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Stakeholder theory usually focuses on the moral responsibility of corporations towards their stakeholders. This article takes the reverse perspective to shed light on the moral responsibility of stakeholders—specifically, investors or 'financiers'. It explicates a distinction between two types of financiers, creditors and shareholders. Many intuitively judge that shareholders have greater or more extensive moral responsibility for the actions of the corporations they invest in than do bondholders and other creditors. Examining the merits of possible arguments for or against treating owners and creditors differently elucidates which arguments can support the moral duties of investors generally, and different duties for different groups of investors specifically. The paper considers three possible lines of arguments, rooting investors' responsibility, respectively, in how they enable corporate conduct, how they benefit from it, and to what extent they are complicit in it. The paper argues that a notion of complicity is the only tenable ground for holding investors liable; sketches an account of complicity based on the recent philosophical literature on collective intention and collective action; and concludes that shareholders but not creditors can generally be seen as complicit on this account.

Despite a widespread trend toward the adoption of increasingly participatory approaches to political decision making in developing countries, there is little or no evidence that these practices in fact return the benefits attributed to them. This article investigates one specific worry—that participatory decision-making processes may be vulnerable to manipulation by elites. The authors report on a field experiment, drawing on a unique nationwide experiment in democratic deliberation in São Tomé and Príncipe in which the discussion leaders were randomly assigned across meetings. The randomization procedure provides a rare opportunity to identify the impact of leaders on the outcomes of group deliberations. They find that leader effects were extremely large, in many cases accounting for over one-third of all variation in the outcomes of the national discussions. These results have important implications for the design of such deliberative practices. While the total effect of leadership cannot be assessed, it may still be possible to observe when leader influence occurs and to correct for leader effects in comparisons of outcomes across deliberations.

Conventional economic theory assumes that people care only about ultimate outcomes and are indifferent to the decision and allocation processes by which outcomes are brought about. Building on Sen (1997), I relax this assumption, and investigate the formal and philosophical issues that arise. I extend the formal apparatus of preference theory to analyse how processes may enter preferences, and investigate whether traditional invariance requirements like the Weak Axiom of Revealed Preference are still satisfied in this new setting. I show that it is, provided certain conditions of separability hold, and I discuss the plausibility of these conditions. Further, I argue that processes are often valued in a mode that diverges from the conventional modes of instrumental and intrinsic/independent valuation. I introduce the notion of dependent non-instrumental valuation, and show how processes could depend on their instrumental function for their value – making their value dependent – and yet derive their value from something else – making it non-instrumental. Dependent non-instrumental value, I argue, can be explained by symbolic and evidential relations between processes and outcomes.

Publication of robust, transparent, and valid indices of health system performance could lead to greater political accountability and to evidence-based health policies. To this end, the World Health Organization recently published indices of health system performance for its 191 member states.

The suddenness of the death itself remains somewhat speculative, because it generally occurs at an unknown interval after the child was last seen alive and apparently well. Since infant primary immunization schedules temporally coincide with the peak age for the incidence of sudden infant death syndrome (SIDS), speculation about the association of immunization and SIDS may arise when deaths follow vaccinations, despite their predictable occurrence by chance alone [1,2]. [...]we would like to thank the members of the WHO/CIOMS Working Group on Vaccine Pharmacovigilance (http://www.cioms.ch/frame_current_programme.htm) for the review of, constructive comments on, and endorsement of this document.