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i

Financial Behavior
F I N A N CI A L M A R K ETS A N D I N V E ST M E N TS S E R I E S
H. Kent Baker and Greg Filbeck, Series Editors

Portfolio Theory and Management

Edited by H. Kent Baker and Greg Filbeck
Public Real Estate Markets and Investments
Edited by H. Kent Baker and Peter Chinloy
Private Real Estate Markets and Investments
Edited by H. Kent Baker and Peter Chinloy
Investment Risk Management
Edited by H. Kent Baker and Greg Filbeck
Private Equity: Opportunities and Risks
Edited by H. Kent Baker, Greg Filbeck, and Halil Kiymaz
Mutual Funds and Exchange-​Traded Funds: Building Blocks to Wealth
Edited by H. Kent Baker, Greg Filbeck, and Halil Kiymaz
iii

Financial Behavior
PLAY ER S , S E R VIC E S , PR ODU C TS , AND MARKE TS

H. KENT BAKER

GREG FILBECK

and

VICTOR RICCIARDI

1
1
Oxford University Press is a department of the University of Oxford. It furthers
the University’s objective of excellence in research, scholarship, and education
by publishing worldwide. Oxford is a registered trade mark of Oxford University
Press in the UK and certain other countries.

Published in the United States of America by Oxford University Press

198 Madison Avenue, New York, NY 10016, United States of America.

© Oxford University Press 2017

All rights reserved. No part of this publication may be reproduced, stored in

a retrieval system, or transmitted, in any form or by any means, without the
prior permission in writing of Oxford University Press, or as expressly permitted
by law, by license, or under terms agreed with the appropriate reproduction
rights organization. Inquiries concerning reproduction outside the scope of the
above should be sent to the Rights Department, Oxford University Press, at the
address above.

You must not circulate this work in any other form

and you must impose this same condition on any acquirer.

Library of Congress Cataloging-in-Publication Data

Names: Baker, H. Kent (Harold Kent), 1944- editor. | Filbeck, Greg, editor. |
Ricciardi, Victor, editor.
Title: Financial behavior : players, services, products, and markets /
[edited by] H. Kent Baker, Greg Filbeck, and Victor Ricciardi.
Description: New York City : Oxford University Press, 2017. | Series:
Financial markets and investments series | Includes index.
Identifiers: LCCN 2016036009 | ISBN 9780190269999 (hardcover)
Subjects: LCSH: Investments—Psychological aspects. | Investments—Decision making. |
Finance—Psychological aspects.
Classification: LCC HG4515.15 .F56 2016 | DDC 332.601/9—dc23
LC record available at https://lccn.loc.gov/2016036009

9 8 7 6 5 4 3 2 1
Printed by Sheridan Books, Inc., United States of America
v

Contents

List of Figures    ix

List of Tables    xi
Acknowledgments    xiii
Acronyms and Abbreviations    xv
About the Editors    xix
About the Contributors    xxi

Part One   FINANCIAL BEHAVIOR AND PSYCHOLOGY

1. Financial Behavior: An Overview    3

H. KENT BAKER, GREG FILBECK, AND VICTOR RICCIARDI

2. The Financial Psychology of Players, Services, and Products    23

VICTOR RICCIARDI

Part Two   THE FINANCIAL BEHAVIOR OF MAJOR PLAYERS

3. Individual Investors     45

HENRIK CRONQVIST AND DANLING JIANG

4. Institutional Investors     64

ALEXANDRE SKIBA AND HILLA SKIBA

5. Corporate Executives, Directors, and Boards    79

J O H N R . N O F S I N G E R A N D PAT TA N A P O R N C H AT J U T H A M A R D

v
vi Co ntents

6. Financial Planners and Advisors    97

B E N J A M I N F. C U M M I N G S

7. Financial Analysts     118

SUSAN M. YOUNG

8. Portfolio Managers     135

ERIK DEVOS, ANDREW C. SPIELER, AND JOSEPH M.
TENAGLIA

9. Financial Psychopaths     153

D E B O R A H W. G R E G O R Y

Part Three   FINANCIAL AND INVESTOR PSYCHOLOGY

OF SPECIFIC PLAYERS

10. The Psychology of High Net Worth Individuals    173

R E B E C C A L I -​H U A N G

11. The Psychology of Traders    192

DUCCIO MARTELLI

12. A Closer Look at the Causes and Consequences of Frequent

Stock Trading    209
MICHAL STRAHILEVITZ

13. The Psychology of Women Investors    224

M A R G U E R I TA M . C H E N G A N D S A M E E R S . S O M A L

14. The Psychology of Millennials    241

A P R I L R U D I N A N D C AT H E R I N E M C B R E E N

Part Four   THE PSYCHOLOGY OF FINANCIAL SERVICES

15. Psychological Aspects of Financial Planning    265

DAV E Y E S K E A N D E L IS SA B U I E
vii

C on t e n t s vii

16. Financial Advisory Services    285

J E R O E N N I E B O E R , PAU L D O L A N , A N D I V O V L A E V

17. Insurance and Risk Management    302

J A M E S M . M O T E N J R . A N D C . W. C O P E L A N D

18. Psychological Factors in Estate Planning    318

J O H N J . G U E R I N A N D L . PAU L HO O D J R .

19. Individual Biases in Retirement Planning

and Wealth Management    337
JAMES E. BREWER JR. AND CHARLES H. SELF III

Part Five   THE BEHAVIORAL ASPECTS OF INVESTMENT

PRODUCTS AND MARKETS

20. Traditional Asset Allocation Securities: Stocks, Bonds, Real

Estate, and Cash    359
C H R I S TO P H E R M I L L I K E N , E H S A N N I K B A K H T,
AND ANDREW C. SPIELER

21. Behavioral Aspects of Portfolio Investments    378

N AT H A N M A U C K

22. Current Trends in Successful International M&As    397

NANCY HUBBARD

23. Art and Collectibles for Wealth Management    422

P E T E R J . M AY

Part Six   MARKET EFFICIENCY ISSUES

24. Behavioral Finance Market Hypotheses    439

ALEX PLASTUN

25. Stock Market Anomalies    460

STEVE Z. FAN AND LINDA YU
viii Co ntents

26. The Psychology of Speculation in the Financial Markets    481

VICTOR RICCIARDI

27. Can Humans Dance with Machines? Institutional Investors,

High-​Frequency Trading, and Modern Markets Dynamics    499
IRENE ALDRIDGE

Part Seven   THE APPLICATION AND FUTURE

OF BEHAVIORAL FINANCE

28. Applications of Client Behavior: A Practitioner’s Perspective    523

HAROLD EVENSKY

29. Practical Challenges of Implementing Behavioral

Finance: Reflections from the Field    542
G R E G B. DAV I E S A N D P E T E R B R O O KS

30. The Future of Behavioral Finance    561

MICHAEL DOWLING AND BRIAN LUCEY

Discussion Questions and Answers    579

Index    611
ix

List of Figures

11.1 Main Types of Bias Affecting Traders’ Investment Decisions 194

14.1 Views of the American Dream, by Age Group 243
14.2 Knowledge Level for Investors by Age Group and Income 244
14.3 Survey Responses to Question about Retirement Planning 246
14.4 Degree of Advisor Use, by Age Group and Income 248
14.5 Generational Criteria for Making Investment Decisions 251
14.6 Client Familiarity with Investment Terms 257
14.7 Likelihood of Client Use of Financial Services via Technology 258
15.1 The Holon in Financial Planning 271
15.2 Components of Trust and Commitment 274
15.3 Major Factors for Building the Trust and Commitment Relationship 274
15.4 Technical Quality, Functional Quality, and Communication Effectiveness 275
15.5 Satisfaction and Trust as Antecedents to Commitment 276
20.1 Performance of U.S., International, and Emerging Market Stock Indexes 370
22.1 Reasons Given for Most Recent Acquisition from Executives of 50
International Companies 403
22.2 Views on Amount of Shareholder Value Gained from Most Recent
Acquisition 406
22.3 Views on Competitive Advantage Gained from Most Recent
Acquisition 407
22.4 Advance Planning Time for Domestic and International Acquisitions 411
22.5 Comparison of Time Spent on Synergistic Evaluations, Domestic and
International Acquirers 412
22.6 Anticipated Synergies for Domestic and International Acquisitions 413
22.7 Top Three HR Concerns after Acquisition by Cross-​Border Company 414
22.8 Time Needed to Appoint Senior Management after Company
Acquisition 416
22.9 Stated Reasons for Acquisition Success 417
24.1 Randomly Generated Values 441
24.2 Gold Prices for Three-​Month Period, 2006 442
24.3 Movement of DJIA between 2000 and 2013 449
25.1 Time Series of Annual Returns for Two Asset Growth Portfolios 466

ix
x L i s t of F i gures

25.2 Comparison of IPO/​SEO Annual Returns and Matching Annual Returns

of Non-​issuing Companies 467
25.3 Returns of a Long–​Short Portfolio Formed on Accruals 469
27.1 Buy-​side Available Liquidity Exceeding Sell-​side Liquidity 501
27.2 Impact of “Flickering Quotes” on Buy Offers 501
27.3 Impact of Aggressive HFT Orders on Bid–​Ask Spreads 503
27.4 Placement of Passive HFT Order 504
27.5 Number of Order Messages per Each Added Limit Order 509
28.1 The Relation Between Risk and Return 524
28.2 The Efficient Portfolio 524
28.3 Anchoring on the Efficient Frontier: Risk Tolerance Exceeds
Risk Need 526
28.4 Anchoring on the Efficient Frontier: Risk Need Exceeds
Risk Tolerance 527
28.5 Risk Reduction through Diversification 528
xi

List of Tables

14.1 Social Media Most Likely to Be Used for Specified Activities 256
20.1 Correlation Matrix of U.S., International, and Emerging Market
Stock Indexes 371
21.1 Annual Cash Flows in U.S. Mutual Funds, Based on ICI Data 380
21.2 Annual Cash Flows in U.S. Index Mutual Funds, Based on ICI Data 381
21.3 Annual Cash Flows and Total Assets of ETFs, Based on ICI Data 386
22.1 Financial and Intangible Factors for Market Attractiveness, According
to Executives from 50 International Companies 401
22.2 Irrational Reasons Cited for Acquisitions 405
22.3 Comparison of Due Diligence Undertaken by Domestic and Cross-​border
Acquirers 409
24.1 Comparative Characteristics of the Efficient Market Hypothesis and the
Fractal Market Hypothesis 447
24.2 Reasons for Investor Overreactions 451
25.1 Summary Statistics for Abnormal Returns of Zero-​cost Portfolios by
Country and Anomaly 462
25.2 Returns of Portfolios Formed Based on Previous Stock Returns 468
27.1 Average Aggressive HFT Participation in Equities on August 31, 2015 503
27.2 Sample from Level III Data (Processed and Formatted) for GOOG on
October 8, 2015 506
27.3 Distribution of Order Sizes in Shares Recorded for GOOG on October 8,
2015 507
27.4 Distribution of Difference between Sequential Order Updates for All Order
Records for GOOG on October 8, 2015 508
27.5 Size and Shelf Life of Orders Canceled in Full, with a Single Cancellation for
GOOG on October 8, 2015 509
27.6 Distribution of Times between Subsequent Order Revisions for GOOG on
October 8, 2015 511
27.7 Distribution of Duration of Limit Orders Canceled with an Order Message
Immediately Following the Order Placement Message 512
27.8 Market Order Executions (Message Type “E”) and Other Order Type
Dynamics at 10-​Message Frequency 514

xi
xii L i s t of Ta b les

27.9 Hidden Limit Order Executions (Message Type “P”) and Other Order Type
Dynamics at 10-​Message Frequency 515
27.10 Market Order Executions (Message Type “E”) and Other Order Type
Dynamics at 300-​Message Frequency 516
27.11 Hidden Limit Order Executions (Message Type “P”) and Other Order Type
Dynamics at 300-​Message Frequency 517
28.1 Attributes of Investing 531
28.2 Projected Return and Risk Exposure under Different Risk Levels 533
29.1 Effect of Approaches to Behavioural Change on Knowledge, Engagement,
and Emotional Comfort 555
30.1 Scopus Article Count for “Behavioral Finance” and “Investor Psychology”
Keywords 564
30.2 Count of Articles in SSRN Behavioral and Experimental Finance
eJournal 565
xii

Acknowledgments

The simpler you say it, the more eloquent it is.

—​August Wilson

Publishing a book requires the involvement of many people. Although acknowledging

everyone who participated in the process would be difficult, we would like to single
out the following individuals. First, we greatly appreciate the helpful comments of the
anonymous reviewers of our book proposal that helped us fine-​tune our proposal.
Second, the chapter authors merit special thanks because without them this book
would not have been possible. We firmly believe that every writer needs an editor,
because self-​editing can be difficult and often leads to missed mistakes. Our task as edi-
tors is to help our authors convey content in the most effective manner possible. The dif-
ference between the right word and nearly the write word can be enormous. As Arthur
Plotnik once said, “You write to communicate to the hearts and minds of others what’s
burning inside you, and we edit to let the fire show through the smoke.” We also adhere
to the notion expressed by E. B. White that “The best writing is rewriting.” Therefore,
based on our edits and comments, most authors rewrote their chapters at least twice.
They did so without complaint—​at least without any complaints expressed directly to
us. Perhaps J. Russell Lynes was correct: “No author dislikes to be edited as much as he
dislikes not to be published.”
Third, our partners at Oxford University Press performed in the same highly profes-
sional manner that they have throughout the Financial Markets and Investments Series.
Scott Parris, Anne Dellinger, and Cathryn Vaulman helped steer the book through the
early stages of the process while David Pervin and Emily MacKenzie played impor-
tant roles later in the process. Special thanks also go to Rajakumari Ganessin (Project
Manager), Carole Berglie (Copyeditor), and Claudie Peterfreund (Indexer). These are
just a few of the people who played important roles in this book project.
Fourth, we appreciate the research support provided by our respective institu-
tions: the Kogod School of Business at American University, the Behrend College at
Penn State Erie, and the Business Management Department at Goucher College.
Finally, we thank our families for their encouragement and support and dedicate the
book to them: Linda and Rory Baker; Janis, Aaron, Kyle, and Grant Filbeck; and Jaymie,
Kristin, and Julianna Lunt.

xiii
xv

Acronyms and Abbreviations

AAII American Association of Individual Investors

ACA Affordable Care Act of 2010
ACT acceptance and commitment therapy
ADL activity of daily living
AFS Academy of Financial Services
AHEAD Asset and Health Dynamics among the Oldest Old
AI appreciative inquiry
AICPA American Institute of CPAs
AIM Affect Infusion Model
AMH adaptive market hypothesis
APD antisocial personality disorder
AUM assets under management
BLS Bureau of Labor Statistics
BM book-​to-​market
CALIS Covariance Analysis of Linear Structural
CAPM capital asset pricing model
CBOE Chicago Board Options Exchange
CCAPM consumption CAPM
CD certificate of deposit
CEA Council of Economic Advisers
CEO chief executive officer
CF/​P cash flow-​to-​price
CFA Chartered Financial Analyst
CFO chief financial officer
CFP Certified Financial Planner
CFTC Commodity Futures Trading Commission
COT commitment of trader
CPA Certified Public Accountant
CPI consumer price index
CPT Cumulative Prospect Theory
CRD Central Registration Depository
CRM customer relationship management

xv
xvi Acro ny ms a nd Abbr ev iations

D/​P dividends-​to-​price
DB defined benefit
DBT dialectical behavioral therapy
DC defined contribution
DJIA Dow Jones Industrial Average
E/​P earnings-​to-​price
EFFH extended functional fixation hypothesis
EMH efficient market hypothesis
EPS earnings per share
ETF exchange-​traded fund
FCA Financial Conduct Authority
FCAA Financial Counseling Association of America
FDNA Financial DNA Assessment
FEARS Financial and Economic Attitudes Revealed by Search
FINRA Financial Industry Regulatory Authority
FMH fractal market hypothesis
FPA Financial Planning Association
FPSB Financial Planning Standards Board
FPSM Financial Planning Strategy Modes
FTA Financial Therapy Association
GAO Government Accountability Office
GDP gross domestic product
GNH gross national happiness
GWAS genome-​wide association studies
HFT high-​frequency trading
HNWI high net worth individuals
HO homeowners insurance
HRS Health and Retirement Study
HWM high water mark
IAFP International Association for Financial Planning
IAPD Investment Adviser Public Disclosure
IAR Investment Advisor Representative
IARD Investment Adviser Registration Depository
IBCFP International Board for Standards and Practices for Certified Financial
Planners
IBD independent broker-​dealers
ICAPM intertemporal capital asset pricing model
ICFP Institute of Certified Financial Planners
IOC immediate or cancel
IPO initial public offering
IPS investment policy statement
IRA Individual Retirement Account
IRS Internal Revenue Service
KMV key mediating variable
LOP law of one price
xvi

Acron y m s an d Abbre v iat ion s xvii

M&A merger and acquisition

MBS mortgage-​backed security
MEC modified endowment contract
MFO multi-​family office
MI motivational interviewing
MMF money market fund
MMH mood maintenance hypothesis
MPT modern portfolio theory
MRI magnetic resonance imaging
MS mortality salience
MVO mean-​variance optimization
NAIC National Association of Insurance Commissioners
NAPFA National Association of Personal Financial Advisors
NASD National Association of Securities Dealers
NBBO national best bid and offer
NEFE National Endowment for Financial Education
NEST National Employment Savings Trust
NFCC National Foundation for Credit Counseling
NFIP National Flood Insurance Program
NLSY National Longitudinal Survey of Youth
NPV net present value
NYSE New York Stock Exchange
OCIE Office of Compliance Inspections and Examinations
OECD Organization of Economic Cooperation and Development
OPT option pricing theory
PCL [Hare] Psychopathy Checklist
PFS Personal Financial Specialist
PMI Purchasing Managers’ Index
QDIA qualified default investment alternative
RCT randomized control trial
Red FD Regulation Fair Disclosure
Reg NMS SEC Regulation National Market Systems
REIT real estate investment trust
RIA Registered Investment Adviser
SAA strategic asset allocation
SAD seasonal affective disorder
SCF Survey of Consumer Finances
SEC Securities and Exchange Commission
SEO seasoned equity offering
SIP Securities Information Processor
SML security market line
SOA Society of Actuaries
SRO self-​regulatory organization
SSRN Social Science Research Network
SVI Google Search Volume Index
xviii Acro ny ms a nd Abbr eviations

SWF sovereign wealth fund

TAA tactical asset allocation
TBW Taylor, Bean & Whitaker Mortgage Corporation
TMT terror management theory
UHNW ultra-​high net worth
UX user experience
VIX CBOE Volatility Index
xxi

About the Editors

H. Kent Baker, CFA, CMA, is a University Professor of Finance in the Kogod School
of Business at American University. Professor Baker is an author or editor of 26 books,
including Investor Behavior—​The Psychology of Financial Planning and Investing, Behavioral
Finance—​Investors, Corporations, and Markets, Portfolio Theory and Management, Survey
Research in Corporate Finance, and Understanding Financial Management: A Practical
Guide. As one of the most prolific finance academics, he has published more than 160
peer-​reviewed articles in such journals as the Journal of Finance, Journal of Financial and
Quantitative Analysis, Financial Management, Financial Analysts Journal, and Journal of
Portfolio Management. He has consulting and training experience with more than 100
organizations. Professor Baker holds a BSBA from Georgetown University; M.Ed.,
MBA, and DBA degrees from the University of Maryland; and an MA, MS, and two
PhDs from American University.
Greg Filbeck, CFA, FRM, CAIA, CIPM, PRM holds the Samuel P. Black III Professor
of Finance and Risk Management at Penn State Erie, the Behrend College, and serves as
the Interim Director for the Black School of Business. He formerly served as Senior Vice-​
President of Kaplan Schweser and held academic appointments at Miami University
and the University of Toledo, where he served as the Associate Director of the Center
for Family Business. Professor Filbeck is an author or editor of seven books and has pub-
lished more than 90 refereed academic journal articles in the Financial Analysts Journal,
Financial Review, and Journal of Business, Finance, and Accounting among others. Professor
Filbeck holds and conducts training worldwide for candidates for the CFA, FRM, and
CAIA designations. Professor Filbeck holds a BS from Murray State University, an MS
from Penn State University, and a DBA from the University of Kentucky.
Victor Ricciardi is Assistant Professor of Financial Management at Goucher College.
He teaches courses in financial planning, investments, corporate finance, behavioral
finance, and the psychology of money. He is a leading expert on the academic literature
and emerging research issues in behavioral finance. He co-​edited Investor Behavior—​
The Psychology of Financial Planning and Investing. Professor Ricciardi is the editor
of several eJournals distributed by the Social Science Research Network (SSRN) at

xix
xx A b o ut the Ed i t or s

www.ssrn.com, including: behavioral finance, financial history, behavioral economics,

and behavioral accounting. He received a BBA in accounting and management from
Hofstra University and an MBA in finance and Advanced Professional Certificate
(APC) at the graduate level in economics from St. John’s University. He also holds a
graduate certificate in personal family financial planning from Kansas State University.
He can be found on Twitter@victorricciardi.
xxi

About the Contributors

Irene Aldridge is the Managing Director, Research and Development, AbleMarkets.

com and ABLE Alpha Trading LTD, where she designs, implements, and deploys
proprietary trading strategies. She is also President of AbleMarkets.com, a platform
of predictive market microstructure analytics. Ms. Aldridge is the author of High-​
Frequency Trading: A Practical Guide to Algorithmic Strategies and Trading Systems.
Before joining ABLE Alpha, she taught graduate quantitative finance courses at several
U.S. universities. She has contributed to many government regulatory panels, including
the U.K. Government Foresight Committee for Future of Computer Trading and the
U.S. Commodity Futures Trading Commission’s Subcommittee on High-​Frequency
Trading. Ms. Aldridge holds a BE in Electrical Engineering from Cooper Union, an MS
in Financial Engineering from Columbia University, and an MBA from INSEAD. She
has also studied in two PhD programs, including IEOR at Columbia University.
Michal Strahilevitz is a Visiting Associate Professor at The Center for Advanced
Hindsight at Duke University. Previously, she was a faculty member at Golden Gate
University, University of Arizona, University of Miami, and University of Illinois. She
was also a visiting faculty member at the University of Michigan, and University of
California at Berkeley. She has published in the Journal of Consumer Research, Journal
of Marketing Research, Journal of Consumer Psychology, Journal of Business Research, and
Journal of Nonprofit & Public Sector Marketing. Much of her published research focuses
on how emotions affect decision making in areas related to investing, shopping, and
donating to charity. She blogs for Psychology Today and consults for-​profit and nonprofit
companies. Professor Strahilevitz received an MBA from Tel Aviv University and a PhD
from the University of California at Berkeley.
James E. Brewer Jr. is President of Envision Wealth Planning and Envision 401(k)
Advisors. He works with individuals and small businesses to incorporate their values
into their financial vision using a holistic, behavioral financial planning process. He is
a Certified Financial Planner professional, Accredited Investment Fiduciary, Chartered
Retirement Planning Consultant, and Professional Plan Consultant. Mr. Brewer was a
Top 100 Social Media Financial Advisor in the United States from 2013 to 2015. His
thought leadership has been featured or cited in U.S. News and World Report, The Wall

xxi
xxii A b o ut the Co ntr ibutor s

Street Journal, Voices: James Brewer, on Using ERISA 3(38) Investment Managers, and
Forbes. He holds an M.S. from the Massachusetts Institute of Technology.
Peter Brooks is a Behavioral Finance Transformation Director with Barclays. He joined
Barclays in March 2007 and works with a team of experts to develop and implement
commercial applications drawing on behavioral portfolio theory, the psychology of
judgment and decision making, and decision sciences. He has worked in London and
Singapore, and his current position focuses on bringing the best of behavioral finance
to self-​directed investors through Internet channels. Dr. Brooks has published in the
Journal of Risk and Uncertainty, Theory and Decision, and contributed to the Wiley
Encyclopedia of Operations Research and Management Science. He has been a regular
contributor to the leading print and television media on topics related to investing
private wealth. He holds a PhD in behavioral and experimental economics from the
University of Manchester. His doctoral thesis focused on experimental research into
individual attitudes to monetary gains and losses.
Elissa Buie, CFP, is CEO of Yeske Buie, and holds an appointment as Distinguished
Adjunct Professor in Golden Gate University’s Ageno School of Business, where she
teaches the capstone case course in the financial planning program. She is a past chair
of both the Financial Planning Association and the Foundation for Financial Planning,
the latter being the only nonprofit devoted solely to fostering and supporting the
delivery of pro bono financial planning services to those in need. She is also a dean
in the FPA’s residency program. She has published in the Journal of Financial Planning
and contributed chapters to the first and second editions of the CFP Board’s Financial
Planning Competency Handbook and Investor Behavior: The Psychology of Financial
Planning and Investing. She holds a BS in commerce from the University of Virginia’s
McIntire School and an MBA from the University of Maryland.
Pattanaporn Chatjuthamard is an Associate Professor of Finance at Sasin Graduate
Institute of Business Administration of Chulalongkorn University, Bangkok, Thailand.
Before joining the faculty at Sasin, she was an assistant professor at Texas A&M
International University in Laredo, Texas, between 2002 and 2006. She was also a
visiting professor at Levin Graduate Institute, the University at Buffalo, in 2006. Her
primary research interests include corporate finance, corporate governance, and
international financial markets. She has published in leading scholarly and professional
journals, including the Journal of Financial Intermediation, Journal of Corporate Finance,
Journal of Banking and Finance, Journal of Financial Research, Journal of Business Ethics,
and International Review of Economics and Finance. Professor Chatjuthamard received a
PhD from the University of Wisconsin Milwaukee.
Marguerita M. Cheng is the Chief Executive Officer at Blue Ocean Global Wealth.
Before co-​founding Blue Ocean Global Wealth, she was a Financial Advisor at
Ameriprise Financial and an analyst and editor at Towa Securities in Tokyo, Japan.
Ms. Cheng is a spokesperson for the AARP Financial Freedom Campaign, a regular
columnist for Kiplinger, and former Financial Planning Association (FPA) national
board member. As a Certified Financial Planner Board of Standards (CFP Board)
Ambassador, Ms. Cheng helps educate the public, policymakers, and media about the
benefits of competent, ethical financial planning. She is a CFP professional, a Chartered
xxi

Abou t t h e C on t ribu t ors xxiii

Retirement Planning Counselor, a Certified Divorce Financial Analyst, and Retirement

Income Certified Professional.
C. W. Copeland is an Assistant Professor of Insurance for The American College of
Financial Services. He has 18 years of college teaching experience and nearly 20 years
as a financial services practitioner. He is a registered representative with Cape
Securities and an Investment Advisor Representative with Cape Investment Advisors
and maintains a Series 65, Series 7, Series 6, Series 63, Life and Health, Property and
Casualty Insurance licenses in multiple states. He co-​authored Applications in Financial
Planning II, and edited McGill’s Life Insurance, 10th Edition, Essentials of Life Insurance
Products, 4th Edition, Essentials of Disability Income Insurance, 4th Edition, and Financial
Services Overview: FP99 Financial Services Practicum. Professor Copeland holds a
PhD in financial planning from the University of Georgia with a research focus on
behavioral finance. He also holds the Retirement Income Certified Professional (RICP)
designation, Chartered Financial Consultant (ChFC), and Chartered Life Underwriter
professional designations.
Henrik Cronqvist is Professor of Finance at the University of Miami, where he conducts
interdisciplinary research and teaches finance, entrepreneurship, and management.
His research involves behavioral finance and corporate finance. His work has been
published in top journals in economics, including the American Economic Review
and Journal of Political Economy, as well as in finance, including the Journal of Finance,
Journal of Financial Economics, and Review of Financial Studies. He is often invited to give
seminars at academic conferences and to executives and public policymakers around
the world. Several of his research papers have been recognized with best paper awards at
international conferences, and have been sponsored by competitive research grants. His
work has been featured in BusinessWeek, The Economist, Financial Times, The Wall Street
Journal, and on CNBC and CNN. Professor Cronqvist received a PhD in finance from
the University of Chicago.
Benjamin F. Cummings, CFP®, is an Associate Professor of Behavioral Finance at the
American College of Financial Services. Before his current position, he was an Assistant
Professor at Saint Joseph’s University in Philadelphia, PA and a Scholar in Residence at
CFP Board in Washington, DC. Professor Cummings also worked for FJY Financial, a
fee-​only financial planning firm in Reston, Virginia. He has completed award-​winning
research on the use and value of financial advice, and has worked on funded projects
related to the regulation of professional financial advice. Professor Cummings received
a PhD in personal financial planning from Texas Tech University.
Greg B. Davies recently founded Centapse, a firm dedicated to applying sophisticated
behavioral insight to design, develop, and deploy solutions across industries to help
people and organizations make better decisions. Over the last decade, as head of
Behavioral-​Quant Finance at Barclays, Dr. Davies built and led the world’s first applied
behavioral finance team, implementing behavioral design into the bank’s tools, systems,
propositions, products, and organizational processes. He is an Associate Fellow at Oxford
University’s Saïd Business School, and his first book, Behavioral Investment Management,
was published in 2012. He has authored papers in multiple academic disciplines, and
is a frequent media commentator on behavioral finance. Dr. Davies co-​created the
xxiv A b o ut the Contr ibutor s

“reality opera” Open Outcry, which turns the behavior of a functioning trading floor into
a musical performance, which received its première in London in November 2012. He
holds an undergraduate degree from the University of Cape Town, and an MPhil in
economics and PhD in behavioral decision theory, both from Cambridge University.
Erik Devos is the JP Morgan Chase Professor in Business Administration and
Professor of Finance at the College of Business Administration of the University of
Texas El Paso. He previously taught at Ohio University and Binghamton University
(SUNY). He has published in finance and accounting journals such as Review of
Financial Studies, Journal of Accounting and Economics, Journal of Corporate Finance,
Financial Management, and Journal of Banking and Finance. He has also published in
real estate journals such as Real Estate Economics, Journal of Real Estate Economics and
Finance, and Journal of Real Estate Research. Professor Devos serves as an associate
editor for the Financial Review. He received a master’s degree in financial economics
from Erasmus University in Rotterdam and a PhD in finance from Binghamton
University (SUNY).
Paul Dolan is an internationally renowned expert on happiness, behavior, and public
policy. He is currently Professor of Behavioural Science in the Department of Social
Policy at the London School of Economics and Political Science, and Director of the
new Executive MSc in Behavioural Science. In 2010, he co-​authored the Mindspace
report published by the U.K. Cabinet Office, advising local and national policymakers
on how to effectively use behavioral insights in their policy setting. He received a PhD
from the University of York.
Michael Dowling is an Associate Professor of Finance in ESC Rennes School of
Business in France, where he primarily researches behavioral asset pricing, especially
in energy markets. He has published in such journals as Energy Economics and Energy
Policy and Economics Letters. Professor Dowling is currently the Co-​Editor-​in-​Chief of
the Journal of Behavioral and Experimental Finance, which concentrates on rigorously
investigating the extent to which behavioral principles drive financial behavior. He
received a PhD from Trinity College Dublin.
Harold Evensky is Chairman of Evensky & Katz/​Foldes Financial, a 30-​year-​old
wealth management firm, and Professor of Practice at Texas Tech University. He has
served as chair of the CFP Board of Governors and the International CFP Council
and he is the research columnist for the Journal of Financial Planning. Mr. Evensky
has been named by Investment Advisor as one of the “25 most influential people in the
financial planning industry,” by Financial Planning as one of five “Movers, Shakers and
Decision Makers, The Most Influential People in the Financial Planning Profession,”
and by Investment News as one of the “25 Power Elite” in the financial services industry.
He co-​authored New Wealth Management, Wealth Management, and co-​edited The
Investment Think Tank: Theory, Strategy, and Practice for Advisors and Retirement Income
Redesigned: A Master Plan for Distribution. He received his BCE and MS degrees from
Cornell University.
xv

Abou t t h e C on t ribu t ors xxv

Steve Z. Fan is an Associate Professor of Finance at the College of Business and

Economics, University of Wisconsin Whitewater. Before his career in finance, he
worked as a research assistant professor at Marquette University. Professor Fan’s
research focuses on equity anomalies, corporate governance, and institutional
investors. He has published in Multinational Finance Journal, International Journal of
Business and Finance Research, and Journal of Finance and Accountancy, among others.
Professor Fan received a BS in mechanical engineering from Zhangzhou University,
China, a PhD in biomedical engineering from a joint program from University
Tennessee and University of Memphis, and a PhD in finance from the University of
Wisconsin Milwaukee.
Deborah W. Gregory is an Assistant Professor at Bentley University in Waltham,
Massachusetts. As a certified Jungian psychoanalyst (IAAP, C.G. Jung Institute,
Boston) and Chartered Financial Analyst (CFA). Professor Gregory’s research focuses
on the behavioral aspect of individuals’ relation to money. She received a scholarly
award from Bentley for her book Unmasking Financial Psychopaths: Inside the Minds of
Investors in the Twenty-​First Century (2014). She has published in the Journal of Finance,
Financial Analysts Journal, NYU Salomon Brothers Monograph Series, Journal of Business
and Economic Studies, Journal of Financial Crime, and Journal of Behavioral Finance
& Economics, among others. Professor Gregory received a PhD in finance from the
University of Florida.
John J. Guerin is the owner of Delta Psychological Associates, P.C. He has more than
30 years of experience in the practice of both clinical and organizational psychology.
Experience with both group dynamics and family systems has allowed him to effectively
coach individuals in organizations and to work with groups in corporate and family-​
based businesses. With more than 20 years of experience in mediation and forensic
practice, he has demonstrated skills in forging consensus in challenging situations and
helping organizations navigate difficult adversarial situations and cultural transitions.
Dr. Guerin is an expert in organizational, team, and individual assessment, using
high standards in scientific assessment methodology. He is active in emergent efforts
to collaborate across professional boundaries and develop more effective tools for
diagnosis and intervention. He is a Licensed Psychologist in independent practice in
Pennsylvania and New Jersey, and collaborates with organizational consulting firms as
an independent consultant. He received an M.A. degree from the University of Chicago
and a PhD from Temple University in Philadelphia.
L. Paul Hood Jr. is the Director of Planned Giving at The University of Toledo
Foundation. He previously served as Director of Gift Planning for The University of
Montana Foundation. A self-​styled “recovering tax lawyer,” Mr. Hood practiced tax and
estate planning law for 20 years in Louisiana. He is the author or co-​author of five books
on estate planning, charitable planning, buy-​sell agreements, and business valuation
and is a frequent speaker and writer on estate planning and business valuation. The
father of two teenaged boys, he enjoys reading, but his passion is baseball. Mr. Hood
served as President of the Toledo Area Partnership for Philanthropic Planning in 2014.
xxvi A b o ut the Contr ibutor s

He obtained his undergraduate and law degrees from Louisiana State University and a
LL.M. in taxation from Georgetown University Law Center.
Nancy Hubbard holds the Miriam Katowitz Chair in Management and Accounting at
Goucher College, Maryland. She is also a member of the faculty of Moscow’s School of
Management, SKOLKOVO (Russia) and the University of Marseilles (France). She is a
former lecturer at the SaÏd Business School and Associate Fellow at Oxford University
(Templeton College), as well as a management consultant with Spicer & Oppenheim
(which is part of Booz, Allen & Hamilton) and KPMG. She has published in the Human
Resources Management Journal, Journal of Professional HRM, and European Retail Digest,
among others. She has published several books, including Acquisition: Strategy and
Implementation and Conquering Global Markets: Secrets from the World’s Most Successful
Acquirers. She holds a BS in business from Georgetown University and a MS and PhD
from Oxford University in management.
Danling Jiang is the Associate Professor of Finance at the College of Business, Stony
Brook University. Her research involves studying investments, corporate finance,
and financial decision-​making from behavioral approaches. Her research integrates
economics, psychology, political science, and sociology into finance. Professor
Jiang’s work has been published in leading journals spanning the fields of finance,
management, accounting, and judgment and decision-​making, including the Review
of Financial Studies, Management Science, Organizational Behavior and Human Decision
Processes, Journal of Financial and Quantitative Analysis, Review of Finance, and Review
of Accounting Studies, among others. She has served as a reviewer for many journals in
finance, economics, management, and psychology as well as various publishers and
international funding agencies. She serves on the Advisory Council for the Financial
Analysts Journal and in various roles for many conferences and associations. Professor
Jiang received a PhD in finance from the Ohio State University.
Rebecca Li-​Huang is a wealth advisor to high net work individuals. In addition
to wealth management and investment advisory practices at Merrill Lynch, her
professional experience includes capital markets, equity research, corporate finance,
and project management at other financial services and technology firms. She is the
author of Green Apple Red Book: A Trial and Errors, which was honorably mentioned
in London, New York, San Francisco, and Paris Book Festivals. She has undergraduate
study at the University of Science and Technology of China, a Master of Science in
electrical engineering from Purdue University, and an MBA in finance and international
economics from the University of Chicago Booth School of Business.
Brian Lucey is Professor of Finance in Trinity College Dublin. He has more than a
100 peer-​reviewed publications across the spectrum of behavioral finance and beyond.
Professor Lucey has published in such journals as the Journal of Banking & Finance,
Small Business Economics, and Quantitative Finance. He is currently Editor-​in-​Chief of
International Review of Financial Analysis and Finance Research Letters, and Associate
Editor of the Journal of Banking & Finance. He received a PhD from the University of
Stirling.
xxvi

Abou t t h e C on t ribu t ors xxvii

Duccio Martelli is an Assistant Professor of Finance at the University of Perugia

(Italy) and summer school professor at Harvard University. He has also been a visiting
professor of finance at the University of Applied Sciences in Augsburg, Germany.
Professor Martelli teaches undergraduate and graduate courses in behavioral finance,
corporate finance, private banking and financial markets. His main research interests
include behavioral and neurofinance, financial education, real estate finance, and asset
management. He has presented his research at national and international conferences
and has published in European Financial Management and Journal of Economics and
Business. He also serves as a referee on several peer-​reviewed finance journals. Professor
Martelli advises firms and not-​for-​profit organizations in the areas of financial education
and asset management. He received a BA cum laude from Bocconi University and a
PhD in banking and finance from University of Rome “Tor Vergata.”
Nathan Mauck is an Assistant Professor of Finance at the Henry W. Bloch School of
Management, University of Missouri-​Kansas City. His research focuses on sovereign
wealth funds, mergers and acquisitions, payout policy, corporate finance, and behavioral
finance. He has published in Journal of Banking & Finance, Journal of Behavioral Finance,
Journal of Corporate Finance, Journal of Financial Intermediation, Journal of Financial
Research, and Journal of International Business Studies, among others. Professor Mauck
is the recipient of the American Real Estate Society Best Paper in Real Estate Portfolio
Management (2015) and multiple teaching awards, including the UMKC Chancellor’s
Early Career Award for Excellence in Teaching (2015) and Bloch Favorite Faculty
Member of the Year (2014). He received a BS in finance from Kansas State University
and a PhD in finance from Florida State University.
Peter J. May, CFP, is an independent wealth advisor. He created and manages “Art
Solutions…Best in Practice,” a LinkedIn discussion group with more than 4,300
members from professionally and geographically diverse backgrounds across the globe.
Mr. May also developed “The Personal Wealth Spectrum,” an integrated educational tool
to assist clients in better understanding multi-​generational risk mitigation. He has been
a frequent speaker and contributor to articles on financial planning and art preservation
techniques for individuals and families. Mr. May received a BS in accounting from St.
Louis University, a JD from Capital University Law School, and an LLM in taxation
from Villanova University School of Law. He passed the Uniform CPA Examination
and the NASD Series 7.
Catherine McBreen is the Managing Director of Spectrem Group, a market research
and consulting firm specializing in the affluent and retirement markets. Ms. McBreen is
President and Editor of Spectrem Group’s website, Millionaire Corner, which presents
original research and reporting and feature stories to meet the informational needs of
both new and seasoned investors. She is a member of the American Bar Association,
Illinois Bar Association, and Chicago Bar Association. Ms. McBreen is a frequent
speaker at industry conferences and has been widely quoted by the print and broadcast
financial media, including The Financial Times, The Wall Street Journal, CNBC Closing
Bell, Neal Cavuto at Fox Business News, and ABC and CBS radio. She coauthored Get
Rich, Stay Rich, Pass It On: The Wealth-​Accumulation Secrets of America’s Richest Families.
xxviii A b o ut the Contr ibutor s

She has a BS summa cum laude from Northwestern University and a JD from DePaul
University School of Law.
Christopher Milliken, CFA, is an industry professional and Vice President of Hennion
& Walsh Asset Management’s Portfolio Management Program. Hennion & Walsh is a
Registered Investment Advisory firm that uses ETFs to construct investment strategies.
Mr. Milliken works under the chief investment officer, conducts research on capital
markets and asset allocation strategy, and oversees the sales and trading desk. He
received a BS in business administration with a focus in finance from Marist College.
James M. Moten Jr. is an Assistant Professor of Finance at East Central University. He
has more than 10 years of college teaching experience. Professor Moten is a financial
advisor, representative, and registered principal for PFS Investments and still maintains
a Series 26, Series 65, Series 6, Series 63, Life and Health and Property and Casualty
Insurance Licenses. BVT published his book, Introductory Financial Management:
Theory and Application, second edition, in 2014. He received an MS in finance, MS in
accounting, and MS in economics, all from Texas A&M University Commerce; an MBA
from Cameron University; Graduate Certificate in Financial Planning from Kansas
State University; an MS in acquisition and contract management from Florida Institute
of Technology; and a PhD in business administration with a financial management
concentration from Northcentral University. Professor Moten also holds the Certified
Financial Planner (CFP), Chartered Financial Consultant (ChFC), Chartered
Retirement Planning Counselor (CRPC), Chartered Mutual Fund Counselor (CMFC),
and Retirement Income Certified Professional (RICP) professional designations.
Jeroen Nieboer is a behavioral economist specializing in financial decisions and
decision-making under risk and is currently based at the London School of Economics
and Political Science. His research originated using experimental methods to study
financial risk taking in groups. He actively collaborates with financial advice charities
such as StepChange and the Citizens Advice Bureau, and has acted as a consultant to
many companies in the finance and insurance sectors. He obtained his PhD from the
University of Nottingham.
Ehsan Nikbakht, CFA, FRM, is Professor of Finance in the Frank G. Zarb School of
Business at Hofstra University and previously served as department chair and Associate
Dean. He served on the Advisory Board of the International Association of Financial
Engineers and Chair of Derivatives Committee of the New York Society of Security
Analysts. Professor Nikbakht currently serves on the editorial board of Global Finance
Journal. He authored Finance and Foreign Loans and Economic Performance. Professor
Nikbakht received a BA from the Tehran School of Business, an MBA from the Iran
Center for Management Studies, and a DBA in finance from the George Washington
University.
John R. Nofsinger is the William H. Seward Endowed Chair in International Finance at
the College of Business and Public Policy at the University of Alaska Anchorage. He is
one of the world’s leading experts on behavioral finance. He has authored/​coauthored
10 finance trade books, textbooks, and scholarly books that have been translated into
11 languages. Professor Nofsinger is a prolific scholar who has published more than
Exploring the Variety of Random
Documents with Different Content
him, and came no more at him until his death. 5. He must needs be
in a most fearful case, and a fit subject for the most weak and simple
Imposture of the World, because the Philistines were upon him with
a potent and numerous Army, and he able to gather but few and
weak forces, the best and most of the people being revolted from
him, and were in their affections, or persons with and for David. And
from hence may easily be collected, how facile a thing it was to
delude, and deceive Saul, even by those that had far less craft than
this Woman, who doubtless was devilish cunning in her couzening
tricks.
4. There is much question who was the Penman of this first Book
of Samuel, but whosoever it was (for we cannot determine it) it
cannot be rationally supposed that he had the Story of this
transaction betwixt Saul and the Woman from Divine Revelation, for
then doubtless it would not have been left so ambiguous and
doubtful, but the whole truth, both of the matter, manner and
circumstances, would in all probability have been fully set down: and
have been declared whether it were a miracle wrought by God, a
delusive apparition of Satan, the Soul of Samuel, or the Imposture of
the Woman, the certainty of which had been mainly profitable and
expedient for the people of God and his Church to have known. And
if the Penman had it from the relation of Saul or either or both of his
Servants, then it must needs have been according to their deluded
imaginations and their deceived apprehensions, as is most rational
to believe that it was; or if he had it from the Woman, or those of her
family, (which is not rationally probable) then it is sure to have been
represented for the most advantage, and credit of the Womans skill
and cunning. But the most learned persons do judge it to be related,
meerly according to the deceived opinion and apprehension of Saul.
5. But to come more near the stress of the Consid. about
business, though Mr. Glanvil confidently Witchcraft, p. 86.
say, that Mr. Scots Tenent, that the Woman was in one room and
Saul in another, when the feat was acted, is but a pretty knack and
contrivance, and but an invention without ground, and not as much
as intimated in the History: Yet we must soberly averr, that nothing
is more plain in the Text, than either that they were in diverse rooms,
or that Saul saw nothing at all, but what he had was from her
relation, or the acting of a confederate, and this we shall prove by
these undeniable reasons. 1. After Saul had pacified the pretended
fears of the Woman, who falsly counterfeited that she knew not Saul,
who was taller by the head and shoulders than any man in Israel,
the next thing we hear of in the Text is, and when the Woman saw
Samuel: Now if they were both in the same room, and Samuel a
visible object, how comes it to pass that Saul saw him not? for if they
were both in one room, and Samuel visible, how is it that he did not
or could not see him? were his corporal eyes as blind, as the eyes of
his understanding? surely not. What fiction or invention must salve
this? surely Mr. Glanvil must pump to find it out. 2. The next thing
is, that when the Woman saw (for blind Saul saw nothing) Samuel,
she cried with a loud voice, magna voce, or (as the Hebrew hath it)
in magna voce. And (I pray you) if they had been both in one room,
or near together, what need she to have cried with a great voice,
might not an ordinary tone have made him to have heard her? What
was he deaf as well as blind? Or it might be it was the more to amuse
and amaze the wretched and deluded King, or to shew the
wonderfulness of the apparition she feigned that astonishment, the
more to magnifie her skill and cunning. Well, admit these were so,
yet however it is manifest, notwithstanding her great voice, that as
yet Saul saw nothing, but stood waiting like a drown’d Puppet to
hear what would be the issue, for all he understood was from her
cunning and lying relation. And so either thus far it is manifest that
they were in distinct rooms, or there was nothing that he could see.
3. The next thing is, he saith, be not afraid, what sawest thou? that
is, though I be Saul, yet be not afraid, I have sworn, and thou shalt
receive no harm, but what sawest thou? As who should say, I see
nothing as yet at all, but I suppose thou hast seen something; for
otherwise his question doth not agree with the words the Woman
spake before. But however it is manifest that as yet he saw nothing,
and therefore rationally it must be supposed that they were in
distinct rooms, or that there was nothing visible, that he could see.
Further, his question is not in the present tense but of the time past,
what sawest thou? or what hast thou seen? which could not be
congruously spoken, if they had been both in one room, but however
do undeniably conclude that as yet he saw nothing at all. 4. The next
is the Womans lying and forged answer, thereby to magnifie her own
craft, and the more to amuse and astonish poor deluded Saul, saying;
Behold I saw gods ascending out of the earth. Well, it is still
apparent that as Saul could not before see Samuel, now he neither
seeth these Gods she telleth him of, nor any such thing: So that all
that he apprehended was from her forged Stories, for he saw nothing
as yet, either because he was not in the same room with her, or that
there was no visible apparition. 5. Then he maketh another absurd
question, like a distracted Man in the house of Bethlem, saying, what
form is he of? when his question should have been, what forms are
they of? for she spoke of Gods which are plural, and more than one,
but he asketh in the singular, what form is he of. By all which it is
manifest, that he yet saw nothing at all. For when we plainly see a
thing, we do not usually ask others what form it is of, because our
eyes can inform us of that. So that he saw nothing, either because he
was not in the same room, or that there appeared nothing that was
visible. 6. Now after all these ambiguous lies, and delatory cheats, the
crafty quean doth begin to come more near, to give satisfaction to the
blinded expectation of Saul, who all this while stood gaping to see
the appearance of Samuel, and so she tells him (who was fit to
believe any thing, though never so absurd, or impossible) behold an
old man comes up, and he is covered with a mantle. In the
beginning of the action, the Text saith, and when the woman saw
Samuel, she cried out, then she said, she saw gods ascending out of
the earth, and now after all this discourse and expence of time
Samuel is but coming up, all was lies and delayes the more to blind
and delude the poor credulous King. But yet thus far it is plain that
Saul saw nothing at all, and so must needs all this while, either be in
another room, or else for certain there was no apparition visible, and
all the satisfaction that he had, was from the lying stories the Woman
told him. Now let Mr. Glanvil consider and answer, whether it be not
only intimated, but clearly holden forth in the Text that either they
were in two distinct rooms, or that nothing visible did appear before
Saul. 7. Now after all this the Text saith, and Saul perceived that it
was Samuel, the Hebrew word doth signifie to know or to perceive,
and relates to the understanding: but how did he know, or perceive
that it was Samuel? not by the sight of his eyes, for we have made it
plain that he was either in another room, or that no visible
apparition presented it self before his eyes, but he only perceived it
by the description of the crafty Woman, who knew well enough what
habit or garments Samuel wore in his life time, as one that was the
most publickly known Man in Israel: and therefore the subtil and
crafty quean, knowing that Saul only required Samuel to be brought
up and no other, doth at the last frame her tale agreeable to Sauls
desire, and so describes him an old Man, covered with a mantle, and
such an one Saul had known him to be, while he was living. But if
Saul had seen any such thing as the shape or form of Samuel, then
the Hebrew Verb thrice used in that action, that properly signifieth to
see with the eyes, would have been used in this place (as well as when
it relateth what she saw) and not the verb for knowing or perceiving
that relateth to the mind, and Samuel he saw not, but only believed
the lies she told him. For otherwise it would have been, And Saul saw
Samuel, and not, Saul perceived that it was Samuel, which he could
not do but only by her relation, and forged tales. 8. The last thing in
this action, is, that Saul stooped with his face to the ground, and
bowed himself: now to what did he stoop and bow, seeing he had
seen nothing with his own eyes, neither knew any thing that
appeared, but as the Woman told him? Could it be to any thing but to
an imaginary Samuel and such an one as she had described, whom
he conceited in his Phantasie to be Samuel himself? Surely in
rational consequence it could be nothing else. For all that she had
done and said before, being undeniably lies and cheats, this also in
just and right reason, must be judged to be so also. So that it was
either the Woman, that being in another room, did change and alter
her voice, and so plaid the part of Samuel, or else that she had a
confederate knave, whom she turned out to act the part of dead
Samuel.
6. The last thing that we shall handle concerning this controverted
subject, is the examination of the grounds and reasons of those that
are of a different judgment, which may be comprised in these three
several heads. 1. Some do conceive that it was the Body of Samuel
that was raised up, and acted by his soul or by Satan. 2. Some hold
that it was Samuels Soul that appeared in the shape and habit, that
he had living. 3. Others do positively affirm that it was the Devil that
assumed the shape of Samuel, and so acted the whole business, by a
compact betwixt him and the Woman. These we shall confute in
order.
1. That it was not Matth. 27. 52, 53. Philipp. 3. 21.
the Body of Revel. 14. 13. Caten. Aur. Tho.
Samuel that was Aquin. in Matth. 27.
raised up, nor the Soul joyned with it, that acted Samuels part, is
manifest from these reasons. 1. Because Samuels Body had lain too
long in the grave, for some account it near two years, and therefore
must needs in a great part be corrupted, wasted and disfigured, that
none could have certainly known that it was Samuel. 2. It must have
been so putrified and stinking, that none could have endured near it,
for the noisome and horrible smell. 3. Who should have covered it
with the mantle, which had it been buried with him, must in so long
a time, have been rotten and consumed? Surely there were no
Taylors in the Grave, to make him a new one, but (in reason and
likelihood) if it had been his Body, it should have appeared in
Linnen, or a winding-sheet, if that had not been rotten likewise. 4. To
raise a Body, so long dead, must needs have required an omnipotent
power, for it is the Almighty power of Christ alone, that raiseth up
the vile Bodies of his Saints, and maketh them like his glorious Body.
And therefore neither the woman with all her Divinations, nor all the
Devils in Hell, nor any created power, but the Lord Almighty, could
have wrought this miracle, who would never have done it, to gratifie
the humour, or to magnifie the cheating craft of an idolatrous,
wicked and couzening Witch. And if the Devil or any created power
could raise up the Body of a departed Saint, then the rising out of the
Graves of many Bodies of Saints, that had slept, and their coming
into the holy City, and appearing unto many, after Christ was risen
from the dead, had been no certain, or convincing argument, of the
undoubted truth of the Divinity and Resurrection of our most
Blessed Saviour. But they were most infallible evidences of them
both, as saith the Father S. Hierome in these words, Sic multa
corpora sanctorum resurrexerunt, ut dominum ostenderent
resurgentem, & tamen cum monumenta aperta sunt, non ante
resurrexerunt quàm resurgeret dominus, ut esset primogenitus
resurrectionis à mortuis. 5. That it was not Samuels Soul joyned
with the Body, that acted this, we thus argue: That Tenent that is
flatly contrary to the plain Doctrine of the Scripture, must needs be
false. But this tenent of Samuels Soul acting in the Body after death,
is flatly contrary to the plain Doctrine of the Scripture, ergo it is
false. The major (we suppose) no Orthodox Christian can justly deny;
and the minor is proved thus. The Scripture doth assure us, that
those that die in the Lord (as without all doubt Samuel did) are
blessed, and rest from their labours. Therefore must this Tenent be
abominably false: for if the Soul of Samuel, after his death had been
brought again to act in the Body, then he had not rested from his
labours, but had been disquieted, and brought to new trouble, to
have been vexed to have seen Saul committing more wickedness
than before, in taking counsel from a cursed Idolatrous Woman, such
as the Lord had commanded to be destroyed. And there is no one
point in all this transaction of Saul with the Witch, that speaketh her
Imposture more apparently than where this counterfeit Samuel
saith, Why hast thou disquieted me? As though the Saints of God
after death could be disquieted by a Devil, or a Witch, who
(according to Gods infallible truth) are blessed, and rest from their
labours, and are in the hands of the Lord, where no Torments can
touch them. And therefore none would have spoken those lying
words, but a devilish cheating quean, or a damnable suborned
confederate.
6. If Samuels Soul was again joined to his body so long after
separation, and so performed vital actions, who was the author of
this conjunction or union? could the Witch or the Devil or any
created power effect that union? Surely not, none but the almighty
power of Jehovah, who breathed into Adam the breath of life. And
therefore we are bold to assert (with all the company of learned
Christians) that this opinion is erroneous, impious and blasphemous.
2. The second Verse 29. 1 Sam. 15. 33.
opinion, that it was
Samuels Soul that appeared in his wonted shape and habit, that he
wore while he lived, hath been strenuously maintained by the Popish
party, and as strongly confuted by the reformed Divines. But we shall
not trouble our selves and our readers with them all, but only urge
two or three that are most cogent, thereby to answer Mr. Glanvils
fopperies, and they are these. 1. If it were Samuels Soul that
appeared, it cannot be supposed to come contrary, or whether God
would or not, for hardly any rational Man (we believe) will affirm
that, because God doth whatsoever he will, both in Heaven and
Earth, and who hath resisted his will? 2. And it cannot be rationally
thought that Samuel, who whilst he lived, was so punctually careful
to do nothing (especially in his prophetick office) but what he was
commanded of God, would after his death run an errand without his
consent or licence. 3. And that his Soul did not come by the
command of God is most certain: Though Mr. Glanvil ask the
question, who saith that happy departed Souls were never imployed
in any ministeries here below? To which (though we have answered
it before) we now again reply, that all learned Divines of the
reformed Churches have said, and maintained it, and so do we both
say and affirm, that they never were nor are imployed in ministeries
here below, because never created, nor ordained of God, for any such
end or purpose, but there are legions of Angels, that are ordained to
be ministring Spirits, and not the Souls of the Saints departed this
life. But Mr. Glanvil goeth further, and saith, that Samuel was not
raised by the power of the Witches inchantments, but came on that
occasion on a Divine errand. And though we have before
unanswerably proved in the general, that no Souls of those that are
dead do after death appear, or wander here below, nor come such
sleveless errands, as he supposeth: yet we shall add one or two here
in particular, to prove that Samuels Soul came not on a Divine
errand as sent by God, without which mission it could not have come
at all. 4. For fourthly, if Mr. Glanvil had proved by any argument, or
colour of reason, that his Soul had come upon such a Divine errand it
had been something, but he hath only laid down an affirmation,
without either proof, reason or authority, and we may with as good
reason deny it, as he affirm it, for bare affirmations prove nothing at
all. 5. It is manifest that God in all his ordinances of providence,
especially in the order of his miracles, doth work chiefly to confirm
and witness truth, for that (as the worthy and learned Stillingfleet
hath observed) is the most proper criterium of a miracle; and to send
a Soul from the dead must needs be miraculous. Now if the chief end
in Gods working of miracles (for none else but he can work them) be
to establish truth, and settle his own Divine and pure worship, then it
cannot be to uphold lies and Idolatrous courses. But if God should
have sent Samuels Soul on a Divine errand, when the Witch was
practising her Diabolical Divinations and cheating tricks, it had been
to have countenanced and confirmed both Saul, and the Witch, in
their wicked wayes, and to have contradicted his own law and
command, which did positively order, that all that used Divinations
should be put to death, and all those that sought for counsel from
them to be severely punished. Now let Mr. Glanvil, or any other
prove, that God orders that to be done by the dead, which he forbad
to be done by the living. 6. If it had been the true Samuel that
appeared, it is not rational, nor credible to imagine, that he would
neither rebuke Saul for consulting with a Woman that practised
those things, that were forbidden by the law upon pain of death; nor
that he would either reprove, or punish so wicked a Woman, finding
her in the very act. We say it is not credible, unless we suppose
Samuel less zealous for the law and commands of God, being dead,
than he was for them being living. Surely he that living hewed Agag
in pieces, only because God had commanded he should be slain,
would (if it had been the true Samuel, which without all question it
was not) have done as much or worse, to the cursed and Idolatrous
cheating Witch, though after his death, if he had come upon a Divine
errand. 7. God should have shewed himself very mutable, if he had
answered Saul in a miraculous way by a dead Prophet, that had
refused to answer him by one living. And Samuel while living knew
certainly that the Lord had rejected Saul from being King over Israel,
and had testified unto him, that the strength of Israel would not lie,
and that he was not like a man that he should repent. But if it had
been the true Samuel that had been sent to speak to Saul, he
knowing both by his own knowledge and relation of Saul himself,
that God had refused to answer him by Prophets, must in that
conference both have made God a liar, and mutable, and also
himself, who living had testified the contrary, and therefore it could
not be either the true Samuel nor his Soul. 8. It is manifest that the
Lord had before withdrawn his good Spirit from Saul, and an evil
one from the Lord was come upon him, and therefore it was no way
probable, that the Lord would in a miraculous manner answer such a
wicked person, whom he had utterly rejected as a reprobate. Neither
is it like that God would shew him an extraordinary favour by a dead
Prophet, that would not vouchsafe him his Spirit in an ordinary way.
And Samuel that came not at him for a long time (though but a little
distance asunder) while he lived, was not like to make so long a
journey in a Divine errand to visit him after his death. 9. And if
Abraham at the request of the rich Man would not send Lazarus to
warn his brethren, lest they should come into that place of torment,
which bore with it a fair shew both of Charity and Piety; much less
would God give way (or Samuel be desirous to come) to send a
blessed Soul from its rest for such a frivolous matter, and in no wise
to connive at the wickedness of both Saul and the Witch, and never
move either of them to the amendment of their lives. 10. Where doth
Mr. Glanvil find it mentioned in any part of Scripture? or where is it
recorded in the writings of any reformed or Orthodoxal Divines? or
where in any of their works is it declared, that ever any blessed Soul
after death, was either sent, or did come upon a Divine errand to any
here below? Is it not monstrous confidence (not to say impudence) to
utter such groundless assertions, without any proof, reason, or
authority at all? Let all learned and judicious persons consider and
judge.
3. That the Devil assumed the shape of Samuel, and acted the
whole business, is the opinion of all, or the most of the learned
Divines of the reformed Churches, of whom we shall crave pardon, if
we dissent from them, it being no fundamental of Religion, nor any
Article of the Faith. And this we profess is not done out of the spirit
of contradiction, nor for singularity, but only because (as we
conceive) the Tenent hath no sufficient grounds neither from
Scripture nor sound reason, to support it, and therefore we shall
labour its confutation, by these ensuing arguments.
1. Because this opinion, that the Devil should perform this
apparition, doth beg two suppositions, never yet sufficiently proved,
and that have in them no certain truth. For first they take for an
Hypothesis, that Devils are meerly and simply incorporeal Spirits,
which we shall prove hereafter to be false. Secondly they take for
another Hypothesis, that Spirits and Devils can assume what bodies
they please, and appear in any figure or shape, which is a meer
figment invented by the doating Schoolmen, as we shall sufficiently
make good hereafter.
2. We are not of their opinion, that think, that the Devils do move,
and rove up and down in this elementary world at their pleasure, to
act what they list, and appear when, how and in what shapes they
please, for then the World would be full of nothing almost but
apparitions, and every corner replenished with their ludicrous tricks,
as formerly in the times of blind Popery and ignorance, there was no
discourse almost, but of Fairies, Hobgoblins, apparitions, Spirits,
Devils and Souls, ranting in every house, and playing feats in every
Town and Village, when it was nothing but the superstitious
credulity, and ignorant fancies of the people, joined with the
Impostures of the Priests and Monks. And if this were true, then how
should Men know a true natural substance or body, from these
fictitious apparitions? Nay how could a Man have known his Father
or Mother, his Brethren or Sisters, his Kinsmen or Neighbours?
might they not as well have believed them to be Phantasms, and
assumed bodies, as real and true creatures?
3. But though Isa. 37. 1 Kings 22.
faln Angels in
respect of their malice, wicked wills, and envious desires whereby
they seek (as much as in them lies) the ruine of all mankind both in
Soul and Body, may in that particular end and regard, be said to be
like roaring Lions going about and seeking whom they may devour,
and compassing the earth and walking to and fro in it: yet we must
affirm that in respect of executing their wicked, envious and
malicious wills and desires, they are restrained, nay kept in the
chains of everlasting darkness, from which fetters and chains they go
not out, but when and so far as they are sent, ordered, licensed (or as
some would have it worded) permitted, by the purpose and decree of
the Divine and Almighties providence. So that it is most certain, that
the faln Spirits cannot go forth of their chains, when they list, to act
what mischief they would, contrary to the will of the Almighty, who
hath fettered, and still keeps them in those chains: but when they are
at any time let loose, it is only by the will, decree, licence and order of
Jehovah, who sends them forth to accomplish his will, either for
punishment to the wicked to inflict upon them his just judgments,
for which they are the appointed ministers and executioners, and in
the performance of these offices of his wrath, they are limited and
bounded how far they shall proceed, and no further; or else they are
sent forth to tempt, or afflict the godly for the trial of their faith, and
herein they are so restrained and bounded by the power of the
Almighty as they cannot act one jot beyond the limit of his
commands or Commissions, as is manifest in the case of David, who
was tempted by Satan to number the people, and in the affliction of
Job, wherein he was bounded how far he should act, and no further.
And when the evil Angels are thus sent forth, and limited by God,
what, and how far they shall act, it is always for just and righteous
ends, as in the case of Ahab, when a lying Spirit was sent by God into
the mouths of his Prophets, that he might be persuaded to go up to
Ramath Gilead that he might be slain there, or as it was for a
judgment and destruction upon Sennacheribs Army, that Jerusalem
might be saved and freed, and he sent back with shame and
confusion into his own countrey, or it is to manifest his glory,
goodness and mercy to his Saints, so David was moved to number
the people, that falling under that temptation, and he and the people
therefore plagued, might be brought to a greater degree of
repentance, and to know that their defence stood not in the
multitude of men, but in the benignity of Jehovah, who was their
strength and their defender, and so Job was so sore afflicted, that his
Faith and Patience might be made manifest, and remain for an
example to all succeeding posterities. But it is utterly irrational and
incredible that God would send the Devil (without whose mission he
could not have done it) to appear in the shape of Samuel, either to
magnifie the skil, or practice of a lewd, wicked, and Idolatrous
Woman, which thing he had forbidden by his plain and open law, nor
to gratifie the curiosity of a wretched Reprobate, such as was Saul,
whom he had denied to answer by living Prophets, and therefore
would not answer him by the apparition of a Devil, to have
committed a counterfeit Imposture, in the shape of holy Samuel. And
therefore we conclude, that it was no apparition of the Devil, but
meerly the Imposture of the Woman, either alone, or with a
Confederate.
There is also a fourth opinion concerning the transaction of this
Woman of Endor, that holds, that it was neither the Body, or Soul of
Samuel that was raised up, neither the Devil that appeared in his
shape, nor that it was the Imposture of the Witch alone, or with a
Confederate, but that it was the Sydereal, or Astral Spirit (as they are
pleased to term it) of Samuel that was made to appear, and speak by
the art and skill of the Woman. But because this Tenent is not of
much Antiquity, nor hath many assertors of it, as also because it
taketh that for an Hypothesis, to wit, that there are three parts in
Man, the Body, Soul, and Spirit; and that the Soul goeth immediately
after death either to Heaven or Hell, the Body to the grave, and that
the Spirit doth for a certain time after death wander in the air, and
may be (by a certain kind of art) brought to appear visibly, and to
give answers of all things that it knew living, which as yet hath never
been sufficiently proved, therefore we shall pass it over here, having
(perhaps) occasion to speak of it more largely hereafter.
We shall now come to mention some places in the New Testament
that are produced by some, thereby to prove the great power of
Devils and Witches in transferring and carrying bodies in the air, as
is that of our Saviours temptation, where it is said that the Devil took
him into an exceeding high Mountain, and that he set him upon the
pinnacle of the Temple in Jerusalem, from whence they thus argue:
That if the Devil had power to carry our most blessed Saviour in the
air into an high mountain, and to set him upon the pinnacle of the
Temple, that much more hath he power to carry the bodies of
Witches who are his sworn vassals in the air, whither he pleaseth, or
they desire. To annul the force of which objection we give these
reasons.
1. If it were Matth. 3. 16. Reas. 1.
granted that the Judg. 15. 15. Luke 3. 22.
Devil did transport
our Saviour in the air, yet it will not follow that he can at any time
when he pleaseth carry the Bodies of Men or Women so likewise, for
no particular proposition will, according to the rules of art, infer a
general or universal conclusion, nor one example or instance
inductively prove a general practice; one Swallow doth not make a
Summer. For though once when our blessed Saviour was baptized,
the Holy Ghost did descend like a Dove, and light upon him, it will
not follow, that in all other of his actions of preaching, or working of
miracles, the holy Spirit should appear also in the form of a Dove,
nor when other Saints are Baptized will it follow that it doth, or
should alwaies appear in the same form. And though Samson did
once slay a thousand of the Philistines with the jawbone of an Ass, it
doth not follow, that either he did so in like manner in every battel,
or that every Man may do the like.
2. If it were granted that the Devil did Reas. 2.
carry Christs Body in the air, it will not
follow that he can do so at any other times, when he pleaseth,
because in the temptation of Christ there was an extraordinary
dispensation of God for the same, which cannot be presupposed in
the ordinary transportation of Witches, and therefore the argument
falls quite to the ground.
3. In the actions of Satan (especially in Reas. 3.
elementary things, for we speak not of the
acts of his will) the will, order and licence of God is chiefly to be
considered, because his power (in respect of execution) is under the
power of the Almighty, so that he can do nothing in this respect but
what he is ordered and commanded to do. And therefore the end of
the action is principally to be regarded; for if God should have given
way that Christ should be carried by Satan in the air, it was for a
glorious and good end, that the obedience of his will to the Father
might be shown, and that his victory over the Devil might be made
manifest: but in carrying the Bodies of Witches in the air, there can
be no good, just or pious end wherefore the Devil should be licensed,
or permitted to carry them in the air, except it were to promote
filthiness and abominable wickedness, which were absurd and
blasphemous to imagine. And therefore we may rationally and
plainly conclude, that the carrying of the Bodies of Witches in the air,
by the power of the Devil, is a false, wicked and impious opinion.
4. Some are of Ezek. 8. 3. Reas. 4.
opinion that this Matth. 4. 1. Beza in Luc. 4. 5.
whole transaction Luke 4. 1. Mark 1. 12.
was visible, Caten. Aur. Tho.
sensible and corporeal, as Theophylact, and Aquin. in Luke 4.
many others. Some are of opinion that it
was wholly in a Vision. And some take a middle way that it was partly
sensible and visible, and partly mental, and by way of vision. Of
which opinion the great Cameron seems to be, who compares it with
that of Ezekiel who saith: And the spirit lifted me up between the
earth and the heaven, and brought me in the visions of God to
Jerusalem: And sheweth that the word Ἀνήχθη doth agree with the
Hebrew word ‫נשא‬, which is as applicable to lifting up or carrying in a
vision, as to bodily transportation. And that it was either altogether,
or partly in a vision, the learned Beza gives us this note: Hoc videtur
satis ostendere hæc omnia per visionem quandam, non corporali
transvectione & ostensione esse gesta, quomodo nempe humanitus
videre potuisset omnia regna orbis, & gloriam eorum in momento?
But though it be the more sound and rational opinion that the whole
transaction was mental, and in a vision, yet we shall not altogether
stand upon that, but if it be granted that it was corporeal and visible,
yet it doth not appear that our Saviour was in his Body carried by the
power of the Devil in the air, either to the top of an high mountain,
nor set upon the pinnacle of the Temple in Jerusalem, and that for
these reasons. 1. Our Saviour did not go to undertake this combat
with Satan unwillingly, that he need be constrained, or carried to try
the utmost power and malice of the Devil, but readily and willingly
by the conduct and leading of the holy Spirit, for the Text saith in
Matthew; Then was Jesus led up of the spirit into the wilderness, to
be tempted of the Devil: And S. Mark saith; And immediately the
spirit driveth him into the wilderness. And S. Luke saith: He was led
by the spirit into the wilderness. Beza saith, subductus fuit in
desertum, and Tremellius saith, ductus fuit, upon the place in S.
Matthews Gospel. And in S. Luke Tremellius saith; Et duxit eum
spiritus in desertum, and Beza, actus est ab eodem spiritu in
desertum. And in S. Mark Tremellius saith, deduxit eum spiritus in
desertum, and Beza rendreth it, expellit eum spiritus in desertum.
And because of the Greek word which is there ἐκβάλλει, he addeth
this note, Non significatur expulsio violenta, sed vis divina, quæ
Christum, (qui ad illud usq; tempus ut privatus vixerat) nova
persona induit, ac luctæ proximæ & ministerio præparatur.
Therefore saith Origen: Sequebatur planè quasi athleta ad
tentationem sponte proficiscens, & quodammodo loquebatur: Duc
quo vis, & invenies me in omnibus fortiorem. So that it is most plain
that he was no otherwise led or carried by Satan, but as he was led by
the Holy Ghost, so that he went whithersoever Satan would desire
him of his own mind and accord, and needed not to be carried by the
Devil, for S. Luke useth the same Greek word both for the Holy Spirit
leading of him, and Satans leading of him, so that Satan did not carry
his body in the air, as Men vainly conceive. 2. Though S. Matthew
use the word παραλαμβάνει, which may signifie assumpsit, he took
him, and set him upon a pinnacle of the Temple, and took him into
an high mountain; yet it cannot be understood thereby that he took
him, and carried his Body, but that he went before, and led Christ to
those places, that he thought most fit for him to prevail in his
temptations, to which places Christ went not by an unwilling
constraint or hurried and carried in the air, but by a ready
willingness, as one that certainly knew, and was assured, that he
should win the Victory where ever, or how great soever the combat
and temptations were. And therefore S. Luke useth the same word
from ἄγω, duco, both for the Spirits, and Satans leading, as
signifying no more, but to go before, and lead the way, or to draw one
to such or such a place by persuasion and desire, and not to be
carried in the air, which appeareth to be a vain and forged
interpretation, and not the true meaning of the places.
Concerning Simon Magus we have before Acts 8. 9.
in this Treatise sufficiently proved that he
was only a deceiver and Impostor, and what strange feats he had
done to astonish, and stupifie the Samaritanes, were only jugling
knacks, or deceits by confederacy, and no supernatural things, so
that here we will say no more, but only add: That though our English
translation say that he bewitched the people of Samaria with
sorceries, and that he himself, when he beheld the miracles and signs
that were done, wondered; yet the word that they translate in the one
place bewitching, and in the other wondered, are both from one
Thema which is Ἠξίστημι, de statu mentis dejicio, facio ut aliquis
mente non constet, perterrefacio, obstupefacio. And therefore either
it ought to be that the Samaritanes were astonisht at the feats that
Simon wrought, and that he himself was astonisht at the miracles of
Philip, or that they were both bewitched, for they were both under
the same amazement, and there is no reason at all to give it one sense
in one place, and a different one in the other.
We need not Acts 19. 13, 16. Acts 13. 10.
here say any thing
of Elymas who is stiled a Magician, because it is manifest that he was
a false Prophet, full of all subtilty, and all mischief, a Child of the
Devil, and an enemy of all righteousness: which character truly given
to him by the unerring sentence of S. Paul, may be really ascribed to
the whole tribe and profession of such kind of seducers and
deceivers. Like unto whom were those seven Sons of Sceva a Jew,
who are called exorcists, that took upon them to call over them that
had evil spirits, the name of the Lord Jesus, saying, We adjure you
by Jesus, whom Paul preacheth, but were soundly beaten for their
pains, a fit reward for such vagabonds; And if all that profess or
practise such wicked, vain and lying things were duely punished, the
poor ignorant people would not be so much abused as they are.
The other places in the New Testament we have handled, and
answered, and also have touched upon that Text in the Galathians
where we spoke of Fascination, but lest it be not sufficient, we shall
handle it fully here. The words are, O foolish Galathians, who hath
bewitched you, that you should not obey the truth? From whence
they use thus to argue: If Witchcraft in the Apostles time had not
been known, and practised, he would not have made use of that
Phrase then; concerning which we return these responsions.
1. If we consider natural Fascination was Delrio. l. 3. q. 4.
by the Philosophers and Poets only taken to sect. 1. Concl. 2.
be contagious steams flowing from the eyes, or breaths of malevolent
and envious persons, that had some infectious diseases, as we see in
the Plague, Small-pox, Lues Venerea, soreness of Eyes, Tinea’s, and
the like, which are contagious to others that lie with them, or
converse near them, the infected atomes or steams issuing in a
certain Sphear of activity, are received by the pores, or mouths of the
sound persons, by which they come to be infected also. And this the
Poet witnessed: Nescio quis teneros oculus mihi fascinat agnos. Now
this being the common opinion, the Apostle taketh the metaphor
from thence, as who should say, who with their virulent and
poysonous opinions have infected you, that you should not obey the
truth. And this is the genuine meaning of that metaphorical phrase,
and no other sense can rationally and congruously be put upon the
place, and this conduceth nothing to that opinion of Witchcraft that
we oppose. For Philosophica seu Physica fascinatio non nisi
impropriè dici potest fascinatio, propriè verò est contagio, seu
infectio. And therefore did the learned Vallesius to the same purpose
speak this. Sed neq; si quis pestilenti affectus febri, aut etiam sine
febre deferens secum seminaria pestis alium intuens intuentem
inficiat, dicetur fascinasse, sed peste affecisse.
2. Some of the fathers (which may be Vid. Jo. Lazar.
offered for an objection) do seem to hold Guttier. de fascino.
that S. Paul here meant of diabolical fascination, and so Tertullian in
English thus: For there is also something amongst the Gentiles to be
feared, which they call fascination, being a more unfortunate event of
praise, and great glory: this we sometimes interpret of the Devil. And
S. Hierome saith upon this place: Fascination is when some things by
Magical illusions are shewed to the eyes of Men, otherwise than they
are. Also Fascination is vulgarly called that, which doth hurt
Children, for the eyes of certain persons are said to burn with
looking, and this act of theirs is called Fascination, and it may be that
the Devils are subservient to this Sin. And Thomas Aquinas saith:
And this also may be done by Devils, who have power of moving false
imaginations, and bringing them to the principles of the Senses, by
changing the Senses themselves. From whence we may note these
things. 1. That Tertullian saith that they sometimes interpret this of
the Devil, but how truly or upon what grounds he sheweth not, and it
seemeth that sometimes they did interpret it of something else, for so
his words must needs imply. 2. Secondly, S. Hierome sometime
calleth fascination Magical illusions, and sometime that which doth
hurt Children, by the burning of some eyes; and then comes in with a
may be that the Devils are subservient to this sin. So that he is not
certain in his opinion, nor truly knows what fascination is, but
according to vulgar opinion, or blind conjectures. 3. And all that the
Angelical Doctor saith, doth but amount to the delusion of the
Senses, by false imaginations, so that here is no proof either of the
Devil, or his instruments, to cause any real fascination.
3. Those that Galen. de Incantat. Vid. Guttier.
hold that Paul did passim.
allude unto natural, or diabolick fascination, do but mean magical
illusions, whereby the senses are abused and deceived, to take things
to be that which really they are not, and so are but cheating
Incantations and delusory Juglings, for as Galen (if that piece be
truly his) saith: Incantationes verba sunt decipientia rationales
animas secundum spei inceptionem, aut secundum timoris
incisionem. So that though S. Paul had taken the metaphor from that
which was commonly accounted fascination, there is no necessity,
that therefore the metaphor must in all points be true: it is sufficient
that the common opinion was so, from whose usage of such terms
the Apostle useth the word, to fascinate, or inchant. And of this
opinion was S. Hierome himself who saith thus much: Dignè
Paulum, qui etsi imperitus est sermone non tamen & scientia,
debemus exponere non quod scierit esse fascinum, qui vulgò putatur
nocere, sed usus sermone sit trivii, & ut in cætero, ita & in hoc quoq;
loco verbum quotidianæ sermocinationis assumpserit. So that from
hence it is most evident, that the using of the word fascination by the
Apostle, doth not inferr the being of the thing, but only the opinion
of the vulgar, that believed things that were not. And of the same
judgment is Thomas Aquinas in these words: Propriè dicit
Apostolus, quis vos fascinavit? quasi dicat, vos estis sicut homo
ludificatus qui res manifestas aliter accipit quàm sint in rei veritate.
Therefore we shall conclude this point with the sentiment of S.
Hierome: Nunc illud in causa est, quod ex opinione vulgi sumptum
putamus exemplum, ut quomodo tenera ætas noceri dicitur fascino,
sic etiam Galatæ in Christi fide nuper nati, & nutriti lacte, & solido
cibo velut quodam fascinante sunt nociti.
4. But Galen l. 8. de Vid. Valles. de sacr.
howsoever compos. medic. Philosoph.
fascination might be understood, yet it is plain, that except the
Effluvia or steams of Bodies that had contagious diseases, entring
into other sound Bodies, and thereby infecting them with their
noysome vapours, or Atomes, there is nothing, but what was vain
belief and credulous superstition, as the learned Vallesius tells us in
these words, thus rendered in English: “But if this be the way or
reason of fascination, any one may easily understand, that
fascination is a certain superstitious fear, arising from foolish
credulity, of which sort are many other things in the life of Man, as
for argument, that this opinion is more approved of by Women than
by Men, and far more of the unlearned than of the learned. Although
(he saith) I also see that there are those amongst the learned that are
rather lovers of subtilty than verity, who take care to defend those
things that the vulgar do admire. By which they would be accounted
judicious magical Juglers, and Men skilful of secrets.” And therefore
he thus concludeth: “Therefore the name of fascination is ancient,
and according to the ancient signification, it doth not signifie any
natural disease, but a vain superstition, arising from vulgar opinion,
and therefore neither Hippocrates, nor Galen, nor any of the ancient
Physicians, that I know of do mention fascination, neither amongst
the differences nor causes of Diseases. From whence again is taken
no small argument of its vanity.” Therefore we shall conclude this
point with that remarkable saying of Galen. “Falsæ etenim opiniones
animas hominum præoccupantes, non solum surdos, sed & cæcos
faciunt, ita ut videre nequeant, quæ aliis conspicua apparent.”
5. The Angelical Doctor with the consent of the most part of all the
learned do affirm that the Devil by his own power cannot change
corporeal matter, unless he apply proportionate actives to fit
passives, to produce those effects he intendeth; As for instance, he
can cause burning, because there is a combustive agent in nature;
but if that were awanting, or if there were no combustible matter,
how should he cause any ignition? But if he be supposed to work
diabolical fascination, for which there is no agent in nature, it being
but an imaginary thing in the heads of the deluded vulgar; then it
will necessarily follow, that he can work no fascination at all, and so
the whole opinion of the Witchmongers falls to the ground. For it is
manifest that there is contagion, by the infected Effluvia or steams
issuing from a diseased Body to another by which it may be
contaminated, but otherwise there is no natural fascination, nor any
agent in nature to produce that effect, and therefore there can be no
Diabolical fascination at all.
 CHAP. IX.

Of Divine permission, providence and prescience.

There is no one thing that hath more promoted this false and wicked
Tenent of a kind of omnipotency in Devils, and the exorbitant power
ascribed to Witches, than the misunderstanding of the true and right
Doctrine of Divine Providence, and the admitting of a bare
permission in God as different and distinct from his providence.
From whence it cometh to pass that not only the vulgar, but such as
tread in the steps of Arminius, do hold a meer bare permission, and
that God sits as a quiet beholder by his Prescience from the event of
things to see what will be effected by Devils and wicked Men, who in
the mean time run and rove about, acting what, when and how they
please, and that God hath neither hook in their nostrils, nor bridle in
their mouths, neither keeps them in any restraint, order or
government, and so we must needs have a mad rule in this World,
during this permission and naked inspection.
But that we may proceed in such order, as may be clear and
intelligible to the Readers, we shall here propose the state of the
matter that we undertake to confute, which is this: That there is not
in God a nude, passive permission, separate from the positive and
active decree, order and will of his Divine Providence and
Government, but that he doth rule all things according to the power
and determination of his own positive and actual will. And this we
shall prosecute in this following order and particulars.
Those that deny that there is in God a passive permission separate
from his decretive and actual will in his providence are accused by
others, thereby to infer the absurdity, that God is the author or
efficient cause of sin; which pretended absurdity, in truth and reason
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