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The third edition of Ethics in Finance presents an authoritative and wide-ranging examination of the major ethical issues in finance. This new edition has been expanded and thoroughly updated with extensive coverage of the recent financial crisis and the very latest developments within the financial world. Substantially updated new edition with nearly 40% new material, including sections on credit cards, mortgage lending, microfinance, risk management, derivatives, and securitizationIncludes coverage and references to the recent financial crisis and the very latest developments within the fin

A groundbreaking exploration of the critical ethical issues in financial theory and practice The Robert W. Kolb Series in Finance is an unparalleled source of information dedicated to the most important issues in modern finance. Each book focuses on a specific topic in the field of finance and contains contributed chapters from both respected academics and experienced financial professionals. As part of the Robert W. Kolb Series in Finance, Finance Ethics aims to provide a comprehensive understanding of the ever-changing ethical issues that confront finance professionals today. John R. Boatright, editor of this volume, draws together the contributions of distinguished scholars from a wide range of disciplines-including finance, economics, philosophy, management, and law-to present essential perspectives on various ethics issues facing the financial services industry. While providing a rigorous analysis of all the topics covered-from due diligence and insider trading to socially responsible investing, executive compensation, and more-the book focuses special attention on fairness in markets and the delivery of financial services, as well as the duties of fiduciaries and agents. Finance Ethics provides essential information and practical guidance for both practitioners in finance and students and academics with an interest in finance ethics.

AbstractThe Delaware court's decision in eBay v. Newmark has been viewed by many commentators as a decisive affirmation of shareholder wealth maximization as the only legally permissible objective of a for‐profit corporation. The implications of this court case are of particular concern for the emerging field of social enterprise, in which some organizations, such as, in this case, Craigslist, choose to pursue a social benefit mission in the for‐profit corporate form. The eBay v. Newmark decision may also threaten companies that seek to be socially responsible by serving constituencies other than shareholders at the expense of some profit. This examination of the court decision concludes that a legal requirement to maximize shareholder value may not preclude a commitment to social responsibility and may even permit the pursuit of a social benefit objective, such as the preservation of the culture developed by Craigslist. In particular, the court's decision in eBay v. Newmark reflects unique features of the case that could have been avoided by Craigslist and by other similar companies.