, Preface vii Preface to the First Edition ix Acknowledgments xi Abbreviations xii Financial Ethics: An Overview 1(29) The Need for Ethics in Finance 4(6) Ethics and Financial Markets 10(3) The Financial Services Industry 13(11) Individuals in Organizations 24(6) Theoretical Perspectives in Finance 30(38) Equity and Efficiency 31(7) Fiduciaries, Agents, and Professionals 38(6) Agency Theory 44(6) Conflict of Interest 50(18) Ethical Issues in Financial Services 68(44) Sales Practices 69(9) Churning, Twisting, and Flipping 78(6) Arbitration 84(6) Personal Trading 90(9) Mutual Funds 99(13) Ethical Issues in Investment Decisions 112(30) Bank Lending Practices 113(6) Socially Responsible Investing 119(6) Relationship Investing 125(7) Investment and the New Finance 132(10) Ethics in Financial Markets 142(34) Insider and Program Trading 143(7) The Ethics of Bankruptcy 150(10) Hostile Takeovers 160(16) The Financial Theory of the Firm 176(31) Traditional Theories 177(5) The Contractual Theory 182(7) The Objective of the Firm 189(9) The Stakeholder Challenge 198(9) Index 207 , ´This second edition of the ground-breaking Ethics in Finance is an up-to-date, valuable addition to the emerging field of finance ethics. Citing examples of the scandals that have shaken public confidence in Wall Street, John R. Boatright explains the importance of ethics in the operation of financial markets and institutions and in the conduct of
