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Virtual Currencies in the Eurosystem: Challenges Ahead
STUDY Requested by the ECON committee Virtual currencies in the Eurosystem: challenges ahead Monetary Dialogue July 2018 Policy Department for Economic, Scientific and Quality of Life Policies Authors: Rosa María LASTRA, Jason Grant ALLEN Directorate-General for Internal Policies EN PE 619.020 – July 2018 Virtual currencies in the Eurosystem: challenges ahead Monetary Dialogue July 2018 Abstract Speculation on Bitcoin, the evolution of money in the digital age, and the underlying blockchain technology are attracting growing interest. In the context of the Eurosystem, this briefing paper analyses the legal nature of privately issued virtual currencies (VCs), the implications of VCs for central bank’s monetary policy and monopoly of note issue, and the risks for the financial system at large. The paper also considers some of the proposals concerning central bank issued virtual currencies. This document was provided by Policy Department A at the request of the Committee on Economic and Monetary Affairs. This document was requested by the European Parliament's Committee on Economic and Monetary Affairs. AUTHORS Rosa María LASTRA, Centre for Commercial Law Studies, Queen Mary University of London Jason Grant ALLEN, Humboldt-Universität zu Berlin Centre for British Studies, University of New South Wales Centre for Law Markets and Regulation ADMINISTRATOR RESPONSIBLE Dario PATERNOSTER EDITORIAL ASSISTANT Janetta CUJKOVA LINGUISTIC VERSIONS Original: EN ABOUT THE EDITOR Policy departments provide in-house and external expertise to support EP committees -
Willing to Be Scammed: How Self-Control Impacts Internet Scam Compliance
Running head: Willing to be scammed: how self-control impacts Internet scam compliance Willing to be scammed: How self-control impacts Internet scam compliance Submitted by David Modic to the University of Exeter as a thesis for the degree of Doctor of Philosophy in Psychology In September 2012 This thesis is available for Library use on the understanding that it is copyright material and that no quotation from the thesis may be published without proper acknowledgement. I certify that all material in this thesis which is not my own work has been identified and that no material has previously been submitted and approved for the award of a degree by this or any other University. Signature: ………………………………………………………….. 2 WILLING TO BE SCAMMED WILLING TO BE SCAMMED 3 Abstract At any given moment in time, there are people complying with fraudulent requests (i.e. scams) on the Internet. While the incidence rates are low (between five and ten percent of the population becoming victims on a yearly basis), the financial and emotional consequences can be high. In this Thesis we composed a unified theory of which factors made individuals more likely to comply with scams and what psychological mechanisms are unwittingly employed by con-men to make their (illegitimate marketing) offers more enticing. The strongest overall predictor of scam compliance (i.e. the extent to which an individual is likely to comply with fraudulent requests) was the level of self-control, regardless of the observed stage of a scam. On the basis of previous research, we postulated and have empirically shown that falling for a scam is a 3-stage process (i.e. -
Barings Bank Disaster Man Family of Merchants and Bankers
VOICES ON... Korn Ferry Briefings The Voice of Leadership HISTORY Baring, a British-born member of the famed Ger- January 17, 1995, the devastating earthquake in Barings Bank Disaster man family of merchants and bankers. Barings Kobe sent the Nikkei tumbling, and Leeson’s losses was England’s oldest merchant bank; it financed reached £827 million, more than the entire capital the Napoleonic Wars and the Louisiana Purchase, and reserve funds of the bank. A young rogue trader brings down a 232-year-old bank. and helped finance the United States government Leeson and his wife fled Singapore, trying to “I’m sorry,” he says. during the War of 1812. At its peak, it was a global get back to London, and made it as far as Frankfurt financial institution with a powerful influence on airport, where he was arrested. He fought extradi- the world’s economy. tion back to Singapore for nine months but was BY GLENN RIFKIN Leeson, who grew up in the middle-class eventually returned, tried, and found guilty. He was London suburb of Watford, began his career in sentenced to six years in prison and served more the mid-1980s as a clerk with Coutts, the royal than four years. His wife divorced him, and he was bank, followed by a succession of jobs at other diagnosed with colon cancer while in prison, which banks, before landing at Barings. Ambitious and got him released early. He survived treatment and aggressive, he was quickly promoted settled in Galway, Ireland. In the past to the trading floor, and in 1992 he was “WE WERE 24 years, Leeson remarried and had two appointed manager of a new operation sons. -
Guidance for a Risk-Based Approach to Virtual
GUIDANCE FOR A RISK-BASED APPROACH VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS JUNE 2019 The Financial Action Task Force (FATF) is an independent inter-governmental body that develops and promotes policies to protect the global financial system against money laundering, terrorist financing and the financing of proliferation of weapons of mass destruction. The FATF Recommendations are recognised as the global anti-money laundering (AML) and counter-terrorist financing (CFT) standard. For more information about the FATF, please visit www.fatf-gafi.org This document and/or any map included herein are without prejudice to the status of or sovereignty over any territory, to the delimitation of international frontiers and boundaries and to the name of any territory, city or area. Citing reference: FATF (2019), Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers, FATF, Paris, www.fatf-gafi.org/publications/fatfrecommendations/documents/Guidance-RBA-virtual-assets.html © 2019 FATF/OECD. All rights reserved. No reproduction or translation of this publication may be made without prior written permission. Applications for such permission, for all or part of this publication, should be made to the FATF Secretariat, 2 rue André Pascal 75775 Paris Cedex 16, France (fax: +33 1 44 30 61 37 or e-mail: [email protected]) Photocredits coverphoto ©Getty Images GUIDANCE FOR A RISK-BASED APPROACH TO VIRTUAL ASSETS AND VIRTUAL ASSET SERVICE PROVIDERS 1 │ Table of contents Acronyms ............................................................................................................................................... -
The Nature of Corporate Governance: the Significance of National Cultural Identity
View metadata, citation and similar papers at core.ac.uk brought to you by CORE provided by University of Essex Research Repository Queen Mary University of London, School of Law Legal Studies Research Paper No. 140/2013 The Nature of Corporate Governance: The significance of national cultural identity Janet Dine and Marios Koutsias Electronic copy available at: http://ssrn.com/abstract=2247943 The Nature of Corporate Governance: The significance of national cultural identity Preface The thesis of this book argues that national corporate governance is extremely important for societies. Recently many scholars have said that a convergence of corporate governance is inevitable. We believe that it is true but like Mark Twain said “the report of my death was an exaggeration”. We show that although there is some convergence national law of corporate governance is thriving. We also believe that it is necessary for the identity of each country. The reason that national diversity in corporate governance is still widespread is because of the history, philosophy and economy of each county as shown in its cultural heritage and it gives its identity. The cultural heritage in each state is identifiable in the Company Law and Corporate Governance Codes. We consider that this is crucial for the well being for democratic nations. Convergence in corporate governance is a threat to ordered commercial regulations because of the power of the preeminent economic paradigm in the West which is the neo-liberal model. The neo-liberal agenda that predicates deregulation, privatisation and the liberalisation of markets is moulding many jurisdictions into an Anglo- American model of corporate governance which is dangerous for a number of reasons;1 It is an extreme sort of utilitarianism without significant ethical principles It allows the growth of mega companies backed by powerful international institutions including the International Monetary Fund (IMF), the World Bank (WB), the Organisation for Economic Cooperation and Development (OECD) and the World Trade Organisation (WTO). -
Chapter 5 Role of Cognitive and Other Influences on Rogue Trader
Chapter 5 Role of Cognitive and Other Influences on Rogue Trader Behaviour: Findings from Case Studies 5.1. Introduction One of the key findings from Chapter 4 was the lack of significant difference in the financial decision-making behaviour of investment professionals compared with retail investors in the survey sample. However, there was a distinctive pattern in the odds ratio in Table 4.5 where investment professionals were seen to be more likely to be affected by behavioural biases when the choices were risky ones. The aim of the discussions and analyses of the selected case studies in this chapter (the qualitative element of the mixed methods approach), therefore, was to investigate the reasons behind the seeming inability or reluctance of investment professionals to ignore the influence of behavioural biases under high risk situations; where their actions could result in either extremely large monetary gains or losses. The discussion in this chapter consisted of three main sections. The first section was a brief account of the events behind five high-profile financial scandals caused by individuals who engaged in unauthorised trading or investment activities on behalf of their financial institutions, or rogue traders as they were popularly known. Section two highlighted some common characteristics of the rogue trading incidents, and section three was an analysis of the behavioural biases and related emotional influences behind the conduct of rogue traders. 132 5.2. Case Studies on Rogue Trading Rogue trading is the term popularly used to describe unauthorised proprietary trading activities by financial market professionals. These trading activities which resulted in significant monetary losses and severe reputational damage to the affected financial institutions more often than not involved transactions in derivative products. -
Société Générale and Barings
Volume 17, Number 7 Printed ISSN: 1078-4950 PDF ISSN: 1532-5822 JOURNAL OF THE INTERNATIONAL ACADEMY FOR CASE STUDIES Editors Inge Nickerson, Barry University Charles Rarick, Purdue University, Calumet The Journal of the International Academy for Case Studies is owned and published by the DreamCatchers Group, LLC. Editorial content is under the control of the Allied Academies, Inc., a non-profit association of scholars, whose purpose is to support and encourage research and the sharing and exchange of ideas and insights throughout the world. Page ii Authors execute a publication permission agreement and assume all liabilities. Neither the DreamCatchers Group nor Allied Academies is responsible for the content of the individual manuscripts. Any omissions or errors are the sole responsibility of the authors. The Editorial Board is responsible for the selection of manuscripts for publication from among those submitted for consideration. The Publishers accept final manuscripts in digital form and make adjustments solely for the purposes of pagination and organization. The Journal of the International Academy for Case Studies is owned and published by the DreamCatchers Group, LLC, PO Box 1708, Arden, NC 28704, USA. Those interested in communicating with the Journal, should contact the Executive Director of the Allied Academies at [email protected]. Copyright 2011 by the DreamCatchers Group, LLC, Arden NC, USA Journal of the International Academy for Case Studies, Volume 17, Number 7, 2011 Page iii EDITORIAL BOARD MEMBERS Irfan Ahmed Devi Akella Sam Houston State University Albany State University Huntsville, Texas Albany, Georgia Charlotte Allen Thomas T. Amlie Stephen F. Austin State University SUNY Institute of Technology Nacogdoches, Texas Utica, New York Ismet Anitsal Kavous Ardalan Tennessee Tech University Marist College Cookeville, Tennessee Poughkeepsie, New York Joe Ballenger Lisa Berardino Stephen F. -
The Return of the Rogue
THE RETURN OF THE ROGUE Kimberly D. Krawiec∗ The “rogue trader”—a famed figure of the 1990s—recently has returned to prominence due largely to two phenomena. First, recent U.S. mortgage market volatility spilled over into stock, commodity, and derivative markets worldwide, causing large financial institution losses and revealing previously hidden unauthorized positions. Second, the rogue trader has gained importance as banks around the world have focused more attention on operational risk in response to regulatory changes prompted by the Basel II Capital Accord. This Article contends that of the many regulatory options available to the Basel Committee for addressing operational risk it arguably chose the worst: an enforced self- regulatory regime unlikely to substantially alter financial institutions’ ability to successfully manage operational risk. That regime also poses the danger of high costs, a false sense of security, and perverse incentives. Particularly with respect to the low-frequency, high-impact events—including rogue trading—that may be the greatest threat to bank stability and soundness, attempts at enforced self- regulation are unlikely to significantly reduce operational risk, because those financial institutions with the highest operational risk are the least likely to credibly assess that risk and set aside adequate capital under a regime of enforced self-regulation. ∗ Professor of Law, University of North Carolina School of Law. [email protected]. I thank Susan Bisom-Rapp, Lissa Broome, Bill Brown, Steve Choi, Deborah DeMott, Anna Gelpern, Mitu Gulati, Donald Langevoort, Marc Miller, Eric Posner, Steve Schwarcz, Jonathan Wiener, David Zaring, and workshop participants at the University of Arizona James E. -
PUBLIC WELFARE Targeting in Social Programs Avoiding Bad Bets
Targeting in Social Programs Avoiding Bad Bets, Removing Bad Apples Peter H. Schuck & Richard J. Zeckhauser 00 7880-6 front.qxd 9/24/2006 2:00 PM Page i Targeting in Social Programs 00 7880-6 front.qxd 9/24/2006 2:00 PM Page ii 00 7880-6 front.qxd 9/24/2006 2:00 PM Page iii Targeting in Social Programs Avoiding Bad Bets, Removing Bad Apples Peter H. Schuck Richard J. Zeckhauser brookings institution press Washington, D.C. 00 7880-6 front.qxd 9/24/2006 2:00 PM Page iv ABOUT BROOKINGS The Brookings Institution is a private nonprofit organization devoted to research, educa- tion, and publication on important issues of domestic and foreign policy. Its principal purpose is to bring the highest quality independent research and analysis to bear on cur- rent and emerging policy problems. Interpretations or conclusions in Brookings publica- tions should be understood to be solely those of the authors. Copyright © 2006 THE BROOKINGS INSTITUTION 1775 Massachusetts Avenue, N.W., Washington, D.C. 20036 www.brookings.edu All rights reserved. No part of this publication may be reproduced or transmitted in any form or by any means without permission in writing from the Brookings Institution Press. Library of Congress Cataloging-in-Publication data Schuck, Peter H. Targeting in social programs : avoiding bad bets, removing bad apples / Peter H. Schuck, Richard J. Zeckhauser. p. cm. Summary: “Provides a framework for analyzing the challenges involved in defining bad bets and bad apples and discusses the safeguards that any classification process must pro- vide. Examines public schools, public housing, and medical care and proposes policy changes that could reduce the problems these two groups pose in social welfare pro- grams”—Provided by publisher. -
Outlawing Honest Graft
\\jciprod01\productn\N\NYL\16-1\NYL106.txt unknown Seq: 1 28-MAR-13 9:53 OUTLAWING HONEST GRAFT Paul D. Brachman* The American public believes that Congress is dishonest and corrupt, and this perception was recently reinforced by reports that members of Congress were immune from insider trading laws. In response to the public backlash, and in an overwhelming display of bipartisanship, Congress passed the Stop Trading on Congressional Knowledge Act of 2012 (STOCK Act). The Act clarified that members of Congress are indeed subject to prohibitions on insider trading, and subjected congressional securities transactions to new and more rigorous disclosure requirements. Neverthe- less, some observers were disappointed with the strength of the STOCK Act, and there is also reason to fear that the Speech or Debate Clause of the U.S. Constitution may frustrate most attempts to prosecute members of Congress for insider trading, despite the passage of the Act. This Note analyzes the merits of the STOCK Act as an enforcement mechanism and concludes that it is likely a mostly ineffective tool for com- bating congressional insider trading. This Note then asks whether the Act may have independent value because it addresses the appearance of con- gressional impropriety, or whether such appearances may be detrimental if the Act fails as an enforcement device. Finally, this Note suggests that in- creasing transparency, and requiring Congress to police its own corruption may be more attractive alternatives for combatting congressional insider trading. INTRODUCTION .............................................. 262 R I. THEY SEEN THEIR OPPORTUNITIES AND THEY TOOK ‘EM: ASSESSING THE PROBLEM OF CONGRESSIONAL INSIDER TRADING ................................... -
Roland Maurer -- Eco-Éthologie
ECO-ETHOLOGIE: EVOLUTION PHYLOGENETIQUE DES COMPORTEMENTS Roland Maurer Maître d'Enseignement et de Recherche à la Faculté de Psychologie et des Sciences de l'Education Cours de 2ème et 3ème année du Baccalauréat universitaire en psychologie Année académique 2018-2019 Cet assemblage contient l'entier du cours de l'année académique 2018-2019 (cours no. 74144 donné au semestre d'automne 2018, à option et suivi par environ 120 étudiants), tel que mis en ligne sur internet, à l'exception des images. Quelques niveaux hiérarchiques de sous-chapitres ont été modifiés pour des raisons de cohérence globale. Certaines notes de bas de page ont été complétées et quelques "doublons" dans le texte ont été corrigés. Dans le texte, les mots et phrases soulignés correspondent aux liens qui, sur le site, pointent vers les images. Les références de type [ABC] renvoient aux ouvrages en bibliographie. Dernière correction: 24 décembre 2018. 2 Table des matières L'évolution ....................................................................... 13 Avant Darwin ................................................................................ 13 Le voyage de Darwin ....................................................................... 15 La synthèse de Darwin ..................................................................... 16 Ressemblances anatomiques ................................................................................ 17 Présence de structures vestigiales ......................................................................... 17 Ressemblances -
The Machinery of Freedom Guide to a Radical Capitalism 3Rd Edition Download Free
THE MACHINERY OF FREEDOM GUIDE TO A RADICAL CAPITALISM 3RD EDITION DOWNLOAD FREE David Friedman | 9781507785607 | | | | | The machinery of freedom Help Learn to edit Community portal Recent changes Upload file. Liberty magazine named the book among The Top Ten Best Libertarian Bookspraising Friedman for tackling the problems related to private national defense systems and attempting to solve them. In The Black Swan Taleb outlined a problem, and in Antifragile he offers a definitive solution: how to gain from disorder and chaos while being protected from fragilities and adverse events. Bruce L. The final section introduces a number of new topics, including unschooling, the misuse of externality arguments in contexts such as population or global warming, and the implications of public key encryption and related online technologies. Most Helpful Most Recent. The recording itself is one of the worst I've ever listened to. By: David D. In my top 3 favorite books This book taught me to find spontaneous order in more places than I ever thought possible. The machinery of freedom A non fiction book by David D Friedman. The author narrates it The Machinery of Freedom Guide to a Radical Capitalism 3rd edition, which is great if you're used to his speaking. If you are interested in freedom and how it could work without a government this is the book for you! In my top 3 favorite books This book taught me to find spontaneous order in more places than I ever thought possible. In For a New Liberty: The Libertarian ManifestoRothbard proposes a once-and- for-all escape from the two major political parties, the ideologies they embrace, and their central plans for using state power against people.