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Author: Peter Goldmann Publisher: John Wiley & Sons ISBN: 0470608382 Category : Business & Economics Languages : en Pages : 228
Book Description
A dramatic look at fraud's role in our financial markets-and how you can protect yourself Fraud In the Markets reveals the critical role fraud played in the global financial crisis-even as many of the perpetrators continue to go unpunished. Shedding light on the reckless conduct of the former senior executives at major Wall Street firms such as Lehman Brothers, Bear Stearns, Merrill Lynch and others just before their collapse, this timely book shows how the culture of "anything goes" on Wall Street fueled the innovation of exotic but deadly asset-backed securities. A frank insider look at the most dramatic economic and business headlines in recent memory, you will find revealing discussion of The egregiously fraudulent lending practices that engulfed the entire US mortgage industry The brazenly deceptive marketing of asset-backed securities A road map to prevent similar disasters from recurring Fraud in the Markets offers forward-looking advice, with practical guidelines for protecting yourself and your company from various forms of fraud that were found to have played a role in the current economic and financial crisis.
Author: Peter Goldmann Publisher: John Wiley & Sons ISBN: 0470608382 Category : Business & Economics Languages : en Pages : 228
Book Description
A dramatic look at fraud's role in our financial markets-and how you can protect yourself Fraud In the Markets reveals the critical role fraud played in the global financial crisis-even as many of the perpetrators continue to go unpunished. Shedding light on the reckless conduct of the former senior executives at major Wall Street firms such as Lehman Brothers, Bear Stearns, Merrill Lynch and others just before their collapse, this timely book shows how the culture of "anything goes" on Wall Street fueled the innovation of exotic but deadly asset-backed securities. A frank insider look at the most dramatic economic and business headlines in recent memory, you will find revealing discussion of The egregiously fraudulent lending practices that engulfed the entire US mortgage industry The brazenly deceptive marketing of asset-backed securities A road map to prevent similar disasters from recurring Fraud in the Markets offers forward-looking advice, with practical guidelines for protecting yourself and your company from various forms of fraud that were found to have played a role in the current economic and financial crisis.
Author: Frederick C. Dunbar Publisher: ISBN: Category : Languages : en Pages : 78
Book Description
The efficient market hypothesis, in its current form, dates academically from 1970 and it was first accepted by a Federal Court in a shareholder class action in 1975, providing plaintiffs with a rebuttable presumption of reliance based on the fraud-on-the-market theory. By 1988, the fraud-on-the-market theory was the law in most Circuits and was affirmed by the Supreme Court in Basic v. Levinson. Since then, the efficient market hypothesis has not been rebutted in any case involving actively traded securities, and its impact on securities litigation and regulation extends well beyond class certification to materiality, causation and damages. Somewhat ironically, over the same time period, financial economics was, first, finding anomalies in securities markets that were not consistent with the Supreme Court's version of the efficient market hypothesis and, second, using concepts borrowed from behavioral economics to develop theories of securities price formation to explain, among other things, the stock price bubble of the late 1990s. In fact, even proponents of the efficient market hypothesis have claimed that securities were mispriced during this episode. If courts were to adopt behavioral finance explanations of securities market behavior, then prior precedent would not be appropriate in a number of areas of securities fraud including reliance, materiality, causation and damages. We explore the implications of how analysis of these issues would be changed by application of behavioral finance.
Author: Edward E. Williams Publisher: World Scientific ISBN: 9811207798 Category : Efficient market theory Languages : en Pages : 197
Book Description
Preface -- Fraud, lies, and statistics -- The early history of modern financial economics -- The birth of the efficient market hypothesis -- Earlier views of market efficiency -- The impact of information and regulation on market efficiency -- Tests of the EMH -- Anomalies -- The capital asset pricing model -- Beyond the CAPM -- Conclusions -- References.
Author: Carol Alexander Publisher: John Wiley & Sons ISBN: 1119421772 Category : Business & Economics Languages : en Pages : 624
Book Description
Identifying malpractice and misconduct should be top priority for financial risk managers today Corruption and Fraud in Financial Markets identifies potential issues surrounding all types of fraud, misconduct, price/volume manipulation and other forms of malpractice. Chapters cover detection, prevention and regulation of corruption and fraud within different financial markets. Written by experts at the forefront of finance and risk management, this book details the many practices that bring potentially devastating consequences, including insider trading, bribery, false disclosure, frontrunning, options backdating, and improper execution or broker-agency relationships. Informed but corrupt traders manipulate prices in dark pools run by investment banks, using anonymous deals to move prices in their own favour, extracting value from ordinary investors time and time again. Strategies such as wash, ladder and spoofing trades are rife, even on regulated exchanges – and in unregulated cryptocurrency exchanges one can even see these manipulative quotes happening real-time in the limit order book. More generally, financial market misconduct and fraud affects about 15 percent of publicly listed companies each year and the resulting fines can devastate an organisation's budget and initiate a tailspin from which it may never recover. This book gives you a deeper understanding of all these issues to help prevent you and your company from falling victim to unethical practices. Learn about the different types of corruption and fraud and where they may be hiding in your organisation Identify improper relationships and conflicts of interest before they become a problem Understand the regulations surrounding market misconduct, and how they affect your firm Prevent budget-breaking fines and other potentially catastrophic consequences Since the LIBOR scandal, many major banks have been fined billions of dollars for manipulation of prices, exchange rates and interest rates. Headline cases aside, misconduct and fraud is uncomfortably prevalent in a large number of financial firms; it can exist in a wide variety of forms, with practices in multiple departments, making self-governance complex. Corruption and Fraud in Financial Markets is a comprehensive guide to identifying and stopping potential problems before they reach the level of finable misconduct.
Author: Rafay, Abdul Publisher: IGI Global ISBN: 1799855694 Category : True Crime Languages : en Pages : 650
Book Description
Black money and financial crime are emerging global phenomena. During the last few decades, corrupt financial practices were increasingly being monitored in many countries around the globe. Among a large number of problems is a lack of general awareness about all these issues among various stakeholders including researchers and practitioners. The Handbook of Research on Theory and Practice of Financial Crimes is a critical scholarly research publication that provides comprehensive research on all aspects of black money and financial crime in individual, organizational, and societal experiences. The book further examines the implications of white-collar crime and practices to enhance forensic audits on financial fraud and the effects on tax enforcement. Featuring a wide range of topics such as ethical leadership, cybercrime, and blockchain, this book is ideal for policymakers, academicians, business professionals, managers, IT specialists, researchers, and students.
Author: Nicholas L. Georgakopoulos Publisher: ISBN: Category : Languages : en Pages :
Book Description
This article examines the reliance element of the securities fraud action. An analysis comparing the economic function of common law deceit to that of securities fraud is used to appraise the current law and to propose refinements. This article argues that neither participants in securities markets nor the society are indifferent to the risk of misrepresentations about securities and that this risk is larger than the risk created by misrepresentations about non-financial goods (real goods). Therefore, the fear of misrepresentations about securities is more undesirable than the fear of misrepresentations about real goods. Consequently, the securities fraud action should create stronger deterrence than the deceit action. The fraud-on- the-market presumption of reliance intensifies the deterrence of the securities-fraud action by making class actions more likely to succeed and by allowing larger classes, hence, larger damage awards than under the actual reliance required for deceit liability. Although the economic analysis supports the expansive securities fraud action that the fraud-on-the-market presumption of reliance creates, the presumption also has the important drawback that it may be rebutted if the trader does not quot;trust the integrity of the market.quot; This rebuttal exposes informed traders to fraud and is, therefore, undesirable for undermining market efficiency. It is easy to overcome this drawback (while retaining the beneficial effects of the rebuttal) by replacing it with the traditional avoidable consequences defense to the causation that reliance shows.
Author: Charles Korsmo Publisher: ISBN: Category : Languages : en Pages : 79
Book Description
This spring, the Supreme Court will hear Halliburton v. Erica P. John Fund, the most important securities law case in a quarter century. The Court will reconsider Basic v. Levinson and the fraud-on-the-market doctrine, the doctrine that has made the modern securities fraud class action possible. I argue that -- contrary to the claims of the parties and of several of the Justices -- the Court need not pass judgment on the efficient capital markets hypothesis in order to pass judgment on the fraud-on-the-market doctrine. It is possible to accept the efficient capital markets hypothesis and reject the fraud-on-the-market doctrine, or to reject the efficient capital markets hypothesis and accept the fraud-on-the-market doctrine. I further demonstrate that it is not only unnecessary, but would also be profoundly unwise for the Justices to wade into the debate over market efficiency. While market efficiency is of little relevance to the debate over the fraud-on-the-market doctrine, it is central to numerous other contemporary legal debates, many of which are of far more fundamental importance than the fraud-on-the-market doctrine. Any Supreme Court pronouncements on market efficiency would be certain to resurface in these debates in ways the authors would not intend.
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance Publisher: ISBN: Category : Penny stocks Languages : en Pages : 268
Author: Peter Goldmann
Author: Peter Goldmann
Author: Frederick C. Dunbar
Author: Edward E. Williams
Author: Sherry J. Parshley
Author: Carol Alexander
Author: Rafay, Abdul
Author: Nicholas L. Georgakopoulos
Author: Charles Korsmo
Author: United States. Congress. House. Committee on Energy and Commerce. Subcommittee on Telecommunications and Finance
Author: Jun Okazaki