integrity risk and accountability in capital markets regulating culture

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Integrity Risk And Accountability In Capital Markets

Author : Justin O'Brien
ISBN : 9781782253563
Genre : Law
File Size : 71. 6 MB
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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

Author : Nic Ryder
ISBN : 9781137473844
Genre : Social Science
File Size : 43. 64 MB
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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

Author : Lisa Herzog
ISBN : 9780198755661
Genre : Business & Economics
File Size : 74. 47 MB
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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

Author : Christopher Hodges
ISBN : 9781782255833
Genre : Law
File Size : 37. 75 MB
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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 Foundations And Future Of Financial Regulation

Author : Mads Andenas
ISBN : 9781135043377
Genre : Law
File Size : 25. 23 MB
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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.

The Future Of Financial Regulation

Author : Iain G MacNeil
ISBN : 9781847317544
Genre : Law
File Size : 56. 1 MB
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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.

Ethicability

Author : Roger Steare
ISBN : 9780955236907
Genre : Ethics
File Size : 72. 20 MB
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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

Author : Vikash Ramiah
ISBN : 9780128036464
Genre : Business & Economics
File Size : 62. 80 MB
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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

Author : Justin O'Brien
ISBN : 9781860948473
Genre : Business & Economics
File Size : 61. 55 MB
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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

Author : Joanne A. Kellermann
ISBN : 9783642367335
Genre : Business & Economics
File Size : 24. 39 MB
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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.

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