Ethics in Finance or The Psychology of Leadership New Perspectives and Research

Ethics in Finance

Author: John R Boatright

This second edition of the ground-breaking Ethics in Finance, is an up-to-date, valuable addition to the emerging field of finance ethics. Citing examples of the scandals that have shaken public confidence in the ethics of Wall Street, this text explains the importance of ethics the operation of financial institutions and in the personal conduct of finance professionals.

• Focuses on practical issues that confront finance professionals and policy makers
  
• Now includes discussion of issues in mutual funds and financial engineering, the independence of analysts at investment banks, and the bank’s responsibility for the conduct of its clients
  
• Features a new chapter on conflicts of interest in financial services, expanded treatment of ethical issues in IPOs, and a new discussion about the discarding of pension funds
  
• Cites examples of the scandals that have shaken public confidence in Wall Street

Table of Contents:

Preface     vii
Preface to the First Edition     ix
Acknowledgments     xi
Abbreviations     xii
Financial Ethics: An Overview     1
The Need for Ethics in Finance     4
Ethics and Financial Markets     10
The Financial Services Industry     13
Individuals in Organizations     24
Theoretical Perspectives in Finance     30
Equity and Efficiency     31
Fiduciaries, Agents, and Professionals     38
Agency Theory     44
Conflict of Interest     50
Ethical Issues in Financial Services     68
Sales Practices     69
Churning, Twisting, and Flipping     78
Arbitration     84
Personal Trading     90
Mutual Funds     99
Ethical Issues in Investment Decisions     112
Bank Lending Practices     113
Socially Responsible Investing     119
Relationship Investing     125
Investment and the New Finance     132
Ethics in Financial Markets     142
Insider and Program Trading     143
The Ethics of Bankruptcy     150
Hostile Takeovers     160
The Financial Theory of the Firm     176
Traditional Theories     177
The Contractual Theory     182
The Objective of the Firm     189
The Stakeholder Challenge     198
Index     207

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The Psychology of Leadership New Perspectives and Research

Author: David Messick

In this book, some of the world's leading scholars come together to describe their thinking and research on the topic of the psychology of leadership. Most of the chapters were originally presented as papers at a research conference held in 2001 at the Kellogg School of Management of Northwestern University. The contributions span traditional social psychological areas, as well as organizational theory; examining leadership as a psychological process and as afforded by organizational constraints and opportunities. The editors' goal was not to focus the chapters on a single approach to the study and conceptualization of leadership but rather to display the diversity of issues that surround the topic.

Leadership scholars have identified a host of approaches to the study of leadership. What are the personal characteristics of leaders? What is the nature of the relation between leaders and followers? Why do we perceive some people to be better leaders than others? What are the circumstances that evoke leadership qualities in people? Can leadership be taught? And so on. The contributions to this book examine these important questions and fall into three categories: conceptions of leadership, factors that influence the effectiveness of leadership, and the consequences and effects of leadership on the leader. All in all, the chapters of this volume display part of a broad spectrum of novel and important approaches to the study of the psychology of leadership. We hope that they are equally useful to those who are or would be leaders and to those who study the topic. As recent events have served to remind us, it is too important a topic to be ignored by psychologists.