Investment Ethics, Sarah W. Peck JOHN WILEY & SONS, INC. 2011 Paperback Book

Description: Preface Investment Ethics THE NEED FOR ETHICAL EDUCATION When talking about investment ethics, the typical response is, "Isn't that an oxy-moron?" This old joke may be ... well, old, but it also highlights the importance of teaching ethics along with the nuts and bolts of investments and financial analysis. The need for ethical education is as long-standing as the history of scandals that plague the industry. There were the insider trading scandals of the 1980s, the accounting scandals of the late 1990s, and most recently the financial crisis that began in the fall of 2008, fraught with excessive risk taking and an explosion of ever-larger Ponzi schemes. The recent crisis further underscores the importance of ethics to ensure the long-run health of our financial markets. Educators are at the forefront of instilling ethical values in investment professionals. Unethical behavior occurs for two reasons. First, the raison d'être of the investment business is to make money: returns. There is nothing inherently unethical about the profit motive, but it can blur the lines between when you are fairly making money for yourself and your firm and when you are unfairly making money by taking advantage of others. Second, finance is a technical and quantitative world not immediately comprehensible to everyone. This creates both opportunities for unethical behavior and a natural suspicion of investment professionals. Ethical education and standards are critical in protecting students entering into the profession from ethical pitfalls that can ruin their careers. Some have argued that ethics cannot be taught. That may be true. There will always be individuals who have no conscience. Yet, the profit motive coupled with technological complexity can create conditions where even well-intentioned individuals are corrupted. Practical knowledge about ethical issues in investments can ameliorate the incidence of bad behavior. In turn, ethical professionals maintain the integrity of the business, which generates more interest and trust in financial markets for the average person on Main Street. This book provides students entering the investment industry with an applied and practical understanding of ethics. GUIDE TO UNDERSTANDING INVESTMENT ETHICS he need for ethical education is as long standing as the history of scandals that have plagued the financial industry. Understanding the cause and effect of economic crises from an ethical perspective helps ensure the long-run health of our financial markets. Sarah Peck's Investment Ethics is an applied and uniquely focused textbook that provides readers with the tools, examples, and exercises they need to understand ethical concepts and consequences in the practice of investments. FEATURES • Balanced, focused treatment of the contemporary topic of investment ethics • 30 Cases with Critical Thinking Questions to engage students • Applied Student Projects to better apply investment theory and analysis and help students prepare for the ethical dilemmas they will face in the workplace • Complements and reinforces concepts in Investments and Security Analysis by integrating ethical issues into the rigorous and applied analysis of subjects, such as reporting risk-return measures of performance, trading practices, information and security prices, analysts' earnings forecasts, and fundamental security analysis • Integrated Appendices that review basic material in investments and accounting • Extended Coverage to complement professional codes of ethics and help prepare for CFA and CFP exams "The book represents a general introduction to ethics and ethical challenges facing investment professionals. It is easy to read. It is concise and addresses the key ethical issues. The cases highlighted throughout the book represent a nice way to get readers to understand the issues involved." - 0. Felix Ayadi, Texas State University "Rather than just putting together cases, the author related the unethical behaviors to accounting and fundamental analysis covered in standard investments classes." —

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