[PDF] Essays On Institutional Trading Behavior With Conflicts Of Interest And Information Sharing eBook

Author : Andrew Crockett
Publisher : Centre for Economic Policy Research
Page : 144 pages
File Size : 12,30 MB
Release : 2003
Category : Conflict of interests
ISBN : 9781898128793

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The fifth report in this series focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. In the recent stock market collapse, confidence in the financial industry was shaken by numerous scandals. Beginning with Enron in 2001, scandals brought about the demise of prominent financial figures, damaged the reputation of premiere firms and destroyed the global accounting giant Arthur Andersen. Central to this crisis was the exploitation of conflicts of interest. Research analysts at investment banks were found to be distorting information at the behest of underwriting departments eager to promote new issues. Auditors appeared to sanction misleading accounting in order to gain business for the consulting side of their firms. Policy response in the United States was quick. Large fines were levied and regulators compelled the separation of financial security function, constraining financial conglomerates. But are these new regulations and safeguards adequate protection? What costs do they impose on the industry? This fifth title in the ICMP/CEPR series of Geneva Reports on the World Economy examines the problem of conflicts of interest in the financial system. Conflicts of interest lead to a decrease in information that makes it harder for the system to provide savers wit the accurate, essential information that induces them to provide credit to borrowers. This study focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. Determining the appropriate remedy for a conflict is a challenge because the elimination of conflicts may also eliminate benefits from economies of scope. This study examines five generic remedies: market discipline, regulation for increased transparency, supervisory oversight, separation of financial activities by function, and socialization of the collection and distribution of information. The authors apply this framework to assess critically the Sarbanes-Oxley Act and the Global Settlement between American regulators and investment banks.

Author : Board of Governors of the Federal Reserve System
Publisher :
Page : 0 pages
File Size : 26,55 MB
Release : 2002
Category : Banks and Banking
ISBN : 9780894991967

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Provides an in-depth overview of the Federal Reserve System, including information about monetary policy and the economy, the Federal Reserve in the international sphere, supervision and regulation, consumer and community affairs and services offered by Reserve Banks. Contains several appendixes, including a brief explanation of Federal Reserve regulations, a glossary of terms, and a list of additional publications.

Author : George F. DeMartino
Publisher : Oxford University Press
Page : 273 pages
File Size : 36,9 MB
Release : 2011-01-26
Category : Business & Economics
ISBN : 0199813736

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Economics is today among the most influential of all professions. Economists alter the course of economic affairs and deeply affect the lives of current and future generations. Yet, virtually alone among the major professions, economics lacks a body of professional ethics to guide its practitioners. Over the past century the profession consistently has refused to adopt or even explore professional economic ethics. As a consequence, economists are largely unprepared for the ethical challenges they face in their work. The Economist's Oath challenges the economic orthodoxy. It builds the case for professional economic ethics step by step-first by rebutting economists' arguments against and then by building an escalating positive case for professional economic ethics. The book surveys what economists do and demonstrates that their work is ethically fraught. It explores the principles, questions, and debates that inform professional ethics in other fields, and identifies the lessons that economics can take from the best established bodies of professional ethics. George DeMartino demonstrates that in the absence of professional ethics, well-meaning economists have committed basic, preventable ethical errors that have caused severe harm for societies across the globe. The book investigates the reforms in economic education that would be necessary to recognize professional ethical obligations, and concludes with the Economist's Oath, drawing on the book's central insights and highlighting the virtues that are required of the "ethical economist." The Economist's Oath seeks to initiate a serious conversation among economists about the ethical content of their work. It examines the ethical entailments of the immense influence over the lives of others that the economics profession now enjoys, and proposes a framework for the new field of professional economic ethics.

Author : Gerald A. Epstein
Publisher : Edward Elgar Publishing
Page : 472 pages
File Size : 48,1 MB
Release : 2005-01-01
Category : Business & Economics
ISBN : 9781781008263

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The final section offers ideas for policy responses, including capital controls and securities transaction taxes."--BOOK JACKET.

Author : Peter A. Hall
Publisher : Oxford University Press
Page : 557 pages
File Size : 16,38 MB
Release : 2001
Category : Business & Economics
ISBN : 0199247749

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Applying the new economics of organisation and relational theories of the firm to the problem of understanding cross-national variation in the political economy, this volume elaborates a new understanding of the institutional differences that characterise the 'varieties of capitalism' worldwide.

Author : OECD
Publisher : OECD Publishing
Page : 78 pages
File Size : 43,91 MB
Release : 2011-07-01
Category :
ISBN : 9264116052

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This report reflects long-term, in-depth discussion and debate by participants in the Latin American Roundtable on Corporate Governance.