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The financial crisis focused unprecedented attention on ethics in investment banking. This book develops an ethical framework to assess and manage investment banking ethics and provides a guide to high profile concerns as well as day to day ethical challenges.
The solution to the uninhibited lending that was commonplace before the financial crisis has been to introduce tighter regulation to ensure robustness within banks. However, this solution has overlooked the underlying problem of ethical failure in the industry. In the wake of numerous bank collapses, many survivors continue in unprincipled conduct because ethical virtues have not been instilled. This book investigates the ethical basis of banking practice. It explores the conflict between the interests of banks and their customers, and how this conflict plays out in relation to the lending policies and fee structures of banks. Where such lending policies have a significant effect on banks, their customers and a range of stakeholders, the author investigates the views of leading bankers on their lending practices. The author then goes on to debate the events of the global financial crisis from a moral perspective, and argues that ethical failure triggered the American sub-prime calamities which have devastated homeowners and the global economy. The book argues that American banks and regulators both operated on the erroneous supposition that the quest after extreme profits would be restrained by free market forces. Where banks have a central role and importance in all commerce and hence in all societies, the author concludes by revealing a set of virtues that are necessary for banks to espouse moral conduct. He suggests that these virtues can be embedded through leadership and cultural change, with the aim of developing an account of the virtues appropriate to bankers and banking.
The Ethics of Banking analyzes the systemic and the ethical mistakes that led to the crisis. It keeps the middle ground between excusing all failures by the argument of a systemic crisis not to be taken responsibility for by the financial managers and the moralistic reproach that only moral failure is at the origin of the crisis. It investigates the role of speculation in the formation of the crisis and distinguishes between productive speculation for hedging and for securing market liquidity on the one hand, and unproductive and even detrimental hyper-speculation going far beyond of the degree of speculation that is necessary in a developed economy for the liquidity of financial markets, on the other hand. Hyper-speculation has increased the risks of the financial system and is still doing so.
This book provides evidence on the relevance of environmental and social factors in decision making. It discusses the Gold Standard Frameworks for integrating extra-financial risks into the philosophy, culture, strategies, products and value chain management procedures of investment and banking and highlights the current emergence of global administrative law. New emerging topics like positive impact investing and finance, climate friendly markets, human rights, the enhanced role of fiduciary duties and shared values are approached with a lot of examples for practical application. Steps towards a new banking culture, a new climate for double loop learning and sustainable financial innovation are outlined and the additional benefits of robust stakeholder engagement explained. The anthology paves the way from robust impact and risk management to positive impact creation and a new investment culture. As well, challenges for the implementation and ways to overcome them are broadly discussed. The book is rooted in the fact that institutions and investors which fail to professionally integrate the management of extra-financial risk into their whole lending and investment chain and fail to move to positive impact creation may well loose positions and mandates and finally the trust of their clients, partners and stakeholders. The contributing authors of this anthology are internationally renowned experts in the field of ESG and impact investing. The compendium brings together practitioners and academics to allow a confluence of thoughts, concepts and viewpoints. This huge variety of perspectives and approaches makes this volume a comprehensive compendium on responsible investment and banking.
International Investment Management: Theory, Practice, and Ethics synthesizes investment principles, Asian financial practice, and ethics reflecting the realities of modern international finance. These topics are studied within the Asian context, first through the medium of case studies and then via the particular conditions common in those markets including issues of religion and philosophy. This book has a three part structure beginning with the core principles behind the business of investments including securities analysis, asset allocation and a comprehensive analysis of modern finance theory. This gives students a comprehensive understanding of investment management by going through the theories, ethics and practice of investment management. This text provides a detailed overview of International Banking Law and International Securities Regulation, alongside legal and ethics case studies which are located in the practice section of the book. This book is an essential text for business and law school students who wish to have a thorough understanding of investment management. It is also perfect as a core text for undergraduate finance majors and graduate business students pursuing a finance, and/or business ethics concentration, with particular focus on Asia.
From the mid-1970s until the crisis in 2007, the world of finance enjoyed thirty euphoric years as the general public, businesses and governments put their blind trust in financial techniques, professions and institutions. Shaken up by a structural crisis and a crisis of legitimacy, today’s financial sector can no longer afford to avoid the issues summed up by the key question: what is next for the role of ethics and responsibility in finance? Many see an unbridgeable gap between ethics and responsibility and financial practice. Ethics and Responsibility in Finance paves the way for the dialogue that is needed in order to solve the current problems and allow the return of a refined ethical thinking in the financial sector. This book opens with an in-depth analysis of the operational implications of two key notions: ethics and responsibility. It then addresses ethical dilemmas that are characteristic to each of the three actors involved in any financial transaction. This begins with the discussion of the dilemmas of the ultimate owner of funds: the individual or collective saver, as in the case of pension funds. The analysis then turns to financial intermediaries such as banks, insurance companies, asset managers, and consultants, who work in a web of different loyalties. Finally, the dilemmas of the user of funds are addressed – the household taking a mortgage, an enterprise or a public authority which borrows – all of which have to be clear on the reasons and values driving their decisions. This volume is of great interest to those who study banking, corporate finance and ethics philosophy.
"Beginning with examples of the scandals that have shaken public confidence in the ethics of Wall Street, this book explains the need for ethics in the personal conduct of finance professionals and the operation of financial markets and institutions. A broad range of practical issues in the financial services industry, investment decision making, and corporate financial management are explored, focusing on standards of fairness in market transactions and the duties of fiduciaries and agents in financial relationships. Among the topics covered are unethical sales practices, the churning of accounts, personal trading by fund managers, discrimination in home mortgage lending, the role of institutional investors, the socially responsible investment movement, insider trading and program trading, the abuse of bankruptcy, and hostile takeovers. Ethics in Finance also contains a critical examination of conception of the theory of the firm in finance and the financial objective of firms." - product description.
This book, the recipient of a bronze medal from the US Axiom Business Book Awards in the Business Ethics category and shortlisted for the Business Book Awards 2022: International Business Book, comprises multiple finance and ethics case studies. The purpose of the book is twofold. First, the case studies teach readers how to evaluate and determine resolutions to ethical issues in finance. Second, the reader will enjoy a journey with the author, a woman, over her years working in finance, through the use of case studies. These studies focus on ethical issues in finance which the author encountered over nearly a 30-year career in the industry. There are 10 case studies extracted from different sectors of finance. This broad range is a consequence of the author’s experience from almost all sides of the business: the buy side, the sell side, equity research in Asia, equity sales, mutual funds, hedge funds, the finance academy, and consulting. Each case study has an engaging narrative describing the background, transactions, players, and ethical issues. The ethical issue is analyzed and resolved using the appropriate theories of moral philosophy. Descriptions and analyses are rigorous yet comprehensible, approachable, and entertaining. Apart from ethics determinations, the material in the book covers and explains a variety of specific, and even complex, financial transactions. In every transaction there is an explanation of the roles of various players involved. In this way, readers will learn about the work of people in different positions in finance from investment bankers and equity traders to portfolio managers and equity analysts. Through these case studies, readers also will get an understanding of major financial transactions and activities such as IPOs, secondary offerings, equity trading, and equity valuations. The book will appeal to practitioners, college and high school students, and lecturers who can use it to supplement courses in finance or business ethics.
Since the Global Financial Crisis, a surge of interest in the use of finance as a tool to address social and economic problems suggests the potential for a generational shift in how the finance industry operates and is perceived. J. C. de Swaan seeks to channel the forces of well-intentioned finance professionals to improve finance from within and help restore its focus on serving society. Drawing from inspiring individuals in the field, de Swaan proposes a framework for pursuing a viable career in finance while benefiting society and upholding humanistic values. In doing so, he challenges traditional concepts of success in the industry. This will also engage readers outside of finance who are concerned about the industry's impact on society.