Categories
Ethics
  • Week 8: Firm's Funds Are Best Investment, Right? 

    Source: Jon Stokes,
    Date Submitted: 14 Jan 2018
    Views: 12
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    CASE 8

    Miriam works as an investment adviser for JVC Wealth Managers. JVC provides wealth management services to high-net-worth clients through discretionary, diversified, risk-adjusted investment management accounts that hold positions in both mutual funds and hedge funds. On average, Miriam has invested 74% of her clients’ mutual fund assets and 63% of her clients’ hedge fund assets in JVC proprietary funds, earning JVC and its affiliates additional fees. Miriam’s actions are
    1. acceptable because clients hiring JVC as an investment manager should expect that the firm will prefer investing in its own funds.
    2. acceptable if Miriam indicates her preference for investing client assets in JVC proprietary funds.
    3. unacceptable if there are non-proprietary mutual funds and hedge funds that meet the clients’ investment needs.
    unacceptable because the additional fees earned by JVC violate the duty of loyalty, prudence, and care that Miriam owes to her clients

    Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
  • Week 7: Just Being a Shrewd Investor.

    Source: Jon Stokes
    Date Submitted: 11 Jan 2018
    Views: 42
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    CASE 7

    Sung Kook “Bill” Hwang is the founder and lead portfolio manager of Tiger Asia Partners (TAP) and Raymond Park is a trader for the firm. TAP is participating in private placements for both Bank of China and China Construction Bank stock, and the placement agents shared confidential information with Hwang and Park about both companies. In the days prior to the private placement, Hwang directed Park to make short sales in each stock. TAP earned $16.2 million by using the discounted private placement shares they received to cover the short sales. Park’s actions were
    1. acceptable because he was following the orders of his superior.
    2. acceptable because he used a short position rather than trading in the bank stock itself.
    3. acceptable if the placement agents did not require a confidentiality agreement covering information about the private placements.
    4. unacceptable because the trade was based on material nonpublic information.
    ANALYSIS
    This case relates to trading based on material nonpublic information (MNPI). CFA Standard II(A): Material Nonpublic Information prohibits members who have MNPI that could affect the value of an investment from acting or causing others to act on that information. Hwang and Park received MNPI about the bank stocks from the placement agents as part of the offering process. Park is not exempted from the requirements of the standards simply because his boss directs that he violate laws or ethical standards, so answer A is not correct. Park should have advised Hwang that the actions he was being asked to take were unethical and likely illegal and refused the directive to trade. The prohibition on using MNPI goes beyond the direct buying and selling of individual securities and extends to any related derivatives (e.g., swaps or option contracts), mutual funds, other alternative investments, so answer B is not correct. It would have been advisable for the private placement agents to ask Hwang and Park to sign a confidentiality agreement, establish a “fire wall” around the disclosure of that information, and agree not to trade on the information. But even absent such an agreement, Park is prohibited from trading on MNPI, therefore C is incorrect. Because the trading was based on MNPI, the trade was improper and Park’s conduct is unacceptable — answer D.

    This case is based on an enforcement action by both the US SEC and the Securities and Futures Commission of Hong Kong.


    Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
  • Understanding ESG Incidents: Key Lessons for Investors

    Source: Doug Morrow, Martin Vezer, Kasey Vosburg, Andrei Apostol
    Date Submitted: 05 Jan 2018
    Views: 42
    Downloads: 4
    Sustainalytics is pleased to share its Thematic Research report, Understanding ESG Incidents: Key Lessons for Investors. Our study covers 45 incident types and shows where incidents are occurring, and which industries are most involved. We also demonstrate how the findings can be integrated into portfolio strategy, including industry tilts, beta analysis and security selection, and engagement processes. Our research reveals:
    • Quality and safety as well as business ethics are the two most common ESG incident types
    • The banking industry accounts for 19 percent of all incidents, more than twice the amount of the next most exposed industry (food products)
    • Over 40 percent of incidents occur in the U.S. (more than any other country)
    According to our analysis, high-impact incidents are associated with a 6 percent average decline in the market cap of affected companies. Our incident-driven investment strategy also outperformed the global equity market by 11 percent from January 2014 through October 2017. 
  • Week 6: What I Do for Investment Success!

    Source: Jon Stokes
    Date Submitted: 04 Jan 2018
    Views: 41
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    CASE 6

    Svetlana works for a publishing company writing an online financial newsletter that describes her investment philosophy and identifies intriguing investment opportunities. She is paid a salary plus incentive bonuses for every new subscriber. Svetlana routinely states that she makes $5,000 in investment returns every week, and that if readers followed her advice, they could too. Svetlana often includes success stories from readers, including the story of a reader who turned $200 into $1 million in six months using Svetlana’s investment techniques. Svetlana’s actions are
    1. acceptable because subscribers to her newsletter are not clients.
    2. acceptable because she is not guaranteeing investment success.
    3. unacceptable unless she includes stories of readers who followed her investing philosophy and were not successful.
    4. unacceptable if the investments are unsuitable for her subscribers.
    Analysis
    This case involves potential misrepresentation. CFA Institute Standard I(C): Misrepresentation states that members “must not knowingly make any misrepresentations relating to investment analysis, recommendations, actions, or other professional activities.” This includes statements relating to past investment performance history. Does Svetlana misrepresent her past performance record and the success of her investments? That is not clear. Her statements regarding her weekly investment returns and the success stories of readers who follow her advice may be true. More facts are necessary. Assuming those statements are true, it is irrelevant whether she is making the statements to clients, potential clients, subscribers to her newsletter, or the investing public. Standard I(C) prohibits any misinformation regardless of the audience, so answer A is not correct. There is also no requirement that Svetlana include statements in her articles that counterbalance her claims (Answer C). It would be up to the interested person to inquire more deeply about her performance record to gauge its veracity. Svetlana would be required to respond truthfully to probing questions, such as “how many readers using your investment techniques have lost money?” And because there is no investment advisory relationship between Svetlana and those who may read her articles, she is not required to conduct a suitability analysis of the investments for anyone reading her newsletter (Answer D). (Although best practice would dictate that Svetlana include some general cautionary language in her articles recommending that readers ensure any investments they make are suitable to their financial goals, constraints, and circumstances). Finally, Standard I(C) prohibits members from guaranteeing clients any specific return on investments because most investments contain some element of risk that makes their return inherently unpredictable. But Svetlana does not provide guarantees because she qualifies her statements about expected performance by asserting that readers following her investment philosophy “could” earn regular returns; she doesn’t guarantee that they will. Answer B is correct.
    This question was based on facts from a CFA Institute Professional Conduct enforcement action.
     

    Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
     

     

     
     
  • Week 5: Using Erasable Ink Is Fine, Right?

    Source: Jon Stokes
    Date Submitted: 29 Dec 2017
    Views: 49
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    CASE 5
    Huang is a newly hired client account representative for GWC Asset Management, an investment adviser for high-net-worth clients. Part of Huang’s responsibility is to assist each new client complete the extensive documentation needed to open an account. These documents give GWC access to client assets and the discretion to trade on behalf of the client. Because Huang is new to GWC, he is not completely familiar with firm procedures and is afraid of making mistakes with the documents. He uses erasable ink in completing the documentation so he can easily fix any mistakes without having to go back to the client for additional signatures. Huang’s actions are
    1. unacceptable under any circumstances.
    2. unacceptable unless disclosed to the clients.
    3. acceptable because he is providing efficient client service.
    4. acceptable if GWC is aware of this practice.
    ANALYSIS
    This case involves the duty of loyalty to both clients and employer. By using erasable ink, Huang is rendering the key client documents changeable and thus unreliable. Once signed, anyone with access can go back and alter the terms or provisions of the documents. CFA Institute Standard III(A): Loyalty, Prudence, and Care requires members to “act with reasonable care and exercise prudent judgment” and “act for the benefit of their clients.” Using erasable ink for legally binding financial documents does not constitute reasonable care and prudent judgment, and it potentially causes harm to the clients. Even if Huang engages in this conduct to try to provide efficient client service (Choice C), he is really trying to protect his own interests and make his job easier while opening the client up to potential harm. Even if he discloses to clients that their documentation can be changed after the fact, he (or anyone with access to the documents) would still have free rein to make any changes. Huang must get client permission regarding the specifics of any changes to these important legal documents to make them effective, making Choice B incorrect. It is irrelevant whether his employer, GWC, is aware of and acquiesces in the practice because the harm to the client remains (Choice D). In fact, engaging in this conduct without the knowledge of GWC would be a violation of CFA Institute Standard IV(A): Duties to Employers – Loyalty, which prohibits member form causing harm to their employer. Huang’s actions, if discovered, would cause great reputational damage for GWC with both the regulator and clients because the firm would have to go back through the process to redo all documentation. Finally, even if a client was aware of and gave permission to use erasable ink (or otherwise gave Huang or GWC permission to make changes to their documents without informing the client of what those changes were going to be), engaging in this conduct would make these documents ineffective and of no value. Huang would be violating the CFA Insitute Code of Ethics that requires members to act with integrity, competence, and diligence. Therefore, using erasable ink for client documents is inappropriate under any circumstances (Choice A).

    This case is based on facts provided by Nick Pollard, Managing Director of Asia Pacific for CFA Institute, gathered from his industry experiences.

     
     Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
  • Week 4: Buying and Selling at Same Time OK?

    Source: Jon Stokes
    Date Submitted: 21 Dec 2017
    Views: 62
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    Case 4
    Meyers Associates is an investment firm providing both advisory and investment banking services. One of Meyers investment banking clients, IWEB (which manufactures and markets data storage products and cloud based software), wants to raise its stock price to facilitate a private offering, for which it will be using Meyers as its placement agent. George works for Meyers Associates as an investment adviser. To assist IWEB with its plans, George solicits several of his advisory clients to buy IWEB stock, and at the same time solicits other clients to sell IWEB stock, frequently effecting matched orders among his customers. For a 10-day period, these trades represented 48% of the total market volume of IWEB, and the price of the stock increased from $0.12 to $0.19 and then stabilized at $0.18 for the next several days. George’s actions are
    1. acceptable if the purchase and sale of IWEB stock fit within each of his advisory clients’ Investment Policy Statements (IPS).
    2. acceptable because he was acting to promote the interests of his client, IWEB.
    3. acceptable as long as he discloses to his advisory clients Meyer Associates’ investment banking relationship with IWEB.
    4. unacceptable.

    Analysis
    This case is about market manipulation. Market manipulation damages the interests of all investors and lowers investor confidence in capital markets by disrupting the smooth functioning and efficiency of those markets. CFA Institute Standard II(B): Market Manipulation prohibits members from “engaging in practices that distort prices or artificially inflate trading volume with the intent to mislead market participants.” George’s trading of IWEB stock for clients is distorting both the trading volume and the market’s price-setting mechanism for that stock for the purpose of misleading investors in IWEB stock. George engages in the trading to assist IWEB with its private offering, not to benefit his advisory clients. Therefore, even if the trades fit within the respective IPS of his clients, the trading is unethical, making choice A incorrect. One element of the CFA Institute Ethical Decision-Making Framework is identifying to whom a duty is owed. Oftentimes, there are conflicting duties that must be sorted out. Although George is attempting to benefit one client (IWEB) through the trading, he cannot do so at the expense of his advisory clients because he has a duty to all his clients to treat them fairly. And although investment professionals have a duty to work on behalf of clients, they have a greater duty to protect the integrity of financial markets. Engaging in market manipulation, even to assist clients, is unethical, making choice B incorrect. Choice C is also incorrect. While oftentimes investment professionals can mitigate conflicts of interest through disclosure, disclosure of the potential conflict in working for IWEB in an investment banking capacity, does not allow George to use his advisory client accounts to engage in market manipulation. George’s actions are unacceptable, choice D. (This case is based on a Financial Industry Regulatory Authority (FINRA) enforcement case from 2016.)

     Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
  • Better Late than Never? Corporate Social Responsibility (CSR) engagement after Product-harm Crises

    Source: Min Zhang ,Zhihui Sun ,Dejun Wu
    Date Submitted: 15 Dec 2017
    Views: 204
    Downloads: 3
    This is a conference paper presented at the 2017 CSEAR North Asia Conference.
  • The Information Content of Earning per Share and Social Contribution Value per Share in China

    Source: Teresa Chu,Yi Wang
    Date Submitted: 15 Dec 2017
    Views: 272
    Downloads: 5
    This is a conference paper presented at the 2017 CSEAR North Asia Conference.
  • Week 3: Ethics in Practice: To Refer or Not Refer?

    Source: Jon Stokes
    Date Submitted: 17 Dec 2017
    Views: 79
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    CASE 3

    Raphael, an investment adviser for Enright Financial Solutions (EFS), enters into an understanding with a friend who is a lawyer regarding the referral of clients. Raphael will refer EFS clients needing legal services to the lawyer in return for the lawyer recommending clients needing financial advisory services to Raphael and EFS.  This arrangement is
    1. acceptable since there are no payments involved.
    2. acceptable as long as the lawyer discloses the arrangement to the clients he refers to Raphael.
    3. acceptable as long as EFS is aware of Raphael’s agreement with the lawyer.
    4. unacceptable.
    Analysis
    This case deals with a mutually beneficial referral arrangement whereby service professionals refer clients to one another. Although such an agreement is not necessarily unethical and may ultimately be beneficial for the clients, there is a potential for a conflict of interest that must be disclosed. CFA Institute Standard VI(C): Disclosure of Conflicts, Referral Fees requires members to disclose to the employer, clients, and prospective clients “any compensation, consideration, or benefit received from or paid to others for the recommendation for products of services.” This disclosure allows both clients and the employer to evaluate any partiality shown in the recommendation of services and the full cost of those services. Although there is no money changing hands between Raphael and his friend, there is mutual consideration and benefit. The fact that no money is exchanged would not preclude disclosure (Choice A). Choice B addresses the disclosure issue but places the onus of disclosure on the lawyer and not on Raphael. Standard VI(C) requires Raphael to disclose the referral arrangement to any clients he refers to the lawyer and any potential clients referred to him by his friend. Choice C also addresses the disclosure issue by correctly stating that Raphael must disclose the arrangement to his employer. But this does not go far enough because Standard VI(C) requires disclosure to be made to clients, prospective clients, AND the employer. Does Raphael disclose any information about the arrangement to this clients or EFS? The facts of the case do not mention that he made the appropriate disclosure. The CFA Institute Ethical Decision-Making Framework calls for you to identify all relevant facts before making a decision.  Assuming Raphael made no disclosure to his clients or employer, this arrangement would be unacceptable (Choice D).

    Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
  • Week 2: Ethics in Practice: Keep Up Your Ethical Exercise! 

    Source: Jon Stokes
    Date Submitted: 27 Nov 2017
    Views: 94
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    CASE 2
    Elizabeth is an investment manager at a wealth management firm with high-net-worth clients. When Elizabeth was hired a few years ago, her sister opened an investment account with the firm. Elizabeth has decided to leave the firm to set up her own boutique hedge fund with her colleagues. She asks her sister to close her existing account and put that money in the new hedge fund. Elizabeth’s request is:

    Answer Choices
    1. Acceptable since she has no obligation to keep her sister’s account at the wealth management firm.
    2. Unacceptable because she should not solicit her employer’s client to join the new fund.
    3. Unacceptable if she signed a non-compete agreement with her employer.
    4. Unacceptable if her hedge fund strategy is not suitable to her sister.
    Analysis
    The main ethical principle at issue in this case is Duty to Employer.  CFA Institute Standard IV(A): Duty to Employer – Loyalty, states that members “must act for the benefit of their employer and not deprive their employer of the advantage of their skills and abilities” and must not “cause harm to their employer.”  In this case, Elizabeth could potentially cause harm to her employer by causing her sister to move her assets away from the wealth management advisor.  But this case also highlights a key element of the CFA Institute Ethical-Decision-Making Framework – to identify relevant facts before choosing a course of action.  Sometimes not all the relevant facts are known.  Is Elizabeth still working for her employer when she asks her sister to leave the firm?  The facts are not clear.  If so, her actions are unacceptable because she would be causing harm to her employer (choice B).  The fact that the client is a close relation is irrelevant, Elizabeth’s sister is still a client of the firm. If Elizabeth is no longer employed by the wealth manager advisor, soliciting former clients may not pose a problem.  But if she has left, does Elizabeth have a non-compete agreement with her employer prohibiting her from soliciting clients of her employer?  If so, she would be prohibited from soliciting clients, including her sister, to the new hedge fund.  Choice D brings up the issue of suitability of investments.  Even if Elizabeth has already left the firm and a non-compete agreement is not in force, she should only be soliciting clients for whom the investment is suitable under Standard III(C): Suitability which states that members must “determine than an investment is suitable to the client’s financial situation” before making a recommendation or taking action. Is the hedge fund a suitable investment for Elizabeth’s sister? The question doesn’t provide any clues. Even if the hedge fund is a suitable investment, Choice D still does not address the main issue of whether Elizabeth his harming her employer.  There may be no “obligation” to keep her sister’s investments at the wealth management firm (Choice A), but depending on the facts, it would be unethical for her to do so.  Properly applying the Ethical Decision-Making Framework calls for identifying the relevant facts.  All the choices could be correct, depending on facts that are not provided in the question.  We need to know more.
     

    Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
  • Week 1: Ethics in Practice: Developing Your Ethical Decision-Making Skills

    Source: Jon Stokes
    Date Submitted: 19 Nov 2017
    Views: 76
    Downloads: 0
    If the headline above sparked your interest, you are one of the thousands of honest, ethical, and well-meaning investment professionals who want to do the right thing when it comes to fulfilling your professional responsibilities. But sometimes the proper course of action is not always straightforward and obvious. To help with those situations, CFA Institute provides guidance through its Code of Ethics and Standards of Professional Conduct (Code and Standards) as well as an Ethical Decision-Making Framework. But just as you need to practice to become proficient at playing a musical instrument, public speaking, or playing a sport, practicing assessing and analyzing situations and making ethical decisions develops your ethical decision-making skills. To promote “ethical exercise,” we are excited to introduce Ethics in Practice.

    Each week, we will post a short vignette, drawn from real-world circumstances, regulatory cases, and CFA Institute Professional Conduct investigations, along with possible responses/actions (see below). Later in the week, we will post an analysis of the case and you can see how your response compares! Stay tuned!

    We then encourage you to assess the case through the lens of the Ethical Decision-Making Framework and the Code and Standards and let us know which of the choices you believe is the right thing to do and why by using the comment field below.

    CASE 1
    David, an analyst for an asset management firm, attends a presentation for securities analysts at the headquarters of a manufacturing company. The analysts are very impressed with the presentation and ask the CEO many questions. After the meeting, the Head of Investor Relations invites all analysts to a club house for dinner and karaoke. Most of other analysts accept the invitation. Of the choices below, what do you believe David should do?

    Answer Choices
    1. Accept the invitation.
    2. Accept the dinner but not karaoke.
    3. Accept the invitation but disclose the invitation to his supervisor.
    4. Reject the invitation.
    Analysis
    The ethical principle at issue in this case is independence and objectivity.  The question turns on whether David compromises his independence and objectivity as an analyst by accepting an invitation to dinner and karaoke from representatives of the manufacturing company that he is researching. CFA Institute professional conduct Standard I(B) states that CFA Institute members “must use reasonable care and judgment to achieve and maintain independence and objectivity in their professional activities” and must not “accept any gift, benefit…or consideration that reasonably could be expected to compromise their…independence and objectivity.” So, would dinner and a night of karaoke reasonably be expected to compromise David’s independence and objectivity? The appropriate course of action turns on how extravagant the benefit might be.  Modest gifts and entertainment in the ordinary course of sociable business interaction may be unlikely to sway an analyst’s opinion.
    Choice A assumes that the dinner and karaoke is not extravagant and would have no impact on David’s opinion of the company. But we need more facts to ensure that is the case. Cultural context should also be considered when making a decision. Dinner and karaoke may be modest and tame in some cultures but more extensive and extravagant in other settings. Awareness of cultural sensitivities and expectations are very important, especially for those who may be working outside of their familiar home region. Choice B attempts to steer a middle ground by having David only accept part of the entertainment, which may lessen the threat of a compromised analysis by reducing the benefit. In practice, this may be awkward to do and the dinner itself could still be extravagant. Choice C also attempts to compromise by suggesting David could accept the dinner/entertainment as long as the gift/benefit is disclosed to the employer, seemingly mitigating the potentially problematic conflict of interest. But for disclosure to be effective it must be adequate. There is no indication that David will disclose the benefit to the clients who will read David’s research report. They will therefore have no indication that the analyst writing the report was given a nice dinner and potentially fun-filled night on the town by the subject of the report. Best practice would suggest that David reject the invitation (Choice D) to avoid any question about his honesty and integrity.


    Have an idea for a case for us to feature? Send it to us at ethicscases@cfainstitute.org.
     
     
  • Moving from grey to black and white. Ethical behavior is not only best practice for our profession, but essential to good business.  Published in Asia Asset Management - November 2017.

    Source: Irene Cheung, CFA, CAIA, FRM
    Date Submitted: 10 Nov 2017
    Views: 954
    Downloads: 20
    Life is full of rules. As toddlers, our parents teach us rules that keep us safe. As teenagers, we push boundaries and might explore things outside of accepted social rules, testing the water as we transition to adulthood. When joining the workforce, we enter a world where our moral compass—what we’ve been taught, how we think, and what we know— can be challenged. The situations we face may be complex and there may not be straightforward rules to follow. In life and in work, right and wrong brings moral and ethical dilemmas, and, given the global nature of business what may seem like a perfectly simple answer in one country could be completely inappropriate in another.
     
    “Moral clarity often blurs without a backdrop of shared attitudes, and without familiar laws and judicial procedures that define standards of ethical conduct, certainty is elusive” wrote Thomas Donaldson in a Harvard Business Review article ‘Values in Tension: Ethics Away from Home.’ He wrote this 20 years ago and it still holds true today. So how can we move from gray to black and white when it comes to ethical conduct?  
  • Is ESG a systematic risk factor for US equity mutual funds?

    Source: Ick Jin
    Date Submitted: 04 Nov 2017
    Views: 44
    Downloads: 0
    On the outperformance of responsible investing (RI) which incorporates environmental, social, and governance (ESG) into investment decisions, the empirical evidence to date is inconsistent from the viewpoint of ex-post performance. This paper tries to explain the nature of return differential between RI and conventional investing within the well-known risk-return paradigm. From the viewpoint of ex-ante equity risk premium, the five factor model of Fama and French [2015. “A Five-factor Asset Pricing Model.” Journal of Financial Economics 116: 1–22] combined with a ESG-related factor applies to returns on 1,425 US open-end equity funds for the period from April 2009 to December 2016. Empirical findings include that US open-end equity funds tend to hedge the ESG-related systematic risk, and that the exposure to ESG-related systematic risk is significantly priced in the market. The result implies that RI provides the downside protection against ESG-related systematic risk which is not reduced even through extensive diversification.
  • COOPERATIVE SUSTAINABILITY IN THE PHILIPPINES: Incorporating Ethical Values and Principles into the Organization

    Source: Christian Paul L. Fang
    Date Submitted: 16 Oct 2017
    Views: 50
    Downloads: 1
    This paper discusses the importance of incorporating ethical values and principles into cooperative strategy and decision-making in order to attain "cooperative sustainability" in the Philippines.
  • Strengthening Business Ethics to Boost SMEs

    Source:
    Date Submitted: 16 Oct 2017
    Views: 459
    Downloads: 3
    SMEs fuel the growth of the Philippine economy. However, despite their wide-spread presence across all industries, the segment’s growth has been hindered by unethical practices which cause barriers to finance, trade, internationalization and harmonized relationship with all stakeholders. This paper aims to explore the specifics of these business impediments, and introduce the existing initiatives by the government, highlighting the promotion of good ethical standards to boost the growth of SMEs’ business operations. 
  • Corporate Social Requirement

    Source: Giancarlo Parungao
    Date Submitted: 16 Oct 2017
    Views: 8
    Downloads: 1
    This paper focuses on the Corporate Social Responsibility aspect of the companies in the Philippines and the factors and reasons why corporations engage in such,
  • Inclusive Business in the Philippines

    Source:
    Date Submitted: 15 Oct 2017
    Views: 25
    Downloads: 6

    This paper tackles the role inclusive businesses play in our economic growth. We shall also be tackling specific companies and their programs geared towards inclusive business and poverty alleviation. Lastly, we shall seek means on promoting this business model so that more would participate in this initiative. 

  • The Filipino Family and its Influence on Business Ethics

    Source: Abigael Espejo
    Date Submitted: 13 Oct 2017
    Views: 622
    Downloads: 5
    Family-controlled businesses in the Philippines comprise 85% of all listed companies. This huge percentage is highly influenced by the culture of the Filipino family itself, which is shaped by the country’s history. The Filipino’s ethical belief is grounded upon the Catholic influence in the country - the most common judgment will rely on what is makasalanan and what is mabuting gawa. The Filipino family is the center of the society; it is the most basic unit that shapes an individual’s personality and perception of what is ethical or not. The culture is characterized by close family ties (attachment), the value of utang na loob and pakikisama, and the obligation of the parents and the children to each other. The purpose of this study is to understand how the Filipino family culture, traditions and beliefs influence the ethical practices of family-owned organizations in the Philippines.
  • Ethical considerations in the policy development and implementation of the Philippine National Identification System

    Source: Jan Michael Saniel
    Date Submitted: 10 Oct 2017
    Views: 2711
    Downloads: 5
    Ethical considerations in the policy development and implementation of the Philippine National Identification System
  • Rulings on Philippines Online Gambling Industry

    Source: Ru Li
    Date Submitted: 09 Oct 2017
    Views: 8
    Downloads: 0
    This paper focuses on discussing the regulation gaps between the Philippines and China in the online gaming industry, the hazards of allowing a robust growth of this sector, and the challenges for the local regulators in ruling the market practices, with consideration on ethical manners which need to be held in doing business for the sake of pursuing a common good for the whole society rather than purely aiming at a higher economic growth for the country.    
     
  • Mergers and acquisitions: how do you view their underlying substance?

    Source: Hong Kong Institute of Certified Public Accountants
    Date Submitted: 30 Aug 2017
    Views: 2404
    Downloads: 69
    Are you a shareholder or analyst with an interest in mergers and acquisitions? 
    The accounting standard-setters need your expertise. 

    We are aware that M&As are common and can take the form of group restructurings or third party acquisitions. There is usually no question that there is underlying substance to acquisitions with third parties - the transaction price typically represents the fair market value of the acquired business. But M&As within a group might arguably be different.

    The findings of this M&A survey will be published and will help us consider whether all M&As should be accounted and reported in the same way. 

    To participate, click on this link: http://survey.hkicpa.org.hk/index.php?sid=57118&lang=en, or download and email us the attached survey: outreachhk@hkicpa.org.hk
  • Asian Link

    Source: Dr Raymond Madden, FRSA, Neil Smith
    Date Submitted: 20 Aug 2017
    Views: 255
    Downloads: 0
    "Ethical issues in the financial services industry affect everyone, as almost all of society are consumers of its products and services.  Given the vital role that financial institutions play, moral hazards may be more acute and it is therefore unsurprising that the industry should be subject to the highest ethical standards.  Ethical dimensions create an environment based on trust and make economic transactions more predictable for producers and consumers".
  • The Business of Ethics

    Source: Dr Raymond Madden, CEO
    Date Submitted: 28 Jul 2017
    Views: 1082
    Downloads: 0
    "Restoring the trustworthiness of global business will be a long-haul and there are no short-cuts when it comes to trying to embed ethical behaviour in business DNA.  But the dialogue in global board rooms is beginning to change with the importance of corporate culture, behaviours and the causal links to incentives and rewards gradually being recognised.  Our international businesses will always have responsibilities that go way beyond compliance - you cannot regulate for good behaviour.  Sustainable improvements in culture and behaviour in banking and right across the business landscape can only be achieved if individual institutions, owners, investors and the people leading and managing them step up to the plate.  As Dr Madden's thought provoking book makes clear, responsibility and accountability have to move to the top of every Board agenda".  Dame Collete Bowe, Chairman, UK Banking Standards Board.
  • Are the New Auditor's Report Insightful?

    Source: Hong Kong Institute of Certified Public Accountants, Standard Setting Department
    Date Submitted: 26 Jul 2017
    Views: 1444
    Downloads: 0
    The Standard Setting Department of the Hong Kong Institute of Certified Public Accountants is conducting a survey on the new auditor's report of listed entities. Feedback from users of financial statements is important for us to know whether the new requirement serves users' needs, and if not what could be improved. http://survey.hkicpa.org.hk/index.php?sid=55433&lang=en
     
    The survey is open until the end of August. For enquiries: outreachhk@hkicpa.org.hk>


    Background of the new auditor's report
    From financial year ends 15 December 2016 onwards, auditor's reports of listed entities are required to describe key audit matters (KAMs) to provide greater transparency about the audit that was performed. Communicating KAMs assists intended users of financial statements in understanding matters that were of most significance in the auditor's professional judgement; and understanding the entity and areas of significant management judgement.
  • An Open Discussion on Current Market Situation

    Source: CFA Society Pakistan
    Date Submitted: 19 Jul 2017
    Views: 771
    Downloads: 0
    The Pakistan stock market has witnessed considerable turmoil in the past few weeks falling from a high of 52,876 in May to around 44,300 lately.  There have been various positive and negative factors at play – from inclusion in the MSCI Emerging Market Index followed by selling from investors coupled with political uncertainty exacerbating concerns on foreign exchange and economy.
                           
    Accordingly, CFA Society Pakistan has held a series of candid panel discussions with CEOs and CIOs of leading asset management companies and brokerage houses to understand what happened and what to expect going forward.
     
    You can view the panel discussions as given below and feel free to pass on to your colleagues, friends and family.
    -          Part 1: Sajjad Anwar, CFA,CIO NBP Fullerton Asset Management, Mohammad Sohail, CEO, Topline Securities, Muhammad Asad, CIO, Al Meezan Investment Management

    -          Part 2: Syed Suleman Akhtar, CFA, CIO, UBL Fund Managers, Mustafa O Pasha, CFA, CIO, Lakson Investments, Muhammad Asim, CFA, CIO, MCB Arif Habib Savings & Investments.

    -          Part 3: Raza Jafri, CFA, Director Research, Intermarket Securities, Muhammad Fawad Khan, Director Research, BMA Capital, Shamoon Tariq, CFA, Partner and Vice CIO, Tundra Fonder AB.
  • Implementing Ethical Culture across the Australian Financial Services Landscape

    Source: Richard Brandweiner, CFA, Susan Morey
    Date Submitted: 04 Jul 2017
    Views: 1505
    Downloads: 28

    The article aims to build awareness and knowledge of culture and the vital role it plays in the long-term sustainability of the financial services industry

    It invites readers to think about:
     
    • the worsening issue of cultural integrity and why it has become a concern for the financial services industry, specifically in Australia and at a broader global level
     
    • the purpose of the financial services industry, the importance of factors such as trust and reputation that are associated with culture based in high standards of integrity and professionalism vs short term market gains
     
    • the concept of steward ship of other people’s money and the dilemmas and conflicts for industry behind that concept of stewardship, the relevance of stewardship to industry’s moral compass and the relevance of culture in being good stewards
     
    • identifying what culture is, why it matters and why the community deserves an industry with strong cultural integrity to be stewards of their money
     
    • the role of professionalism in culture, how the foundations of culture are built and sustained through the core components of professionalism: competency, compliance and ethics
     
    • the benefits to industry that adopts and sustains such a culture

    *The article was first published in June 2017 and is in the current edition of the Journal of Financial Compliance.  
  • Outlook 2017

    Source: Dr Raymond Madden, FRSA, Neil Smith
    Date Submitted: 29 Jun 2017
    Views: 185
    Downloads: 0
    AIF, working with the Financial Services Professional Board (FSPB), conducted a study into the ethical climate in the financial services industry in Malaysia, including what safeguards are in place and what more needs to be done to retain the public’s trust.
  • The Finance Industry and Educational Providers Need Tight Relationships

    Source: Dan Daugaard
    Date Submitted: 12 Jun 2017
    Views: 137
    Downloads: 6
    A new CFA Institute study predicts large scale trends will have a significant impact on the investment industry. The landscape is expected to change dramatically and new skill sets will be necessary for investment professionals to be successful in this new environment. This is likely to produce fresh challenges for organisations providing education to the investment industry. They will need to adapt and construct educational services relevant for the industry of tomorrow. Some are evidently already moving towards a more engaged role. 
  • Earning the Trust

    Source: Raymond Madden, Kee Gek Choo
    Date Submitted: 05 Jun 2017
    Views: 15551
    Downloads: 0
    FOREWORD

    The global financial services landscape is changing rapidly. Questions of ethics have become leading concerns for regulators and industry alike in the wake of the 2008 Global Financial Crisis. While the general economic and investment climate is recovering, the future remains uncertain. Policies adopted by governments and central banks in response to the crisis have averted a catastrophe, but their longer term impacts on economies, the financial services industry and consumers remain unknown.

    Meanwhile, the public’s trust in the industry has been shaken by widespread evidence of questionable business practices and breaches of professional ethics leading to the 2008 crisis. It is not being helped by recurring incidents of misconduct involving prominent industry names at the international level. The general perception is more needs to be done to restore confidence in the sector.

    Two ongoing developments add to the urgency of restoring faith in the industry’s ability to act responsibly in keeping with government policy priorities and consumer expectations. One is the shift in the balance of economic power from the West to the East, with developing and emerging economies in Asia now assuming a greater share of future global growth. For a trading nation like Malaysia, this implies increased financial activity, more intense interaction with foreign markets and financial institutions, and greater exposure to global events and risks. The other is the accelerating trend towards digitalisation and FinTech. This covers a broad spectrum of financial products and services aided by digital technology, ranging from remote banking and cashless transactions to sophisticated tools that come with a different set of risks and rewards that are yet to be fully understood. These developments call for a higher level of confidence in the industry.

    The Financial Services Professional Board (FSPB), an industry initiative, was launched in Malaysia in September 2014 against this background. Its focus is on setting elevated standards of professionalism and ethics in the industry to regain public confidence and achieve sustainable growth. Its first initiative was a Code of Ethics launched in January 2016.

    The Asian Institute of Finance (AIF), in its role as the secretariat for FSPB, commissioned a survey of Malaysian industry practitioners to gauge the industry’s ethical health and to get a baseline reading of FSPB’s impact on the industry. The survey has identified a number of gaps in professionalism and ethics, and a significant role for FSPB to support the industry’s own initiatives to address these gaps. In presenting this report to the industry, AIF would like to convey its readiness to assist the industry leaders and professionals in their efforts to harmonise their existing codes of ethics and professional conduct, and to bring them on par with international norms.
  • Presentation deck on Key Sustainable & Green Finance Trends during ARX ESG forum  April 2017

    Source: Martina Macpherson
    Date Submitted: 04 May 2017
    Views: 1971
    Downloads: 35
    CFA Institute Asia-Pacific Research Exchange ESG series kicked-start in Hong Kong - Green Finance Forum
     
    On 27 April, CFA Institute co-hosted a green finance forum with the Hong Kong Society of Financial Analysts and the Hong Kong Financial Services Development Council (FSDC), a high-level government advisory body that conducts policy research and industry surveys for the formulation of proposals to the Government and regulators.  This is the second green finance forum organized by CFA Institute in Hong Kong, ARX’s second o2o event as well as ARX’s ESG Track maiden event. The forum attracted 140 attendees including CFA members, industry practitioners, think tanks, environmental and other NGOs.
     
    The evening began with a keynote speech delivered by Martina Macpherson, S&P Dow Jones Indices Head of Sustainability Indices on an overview of green finance and ESG trends. Up next Mary Leung, Head of Standards and Advocacy for CFA Institute Asia Pacific led a panel discussion featuring Martina and ESG experts from PwC, HSBC and AXA Investment Managers focusing on the intrinsic value of ESG. 

    The PowerPoint Presentation of Martina's keynote speech can be downloaded in the attachment.

    Overall the event was a great success with very positive feedbacks from both participants and panelists.  The next stop for the CFA Institute Asia-Pacific Research Exchange ESG Series will take place in Singapore on the 11th May 2017.
  • Customer Protection in the Controversial Industry: The Role of Responsible Gambling

    Source: Tiffany Leung
    Date Submitted: 17 Feb 2017
    Views: 183
    Downloads: 5
    An increasing body of work has identified ‘corporate social responsibility’ (CSR) as an institution, and has suggested that its institutionalised form may be deployed to pursue traditional business imperatives and avoid burdensome legislation. This article will examine how responsible gambling is understood in Macao’s gambling industry and why firms in Macao’s gambling industry engage in responsible gambling (RG). This study is primarily based on an in-depth examination and analysis of Macao’s gambling industry with 49 semi-structured interviews. This study gives an account of the ‘responsible gambling’ practised in the gambling industry in Macao to show that gambling companies make use of the institutionalized (unstated) characteristics of CSR to leverage political and economic privileges. Responsible gambling is presented as the central component of CSR, articulated through varied stakeholders, while responsible gambling in practice focuses symbolically and solely on employee protection. The study shows that gambling companies derive substantial legitimacy benefits from the institution of CSR, thus positioned.
  • Corporate social responsibility and innovation in management accounting

    Source: Narisa Tianjing Dai , Artie Ng, Guliang Tang
    Date Submitted: 17 Feb 2017
    Views: 321
    Downloads: 6
    In recent years, there has been increased consensus that corporate social responsibility (CSR) is significant for the sustainable development of companies and society as a whole. CSR is increasingly incorporated into mission statements and prioritised in strategic configurations of modern organisations (Mersereau and Mottis 2011; Bennett and James 1998). According to a 2009 survey conducted on Fortune 500 firms, CSR is becoming an increasingly prominent and accepted part of the corporate strategy agenda. However, there is very little understanding of how different control mechanisms are adopted to operationalise strategic agendas related to CSR. Against this backdrop, this research examines the way in which companies embed CSR in their MCS in an attempt to align the behaviour of organisational participants with strategic objectives concerning sustainability in China.
  • Chinese Investment in the Carbon Risky Canadian Oil and Gas Industry

    Source: Jonathan Hammond
    Date Submitted: 09 Feb 2017
    Views: 1484
    Downloads: 10
    Chinese investor Tri-Win International Investment Group Inc. (Tri-Win) acquired Calgary, Canada based oil and gas producer Hyperion Exploration Corporation (Hyperion) on January 9th 2015 for CAD$31.9 million taking the previously listed Toronto Venture Exchange traded company private. In the developing climate sensitive landscape of Canada, increasing importance is being placed on combatting climate change and putting a price on carbon dioxide emissions. Due to the carbon intensive production of unconventional Canadian oil and gas products, current and future Chinese investors within this industry must adequately quantify their financial exposure to carbon risk in their valuation models. This thesis seeks to critically analyze whether Chinese investor Tri-Win used a methodology for quantifying and valuing carbon risk with the acquisition of Canadian oil and gas producer Hyperion and if it was sufficient or not. The implications from this thesis for Chinese investors stem from a unique methodology for quantifying carbon risk in oil and gas investments within the country of Canada. Through this analysis, it will be shown that Tri-Win did not accurately quantify their exposure to carbon risk leading to significant future carbon risk exposure. This lack of accurate valuing of carbon risk exposed them to substantial impending financial liabilities with regards to an encumbering stricter landscape for carbon emitters.
  • CFA Institute Asset Manager Code Gives Firms Head Start on Operational Due Diligence

    Source: Irene Cheung, CFA, CAIA, FRM
    Date Submitted: 01 Dec 2016
    Views: 3369
    Downloads: 31
    Investment performance is certainly an important consideration for any investor, but operational failures can be a stumbling block to investors’ investment decisions. Hence, apart from generating competitive investment returns, investment managers also need to demonstrate their commitment to protecting investors’ best interests by adhering to fundamental ethical principles, professional conduct, applicable rules and regulations, and industry best practices if they want to build a sustainable business. This is where operational due diligence (ODD) comes in.
  • HKUST Risk Management and Business Intellegence (RMBI) Newsletter Issue 7

    Source: Chow Miu Lam, Hui Sin Hang, Tsang Wing Wah, Lee Kwok Ho, Tam Kiu Fai
    Date Submitted: 07 Nov 2016
    Views: 389
    Downloads: 0
    Risk Management in the Medical Sector. Risk Management can bring a better decision making and reduce the number of errors, so as to ensure a high quality and effective service being provided. In the past 20 years, the hongkong Hospital Authority (HA) showed great support to develop large scale computer-based systems to manage and reduce the risk within the healthcare sector. To have a deeper understadning on how the systems work, we have invited Dr. CP Wong, Chairman of Society of Medical Informatics Ltd to share with us the success and benefits in risk managment in Hong Kong public hospitals. Safety and Risk Managemnt in the Railway Industry. As an industry with over 15,000 employees, the railway industry is inevitably at risk for human mistakes, leading to a need for risk management measures to reduce operational errors in order to achieve its customer pledge. Let's examine this under serveral issues: benmarking, drivers' training and selection, and risk management and risk identification.
  • Crises and Central Banks

    Source: Ishwar Chidambaram
    Date Submitted: 02 Nov 2016
    Views: 3422
    Downloads: 286
    A post-crisis look at the increasingly fragmented monetary policies of global Central Banks and the implications for Main Street
  • Islamic Finance: Ethics, Concepts, Practice

    Source: Usman Hayat, CFA, Adeel Malik, PhD
    Date Submitted: 27 Oct 2016
    Views: 310
    Downloads: 7
    Islamic economic thought and finance are rooted in Islamic ethics. Their ideals and means are not, however, exclusive to Islam. The principles of Islamic finance emphasize market-based risk-sharing modes of financing that promote assets and enterprise, deploy finance in service of the real economy, and facilitate redistribution of wealth and opportunity. Modern Islamic financial practices, however, privilege legal form over economic substance, which creates an expectations gap between Islamic finance’s theory and practice. In the wake of the global financial crisis of 2007–2008, the ideas underlying Islamic finance appeal to those more concerned with the broader impact of finance on society.
  • Making The Whole Greater Than The Sum Of Its Parts

    Source: Eddie Chan
    Date Submitted: 14 Oct 2016
    Views: 346
    Downloads: 8
    The investigative work of Professional Conduct has always been associated with words like secretive, mysterious, or private. That is only part of our story in Professional Conduct. Read on to find out more about our work in Professional Conduct and volunteering opportunities to help make a meaningful difference -- the CFA brand is important to protect, so is market integrity and ethical standards.
  • The Global Equity Premium Revisited: What Human Rights Imply for Assets' Purchasing Power

    Source: Jedrzej Bialkowski, Ehud I. Ronn
    Date Submitted: 18 Sep 2016
    Views: 17
    Downloads: 0
    In this paper, we argue that past computations equity risk premium did not properly account for the financial implications of political collapse on property/civil/human rights. Accordingly, we show that past calculations overstated the equity risk premium. We provide an estimate of the equity risk premium that is corrected for lack of basic rights, demonstrating the important changes in this estimate over time.
  • Code and Standards: Are You Living Up To Your Annual Pledge?

    Source: Irene Cheung, CFA, CAIA, FRM
    Date Submitted: 15 Aug 2016
    Views: 436
    Downloads: 2
    This is a blog posted on CFA Institute's website on 29 June 2016.
  • Tokyo as an International Financial Centre

    Source: Laurel Teo, CFA
    Date Submitted: 18 Jul 2016
    Views: 477
    Downloads: 16
    PPT presentation pertaining to the official launch of the research paper by the Japan CFA Society on the 15th of July 2016.
  • 東京は国際金融センターになれるか?

    Source: 原田 武嗣, CFA, 瀬尾 周一, CFA
    Date Submitted: 18 Jul 2016
    Views: 436
    Downloads: 14
    Research paper by the Japan CFA Society publicly released on the 15th of July 2016.
  • Tokyo as an International Financial Centre

    Source: Taketsugu Harada, CFA,Shuichi Seo, CFA
    Date Submitted: 18 Jul 2016
    Views: 503
    Downloads: 12
    Research paper by the Japan CFA Society publicly released on the 15th of July 2016.
  • GIPS标准下 对冲基金经理的解决方案

    Source: Coleman C.J. McKinstry, CIPM
    Date Submitted: 13 Jul 2016
    Views: 256
    Downloads: 0
    This article appears on CFA Institute Hedge Fund Journal 2016 issue, season 1.
  • 《基金业斗士先锋创始人 ——约翰·博格毕生将投资人放 在第一位》

    Source: Murad J. Antia, CFA
    Date Submitted: 13 Jul 2016
    Views: 442
    Downloads: 5
    This article appears on CFA Institute Hedge Fund Journal 2016 issue, season 1.
  • Paul Smith, CFA: “Let’s Make the World a Better Place for Investors Everywhere”

    Source: Paul Smith, CFA
    Date Submitted: 03 Jul 2016
    Views: 456
    Downloads: 3
    This blog is posted on CFA Institute's website on 12 May 2016.
  • Code and Standards: Are You Living Up To Your Annual Pledge?

    Source: Irene Cheung, CFA, CAIA, FRM
    Date Submitted: 29 Jun 2016
    Views: 1663
    Downloads: 13
    A blog post on a recent CFA Society Sri Lanka town hall meeting that touched on improving financial market integrity, putting investors first, and upholding the highest standards of ethics and business practices.
  • The Case for Financial Sector Liberalization in China

    Source: Tony Tan, DBA, CFA
    Date Submitted: 29 Jun 2016
    Views: 278
    Downloads: 0
    This is a blog posted on CFA Institute's website on 14 November 2013.
  • The Price of Growth: Toxic Smog in China and Elsewhere

    Source: Larry Cao, CFA
    Date Submitted: 29 Jun 2016
    Views: 277
    Downloads: 1
    This is a blog posted on CFA Institute's website on 7 April 2014.
  • Shadow Banking Is Hurting China’s Banks — And That’s a Good Thing

    Source: Paul Smith, CFA
    Date Submitted: 29 Jun 2016
    Views: 241
    Downloads: 1
    This is a blog posted on CFA Institute's website on 10 March 2014
  • Where to Invest in Emerging Markets: Lessons from the Taper Tantrum

    Source: Larry Cao, CFA
    Date Submitted: 23 Jun 2016
    Views: 248
    Downloads: 0
    This is a blog posted on CFA Institute's website on 10 February 2015.
  • 公平的证券交易所

    Source: Sherree Decovny
    Date Submitted: 16 Jun 2016
    Views: 298
    Downloads: 0
    This article appears on CFA Institute hedge fund journal 2015 issue, season 1.
  • 显微镜下的微秒

    Source: Sherree DeCovny
    Date Submitted: 16 Jun 2016
    Views: 294
    Downloads: 0
    This article appears on CFA Institute hedge fund journal 2015 issue, season 1. The original article appeared on CFA Institute Magazine, July/August 2014, Volume 25 Issue 4.
  • 生命周期投资: 金融教育及消费者保护

    Source: Zvi Bodie, Laurence B. Siegel, Lisa Stanton, CFA
    Date Submitted: 15 Jun 2016
    Views: 291
    Downloads: 1
    This article appears on CFA Institute hedge fund journal 2013 issue, season 2. The original article appears on CFA Institute's official website: http://cfainstitute.org/learning/products/publications/contributed/privatewealth/Documents/rf_summary_life_cycle_investing.pdf
  • 资产管理公司 专业行为准则将成趋势

    Source: 梁慧芝, CFA
    Date Submitted: 15 Jun 2016
    Views: 301
    Downloads: 0
    This article appears on CFA Institute hedge fund journal 2013 issue, season 2.
  • 证券研究: 每个卖方分析师 都应知道的事

    Source: Rob Gowen, CFA
    Date Submitted: 15 Jun 2016
    Views: 337
    Downloads: 2
    This article appears on CFA Institute hedge fund journal 2013 issue, season 2. The original article appears on CFA Institute's official website: http://annual.cfainstitute.org/2013/05/25/securitiesresearch-what-every-sell-side-analyst-should-know/
  • 投资者向审计师 寻求更大价值

    Source: Vincent Papa, CFA
    Date Submitted: 14 Jun 2016
    Views: 289
    Downloads: 0
    This article appears on CFA Institute hedge fund journal 2013 issue, season 2. The original article appears on CFA Magazine, July/August 2013, Vol. 24, No. 4: 8.
  • Trade Management Guidelines

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 331
    Downloads: 3
    This guideline appeared on CFA Institute's website in November 2004.
  • Research Objectivity Standards

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 305
    Downloads: 1
    This appeared on CFA Institute's website in October 2004.
  • CFA Institute Soft Dollar Standards (corrected October 2011)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 274
    Downloads: 1
    This appeared on CFA Institute's website in November 2004.
  • Investment Management Code of Conduct for Endowments, Foundations, and Charitable Organizations

    Source: Kurt Schacht, JD, CFA, Jonathan J. Stokes, JD, Glenn Doggett, CFA
    Date Submitted: 13 Jun 2016
    Views: 297
    Downloads: 2
    This paper appeared on CFA Institute's website in September 2010.
  • Code of Ethics and Standards of Professional Conduct (effective 1 July 2014)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 279
    Downloads: 1
    This appeared on CFA Institute's website in June 2014.
  • Standards of Practice Handbook, Ninth Edition (effective through 30 June 2010)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 279
    Downloads: 1
    This handbook appeared on CFA Institute's website in June 2005. It is effective from 1 July 2005 to 30 June 2010.
  • Standards of Practice Handbook, Tenth Edition (effective 1 July 2010 through 30 June 2014)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 251
    Downloads: 1
    This handbook appeared on CFA Institute's website in June 2010. It is effective from 1 July 2010 to 30 June 2014.
  • Standards of Practice Handbook, Eleventh Edition (effective 1 July 2014)

    Source: CFA Institute
    Date Submitted: 13 Jun 2016
    Views: 305
    Downloads: 2
    This handbook appeared on CFA Institute's website in June 2014. It is effective from 1 July 2014.
  • Code of Conduct for Members of a Pension Scheme Governing Body

    Source: CFA Institute
    Date Submitted: 12 Jun 2016
    Views: 272
    Downloads: 1
    It is available in English, Dutch and German.
  • Asset Manager Code of Professional Conduct

    Source: Kurt N. Schacht, JD, CFA, Jonathan J. Stokes, JD, Glenn Doggett, CFA
    Date Submitted: 12 Jun 2016
    Views: 538
    Downloads: 12
    Asset Manager Code of Professional Conduct is currently available in 13 languages. They are Arabic, Chinese, English, French, German, Indonesia, Italian, Japanese, Korean, Portuguese, Russian, Spanish and Thai.
  • Corporate Governance in Japan — Plenty of Room for Improvement

    Source: Matt Orsagh, CFA, CIPM
    Date Submitted: 08 Jun 2016
    Views: 282
    Downloads: 1
    This is a blog posted on CFA Institute's website on 4 November 2011.
  • Ethics Wake-up Call: Change Behavior before It’s Too Late

    Source: Tony Tan, DBA, CFA
    Date Submitted: 07 Jun 2016
    Views: 385
    Downloads: 0
    This is a blog posted on CFA Institute's website on 22 January 2013
  • The Role of Financial Advisers: What Should Clients Expect?

    Source: Tony Tan, DBA, CFA
    Date Submitted: 07 Jun 2016
    Views: 283
    Downloads: 0
    This is a blog posted on CFA Institute's website on 6 May 2013.
  • Turning Tide: Hong Kong Court Order Forces Insider Trader to Pay Victims

    Source: Tony Tan, DBA, CFA
    Date Submitted: 07 Jun 2016
    Views: 447
    Downloads: 0
    This is a blog posted on CFA Institute's website on 17 December 2013.
  • HFT Strategies: Why the Sudden Fuss over Speed Advantages?

    Source: Tony Tan, DBA, CFA
    Date Submitted: 07 Jun 2016
    Views: 257
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 June 2014.
  • Australian Review: HFT and Dark Trading Don’t Merit Further Regulation

    Source: Sviatoslav Rosov, PhD, CFA
    Date Submitted: 07 Jun 2016
    Views: 285
    Downloads: 1
    This is a blog posted on CFA Institute's website on 16 November 2015.
  • Can Asia Push Back the Tide of International Financial Regulations?

    Source: Paul Smith, CFA
    Date Submitted: 07 Jun 2016
    Views: 270
    Downloads: 0
    This is a blog posted on CFA Institute's website on 9 January 2013.
  • Give Hong Kong’s New Financial Services Development Council a Chance

    Source: Paul Smith, CFA
    Date Submitted: 07 Jun 2016
    Views: 422
    Downloads: 1
    This is a blog posted on CFA Institute's website on 24 February 2013.
  • From Bust to Boom: Southeast Asia’s Capital Markets Getting It Right This Time

    Source: Paul Smith, CFA
    Date Submitted: 07 Jun 2016
    Views: 443
    Downloads: 2
    This is a blog posted on CFA Institute's website on 16 April 2013.
  • Alibaba IPO: What It Says about Shareholder Rights in Asia

    Source: Paul Smith, CFA
    Date Submitted: 07 Jun 2016
    Views: 434
    Downloads: 2
    This is a blog posted on CFA Institute's website on 21 October 2013.
  • Blurry Images: Investors, Regulators, Auditors Missed Olympus Warning Signs

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 268
    Downloads: 0
    This is a blog posted on CFA Institute's website on 22 November 2011.
  • Déjà vu: South Korean Banking Crisis Hits Again

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 299
    Downloads: 0
    This is a blog posted on CFA Institute's website on 28 June 2012.
  • Asian Corporate Boards: Increase Lens Power to See Unknown Risks

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 266
    Downloads: 0
    This is a blog posted on CFA Institute's website on 25 July 2012.
  • “Front-Running” in India Challenges Regulators

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 266
    Downloads: 0
    This is a blog posted on CFA Institute's website on 21 December 2012.
  • India and Singapore Regulators Fill Ethics Void with Strict Financial Rules

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 403
    Downloads: 2
    This is a blog posted on CFA Institute's website on 5 February 2013.
  • Mis-selling and Investor Protection in Asia Pacific (Video)

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 266
    Downloads: 0
    This is a blog posted on CFA Institute's website on 23 April 2013. Video can be played in the Reference UFL below.
  • Hong Kong Tiger Asia Case: Are Insider Traders Losing Their Stripes?

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 427
    Downloads: 1
    This is a blog posted on CFA Institute's website on 9 May 2013.
  • Mis-selling of Financial Products: How Are Investors Protected in Today’s Marketplace?

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 343
    Downloads: 0
    This is a blog posted on CFA Institute's website on 10 February 2014.
  • Non-Preemptive Share Issues in Asia: Reforming Rules to Protect Investors

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 315
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 March 2014.
  • Institutional Investors: What Is Their Role as Owners of Public Companies?

    Source: Padma Venkat, CFA
    Date Submitted: 07 Jun 2016
    Views: 272
    Downloads: 1
    This is a blog posted on CFA Institute's website on 15 April 2014.
  • Toshiba Accounting Scandal: A Corporate Culture Problem

    Source: Mohini Singh, ACA
    Date Submitted: 07 Jun 2016
    Views: 454
    Downloads: 18
    This is a blog posted on CFA Institute's website on 30 October 2015.
  • Toshiba Accounting Scandal: Should Auditor Ernst & Young ShinNihon Get a Mulligan?

    Source: Matt Waldron
    Date Submitted: 07 Jun 2016
    Views: 488
    Downloads: 4
    This is a blog posted on CFA Institute's website on 28 July 2015.
  • Toshiba Scandal: Should Outgoing CFO Have Chaired the Audit Committee?

    Source: Matt Waldron
    Date Submitted: 07 Jun 2016
    Views: 278
    Downloads: 0
    This is a blog posted on CFA Institute's website on 13 August 2015.
  • Retail Investment Funds Performance in Asia Pacific: What Every Investor Should Know

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 259
    Downloads: 0
    This is a blog posted on CFA Institute's website on 30 May 2012.
  • Treasury China Trust: Governance Clouds Value

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 272
    Downloads: 1
    This is a blog posted on CFA Institute's website on 3 October 2012.
  • CFA Institute Study: Harmonize Standards for Mutual Fund Fee and Performance Reporting Across Asia

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 294
    Downloads: 0
    This is a blog posted on CFA Institute's website on 16 January 2013.
  • Portfolio Holdings: Would More Disclosure in Mutual Funds Periodic Reporting Help?

    Source: Lee Kha Loon
    Date Submitted: 06 Jun 2016
    Views: 258
    Downloads: 1
    This is a blog posted on CFA Institute's website on 17 February 2013.
  • 2014 Market Outlook for Asia Pacific: When Diversity Strengthens Advocacy

    Source: Laurel Teo
    Date Submitted: 06 Jun 2016
    Views: 274
    Downloads: 0
    This is a blog posted on CFA Institute's website on 18 December 2013.
  • AIJ Investment Advisors: Made (off) in Japan

    Source: John Rogers
    Date Submitted: 06 Jun 2016
    Views: 273
    Downloads: 1
    This is a blog posted on CFA Institute's website on 27 February 2012
  • Asia Pacific: Mis-selling Declines in Singapore, but Caution Still Warranted

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 396
    Downloads: 0
    This is a blog posted on CFA Institute's website on 23 December 2011.
  • Happy Chinese New Year! Asia Makes Strides in Investor Protection

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 288
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 February 2012.
  • Investors Gain As India Tightens Reins on Asset Managers and Financial Advisers

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 261
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 March 2012.
  • AIJ Fallout Casts Harsh Spotlight on Japan’s Pension Fund Managers

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 278
    Downloads: 0
    This is a blog posted on CFA Institute's website on 7 March 2012.
  • Hontex IPO: How Did It Happen and Who’s to Blame?

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 436
    Downloads: 2
    This is a blog posted on CFA Institute's website on 29 June 2012.
  • Corporate Governance in Asia: Regulatory Landscape Urges Better Shareowner Communications

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 295
    Downloads: 1
    This is a blog posted on CFA Institute's website on 9 August 2012.
  • Financial Sector Regulation Heats up in India amid Sahara Case

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 346
    Downloads: 1
    This is a blog posted on CFA Institute's website on 12 September 2012.
  • CFA Institute: Market Fraud, Mis-selling Concerns Cloud Asia-Pacific Outlook

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 267
    Downloads: 0
    This is a blog posted on CFA Institute's website on 12 December 2012.
  • Insider Trading: Does It Make You an Outsider?

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 271
    Downloads: 0
    This is a blog posted on CFA Institute's website on 30 January 2013.
  • Mis-selling: An Ethical Issue Facing Asia-Pacific Markets

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 362
    Downloads: 0
    This is a blog posted on CFA Institute's website on 2 April 2013.
  • MRI International Scandal: Another Reason Ethical Behavior is Needed in the Marketplace

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 448
    Downloads: 3
    This is a blog posted on CFA Institute's website on 2 May 2013.
  • Asia-Pacific Asset Managers: No Compliance with CFA Institute Asset Manager Code Is Red Flag

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 261
    Downloads: 0
    This is a blog posted on CFA Institute's website on 30 May 2013.
  • Asset Manager Code of Professional Conduct: Benefits for Investment Professionals

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 418
    Downloads: 1
    This is a blog posted on CFA Institute's website on 19 August 2013.
  • Interpreting Client Entertainment as Part of the Pension Trustee Code

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 390
    Downloads: 0
    This is a blog posted on CFA Institute's website on 23 October 2013.
  • The Role of Ethics in Shaping the Future of Hong Kong’s Investment Industry

    Source: Alexander Flatscher
    Date Submitted: 06 Jun 2016
    Views: 386
    Downloads: 0
    This is a blog posted on CFA Institute's website on 26 January 2014.
  • Share Placement and Rights Issues: What is the Role of Investor Education?

    Source: Alan Lok
    Date Submitted: 06 Jun 2016
    Views: 367
    Downloads: 1
    This is a blog posted on CFA Institute's website on 21 May 2014.
  • Buyer Beware: the Common Traits of Investment Product Scams

    Source: Alan Lok
    Date Submitted: 06 Jun 2016
    Views: 432
    Downloads: 2
    This is a blog posted on CFA Institute's website on 5 August 2014.
  • End the Silent Treatment: Why Regulators Should Promote Market-Fraud Prevention Efforts

    Source: Alan Lok
    Date Submitted: 06 Jun 2016
    Views: 283
    Downloads: 1
    This is a blog posted on CFA Institute's website on 14 August 2014.
  • Chinese Shadow Banking: Risks and Rewards

    Source: Alan Lok
    Date Submitted: 05 Jun 2016
    Views: 454
    Downloads: 4
    This is a blog posted on CFA Institute's website on 23 December 2014.
  • Insider Trading: Is China Serious about Cleaning Up Its Capital Market?

    Source: Alan Lok
    Date Submitted: 05 Jun 2016
    Views: 287
    Downloads: 1
    This is a blog posted on CFA Institute's website on 25 February 2015.
  • To Reform Chinese Capital Market, Is Government ‘Cooking a Frog in Warm Water’?

    Source: Alan Lok
    Date Submitted: 05 Jun 2016
    Views: 306
    Downloads: 2
    This is a blog posted on CFA Institute's website on 14 May 2015.
  • Portfolio Pumping in Singapore — What the Numbers Tell Us

    Source: Alan Lok
    Date Submitted: 05 Jun 2016
    Views: 413
    Downloads: 1
    This is a blog posted on CFA Institute's website on 27 December 2015.
  • Setting the right tone from the top published by Asia Asset Management

    Source: David Macfarlane, Asia Asset Management,Philippa Allen, CEO, ComplianceAsia Consulting,Irene Cheung, Director, Standards of Practice, Asia Pacific, CFA Institute,Joanna Pearson, Partner, Simmons & Simmons,Mohammad Reza, Director, JWS Asia Law Singapore
    Date Submitted: 08 May 2016
    Views: 298
    Downloads: 5
    Asset management is about getting the most out of an asset’s life or “getting more bang for the buck”. Owners and operators stand to reap rewards from improved performance and greater reliability if they protect and extend the lives of their investments using best-practice asset management techniques. While asset managers suffered massive losses during the 2007/2008 global financial crisis (GFC), they were not exhibiting the risky behavior that caused it. However, improving operational transparency and governance are important concerns and goals for asset managers, especially as investors become more astute and regulators enforce more rules and regulators on the industry. Asia Asset Management talks to a representative from a global association of investment professionals, a financial industry and compliance expert, and some legal professionals to better understand the evolution of the asset management industry in terms of financial conduct.
  • The Truth Behind Stockholder's Meetings

    Source: Nicole Florendo
    Date Submitted: 26 Mar 2016
    Views: 394
    Downloads: 0
    The Culture behind Stockholder's Meetings.
  • The Importance of Culture

    Source: John Fraser
    Date Submitted: 23 Mar 2016
    Views: 455
    Downloads: 0
    This is a lunchtime address at the ASIC annual forum 2016 by John Fraser, Secretary to the Treasury on the topic: "The Importance of Culture" In his closing remarks, he said this: "All of us involved in the financial sector have to realise that if community expectations are not being met, the result may well be more prescriptive rules, which may over time not be a good outcome for industry or the general public. As I said at the outset, the world in which we find ourselves in is one in which the cultivation and maintenance of a robust institutional culture will be a key determinant of success. Rules and regulations will adapt to these circumstances but one thing should be a constant – ethical and honest behaviour flowing from the right culture in all parts of the economy."
  • Ghandi's Seven Deadly Sins

    Source: Abbygayle M. Estrella
    Date Submitted: 18 Mar 2016
    Views: 300
    Downloads: 8
    A commentary of a business student's view of the world based on Mahatma Ghandi's "seven deadly sins"
  • An Empirical Analysis of Credit Card Delinquency among BPO Employees (Philippines)

    Source: Abelardo Dulay, Abigail Diente, Laline Tabuzo, Alvia Lejano, Wilma Valenzuela
    Date Submitted: 16 Mar 2016
    Views: 410
    Downloads: 8
    An Empirical Analysis of Credit Card Delinquency among BPO Employees (Philippines)
  • The Role of Financial Advisers: What Should Clients Expect?

    Source:
    Date Submitted: 01 Mar 2016
    Views: 588
    Downloads: 0
    This blog was posted on CFA INstitute's website on 6 May 2013
  • Asia’s Growing Pains: The “Crowding-Out” Effect of Financial Regulation

    Source: Tony Tan
    Date Submitted: 01 Mar 2016
    Views: 613
    Downloads: 0
    This blog was posted on CFA INstitute's website on 19 February 2013.
  • Sri Lankan Regulator Explains Country’s Capital Markets Turnaround Strategy

    Source: Tony Tan
    Date Submitted: 01 Mar 2016
    Views: 523
    Downloads: 0
    This blog was posted on CFA Institute's website on 9 June 2013
  • Turning Tide: Hong Kong Court Order Forces Insider Trader to Pay Victims

    Source:
    Date Submitted: 01 Mar 2016
    Views: 416
    Downloads: 0
    This blog was posted on CFA Institute's website on 17 December 2013
  • Board of Director Effectiveness and Earnings Conservatism: Preliminary Australian Analysis

    Source: Nigar Sultana, J-L-W. Mitchell Van der Zahn, Inderpal Singh
    Date Submitted: 24 Feb 2016
    Views: 280
    Downloads: 11
    Overarching objective is to examine influence of board of director effectiveness on the extent of earnings conservatism among Australian listed firms.