-confidence, ambiguity-aversion, etc. help changing the manner of decision-making process over time...

Several authors have reported an unconditional size effect in returns around earnings announcements. In this study we show how this finding can be understood as resulting from ambiguity aversion. We hypothesize that analyst forecasts for smaller companies are relatively more ambiguous; hence they are priced pessimistically by ambiguity-averse investors. As the quarter comes to a close and ambig...