ISBN:
9789400706569
Language:
English
Pages:
Online-Ressource (XV, 214 p, online resource)
Series Statement:
Issues in Business Ethics 30
Series Statement:
SpringerLink
Series Statement:
Bücher
Parallel Title:
Druckausg. Koslowski, Peter, 1952 - 2012 The ethics of banking
Keywords:
Ethics
;
Finance
;
Economics
;
Ethics
;
Kreditmarkt
;
Wirtschaftsethik
;
Kreditmarkt
;
Wirtschaftsethik
Abstract:
Preface -- Introduction: Is the Finance Industry Ethically Irrelevant? -- Part A Foundations of Business and Finance Ethics -- Chapter 1 Ethical Economy, Economic Ethics, Business Ethics -- Part B The Ethical Economy and Finance Ethics of the Markets for Credit, Capital, Corporate Control, and Derivatives -- Chapter 2 The Ethical Economy of the Credit Market -- Chapter 3 The Ethical Economy of the Capital Market -- Chapter 4 Insider Knowledge and Insider Trading as Central Problems of Finance Ethics -- Chapter 5 The Ethical Economy of the Market for Corporate Control and for Corporate Know-How -- Chapter 6 The Ethical Economy of the Market for Derivatives: Trading with Values Derived from Other Values for Hedging, Speculation, and Arbitrage -- Chapter 7 Interdependences Between the Financial Markets for Credit, Capital, and Derivatives, and the Challenges the Financial Markets Pose for Ethics -- Chapter 8 The ‘Banking Secret’ and the Right to Privacy The Banks’ Duty of Confidentiality and Banking Secrecy -- Part C Financial Wagers, Hyper-Speculation, Financial Overstretch The Financial Market Crisis of 2008 and Finance Ethics -- Chapter 9 Financial Wagers, Hyper-Speculation, and Shareholder Primacy -- Chapter 10 Financial Overstretch The Epochal Disturbance of the Invisible Hand of the Market by the Financial Industry -- References
Abstract:
This book analyzes the systemic and the ethical mistakes that have led to the financial crisis of 2008. It explores the middle ground between the argument that financial managers cannot be expected to take responsibility for a systemic crisis and the argument that moral failure is the one and only origin of the crisis. The book investigates the role of speculation in the formation of the crisis. It distinguishes between productive speculation for hedging and for securing market liquidity on the one hand, and unproductive and even detrimental hyper-speculation, on the other. The book argues that hyper-speculation goes far beyond the degree of speculation that is necessary for the liquidity of financial markets in a developed economy, and has thus increased the risks of the financial system and will continue to do so. This book offers an ethics of banking and an ethical economy of the financial markets to counterbalance the financial industry’s purely economic approach
Description / Table of Contents:
The Ethics of Banking; Preface; Introduction: Is the Finance Industry Ethically Irrelevant?; Contents; Part I: Foundations of Business and Finance Ethics; Chapter 1: Ethical Economy, Economic Ethics, Business Ethics: Foundations of Finance Ethics; Purely Economic Economics Versus Ethical Economy; The Justification of Ethical Duties from the Nature of the Matter; Business Ethics and the Fiduciary Duties of the Manager; Part II: The Ethical Economy and Finance Ethics of the Markets for Credit, Capital, Corporate Control, and Derivatives; Chapter 2: The Ethical Economy of the Credit Market
Description / Table of Contents:
Purpose and Task of the Credit MarketThe Purpose of the Bank for Deposit Customers, as the Bank's Creditors; The Purpose of the Bank for Credit Customers, as the Bank's Debtors; Task of the Bank: Intermediating Between Its Creditors and Debtors; Schuldverhältnisse:; Relationships of; Schuld,; of Guilt, Debt, or Obligation. Excursus with Reference to an Equivocation in the German Language; Task of the Bank: Transforming Time Periods and Bearing Risk; Duties of Banks Arising from the Nature of Their Tasks to Facilitate Payments and to Enable Credit
Description / Table of Contents:
Duties Arising from the Bank's Task to Facilitate Payments and Safeguard Liquid FundsDuties Arising from the Task of the Bank to Transform Deposits into Loans; Chapter 3: The Ethical Economy of the Capital Market; The Globalization of the Capital Market; Globalization Extends the Simultaneity of Space and Compresses the Non-Simultaneous Nature of Human Time; Globalization of the Capital Market as the Driver of Globalization of the World; Values and Valuations in the Capital Market; Which Values Should Determine the Actions of Financial Intermediaries in the Capital Market?
Description / Table of Contents:
On the Ethics of Financial ConsultingThe Tasks of the Capital Market and the Duties of the Participants in the Capital Market; Speculation and Finance Ethics; The Functions of Speculation in the Capital Market: Bearing Uncertainty and Risk as Well as Enabling the Division of Labor Betwe; Chapter 4: Insider Knowledge and Insider Trading as Central Problems of Finance Ethics; Insider Trading as Pseudo-Speculation and Agiotage; Arbitrage, Speculation, Agiotage; Insider Trading and the Fiduciary Relationship; Insider Trading as Perverse Incentive; Insider Trading and Short-Termism
Description / Table of Contents:
Insider Trading and the Duty of Ad Hoc PublicityDetrimental Effects of Insider Trading on Allocation, Distribution, and Stability; Experiences After the Entry into Force of the Laws Against Insider Trading in Germany; The Abuse of Insider Knowledge as a Form of Corruption; Ethical Duties of the Investor and of the Firm Quoted on the Capital Market; Chapter 5: The Ethical Economy of the Market for Corporate Control and for Corporate Know-How; Hostile and Friendly Takeovers: The Finance Ethics of Corporate Control and Corporate Takeovers
Description / Table of Contents:
Mergers and Acquisitions: The Capital Market as a Market for Corporate Knowledge and Know-How
Note:
Includes bibliographical references and index
DOI:
10.1007/978-94-007-0656-9
URL:
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