Finance Ethics: Critical Issues in Theory and Practice by John R. Boatright

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By John R. Boatright

A groundbreaking exploration of the serious moral concerns in monetary concept and practice
Compiled through quantity editor John Boatright, Finance Ethics contains contributions from students from many various finance disciplines.

It covers key concerns in monetary markets, monetary prone, monetary administration, and finance conception, and comprises chapters on industry legislation, due diligence, reputational possibility, insider buying and selling, by-product contracts, hedge cash, mutual and pension cash, coverage, socially accountable making an investment, microfinance, profits administration, danger administration, financial disaster, govt reimbursement, opposed takeovers, and forums of directors.

Special recognition is given to equity in markets and the supply of monetary providers, and to the tasks of fiduciaries and agents

Rigorous research of the subjects coated offers crucial info and functional tips for practitioners in finance in addition to for college students and teachers with an curiosity in finance ethics

Ethics in Finance skillfully explains the necessity for ethics within the own behavior of finance pros and the operation of economic markets and associations.

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Extra info for Finance Ethics: Critical Issues in Theory and Practice (Robert W. Kolb Series, Volume 11)

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2010. Financial derivatives. Hoboken, NJ: John Wiley & Sons. , and James A. Overdahl. 2007. Futures, options, and swaps. 5th ed. Oxford: Blackwell Publishers. Lewison, Martin. 1999. Conflicts of interest: The ethics of usury? Journal of Business Ethics 22:327–339. Lintner, John. 1965. The valuation of risk assets and the selection of risky investments in stock portfolios and capital budgets. Review of Economics and Statistics 47: 13–37. Malkiel, Burton G. 2003. The efficient market hypothesis and its critics.

It may be argued plausibly that option pricing theory is a purely intellectual endeavor, but it may also be the case that coming to see the world in terms of options may stimulate unethical behavior. For example, in the case of the firm with bondholders, the analysis clarifies the firm’s incentives to posture as a lowrisk form to deceive and exploit the bondholders. Similarly, viewing the financing of a house as, in part, the acquisition of a put option may lead home owners to default on their promised payments.

7 While presented as an empirical hypothesis, the truth of the EMH would entail a strong prescriptive element and should change investors’ behavior. ” But this counsel masks an inherent paradox. If information is already reflected in prices, it must be because market participants have already absorbed that information and P1: OTA/XYZ P2: ABC c02 JWBT301-Boatright June 2, 2010 8:42 Printer Name: Hamilton ETHICAL IMPLICATIONS OF FINANCE 35 acted on it in their own trading. It is actual buying and selling that moves prices and makes the current price reflect the new information.

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