Financial Gatekeepers And Investor Protection PDF Download
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Author | : Kelvin Law |
Publisher | : |
Total Pages | : 86 |
Release | : 2019 |
Genre | : |
ISBN | : |
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We examine whether financial advisors with pre-advisor criminal records pose a greater risk to investors than those without. We find that financial advisors with pre-advisor criminal records are more likely to receive future customer complaints. Their complaints are more likely to receive arbitration awards or settlements and are more likely to involve large settlements exceeding $100,000. Finally, clients are more likely to suffer service disruptions from engaging advisors with pre-advisor criminal records, even incremental to the brokerage firm being high-risk. While we do not have performance data of individual advisors, mutual funds of those firms that employ advisors with criminal records do not provide their clients with superior returns nor charge lower fees, suggesting that there are not compensating benefits to offset the investor harm. Overall, pre-advisor criminal record serves as an important ex ante characteristic available to regulators, investors, and employers for risk-assessment purposes.
Author | : Yasuyuki Fuchita |
Publisher | : Brookings Institution Press |
Total Pages | : 216 |
Release | : 2007-02-01 |
Genre | : Business & Economics |
ISBN | : 0815729820 |
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Developed country capital markets have devised a set of institutions and actors to help provide investors with timely and accurate information they need to make informed investment decisions. These actors have become known as "financial gatekeepers" and include auditors, financial analysts, and credit rating agencies. Corporate financial reporting scandals in the United States and elsewhere in recent years, however, have called into question the sufficiency of the legal framework governing these gatekeepers. Policymakers have since responded by imposing a series of new obligations, restrictions, and punishments—all with the purpose of strengthening investor confidence in these important actors. F inancial Gatekeepers provides an in-depth look at these new frameworks, especially in the United States and Japan. How have they worked? Are further refinements appropriate? These are among the questions addressed in this timely and important volume. Contributors include Leslie Boni (University of New Mexico), Barry Bosworth (Brookings Institution), Tomoo Inoue (Seikei University), Zoe-Vonna Palmrose (University of Southern California), Frank Partnoy (University of San Diego School of Law), George Perry (Brookings Institution), Justin Pettit (UBS), Paul Stevens (Investment Company Institute), Peter Wallison (American Enterprise Institute)
Author | : Donald C. Langevoort |
Publisher | : Oxford University Press |
Total Pages | : 225 |
Release | : 2016-05-06 |
Genre | : Business & Economics |
ISBN | : 0190225688 |
Download Selling Hope, Selling Risk Book in PDF, ePub and Kindle
In the midst of globalization, technological change, and economic anxiety, we have deep doubts about how well the task of investor protection is being performed. In the U.S., the focus is on the Securities & Exchange Commission. Part of the explanation is economic and political: the failure to know the right balance between investor protection and capital formation, and the resulting battle among interest groups over their preferred solutions. In Selling Hope, Selling Risk, author Donald C. Langevoort argues that regulation is also frustrated at nearly every turn by human nature, as exhibited both on the buy-side (investors) and sell-side (corporate executives, bankers, stockbrokers). There is plenty of savvy and guile, but also ample hope, fear, ego, overconfidence, social contagion and the like that persistently filter and distort the messages regulators try to send. This book is the first sustained effort to link the key initiatives of securities regulation with our burgeoning awareness in the social sciences of how people and organizations really behave in economic settings. It examines why corporate fraud occurs and how best to deter it and compensate its victims; the search for an edge via insider trading; the disclosure apparatus and its gatekeepers; sales efforts and manipulation in Ponzi schemes, internet scams, private offerings and crowdfunding; and how this all helps explain the recent global financial crisis. It ends by turning these insights back on the task of regulation itself, and the strategies (and frustrations) of making regulation work in a financial world that is at once increasingly sophisticated yet deeply human and incurably flawed.
Author | : Arthur B. Laby |
Publisher | : Cambridge University Press |
Total Pages | : 687 |
Release | : 2022-10-27 |
Genre | : Law |
ISBN | : 1108995926 |
Download The Cambridge Handbook of Investor Protection Book in PDF, ePub and Kindle
The topic of investor protection has occupied investors, businesses, regulators, academics, and courts since the 1930s. The topic exploded in importance after the 2008 financial crisis and the Bernard Madoff Ponzi scheme of the same year. Investor protection scholarship now seeks to respond to developments such as the institutionalization of the markets, the democratization of finance, and the enhanced role of market professionals and other gatekeepers. Additionally, although the philosophy of full disclosure remains the guiding principle behind the securities laws, recent research has questioned the merits of a disclosure-based regime. In light of these trends, regulators try to strike the right balance between imposing a strict investor protection regime, on the one hand, and giving businesses the freedom to innovate new projects, market new services, and reduce costs, on the other. The Cambridge Handbook of Investor Protection brings together leading scholars to inform this debate and fill a gap left by these developments.
Author | : Jennifer Payne |
Publisher | : |
Total Pages | : 28 |
Release | : 2016 |
Genre | : |
ISBN | : |
Download The Role of Gatekeepers Book in PDF, ePub and Kindle
Gatekeepers are financial intermediaries that operate between issuers and investors and have a potentially valuable role to play in the financial market. This paper, which has been written for the Oxford Handbook on Financial Regulation (Moloney, Ferran and Payne (eds) OUP, 2014), considers the role of gatekeepers, examines gatekeeper failure and analyses recent attempts at regulation. There are a number of limitations on the effectiveness of gatekeepers as an investor protection device, largely concerning the conflict of interest arising from the funding model for gatekeepers, but exacerbated by factors which reduce a gatekeeper's incentive to perform its role well, including a lack of competition in the market, a lack of litigation risk and, in relation to Credit Rating Agencies, the development of a regulatory licence. This paper assesses the likely success of the regulatory measures that have been put in place to address these issues to date. It concludes that, despite the raft of measures that have been introduced, regulators have largely failed to tackle the core issues that lead to gatekeeper failure. As a result, although many measures that have been implemented are valuable, the overall effectiveness of the regulatory response may be doubted.
Author | : Richard J. Hillman |
Publisher | : DIANE Publishing |
Total Pages | : 100 |
Release | : 2001-09 |
Genre | : Business & Economics |
ISBN | : 9780756716813 |
Download Securities Investor Protection Book in PDF, ePub and Kindle
Assesses the operations of the Securities Investor Protection Corp. (SIPC), established in 1970. It discusses: (1) the basis for SIPC policies involving unauthorized trading and the extent that these policies are disclosed to investors; (2) the basis for SIPC policies involving the affiliates of SIPC member firms and the extent that these policies are disclosed to investors; (3) the SECs oversight of SIPC; and (4) the disclosure rules for SIPC, the FDIC, and state insurance guarantee associations, as well as the related implications for consumers as the financial services industry consolidates. Includes recommendations to the SIPC and the SEC regarding disclosure of SIPC policies and SEC's SIPC oversight.
Author | : Jonathan Fisher |
Publisher | : Sweet & Maxwell |
Total Pages | : 734 |
Release | : 2003 |
Genre | : Financial services industy |
ISBN | : 9780421673007 |
Download The Law of Investor Protection Book in PDF, ePub and Kindle
This series enables practitioners to stay up to date with litigation and developments in the field of entertainment law. Emphasis is placed on the practical implications of relevant legislative developments and the effects of technology on artists, rights owners and collecting societies
Author | : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs |
Publisher | : |
Total Pages | : 350 |
Release | : 2009 |
Genre | : Global Financial Crisis, 2008-2009 |
ISBN | : |
Download Enhancing Investor Protection and the Regulation of Securities Markets Book in PDF, ePub and Kindle
Author | : |
Publisher | : DIANE Publishing |
Total Pages | : 124 |
Release | : |
Genre | : |
ISBN | : 9781422321997 |
Download Investor protection : a review of plaintiffs’ attorney abuses in securities litigation and legislative remedies : hearing Book in PDF, ePub and Kindle
Author | : United States. Congress. Senate. Committee on Banking, Housing, and Urban Affairs |
Publisher | : |
Total Pages | : 292 |
Release | : 2009 |
Genre | : Global Financial Crisis, 2008-2009 |
ISBN | : |
Download Enhancing Investor Protection and the Regulation of Securities Markets, Part II Book in PDF, ePub and Kindle