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Integrity Risk and Accountability in Capital Markets

Integrity  Risk and Accountability in Capital Markets Author Justin O'Brien
ISBN-10 9781782253563
Release 2014-07-18
Pages 318
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The global economy is yet to recover from the aftershocks of the Global Financial Crisis (GFC). In particular many national economies are struggling to adjust to austerity programs that are a direct result of the toxic effects of the crisis. Governments, regulatory agencies, international organisations, media commentators, finance industry organisations and professionals, academics and affected citizens have offered partial explanations for what has occurred. Some of these actors have sought to introduce legislative and other regulatory initiatives to improve operational standards in capital markets. However, the exposure post-GFC of the scandal surrounding the manipulation over many years of the London Interbank Offered Rate (LIBOR) highlighted that the most important obstacles to counter the destructive potential of our global finance system are normative not technical. Regulating the culture of the finance sector is one of the greatest challenges facing contemporary society. This edited volume brings together leading professionals, regulators and academics with knowledge of how cultural forces shape integrity, risk and accountability in capital markets. The book will be of benefit not only to industry, regulatory and academic communities whose focus is upon financial markets and professionals. It is of value to any person or organisation interested in how the cultural underpinnings of the finance sector shape how capital markets actually operate and are regulated. It is a stark lesson of history that financial crises will occur. As national economies become ever more inter-connected and inter-dependent under conditions of global financial capitalism, it becomes ever more important to know how cultural and other normative forces might be adjusted to militate against the effects of future disasters.



White Collar Crime and Risk

White Collar Crime and Risk Author Nic Ryder
ISBN-10 9781137473844
Release 2017-12-06
Pages 372
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This edited collection provides an innovative and detailed analysis of the relationship between the financial crisis, risk and corruption. A large majority of the published research has concentrated on identifying the traditional factors that contributed towards the largest financial crisis since the Wall Street Crash and subsequent Great Depression. This original volume contests this, and provides the alternative view that white collar crime was also an underappreciated, and important factor. Divided into five parts: bribery and corruption; financial crime; market manipulation; technology and white collar crime; and the financial crisis, and based on contributions by a wide range of experts in the field, this book will be of great interest to policy makers and practitioners, researchers and students alike.



Just Financial Markets

Just Financial Markets Author Lisa Herzog
ISBN-10 9780198755661
Release 2017-04-13
Pages 352
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Financial markets raise not only questions of economic efficiency, but also questions of justice - especially in highly 'financialized' societies such as ours. This volume brings together leading scholars from political theory, law, and economics in order to discuss the relationship between financial markets and justice. This relationship is multi-facetted: it concerns not only the normative foundations of how we think about justice and financial markets, but alsothe legal framework within which financial markets take place, and which currently tends to favour certain players more than others. There are also questions of justice with regard to specificinstitutions such as central banks or rating agencies, and with regard to the representation of women and other minorities in financial markets. And finally, there is the question of why reform is so slow. This accesible volume brings together analyses and proposals for reform, inviting us to rethink the place and role of financial markets in our societies.



Law and Corporate Behaviour

Law and Corporate Behaviour Author Christopher Hodges
ISBN-10 9781782255833
Release 2015-10-22
Pages 704
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This book examines the theories and practice of how to control corporate behaviour through legal techniques. The principal theories examined are deterrence, economic rational acting, responsive regulation, and the findings of behavioural psychology. Leading examples of the various approaches are given in order to illustrate the models: private enforcement of law through litigation in the USA, public enforcement of competition law by the European Commission, and the recent reform of policies on public enforcement of regulatory law in the United Kingdom. Noting that behavioural psychology has as yet had only limited application in legal and regulatory theory, the book then analyses various European regulatory structures where behavioural techniques can be seen or could be applied. Sectors examined include financial services, civil aviation, pharmaceuticals, and workplace health & safety. Key findings are that 'enforcement' has to focus on identifying the causes of non-compliance, so as to be able to support improved performance, rather than be based on fear motivating complete compliance. Systems in which reporting is essential for safety only function with a no-blame culture. The book concludes by proposing an holistic model for maximising compliance within large organisations, combining public regulatory and criminal controls with internal corporate systems and external influences by stakeholders, held together by a unified core of ethical principles. Hence, the book proposes a new theory of ethical regulation.



The Future of Financial Regulation

The Future of Financial Regulation Author Iain G MacNeil
ISBN-10 9781847317544
Release 2010-03-12
Pages 488
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The Future of Financial Regulation is an edited collection of papers presented at a major conference at the University of Glasgow in spring 2009, co-sponsored by the Economic and Social Research Council World Economy and Finance Programme and the the Australian Research Council Governance Research Network. It draws together a variety of different perspectives on the international financial crisis which began in August 2007 and later turned into a more widespread economic crisis following the collapse of Lehman Brothers in the autumn of 2008. Spring 2009 was in many respects the nadir since valuations in financial markets had reached their low point and crisis management rather than regulatory reform was the main focus of attention. The conference and book were deliberately framed as an attempt to re-focus attention from the former to the latter. The first part of the book focuses on the context of the crisis, discussing the general characteristics of financial crises and the specific influences that were at work this time round. The second part focuses more specifically on regulatory techniques and practices implicated in the crisis, noting in particular an over-reliance on the capacity of regulators and financial institutions to manage risk and on the capacity of markets to self-correct. The third part focuses on the role of governance and ethics in the crisis and in particular the need for a common ethical framework to underpin governance practices and to provide greater clarity in the design of accountability mechanisms. The final part focuses on the trajectory of regulatory reform, noting the considerable potential for change as a result of the role of the state in the rescue and recuperation of the financial system and stressing the need for fundamental re-appraisal of business and regulatory models.



The Foundations and Future of Financial Regulation

The Foundations and Future of Financial Regulation Author Mads Andenas
ISBN-10 9781135043377
Release 2013-11-20
Pages 544
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Financial regulation has entered into a new era, as many foundational economic theories and policies supporting the existing infrastructure have been and are being questioned following the financial crisis. Goodhart et al’s seminal monograph "Financial Regulation: Why, How and Where Now?" (Routledge:1998) took stock of the extent of financial innovation and the maturity of the financial services industry at that time, and mapped out a new regulatory roadmap. This book offers a timely exploration of the "Why, How and Where Now" of financial regulation in the aftermath of the crisis in order to map out the future trajectory of financial regulation in an age where financial stability is being emphasised as a key regulatory objective. The book is split into four sections: the objectives and regulatory landscape of financial regulation; the regulatory regime for investor protection; the regulatory regime for financial institutional safety and soundness; and macro-prudential regulation. The discussion ranges from theoretical and policy perspectives to comprehensive and critical consideration of financial regulation in the specifics. The focus of the book is on the substantive regulation of the UK and the EU, as critical examination is made of the unravelling and the future of financial regulation with comparative insights offered where relevant especially from the US. Running throughout the book is consideration of the relationship between financial regulation, financial stability and the responsibility of various actors in governance. This book offers an important contribution to continuing reflections on the role of financial regulation, market discipline and corporate responsibility in the financial sector, and upon the roles of regulatory authorities, markets and firms in ensuring the financial health and security of all in the future.



Ethicability

Ethicability Author Roger Steare
ISBN-10 9780955236907
Release 2006
Pages 128
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Ethicability is based on a clear, concise and robust model which combines insights from 3,000 years of moral philosophy and the latest scientific research into human psychology and behaviour. In just 20 questions, ethicability enables us to understand and resolve a wide range of moral dilemmas in a format which has been tried and tested by groups as diverse as investment bankers, health practitioners, and the security services. Ethicability then helps us to find the courage to do the right thing because we now have the confidence that we have made the best decision we can, having considered everyone and everything involved. Deciding what's right doesn't always mean immediate success or even happiness, because life isn't a playground. Ethicability is about being good, doing right, and leaving the world a better place.



Handbook of Environmental and Sustainable Finance

Handbook of Environmental and Sustainable Finance Author Vikash Ramiah
ISBN-10 9780128036464
Release 2015-10-28
Pages 510
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The use of financial concepts and tools to shape development is hardly new, but their recent adoption by advocates of sustainable environmental management has created opportunities for innovation in business and regulatory groups. The Handbook of Environmental and Sustainable Finance summarizes the latest trends and attitudes in environmental finance, balancing empirical research with theory and applications. It captures the evolution of environmental finance from a niche scholarly field to a mainstream subdiscipline, and it provides glimpses of future directions for research. Covering implications from the Kyoto and Paris Protocols, it presents an intellectually cohesive examination of problems, opportunities, and metrics worldwide. Introduces the latest developments in environmental economics, sustainable accounting work, and environmental/sustainable finance Explores the effects of environmental regulation on the economy and businesses Emphasizes research about the trade-environmental regulation nexus, relevant for economics and business students



Private Equity Corporate Governance and the Dynamics of Capital Market Regulation

Private Equity  Corporate Governance and the Dynamics of Capital Market Regulation Author Justin O'Brien
ISBN-10 9781860948473
Release 2007
Pages 411
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Addresses the implications of private equity for the governance of corporations, the capital markets in which they operate and the professionals who provide corporate advisory services. Justin O'Brien from Charles Sturt University.



Financial Supervision in the 21st Century

Financial Supervision in the 21st Century Author Joanne A. Kellermann
ISBN-10 9783642367335
Release 2014-07-08
Pages 232
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The financial crisis prompted financial supervisors to take a critical look at their own performance. The "toolkit" available to supervisors is considerably more varied than it was a few years ago. Supervision has become more forward-looking, taking into account also soft controls, such as ‘conduct and culture’, corporate governance, and business models of financial institutions. This collection of essays discusses several significant changes in supervision methods and supervisory organisations and examines what methods contribute to ‘good supervision’ and what can reasonably be expected of supervisors. The authors are experts in the field and most of them are affiliated to organisations responsible for financial supervision.



International Finance Regulation

International Finance Regulation Author Georges Ugeux
ISBN-10 9781118829615
Release 2014-06-04
Pages 240
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As the global market expands, the need for international regulation becomes urgent Since World War II, financial crises have been the result of macroeconomic instability until the fatidic week end of September 15 2008, when Lehman Brothers filed for bankruptcy. The financial system had become the source of its own instability through a combination of greed, lousy underwriting, fake ratings and regulatory negligence. From that date, governments tried to put together a new regulatory framework that would avoid using taxpayer money for bailout of banks. In an uncoordinated effort, they produced a series of vertical regulations that are disconnected from one another. That will not be sufficient to stop finance from being instable and the need for international and horizontal regulation is urgent. This challenge is the focus of Georges Ugeux’s book. International Finance Regulation: The Quest for Financial Stability focuses on the inspirations behind regulation, and examines the risks and consequences of fragmentation on a global scale. Author Georges Ugeux has four decades of experience in the legal and economic aspects of international business operations. He created and run the New York Stock Exchange’sinternational group in charge of developing the NYSE’s reach to non-US companies, including relationships with regulators and governments. Ugeux teaches European Banking and Finance of the Columbia University School of Law. Ugeux is uniquely positioned to provide recommendations and suggestions from the perspective of a top global authority. In the book, he explores international regulation with topics such as: • Laws, regulations, and risks of overregulation • Transformation of the U.S. market and creation of the Eurozone • Development of a global framework and stability of the banking system • In-depth examination of Basel III, the Dodd-Frank Act, the European Banking Union, and the Volcker Rule The book also contains case studies from real-world scenarios like Lehman, CDS, Greece, the London Whale, and Libor to illustrate the concepts presented. Finance consistently operates within an increasingly global paradigm, and an overarching regulation scheme is becoming more and more necessary for sustainable growth. International Finance Regulation: The Quest for Financial Stability presents an argument for collaboration toward a comprehensive global regulation strategy.



Redesigning Financial Regulation

Redesigning Financial Regulation Author Justin O'Brien
ISBN-10 9780470060421
Release 2006-11-02
Pages 220
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At the height of the 1990s boom, Jack Grubman, one of the most successful analysts in Wall Street proclaimed ‘what used to be conflicts of interest are now synergies’. This myopia contributed dramatically to the elevation of a culture in which greed was deified, oversight denigrated and misfeasance justified. Since the fall of the markets and the implosion of confidence in the American corporate business model, one man has proved instrumental in deconstructing the rhetoric of the 1990s: Eliot Spitzer, the combative Attorney General of New York. In the process, his innovative application of state law has reconfigured the governance of Wall Street. Over the past three years the pursuit of transparency and accountability in the structure of the markets has propelled Spitzer to the forefront of regulatory policy. His investigations into tainted analyst research, the mutual funds industry, the governance of the New York Stock Exchange and the insurance industry have focused attention not just on corrupted individuals but also the complicity of the financial structure itself. Spitzer exploited the inherent conflicts of interest to the full, forcing regulators to adopt a much more proactive approach and creating a national platform for his own wider political ambitions. Now holding the Democratic nomination for the Governorship of New York, Spitzer has begun a path for higher national office. This groundbreaking book features exclusive access with many of the key actors in these changes to the governance of Wall Street. It examines how Eliot Spitzer exploited gaps in the regulatory framework to capture the corporate reform agenda and explores the implications of his actions on policy formation and recalibration. Key incidents include: changing the terms of reference governing analyst research; the defenestration of Dick Grasso’s tenure over the NYSE (which is now being heard in state court in New York); and the battles for control between the former Chairman of the Securities Exchange Commission, Harvey Pitt, and Spitzer. The book details not only the contested, contingent and interdependent connections between the American political and financial systems but reveals how Spitzer’s manipulation of those connections have proved instrumental in enhancing his own wider political ambitions.



Ethical Business Cultures in Emerging Markets

Ethical Business Cultures in Emerging Markets Author Douglas Jondle
ISBN-10 9781108365123
Release 2017-10-26
Pages
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Previous research on corporate cultures and ethical business cultures has focused almost exclusively on studies of multinational corporations from a handful of developed countries. This book addresses the intersection of human resource development and human resource management with ethical business cultures in the four BRIC countries, and four other fast-growing emerging economies: those of Mexico, Indonesia, South Africa and Turkey. Drawing on longitudinal large-scale survey-based studies, it compares managers' and employees' perceptions of ethical business cultures in these countries, contrasting them with the US economy. It then discusses the economic and socio-cultural context and current research on business ethics in each of these countries, including implications for research and practice. This significant study will appeal to scholars, researchers and students in business ethics, management, human resource management and development, and organization studies, and addresses issues faced daily by business executives and practitioners working in emerging market countries.



Value Shifts

Value Shifts Author Alison L. Dempsey
ISBN-10 1783533137
Release 2017-03-01
Pages 256
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Socially responsible investment is fast becoming established practice. This book anticipates and responds to the need to take stock of the current state of investor engagement on sustainability, offering a comprehensive assessment of investor-led sustainability and responsible investment movements.



Risk Culture in Banking

Risk Culture in Banking Author Alessandro Carretta
ISBN-10 9783319575926
Release 2017-10-11
Pages 436
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This book explores risk culture in banks following the financial crisis. It analyses the role of national and institutional risk culture, market competitiveness, organisational systems and institutional practices that led to a weakening of risk culture in financial institutions leading up to the financial crisis. It addresses how to assess and measure risk culture, and analyse the impact on performance and reputation. Finally it explores the impact of regulation and a variety of tools that can be applied from the board down to promote a healthy risk culture in the governance of financial institutions internal controls and risk culture in banks.



Regulating and Supervising European Financial Markets

Regulating and Supervising European Financial Markets Author Mads Andenas
ISBN-10 9783319321745
Release 2016-08-16
Pages 437
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The book analyses the institutions of the European financial market supervision and the challenges of financial markets. The current European supervisory structure for financial markets represents a major development in European supervisory history. Its operation however has to be explored and analysed critically. Has it gone far enough to provide a sufficiently comprehensive and resilient system to reduce or mitigate systemic risks and handle financial crises? Some claim it has gone too far already. Fresh and rigorous critical legal and economic analysis from an independent scholarly perspective are needed to assess whether the institutional design of the European supervisory architecture has proved itself to be an efficient and effective model. This book discusses many dimensions of the structure and workings of the European system from various angles providing different dimensions. The book makes an important contribution to the limited literature on financial market supervision./div



The Triumph Tragedy and Lost Legacy of James M Landis

The Triumph  Tragedy and Lost Legacy of James M Landis Author Justin O'Brien
ISBN-10 9781782254409
Release 2014-11-13
Pages 202
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James M Landis Â? scholar, administrator, advocate and political adviser Â? is known for his seminal contribution to the creation of the modern system of market regulation in the USA. As a highly influential participant in the politics of the New Deal he drafted the statute which was to become the foundation for securities regulation in the US, and by extension the founding principle of financial market regulation across the world. He was also a complex and in some ways tragic figure, whose glittering career collapsed following the revelation that he had failed to pay tax for a five year period in the 1950s. The oversight was to cost possible elevation to the Supreme Court, forced prosecution and sentencing in 1963 to one month's imprisonment, commuted to forced hospitalisation, and subsequent suspension of licence to practise. This candid and revealing book sets his life in the context of his work as an academic, legislative draftsman, administrator and Dean of Harvard Law School. In rescuing from history Landis's battles and achievements in regulatory design, theory and practice, it speaks directly to the perennial problems in financial market regulation - how to deal with institutions deemed too big to fail, how to regulate the sale of complex financial instruments and what role can the professions play as gatekeepers of market integrity. It argues that in failing to learn from the lessons of history we limit the capacity of regulatory intervention to facilitate cultural change, without which contemporary responses to financial crises are destined to fail.