The Ethics of Banking: Conclusions from the Financial Crisis (Issues ...

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Contents Part I Foundations of Business and Finance Ethics 1 Ethical Economy, Economic Ethics, Business Ethics: Foundations of Finance Ethics .................... 3 Purely Economic Economics Versus Ethical Economy ........ 3 The Justification of Ethical Duties from the Nature of the Matter . . . 5 Business Ethics and the Fiduciary Duties of the Manager . . . .... 9 Part II The Ethical Economy and Finance Ethics of the Markets for Credit, Capital, Corporate Control, and Derivatives 2 The Ethical Economy of the Credit Market ............. 17 PurposeandTaskoftheCreditMarket................. 17 The Purpose of the Bank for Deposit Customers, as the Bank’s Creditors ........................... 18 The Purpose of the Bank for Credit Customers, as the Bank’s Debtors ............................ 19 Task of the Bank: Intermediating Between Its Creditors andDebtors ............................. 19 Schuldverhältnisse: Relationships of Schuld, of Guilt, Debt, or Obligation. Excursus with Reference to an Equivocation in the German Language ....................... 21 Task of the Bank: Transforming Time Periods and Bearing Risk . . 23 Duties of Banks Arising from the Nature of Their Tasks to Facilitate Payments and to Enable Credit . ............. 24 Duties Arising from the Bank’s Task to Facilitate Payments and Safeguard Liquid Funds . . . .................. 24 Duties Arising from the Task of the Bank to Transform Deposits into Loans . . ....................... 26 xi
xii Contents 3 The Ethical Economy of the Capital Market ............ 31 TheGlobalizationoftheCapitalMarket................ 31 Globalization Extends the Simultaneity of Space and Compresses the Non-Simultaneous Nature of Human Time .... 31 Globalization of the Capital Market as the Driver of GlobalizationoftheWorld...................... 32 ValuesandValuationsintheCapitalMarket.............. 34 Which Values Should Determine the Actions of Financial IntermediariesintheCapitalMarket? ................. 37 On the Ethics of Financial Consulting ................. 39 The Tasks of the Capital Market and the Duties of the Participants in the Capital Market . .................. 40 Speculation and Finance Ethics . . .................. 45 The Functions of Speculation in the Capital Market: Bearing Uncertainty and Risk as Well as Enabling the Division of Labor Between Calculation and Speculation . ............. 46 4 Insider Knowledge and Insider Trading as Central Problems of Finance Ethics ...................... 51 Insider Trading as Pseudo-Speculation and Agiotage . ........ 53 Arbitrage, Speculation, Agiotage .................. 54 Insider Trading and the Fiduciary Relationship . . . ........ 55 Insider Trading as Perverse Incentive . . . ............. 57 Insider Trading and Short-Termism ................. 58 InsiderTradingandtheDutyofAdHocPublicity ......... 58 Detrimental Effects of Insider Trading on Allocation, Distribution, and Stability ...................... 59 Experiences After the Entry into Force of the Laws Against InsiderTradinginGermany ...................... 61 The Abuse of Insider Knowledge as a Form of Corruption . . .... 63 Ethical Duties of the Investor and of the Firm Quoted ontheCapitalMarket.......................... 67 5 The Ethical Economy of the Market for Corporate Control and for Corporate Know-How ............... 71 Hostile and Friendly Takeovers: The Finance Ethics ofCorporateControlandCorporateTakeovers ............ 71 Mergers and Acquisitions: The Capital Market as a Market for Corporate Knowledge and Know-How . . ............. 74 Hostile and Friendly Takeovers and the Importance of the Global Competition Between Management Teams . . . .... 76 Corporate Governance by Self-Control Through Stakeholder Consensus, and Corporate Governance by Competition from Outsiders: The German and the Anglo-American Model of Corporate Governance . . .................. 77
Page 2 and 3: THE ETHICS OF BANKING
Page 4 and 5: The Ethics of Banking Conclusions f
Page 6 and 7: Preface The crisis in the financial
Page 8 and 9: Introduction: Is the Finance Indust
Page 10 and 11: Introduction: Is the Finance Indust
Page 14 and 15: Contents xiii 6 The Ethical Economy
Page 16 and 17: Contents xv After the American Fina
Page 18 and 19: Part I Foundations of Business and
Page 20 and 21: Chapter 1 Ethical Economy, Economic
Page 22 and 23: The Justification of Ethical Duties
Page 24 and 25: The Justification of Ethical Duties
Page 26 and 27: Business Ethics and the Fiduciary D
Page 32 and 33: Part II The Ethical Economy and Fin
Page 34 and 35: Chapter 2 The Ethical Economy of th
Page 36 and 37: Purpose and Task of the Credit Mark
Page 42 and 43: Duties of Banks Arising from the Na
Page 48 and 49: Chapter 3 The Ethical Economy of th
Page 50 and 51: The Globalization of the Capital Ma
Page 52 and 53: Values and Valuations in the Capita
Page 54 and 55: Which Values Should Determine the A
Page 56 and 57: On the Ethics of Financial Consulti
Page 58 and 59: Tasks of the Capital Market and Dut
Page 60 and 61: Tasks of the Capital Market and Dut
Page 62 and 63:
Speculation and Finance Ethics 45 S
Page 64 and 65:
The Functions of Speculation in the
Page 66 and 67:
The Functions of Speculation in the
Page 68 and 69:
Chapter 4 Insider Knowledge and Ins
Page 70 and 71:
Insider Trading as Pseudo-Speculati
Page 72 and 73:
Page 74 and 75:
Page 76 and 77:
Page 78 and 79:
Statutory Provisions Against Inside
Page 80 and 81:
The Abuse of Insider Knowledge as a
Page 82 and 83:
The Abuse of Insider Knowledge as a
Page 84 and 85:
Ethical Duties of the Investor 67 a
Page 86 and 87:
Ethical Duties of the Investor 69 a
Page 88 and 89:
Chapter 5 The Ethical Economy of th
Page 90 and 91:
The Finance Ethics of Hostile and F
Page 92 and 93:
Mergers and Acquisitions 75 On the
Page 94 and 95:
Corporate Governance by Consensus a
Page 96 and 97:
Page 98 and 99:
Page 100 and 101:
Chapter 6 The Ethical Economy of th
Page 102 and 103:
Futures and Options 85 They are str
Page 104 and 105:
Variants of Derivatives 87 signific
Page 106 and 107:
Variants of Derivatives 89 the law
Page 108 and 109:
Variants of Derivatives 91 CDO synt
Page 110 and 111:
Hedging and Speculation 93 insuranc
Page 112 and 113:
Hedging and Speculation 95 average
Page 114 and 115:
Chapter 7 Interdependences Between
Page 116 and 117:
The Information and Influence Asymm
Page 118 and 119:
Intangibility of Financial Products
Page 120 and 121:
Intangibility of Financial Products
Page 122 and 123:
Chapter 8 The “Banking Secret”,
Page 124 and 125:
The Swiss “Banking Secret” 107
Page 126 and 127:
Page 128 and 129:
Page 130 and 131:
Banking Secrecy, the Right to Priva
Page 132 and 133:
Banking Secrecy, the Right to Priva
Page 134 and 135:
Part III Financial Wagers, Hyper-Sp
Page 136 and 137:
Chapter 9 Financial Wagers, Hyper-S
Page 138 and 139:
Wager or Gambling: What Is Speculat
Page 140 and 141:
Page 142 and 143:
Page 144 and 145:
Page 146 and 147:
Page 148 and 149:
Page 150 and 151:
The Principle of Shareholder Primac
Page 152 and 153:
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Page 156 and 157:
Page 158 and 159:
Page 160 and 161:
Page 162 and 163:
Page 164 and 165:
Chapter 10 Financial Overstretch: T
Page 166 and 167:
Hyper-Incentivization and the Hubri
Page 168 and 169:
Page 170 and 171:
Page 172 and 173:
Easy Credit and the Hubris of the C
Page 174 and 175:
Easy Credit and the Hubris of the C
Page 176 and 177:
Credit and Credo, Economic Success
Page 178 and 179:
Credit and Credo, Economic Success
Page 180 and 181:
The Financial Market Crisis as a Cr
Page 182 and 183:
The Financial Market Crisis as a Cr
Page 184 and 185:
From Big Bang Deregulation to Big B
Page 186 and 187:
Page 188 and 189:
Page 190 and 191:
After the American Financial Overst
Page 192 and 193:
After the American Financial Overst
Page 194 and 195:
The Failure of Economics and Manage
Page 196 and 197:
The Outsourcing of Asset Management
Page 198 and 199:
The Outsourcing of Asset Management
Page 200 and 201:
The Financial Crisis - Systems Cris
Page 202 and 203:
Page 204 and 205:
Page 206 and 207:
The Way Out of Financial Crises 189
Page 208 and 209:
Page 210 and 211:
Page 212 and 213:
Page 214 and 215:
References ALBERT,H.:Marktsoziologi
Page 216 and 217:
References 199 CASPARI, K.-B.: “D
Page 218 and 219:
References 201 HALDANE, A,A.TURNER
Page 220 and 221:
References 203 KOSLOWSKI, P.: Ethik
Page 222 and 223:
References 205 MESSNER,J.:Das Natur
Page 224 and 225:
References 207 SCHMID, N.: “Insid
Page 226 and 227:
References 209 WEBER, M.:Die Börse
Page 228 and 229:
Name Index Note: Page numbers in it
Page 230 and 231:
Name Index 213 N Naughton, M. J., 1
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