{"product_id":"investment-ethics-isbn-9780470434536","title":"Investment Ethics","description":"\u003cp\u003e\u003cb\u003e\u003ci\u003eInvestment Ethics,\u003c\/i\u003e 1st Edition\u003c\/b\u003e\u003c\/p\u003e \u003cp\u003eThe need for ethical education is as long standing as the history of scandals that plague the financial industry. Understanding the cause and effect of economic crises and scandals from an ethical perspective ensures the long run health of our financial markets. Sarah W. Peck's \u003ci\u003e\u003cb\u003eInvestment Ethics\u003c\/b\u003e\u003c\/i\u003e is an applied and uniquely focused textbook that provides students with the tools, examples, and exercises they need to understand ethical concepts and consequences in the practice of finance; especially regarding investments. This text serves not only as a key tool in the classroom, but also a longstanding guide for examining the ethical practices of companies and organizations.\u003c\/p\u003e  \u003cb\u003ePREFACE\u003cbr\u003e PART I- Ethical Behavior\u003cbr\u003e CHAPTER 1- Introduction: The Case for Investment Ethics\u003cbr\u003e \u003c\/b\u003e Introduction-The Investment Industry- A Legacy of Scandals and a Need for Ethics\u003cbr\u003e  A Brief Overview of the Investment Industry\u003cbr\u003e  Securities Laws and Regulations\u003cbr\u003e  Investment Ethics Are Easier Said Than Done\u003cbr\u003e  Ethics Basics\u003cbr\u003e  Four Fundamental Principles of Investment Ethics\u003cbr\u003e  Costs and Benefits of Being Unethical\u003cbr\u003e  Conclusion-Developing an Ethical Consciousness\u003cbr\u003e  Appendix- Financial Market Regulatory Agencies\u003cbr\u003e \u003cb\u003eCHAPTER 2- Fiduciary Duty of Investment Professionals- The Ethical Treatment of the Client\u003cbr\u003e \u003c\/b\u003e Introduction- What is A Fiduciary?\u003cbr\u003e  Agency Versus Fiduciary Relationships\u003cbr\u003e  The Role of Laws, Regulations, and Professional Standards\u003cbr\u003e  The Importance of Confidentiality\u003cbr\u003e  Conflicts in Finding the Right Investments\u003cbr\u003e  Conflicts in Trade Management- Best Execution\u003cbr\u003e  Conflicts in Trade Management- Soft Dollars\u003cbr\u003e  Identification and Fair Treatment of Clients\u003cbr\u003e  Conclusion-Disclose! Disclose! Disclose!\u003cbr\u003e  Appendix- Professional Codes of Ethics\u003cbr\u003e \u003cb\u003eCHAPTER 3\u003c\/b\u003e-\u003cb\u003eEthical Reporting of Investment Performance\u003c\/b\u003e\u003cbr\u003e  Introduction to Ethics in Reporting Performance\u003cbr\u003e  Calculating Return: Predicting Future Performance or Measuring Performance for Current Clients?\u003cbr\u003e  Ethical Reporting of Risk Measures\u003cbr\u003e  Management Fees and Other Costs That Can Be Hidden\u003cbr\u003e  Time Periods Used to Estimate Historical Risk \u0026amp; Return Performance\u003cbr\u003e  Other Ways to Distort Historical Performance\u003cbr\u003e  Reporting Performance to Attract New Clients- Cherry Picking Accounts\u003cbr\u003e  Hidden Risks: Leverage, Short-Selling, Liquidity\u003cbr\u003e  Special Considerations with Valuing Securities that Don’t Trade\u003cbr\u003e  Conclusion- The Crystal Ball\u003cbr\u003e  Appendix- Review of Investments Basics\u003cbr\u003e \u003cb\u003eCHAPTER 4-Ethical Use of Information\u003cbr\u003e \u003c\/b\u003e Introduction- Information and The Search for Alpha\u003cbr\u003e  Information Asymmetry\u003cbr\u003e  Private Information-Talent\u003cbr\u003e  Trading On Inside Information\u003cbr\u003e  Trading on Trading by Insiders\u003cbr\u003e  Influential Publications\u003cbr\u003e  Direct Communication with Corporations\u003cbr\u003e  Investment Banking and Chinese Walls\u003cbr\u003e  Mosaic Theory\u003cbr\u003e  Front Running\u003cbr\u003e  High Speed “Flash” Trading\u003cbr\u003e  Mutual Funds And Information Advantages Arising From Stale Prices\u003cbr\u003e  Market Manipulation\u003cbr\u003e  Conclusion- Information And Fairness\u003cbr\u003e \u003cb\u003eCHAPTER 5-Analyst Integrity\u003cbr\u003e \u003c\/b\u003e Introduction- Analysts and Their Ethical Obligations\u003cbr\u003e  Investment Recommendations-“Pickers”\u003cbr\u003e  Forecasters\u003cbr\u003e  Buy Side and Sell Side Analysts- Who pays for the research?\u003cbr\u003e  Behavioral Finance and Analyst Ethics\u003cbr\u003e  Star Analysts- Overconfidence and Regret Aversion\u003cbr\u003e  Herding -The Influence of Other Analysts\u003cbr\u003e  Other Behavioral Pitfalls\u003cbr\u003e  Originality of Ideas\u003cbr\u003e  Other Analyst Conflicts\u003cbr\u003e  Conflicts with Employers\u003cbr\u003e  Conclusion- Be Aware!\u003cbr\u003e \u003cb\u003ePART II- Ethical Security Analysis\u003cbr\u003e CHAPTER 6-Investing in Companies with Ethical Accounting Practices\u003cbr\u003e \u003c\/b\u003e Introduction- Reported Accounting Performance- Healthy Cynicism\u003cbr\u003e  The Source of Accounting Distortions-Accruals\u003cbr\u003e  Discretionary and Non-Discretionary Accruals\u003cbr\u003e  Managers’ Incentives to Manage Earnings\u003cbr\u003e  “Cookie Jar” Reserves and “Big Baths”\u003cbr\u003e  Aggressive Revenue Recognition\u003cbr\u003e  SPE’s and Hidden Debt\u003cbr\u003e  Quality of Earnings\u003cbr\u003e  Earnings Smoothing:  Is It Ethical?\u003cbr\u003e  Conclusion- Cash Versus Accruals- Be Skeptical!\u003cb\u003e\u003cbr\u003e CHAPTER 7-Investing in Companies with Good Corporate Governance Practices\u003cbr\u003e \u003c\/b\u003e Introduction-Corporate Governance and its Importance to Ethical Analysts\u003cbr\u003e  Countrywide Financial Corporation- A Case of Weak Corporate Governance and Unethical Business Practices\u003cbr\u003e  The Role of the Board- An Overview\u003cbr\u003e  Who Makes a Good Director?\u003cbr\u003e  Effective Board Structure\u003cbr\u003e  Director Compensation and Shareholdings\u003cbr\u003e  The Nominating Process, Voting Rights, and Potential Conflicts\u003cbr\u003e  Executive Compensation- Structure and Incentives\u003cbr\u003e  Option Grant Abuses\u003cbr\u003e  Golden Parachutes, Golden Hand-cuffs, Golden Coffins\u003cbr\u003e  Horizon Problems And The Firm’s Long-Run Profitability\u003cbr\u003e  Shareholders’ Rights and The Takeover Market\u003cbr\u003e  Conclusion- Shareholder’s Rights and Conflicts\u003cbr\u003e  Appendix- Review of Stock Options\u003cbr\u003e \u003cb\u003eCHAPTER 8-Socially Responsible Investing\u003cbr\u003e \u003c\/b\u003e Introduction- Directing Financial Capital to Benefit Society\u003cbr\u003e  Stakeholder Theory\u003cbr\u003e  Positive and Negative Screens\u003cbr\u003e  Socially Responsible Mutual Funds\u003cbr\u003e  Performance- Can You Do Well By Doing Good?\u003cbr\u003e  Shareholder Advocacy\u003cbr\u003e  Divestment\u003cbr\u003e  The Special Role of Pension Funds, University Endowments, and Foundations\u003cbr\u003e  Community Investing  and Micro Finance Lending\u003cbr\u003e  Islamic Finance\u003cbr\u003e  Conclusion- Obstacles To Doing Well While Doing Good\u003cbr\u003e \u003cb\u003eCHAPTER 9-Cases\u003cbr\u003e \u003c\/b\u003e Case #1- UBS and Morgan Stanley- An Elaborate Insider Trading Scheme\u003cbr\u003e  Case #2- Emulex and Mark Jakob- Market Manipulation with False Information\u003cbr\u003e  Case #3- Fidelity Traders and Gifts from Jefferies- Soliciting Brokerage from Traders\u003cbr\u003e  Case #4- Heartland Advisors and Bond Funds- Misrepresentation of Bond Values\u003cbr\u003e  Case #5- A.G. Edwards and Variable Annuities- An Inappropriate Investment\u003cbr\u003e  Case #6- Charles Hintz and Sanford Bernstein- Analysts’ Conflicts with Personal Holdings\u003ca id=\"_Toc221259014\" name=\"_Toc221259014\"\u003e\u003cbr\u003e  Case #7- Nicholas Cosmo and Agape World Inc\u003c\/a\u003e.- A Ponzi Scheme\u003cbr\u003e  Case #8- Former CEO of NYSE’s, Grasso’s,  Pay Package\u003cbr\u003e  Case #9 Nick Leeson and Barings Bank- Rogue Trader\u003cbr\u003e  Case #10- Kellogg’s “Matched” and “Washed” Trades- Tax Avoidance or Market Manipulation?\u003cbr\u003e  Case # 11- Qwest Communications International - Accounting Fraud and Overstated Revenues\u003cbr\u003e  Case #12- Refco- Misrepresentation and Hidden Debt\u003cbr\u003e  Case #13- Salomon Brothers and the Treasury Market- Cornering the Market\u003cbr\u003e  Case #14- Merrill Lynch and the Internet Boom- Analysts’ Conflicts\u003cbr\u003e  Case #15- John Mangan and Short Selling -Inside Trading\u003cbr\u003e  Case #16- Merrill Lynch and Bank of America Merger- Bonuses Paid to Merrill Employees -Excessive Compensation?\u003cbr\u003e  Case #17- Canary Capital Partners LLC- Mutual Fund Abuses\u003cbr\u003e  Case #18- Jérôme Kerviel and Société Générale-  Rogue Trader\u003cbr\u003e  Case #19- WorldCom- Capitalizing Operating Expenses, an Unethical  Accounting Practice\u003cbr\u003e  Case #20- The Squawk Box- Front Running\u003cbr\u003e  Case #21- Morgan Stanley- Brokerage Commissions and Brokerage Abuses\u003cbr\u003e  Case #22- Brian Hunter and Amaranth Advisors-Market manipulation of Natural Gas?\u003cbr\u003e  Case #23- The Bayou Group- False Reporting\u003cbr\u003e  Case #24- Morgan Stanley- Analyst’s Coverage and Investment Banking Business\u003cbr\u003e  Case #25- Bernie Madoff- The Largest Ponzi Scheme in History?\u003cbr\u003e  Case #26 - Enron- A Case of Extreme Hubris\u003cbr\u003e  Case #27- UnitedHealth- Back Dating Stock Options\u003cbr\u003e  Case #28- First Cash Financial Services- Pay Day Loans and Return\u003cbr\u003e  Case #29 - Johnson \u0026amp; Johnson and the Tylenol Scare- Did Recall Hurt or Help Shareholders?\u003cbr\u003e  Case #30- Infrastructure Funds- An SRI Investment?\u003cbr\u003e \u003cb\u003eGLOSSARY\u003cbr\u003e \u003cbr\u003e \u003c\/b\u003e  \u003cp\u003eSarah Peck is the author of Investment Ethics, published by Wiley.\u003c\/p\u003e","brand":"Wiley","offers":[{"title":"Default Title","offer_id":47989474689253,"sku":"NP9780470434536","price":70.5,"currency_code":"USD","in_stock":false}],"thumbnail_url":"\/\/cdn.shopify.com\/s\/files\/1\/1842\/7735\/files\/9780470434536.jpg?v=1761784247","url":"https:\/\/k12savings.com\/es\/products\/investment-ethics-isbn-9780470434536","provider":"K12savings","version":"1.0","type":"link"}