Something for Nothing: Arbitrage and Ethics on Wall Street
| Author | : | |
| Rating | : | 4.34 (503 Votes) |
| Asin | : | 0393285510 |
| Format Type | : | paperback |
| Number of Pages | : | 240 Pages |
| Publish Date | : | 2015-11-22 |
| Language | : | English |
DESCRIPTION:
Maureen O’Hara is the Robert Purcell Professor of Finance at the Johnson Graduate School of Management, Cornell University. . She is recognized as one of the leading researchers in academic finance, with particular expertise in market microstructure, banking, and law and finance
From a leading financial economist, a searching examination of the ethics of modern finance.In 2001, Goldman Sachs structured a complex financial contract so that its client, the government of Greece, would appear to have far less debt than it actually did. She makes a strong case for a way forward: fewer rules and more standards to foster a morally responsible outlook. When done correctly, arbitrage can create value at little or no cost (in effect, getting “something for nothing”); but it can also be an exploitative tool.In a lucid, insightful discussion of the ethics of arbitrage in modern finance, O’Hara reveals how the rules can often be stretched into still-legal yet highly unethical business practices. Fearlessly raising the questions at the moral heart of our financial system
A Senior Investment Banker - a MUST READ for those in the business and those trying to understand. From a 30 year veteran of global banking: This is the best book on ethics on Wall Street And is a MUST READ especially for leaders of banks and younger bankers and business people. Prof. O'Hara lucidly describes how easy it is for bankers to lose sight of the ethical culture necessary to build trust in the markets. She does not provide all the answers - it is not that simple. Her case studies are brilliant and show the boundaries of ethics and the "weasel zone" - which I have observed personally in my time in the business. Cogent and Meaningful review of 6 M-A-J-O-R finance scandals kalm77 This is an excellent book by a foremost research professor at the cutting edge of HFT and microstructure issues and she understands market-making in intricate detail. Yet, blissfully, the book SPARES you the boring intricacies and gives you a birds-eye view of the issues in executive summary form. This is invaluable. Even journalists today can not and do not get this frank (they have "loyalties" to their sources of "content".you do the math; also financial journalists act like they get paid by the word, and do not like to. A must read Amazon Customer Professor O'Hara has brought her deep knowledge and understanding of the financial landscape to bear on a critical topic that has been previously sidestepped. The "greed is good" mantra that fierce competition will produce an optimal allocation of resources is questioned when that goal creates both the means, motive and opportunity to expropriate wealth from investors in ways that cross ethical boundaries. She carefully unwinds the mechanics of arbitrage positions to raise our awareness of clear ethical violations, but mo
Identifying where such lines are drawn opens the door to a provocative and stimulating discussion of the kinds of ambiguous situations that arise almost daily in the financial sector, as well as the economy at large.” - Kirkus Reviews“Sophisticated.” - Library Journal. O'Hara whose qualifications and contributions are recognized in the world of finance as well as academia, is concerned with exploring the gray areas between an ethical approach to financial transactions and behavior sanctioned by law. Maureen O’Hara’s distinction as an economist who knows what makes sophisticated ‘high frequency’ mar