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The Principal Agent Problem In The Context Of Financial Advice
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Book Synopsis The Principal-Agent Problem in the Context of Financial Advice by :
Download or read book The Principal-Agent Problem in the Context of Financial Advice written by and published by GRIN Verlag. This book was released on 2021-06-08 with total page 18 pages. Available in PDF, EPUB and Kindle. Book excerpt: Seminar paper from the year 2018 in the subject Economics - Micro-economics, grade: 2,0, University of Hohenheim, language: English, abstract: This paper studies the relationship between investors and investment advisers with regard to the principal-agent theory. Especially, the payment of commissions, kick-backs or other inducements from product provider to financial adviser and their impact of product recommendations are the focus of this paper. At the end, this paper should answer the research question, to what extent is the investor-investment adviser relationship a principal-agent relationship and how do commission payments affect the decision of both participants. Furthermore, this paper contents the political aspect, especially the analysis of the latest German policy with regard to consumer protection in financial markets. This paper is divided in six chapters. Chapter 2 is a definition and classification of various types of financial advisers. In chapter 3, this work elaborates the principal-agent theory and compare it to our case of financial advice. In chapter 4, we set up a model of the interdependence between product provider, adviser and customer. In addition, this model gives information about payments and related incentives. The following 5th chapter, analyzes the latest policy intervention of the European Union with regard to the German financial advice market. The last chapter is a conclusion of the previous chapters.
Book Synopsis An Evaluation of the Principal-agent Problem Between Financial Advisors and Their Clients by : Thomas Mccann
Download or read book An Evaluation of the Principal-agent Problem Between Financial Advisors and Their Clients written by Thomas Mccann and published by . This book was released on 2015 with total page pages. Available in PDF, EPUB and Kindle. Book excerpt: The purpose of this document is to explore the principal-agent problem that exists between financial advisors and their clients. My thesis is that there is an inherent principle-agent problem in the financial services industry that is often exploited. As a result, the current relationship between financial advisors and their clients must be reevaluated. By looking at quantitative methods of evaluating a principal-agent problem and applying it to the world of financial services, it is clear that there are alternatives to a financial advisor that would be better for the retail investor. Due to this fact, a new contract is required to mitigate the principal-agent problem. To create this new contract, I have analyzed the texts of Adam Smith and Immanuel Kant and have drafted their philosophies to better illustrate the actual role of the financial advisor. By adjusting the role of financial advisor to become similar to that of a teacher, and restructuring their payment incentives, the principal-agent problem is lessened and utilizing a financial advisor becomes a more appealing option for the retail investor.
Book Synopsis Fixing Financial Crises in the Twenty-first Century by : Andrew G. Haldane
Download or read book Fixing Financial Crises in the Twenty-first Century written by Andrew G. Haldane and published by Psychology Press. This book was released on 2004 with total page 368 pages. Available in PDF, EPUB and Kindle. Book excerpt: This new book, with contributions from leading academics, policy-makers and practitioners goes beyond critical analysis and offers useful advice with regard to actually bringing financial crises to an end.
Book Synopsis An Analysis of the Principal Agent Problem by : Sanford J. Grossman
Download or read book An Analysis of the Principal Agent Problem written by Sanford J. Grossman and published by . This book was released on 1980 with total page 48 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Principles of Financial Regulation by : John Armour
Download or read book Principles of Financial Regulation written by John Armour and published by Oxford University Press. This book was released on 2016-08-04 with total page 780 pages. Available in PDF, EPUB and Kindle. Book excerpt: The financial crisis of 2007-9 revealed serious failings in the regulation of financial institutions and markets, and prompted a fundamental reconsideration of the design of financial regulation. As the financial system has become ever-more complex and interconnected, the pace of evolution continues to accelerate. It is now clear that regulation must focus on the financial system as a whole, but this poses significant challenges for regulators. Principles of Financial Regulation describes how to address those challenges. Examining the subject from a holistic and multidisciplinary perspective, Principles of Financial Regulation considers the underlying policies and the objectives of regulation by drawing on economics, finance, and law methodologies. The volume examines regulation in a purposive and dynamic way by framing the book in terms of what the financial system does, rather than what financial regulation is. By analysing specific regulatory measures, the book provides readers to the opportunity to assess regulatory choices on specific policy issues and encourages critical reflection on the design of regulation.
Book Synopsis Financial Sector Governance by : Robert E. Litan
Download or read book Financial Sector Governance written by Robert E. Litan and published by Brookings Institution Press. This book was released on 2004-05-13 with total page 474 pages. Available in PDF, EPUB and Kindle. Book excerpt: A financial system is only as strong as the governing practices and institutions of its participants. The challenge to build efficient and accountable financial institutions that promote confidence is a problem that private financial sector executives and policymakers confront together. In this context, Financial Sector Governance takes a clinical approach to addressing the challenges in emerging and developed markets in each industry: capital markets, private banks, state-owned banks, asset management companies, public pension funds, and mutual funds. It also explores the linkages between public and private sector governance, and the policy implications for strengthening both sides. Financial Sector Governance emerges from the fourth annual Financial Markets and Development conference, organized by the World Bank, the International Monetary Fund and the Brookings Institution, during which participants from the public and private financial sectors of emerging and developed markets contribute to an expanding dialogue addressing key policy concerns.
Book Synopsis Financial Communication in Small and Medium-Sized Enterprises by : Alexander Zureck
Download or read book Financial Communication in Small and Medium-Sized Enterprises written by Alexander Zureck and published by Springer. This book was released on 2014-10-09 with total page 112 pages. Available in PDF, EPUB and Kindle. Book excerpt: To ensure refinancing opportunities for SMEs, answers for bridging the information gap between investor and company are needed; in this context, capital markets are becoming increasingly important. Alexander Zureck focuses on patents as an example of intangible assets and on their importance for the financial communication between SMEs and the capital market. A positive correlation between patent application and stock price development underscores the importance of patents. Based on his findings, the author recommends to take patents and other intangible assets into company's financial communication.
Book Synopsis Conflicts of Interest in the Financial Services Industry by : Andrew Crockett
Download or read book Conflicts of Interest in the Financial Services Industry written by Andrew Crockett and published by Centre for Economic Policy Research. This book was released on 2003 with total page 144 pages. Available in PDF, EPUB and Kindle. Book excerpt: The fifth report in this series focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. In the recent stock market collapse, confidence in the financial industry was shaken by numerous scandals. Beginning with Enron in 2001, scandals brought about the demise of prominent financial figures, damaged the reputation of premiere firms and destroyed the global accounting giant Arthur Andersen. Central to this crisis was the exploitation of conflicts of interest. Research analysts at investment banks were found to be distorting information at the behest of underwriting departments eager to promote new issues. Auditors appeared to sanction misleading accounting in order to gain business for the consulting side of their firms. Policy response in the United States was quick. Large fines were levied and regulators compelled the separation of financial security function, constraining financial conglomerates. But are these new regulations and safeguards adequate protection? What costs do they impose on the industry? This fifth title in the ICMP/CEPR series of Geneva Reports on the World Economy examines the problem of conflicts of interest in the financial system. Conflicts of interest lead to a decrease in information that makes it harder for the system to provide savers wit the accurate, essential information that induces them to provide credit to borrowers. This study focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking. Determining the appropriate remedy for a conflict is a challenge because the elimination of conflicts may also eliminate benefits from economies of scope. This study examines five generic remedies: market discipline, regulation for increased transparency, supervisory oversight, separation of financial activities by function, and socialization of the collection and distribution of information. The authors apply this framework to assess critically the Sarbanes-Oxley Act and the Global Settlement between American regulators and investment banks.
Book Synopsis Handbook of the Economics of Finance by : G. Constantinides
Download or read book Handbook of the Economics of Finance written by G. Constantinides and published by Elsevier. This book was released on 2003-11-04 with total page 698 pages. Available in PDF, EPUB and Kindle. Book excerpt: Arbitrage, State Prices and Portfolio Theory / Philip h. Dybvig and Stephen a. Ross / - Intertemporal Asset Pricing Theory / Darrell Duffle / - Tests of Multifactor Pricing Models, Volatility Bounds and Portfolio Performance / Wayne E. Ferson / - Consumption-Based Asset Pricing / John y Campbell / - The Equity Premium in Retrospect / Rainish Mehra and Edward c. Prescott / - Anomalies and Market Efficiency / William Schwert / - Are Financial Assets Priced Locally or Globally? / G. Andrew Karolyi and Rene M. Stuli / - Microstructure and Asset Pricing / David Easley and Maureen O'hara / - A Survey of Behavioral Finance / Nicholas Barberis and Richard Thaler / - Derivatives / Robert E. Whaley / - Fixed-Income Pricing / Qiang Dai and Kenneth J. Singleton.
Book Synopsis Economics for Lawyers by : Richard A. Ippolito
Download or read book Economics for Lawyers written by Richard A. Ippolito and published by Princeton University Press. This book was released on 2012-01-12 with total page 456 pages. Available in PDF, EPUB and Kindle. Book excerpt: Whether dealing with contracts, tort actions, or government regulations, lawyers are more likely to be successful if they are conversant in economics. Economics for Lawyers provides the essential tools to understand the economic basis of law. Through rigorous analysis illustrated with simple graphs and a wide range of legal examples, Richard Ippolito focuses on a few key concepts and shows how they play out in numerous applications. There are everyday problems: What is the social cost of legislation enforcing below-market prices, minimum wages, milk regulation, and noncompetitive pricing? Why are matinee movies cheaper than nighttime showings? And then there are broader questions: What is the patent system's role in the market for intellectual property rights? How does one think about externalities like airport noise? Is the free market, a regulated solution, or tort law the best way to deliver the "efficient amount of harm" in the workplace? What is the best approach to the question of economic compensation due to a person falsely imprisoned? Along the way, readers learn what economists mean when they talk about sorting, signaling, reputational assets, lemons markets, moral hazard, and adverse selection. They will learn a new vocabulary and a whole new way of thinking about the world they live in, and will be more productive in their professions.
Book Synopsis Systemic Risk in the Financial Sector by : Douglas W. Arner
Download or read book Systemic Risk in the Financial Sector written by Douglas W. Arner and published by McGill-Queen's Press - MQUP. This book was released on 2019-10-02 with total page 301 pages. Available in PDF, EPUB and Kindle. Book excerpt: In late 2008, the world's financial system was teetering on the brink of systemic collapse. While the impacts of the global financial crisis would be felt immediately, at every level of the economy, it would also send years-long aftershocks through investment, banking and regulatory circles worldwide. More than a decade after the worst year of the global financial crisis, what has been learned from its harsh lessons? Are governments and regulators more prepared for another financial system failure that would significantly affect the real economy? What may be the potential triggers for such a collapse to occur in the future? Systemic Risk in the Financial Sector: Ten Years after the Great Crash draws on some of the world's leading experts on financial stability and regulation to examine and critique the progress made since 2008 in addressing systemic risk. The book covers topics such as central banks and macroprudential policies; fintech; regulators' perspectives from the United States and the European Union; the logistical and incentive challenges that impede standardization and collection; clearing houses and systemic risk; optimal resolution and bail-in tools; and bank leverage, welfare and regulation. Drawing on experts across disciplines — including Howell Jackson, John Geanakoplos, Charles Goodhart, Anat Admati, Roberta Romano and Martin Hellwig — Systemic Risk in the Financial Sector is the definitive guide to understanding the global financial crisis, the safeguards being put into place to try to avoid similar crises in the future, and the limitations of those safeguards.
Author :United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Capital Markets, Securities, and Government Sponsored Enterprises Publisher : ISBN 13 : Total Pages :1340 pages Book Rating :4.0/5 ( download)
Book Synopsis H.R. 718, Markets and Trading Reorganization and Reform Act of 1995 by : United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Capital Markets, Securities, and Government Sponsored Enterprises
Download or read book H.R. 718, Markets and Trading Reorganization and Reform Act of 1995 written by United States. Congress. House. Committee on Banking and Financial Services. Subcommittee on Capital Markets, Securities, and Government Sponsored Enterprises and published by . This book was released on 1995 with total page 1340 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis H.R. 718, Markets and Trading Reorganization and Reform Act of 1995 by : United States
Download or read book H.R. 718, Markets and Trading Reorganization and Reform Act of 1995 written by United States and published by . This book was released on 1995 with total page 376 pages. Available in PDF, EPUB and Kindle. Book excerpt:
Book Synopsis Building an International Financial Services Firm by : Markus Venzin
Download or read book Building an International Financial Services Firm written by Markus Venzin and published by Oxford University Press. This book was released on 2009-01-22 with total page 386 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book explores the issues that arise for banks in their strategic choices as they move into new international markets. It focuses on fundamental strategic decisions such as when, where, and how to enter foreign markets and how to design the organizational architecture of the multinational financial services firm.
Book Synopsis Elgar Encyclopedia of Family Business by : Carole Howorth
Download or read book Elgar Encyclopedia of Family Business written by Carole Howorth and published by Edward Elgar Publishing. This book was released on 2024-03-14 with total page 477 pages. Available in PDF, EPUB and Kindle. Book excerpt: The intertwining of family relationships with business imperatives provides a fascinating but complex arena for study. This Encyclopedia is a valuable resource because family business studies are necessarily multi-disciplinary and wide-ranging, drawing on entrepreneurship, management, governance, economics, ethics, business history, as well as family studies.
Book Synopsis Digital Financial Inclusion by : David Mhlanga
Download or read book Digital Financial Inclusion written by David Mhlanga and published by Springer Nature. This book was released on 2022-10-31 with total page 363 pages. Available in PDF, EPUB and Kindle. Book excerpt: This book is unique in that it challenges scholarly views on financial inclusion and poverty reduction while also relating financial inclusion and poverty reduction to the Fourth Industrial Revolution. The book deviates from the usual method of analyzing financial inclusion, which relies on bank accounts or microcredit as success criteria, and instead discusses how the Fourth Industrial Revolution is facilitating digital financial inclusion. With a five-fold goal, this book investigates both past and present readings and understandings of poverty and financial inclusion. To begin, it provides a thorough introduction to the Fourth Industrial Revolution and financial inclusion in the context of the Fourth Industrial Revolution. Second, the book dives quite extensively into the theories of financial inclusion in the context of the Fourth Industrial Revolution. Third, the book reconstructs the theory of financial inclusion, moving from traditional to digital financial inclusion, highlighting the role of digital financial inclusion in the transition from an informal financial money market to a formal financial system. The fourth goal is to evaluate the tools and effects of digital financial inclusion on poverty. Finally, it provides case studies of digital financial inclusion and the future of digital financial inclusion in emerging and developing countries. This book will be of interest to academics, students and practitioners in a range of disciplines, including finance, development economics, and consumer economics.
Book Synopsis Supply Chain Management and Corporate Governance by : Catherine Xiaocui Lou
Download or read book Supply Chain Management and Corporate Governance written by Catherine Xiaocui Lou and published by Taylor & Francis. This book was released on 2022-07-29 with total page 286 pages. Available in PDF, EPUB and Kindle. Book excerpt: Supply Chain Management and Corporate Governance: Artificial Intelligence, Game Theory and Robust Optimisation is the first innovative, comprehensive analysis and analytical robust optimisation modelling of the relationships between corporate governance principles and supply chain management for risk management and decision-making under uncertainty in supply chain operations. To avoid corporate failures and crises caused by agency problems and other external factors, effective corporate governance mechanisms are essential for efficient supply chain management. This book develops a new collaborative robust supply chain management and corporate governance (RSCMCG) model and framework that combines good corporate governance practices for risk management strategies and decision-making under uncertainty. This model is developed as a principal–agent game theory model, and it is digitalised and computed by Excel algorithms and spreadsheets as an artificial intelligence and machine-learning algorithm. The implementation of the RSCMCG model provides optimal supply chain solutions, corporate governance principles and risk management strategies for supporting the company to achieve long-term benefits in firm value and maximising shareholders’ interests and corporate performance while maintaining robustness in an uncertain environment. This book shows the latest state of knowledge on the topic and will be of interest to researchers, academics, practitioners, policymakers and advanced students in the areas of corporate governance, supply chain management, finance, strategy and risk management.
