Download Something for Nothing: Arbitrage and Ethics on Wall Street PDF

Something for Nothing: Arbitrage and Ethics on Wall Street

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Publisher : W. W. Norton & Company
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ISBN 13 : 0393285529
Pages : 224 pages
Rating : 4.5/5 (285 downloads)

Download Something for Nothing: Arbitrage and Ethics on Wall Street PDF Format Full Free by Maureen O'Hara and published by W. W. Norton & Company. This book was released on 2016-10-25 with total page 224 pages. Available in PDF, EPUB and Kindle. Book excerpt: From a leading financial economist, a searching examination of the ethics of modern finance. In 2001, Goldman Sachs structured a complex financial contract so that its client, the government of Greece, would appear to have far less debt than it actually did. When news of this transaction came out years later, the inevitable question arose: Even though Goldman’s actions were legal, were they ethically wrong? Is modern finance itself inherently unethical? In Something for Nothing, financial economist Maureen O’Hara explains that one of the key innovations of modern finance is its reliance on arbitrage, the practice of taking advantage of a price difference between two or more markets to generate profits and remove inefficiencies. When done correctly, arbitrage can create value at little or no cost (in effect, getting “something for nothing”); but it can also be an exploitative tool. In a lucid, insightful discussion of the ethics of arbitrage in modern finance, O’Hara reveals how the rules can often be stretched into still-legal yet highly unethical business practices. Examining key cases in clear and persuasive prose, O’Hara illuminates various aspects of financial ethics, from the Goldman Greek transaction to Lehman Brothers’ attempt to cover up its debt, JPMorgan Chase’s maneuvers in California’s energy markets, Bernie Madoff’s trading strategies in the 1980s, high-frequency trading practices, and toxic loans in France. Ultimately, O’Hara turns to philosophy and religion to argue for a new, humanistic approach to ethics in the financial industry. She makes a strong case for a way forward: fewer rules and more standards to foster a morally responsible outlook. Fearlessly raising the questions at the moral heart of our financial system, Something for Nothing is a masterful treatise on the ethics of modern finance.


Download Taking the Floor PDF

Taking the Floor

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Publisher : Princeton University Press
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ISBN 13 : 0691204772
Pages : 340 pages
Rating : 4.7/5 (24 downloads)

Download Taking the Floor PDF Format Full Free by Daniel Beunza and published by Princeton University Press. This book was released on 2021-07-13 with total page 340 pages. Available in PDF, EPUB and Kindle. Book excerpt: An inside look at a Wall Street trading room and what this reveals about today’s financial system Debates about financial reform have led to the recognition that a healthy financial system doesn’t depend solely on how it is structured—organizational culture matters as well. Based on extensive research in a Wall Street derivatives-trading room, Taking the Floor considers how the culture of financial organizations might change in order for them to remain healthy, even in times of crises. In particular, Daniel Beunza explores how the extensive use of financial models and trading technologies over the recent decades has exerted a far-ranging and troubling influence on Wall Street. How have models reshaped financial markets? How have models altered moral behavior in organizations? Beunza takes readers behind the scenes in a bank unit that, within its firm, is widely perceived to be “a class act,” and he considers how this trading room unit might serve as a blueprint solution for the ills of Wall Street’s unsustainable culture. Beunza demonstrates that the integration of traders across desks reduces the danger of blind spots created by models. Warning against the risk of moral disengagement posed by the use of models, he also contends that such disengagement could be avoided by instituting moral norms and social relations. Providing a unique perspective on a complex subject, Taking the Floor profiles what an effective, responsible trading room can and should look like.


Download Capturing Finance PDF

Capturing Finance

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Publisher : Duke University Press
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ISBN 13 : 1478021608
Pages : 173 pages
Rating : 4.6/5 (21 downloads)

Download Capturing Finance PDF Format Full Free by Carolyn Hardin and published by Duke University Press. This book was released on 2021-07-09 with total page 173 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage—the trading practice that involves buying assets in one market at a cheap price and immediately selling them in another market for a profit—is fundamental to the practice of financial trading and economic understandings of how financial markets function. Because traders complete transactions quickly and use other people's money, arbitrage is considered to be riskless. Yet, despite the rhetoric of riskless trading, the arbitrage in mortgage-backed securities led to the 2008 financial crisis. In Capturing Finance Carolyn Hardin offers a new way of understanding arbitrage as a means for capturing value in financial capitalism. She shows how arbitrage relies on a system of abstract domination built around risk. The commonsense beliefs that taking on debt is necessary for affording everyday life and that investing is necessary to secure retirement income compel individuals to assume risk while financial institutions amass profits. Hardin insists that mitigating financial capitalism's worst consequences, such as perpetuating class and racial inequities, requires challenging the narratives that naturalize risk as a necessary element of financial capitalism as well as social life writ large.


Download Seeking Virtue in Finance PDF

Seeking Virtue in Finance

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Publisher : Cambridge University Press
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ISBN 13 : 110847313X
Pages : 249 pages
Rating : 4.1/5 (473 downloads)

Download Seeking Virtue in Finance PDF Format Full Free by JC de Swaan and published by Cambridge University Press. This book was released on 2020-09-17 with total page 249 pages. Available in PDF, EPUB and Kindle. Book excerpt: By learning from inspiring individuals in the industry, finance professionals can pursue viable careers while benefiting society and upholding humanistic values.


Download A Handbook of Food Crime PDF

A Handbook of Food Crime

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Publisher : Policy Press
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ISBN 13 : 1447356284
Pages : 458 pages
Rating : 4.2/5 (356 downloads)

Download A Handbook of Food Crime PDF Format Full Free by Gray, Allison and published by Policy Press. This book was released on 2019-10-01 with total page 458 pages. Available in PDF, EPUB and Kindle. Book excerpt: Food today is over-corporatized and under-regulated. It is involved in many immoral, harmful, and illegal practices along production, distribution, and consumption systems. These problematic conditions have significant consequences on public health and well-being, nonhuman animals, and the environment, often simultaneously. In this insightful book, Gray and Hinch explore the phenomenon of food crime. Through discussions of food safety, food fraud, food insecurity, agricultural labour, livestock welfare, genetically modified foods, food sustainability, food waste, food policy, and food democracy, they problematize current food systems and criticize their underlying ideologies. Bringing together the best contemporary research in this area, they argue for the importance of thinking criminologically about food and propose radical solutions to the realities of unjust food systems.


Download Against Sacrifice PDF

Against Sacrifice

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Publisher : Troubador Publishing Ltd
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ISBN 13 : 1800463367
Pages : 200 pages
Rating : 4.3/5 (463 downloads)

Download Against Sacrifice PDF Format Full Free by Henry P Wynn and published by Troubador Publishing Ltd. This book was released on 2021-08-28 with total page 200 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is directed at the sort of raw utilitarian approach to making hard choices in public life which uses in one form or another the idea of the cash value of a human life. This arises with the use of so-called QALYs in Health Economics and spending caps in Health and Safety at work. These are often forced choices, forced by ethical decisions taken at the centre but then outsourced to the harsh frontiers of ethics. They go hand-in-hand with pernicious attitudes which blame the victims or thinks of them simply as collateral damage. The ethics of war should not be used in peacetime, with loaded words like “proportionality”. The response should be to value life itself and the human qualities of empathy and imagination, requiring us to listen to the narratives of victims. The best option is to remove the hard choices wherever they occur but if that is impossible give generous and swift compensation. The central message is that it cannot be part of the “public good” to sacrifice someone for the public good. That happens with vaccination, but in the long run is not acceptable. We need safer vaccines, better intensive care and so on. These ideas can be captured in the terms “duty of care” and “deliberative democracy”. Every regulator and agency which has power over human life should have duty of care written into its constitution and we need new forms of democracy to debate the issues, particularly within communities. The essay draws on the community-based and experimental ideas of the great American Pragmatist, John Dewey.


Download Financial Econometrics PDF

Financial Econometrics

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Publisher : Cambridge University Press
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ISBN 13 : 1316827615
Pages : pages
Rating : 4.6/5 (827 downloads)

Download Financial Econometrics PDF Format Full Free by Oliver Linton and published by Cambridge University Press. This book was released on 2019-02-21 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: This is a thorough exploration of the models and methods of financial econometrics by one of the world's leading financial econometricians and is for students in economics, finance, statistics, mathematics, and engineering who are interested in financial applications. Based on courses taught around the world, the up-to-date content covers developments in econometrics and finance over the last twenty years while ensuring a solid grounding in the fundamental principles of the field. Care has been taken to link theory and application to provide real-world context for students. Worked exercises and empirical examples have also been included to make sure complicated concepts are solidly explained and understood.


Download Business Ethics PDF

Business Ethics

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Publisher : SAGE Publications
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ISBN 13 : 1506368042
Pages : 520 pages
Rating : 4.0/5 (368 downloads)

Download Business Ethics PDF Format Full Free by Richard A. Spinello and published by SAGE Publications. This book was released on 2019-01-24 with total page 520 pages. Available in PDF, EPUB and Kindle. Book excerpt: An innovative text that aims to deepen students’ knowledge of business ethics through a multidisciplinary approach grounded in moral philosophy, management principles, business history, and economics. The text aims to help students make ethical decisions, demonstrate integrity in the workplace, and advocate for moral business practices. It also features content on further trends and topics that will help students build a deeper understanding of business ethics: A section on Personal Integrity in the workplace, unpacks ethical dilemmas that face employees in the workplace including conflicts of interest, cheating, whistle blowing, and bribery. A section on Corporate Values and Responsibilities delves into ethical issues related to the financial industry, competition, safety, privacy, and intellectual property. A section on Global Capitalism examines the ethical issues related to culture, justice, the internet, and environmental issues around the world. All content is supported by 40 contemporary case studies that allow students to grapple with a wide range of moral issues and apply ethical frameworks to a variety of situations at real-world organizations, including GlaxoSmithKline (GSK) in China, Firestone in Liberia, and the Apple Encryption Controversy. The book is complemented by online resources for instructors and students, including: Test Bank, PowerPoint slides, an Instructor’s Manual with extensive case notes, Exercises and Activities, Multimedia resources, Quizzes, Flashcards, and SAGE Journal Articles. Suitable reading for undergraduate students on Business Ethics courses.


Download Contemporary Issues in Ethics and Information Technology PDF

Contemporary Issues in Ethics and Information Technology

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Publisher : IGI Global
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ISBN 13 : 1591407818
Pages : 208 pages
Rating : 4.8/5 (47 downloads)

Download Contemporary Issues in Ethics and Information Technology PDF Format Full Free by Schultz, Robert A. and published by IGI Global. This book was released on 2005-11-30 with total page 208 pages. Available in PDF, EPUB and Kindle. Book excerpt: "This book uses general ethical principles as a basis for solutions to solving ethical problems in information technology use within organizations"--Provided by publisher.


Download Jainism and Ethical Finance PDF

Jainism and Ethical Finance

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Publisher : Taylor & Francis
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ISBN 13 : 1317234219
Pages : 176 pages
Rating : 4.2/5 (234 downloads)

Download Jainism and Ethical Finance PDF Format Full Free by Atul K. Shah and published by Taylor & Francis. This book was released on 2017-04-07 with total page 176 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2008 has led to a re-evaluation of the role of financial institutions and their relationship with the wider economy and society. This process has meant an increased questioning of both the conduct of business itself and the principles behind commercial and financial activities. Yet non-western voices have been notably absent from this debate, as have alternatives to the dominant western-derived economic ideologies. From the ancient spiritual wisdom or Dharma of the Jains, there emerges a practical modern philosophy fully in tune with the re-emergence of India as a global economic power. Jain individuals, businesses and charities have played a powerful role in India’s rise and within the global Indian Diaspora. Jain communities are noted everywhere for their contributions to business, the professions and science. These successes are based on the principles of interdependence and co-operation, with an emphasis on long-term consolidation rather than short-term bursts of growth. Researchers and students interested in the ethics of finance, accounting and economics will find Jainism and Ethical Finance a scholarly and illuminating evaluation of Jain Dharma as a non-western case study. In the light of current concerns about the way global finance and banking systems operate, this book offers a timely alternative perspective. .


Download Business Week PDF

Business Week

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Publisher :
Release Date :
ISBN 13 :
Pages : pages
Rating : 4./5 ( downloads)

Download Business Week PDF Format Full Free by and published by . This book was released on 1986 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt:


Download Merger Masters PDF

Merger Masters

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Publisher : Columbia University Press
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ISBN 13 : 0231548915
Pages : pages
Rating : 4.9/5 (548 downloads)

Download Merger Masters PDF Format Full Free by Kate Welling and published by Columbia University Press. This book was released on 2018-11-06 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: Merger Masters presents revealing profiles of monumentally successful merger investors based on exclusive interviews with some of the greatest minds to practice the art of arbitrage. Michael Price, John Paulson, Paul Singer, and others offer practical perspectives on how their backgrounds in the risk-conscious world of merger arbitrage helped them make their biggest deals. They share their insights on the discipline that underlies their fortunes, whether they practice the “plain vanilla” strategy of announced deals, the aggressive strategy of activist investment, or any strategy in between on the risk spectrum. Merger Masters delves into the human side of risk arbitrage, exploring how top practitioners deal with the behavioral aspects of generating consistent profits from risk arbitrage. The book also includes perspectives from the other side of the mergers and acquisitions divide in the form of interviews with a trio of iconic CEOs: Bill Stiritz, Peter McCausland, and Paul Montrone. All three took advantage of M&A opportunities to help build long-term returns but often found themselves at odds with the short-term focus of Wall Street and merger investors. Told in lively, accessible prose, with bonus facts and figures for transaction junkies, Merger Masters is an incomparable set of stories with plenty of unfiltered lessons from the best managers of our time.


Download Arbitraging Japan PDF

Arbitraging Japan

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Publisher : Univ of California Press
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ISBN 13 : 0520953959
Pages : 216 pages
Rating : 4.9/5 (953 downloads)

Download Arbitraging Japan PDF Format Full Free by Hirokazu Miyazaki and published by Univ of California Press. This book was released on 2013-01-01 with total page 216 pages. Available in PDF, EPUB and Kindle. Book excerpt: For many financial market professionals worldwide, the era of high finance is over. The times in which bankers and financiers were the primary movers and shakers of both economy and society have come to an abrupt halt. What has this shift meant for the future of capitalism? What has it meant for the future of the financial industry? What about the lives and careers of financial operators who were once driven by utopian visions of economic, social, and personal transformation? And what does it mean for critics of capitalism who have long predicted the end of financial institutions? Hirokazu Miyazaki answers these questions through a close examination of the careers and intellectual trajectories of a group of pioneering derivatives traders in Japan during the 1990s and 2000s.


Download Wake-up Calls PDF

Wake-up Calls

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Publisher : South-Western Pub
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ISBN 13 :
Pages : 240 pages
Rating : 4./5 ( downloads)

Download Wake-up Calls PDF Format Full Free by Lisa H. Newton and published by South-Western Pub. This book was released on 2004 with total page 240 pages. Available in PDF, EPUB and Kindle. Book excerpt: "The text presents cases based on widely observed business ethics blunders that have had a profound impact in the field. By exploring and discussing where businesses have failed, students get a greater insight into the importance of practicing eethical behaviour. Recognizable events: Includes a colleciton of pivotal cases that clearly show situations of business no longer being conducted "as usual". The Full Story: Each chapter begins with a description of the event or development thta sent the "wake-up call," then tracks the business practices that led to it and the resulting implications. The body of each the chapter analyzes the significance of these implications. Balanced Analysis: The analysis of these events illustrates the complexity of the key issues and presents a balance of perspectives, allowing readers to draw their own conclusions. Application Questions: Each chapter inclludes questions to keep in mind and questions for reflection which provide effective exam or term paper topics" -- Back cover.


Download The Wall Street Journal PDF

The Wall Street Journal

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Publisher :
Release Date :
ISBN 13 :
Pages : 1362 pages
Rating : 4./5 ( downloads)

Download The Wall Street Journal PDF Format Full Free by and published by . This book was released on 1992 with total page 1362 pages. Available in PDF, EPUB and Kindle. Book excerpt:


Download Heaven's Bankers PDF

Heaven's Bankers

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Publisher : Abrams
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ISBN 13 : 1468311832
Pages : 273 pages
Rating : 4.8/5 (311 downloads)

Download Heaven's Bankers PDF Format Full Free by Harris Irfan and published by Abrams. This book was released on 2015-03-10 with total page 273 pages. Available in PDF, EPUB and Kindle. Book excerpt: A trillion dollar financial industry is revolutionizing the global economy. Governments and corporations across the Islamic world are increasingly turning to finance that complies with Shari‘a law in order to fund economic growth. Even in the West, Islamic finance is rapidly becoming an important al­ternative source of funding at a time when the conventional finance industry is reeling from the effects of the financial crisis. From its origins in the seventh century, Islamic finance has sought to develop core ethical principles that are based in the foundations of Islam and Shari‘a. By engaging critically with the complexities of international finance, it has evolved and adapted into a world emerging from the economic and moral aftermath of a global financial crisis. But with an increasing Western interest, is it able to remain true to the principles of its faith? Can it maintain its ideals of social jus­tice? Or is Islamic finance guilty of the very dangers it seeks to avoid? In Heaven's Bankers, Harris Irfan, one of the world's leading Islamic finance bankers, gives unparalleled insight into the heart of this secretive industry. From his personal ex­perience of working with leading bankers, scholars and law­yers, he debunks the myths of Islamic banking, analyzes its greatest deals and looks to the future of a system that has reprioritized the very nature of money itself.


Download Strategic Analysis Of Financial Markets, The (In 2 Volumes) PDF

Strategic Analysis Of Financial Markets, The (In 2 Volumes)

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Publisher : World Scientific Publishing Company
Release Date :
ISBN 13 : 9813143770
Pages : 1120 pages
Rating : 4.7/5 (143 downloads)

Download Strategic Analysis Of Financial Markets, The (In 2 Volumes) PDF Format Full Free by Moffitt Steven D and published by World Scientific Publishing Company. This book was released on 2017-03-24 with total page 1120 pages. Available in PDF, EPUB and Kindle. Book excerpt: Volume 1 of "The Strategic Analysis of Financial Markets," — Framework, is premised on the belief that markets can be understood only by dropping the assumptions of rationality and efficient markets in their extreme forms, and showing that markets still have an inherent order and inherent logic. But that order results primarily from the "predictable irrationality" of investors, as well as from people's uncoordinated attempts to profit. The market patterns that result do not rely on rationality or efficiency. A framework is developed for understanding financial markets using a combination of psychology, statistics, game and gambling analysis, market history and the author's experience. It expresses analytically how professional investors and traders think about markets — as games in which other participants employ inferior, partially predictable strategies. Those strategies' interactions can be toxic and lead to booms, bubbles, busts and crashes, or can be less dramatic, leading to various patterns that are mistakenly called "market inefficiencies" and "stylized facts." A logical case is constructed, starting from two foundations, the psychology of human decision making and the "Fundamental Laws of Gambling." Applying the Fundamental Laws to trading leads to the idea of "gambling rationality" (grationality), replacing the efficient market's concept of "rationality." By classifying things that are likely to have semi-predictable price impacts (price "distorters"), one can identify, explore through data analysis, and create winning trading ideas and systems. A structured way of doing all this is proposed: the six-step "Strategic Analysis of Market Method." Examples are given in this and Volume 2. Volume 2 of "The Strategic Analysis of Financial Markets" — Trading System Analytics, continues the development of Volume 1 by introducing tools and techniques for developing trading systems and by illustrating them using real markets. The difference between these two Volumes and the rest of the literature is its rigor. It describes trading as a form of gambling that when properly executed, is quite logical, and is well known to professional gamblers and analytical traders. But even those elites might be surprised at the extent to which quantitative methods have been justified and applied, including a life cycle theory of trading systems. Apart from a few sections that develop background material, Volume 2 creates from scratch a trading system for Eurodollar futures using principles of the Strategic Analysis of Markets Method (SAMM), a principled, step-by-step approach to developing profitable trading systems. It has an entire Chapter on mechanical methods for testing and improvement of trading systems, which transcends the rather unstructured and unsatisfactory "backtesting" literature. It presents a breakout trend following system developed using factor models. It also presents a specific pairs trading system, and discusses its life cycle from an early, highly profitable period to its eventual demise. Recent developments in momentum trading and suggestions on improvements are also discussed.