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Article
Publication date: 5 January 2015

James F. Gilsinan, Muhammed Islam, Neil Seitz and James Fisher

– The purpose of this paper is to understand the reasons why some financial crises do not result in extensive criminal prosecutions.

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Abstract

Purpose

The purpose of this paper is to understand the reasons why some financial crises do not result in extensive criminal prosecutions.

Design/methodology/approach

The authors examine three major events: the crash of 1929 leading to the Great Depression, the collapse of the US Savings and Loan industry circa 1990 and the sub-prime mortgage meltdown. The authors explain how circumstances surrounding these financial collapses led to stark differences in criminal prosecutions.

Findings

This review of prosecutions during three financial crises underscores the contingent nature of seeking criminal penalties for financial wrongdoing. The decision is influenced by a number of factors, including a prosecutor’s level of risk tolerance (probable win test); the potential economic impact of a successful conviction; the number of laws and regulations available in the prosecutorial tool kit; and the desired outcome which can range from new regulatory structures, to prosecutions that fix blame and satisfy the desire for scapegoats, to seeking financial penalties that shore up the government’s bottom line.

Research limitations/implications

This study covers three crises and focuses on the US responses. A broader study could look across countries.

Practical implications

Regulators and lawmakers are interested in avoiding future crises. Because crises are not anticipated, responses are determined by conditions of the moment. A frequent result is that laws and regulations are not in place. Decisions about likely preferred responses would allow anticipatory legislation and regulations.

Social implications

Financial crises obviously have major implications for ordinary citizens far removed from the centers of finance. Improved responses to mitigate or avoid disasters would have profound impacts on people’s quality of life.

Originality/value

The three crises have been studied individually. This work is different in that it examines the impact of a common set of factors over three crises covering a span of 80 years.

Details

Journal of Financial Crime, vol. 22 no. 1
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 3 May 2013

Muhammad Islam, Neil Seitz, James Millar, James Fisher and James Gilsinan

The desirability of financial reform to avoid another financial melt‐down is widely accepted, but the likelihood of reform is uncertain. The purpose of this paper is to present a…

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Abstract

Purpose

The desirability of financial reform to avoid another financial melt‐down is widely accepted, but the likelihood of reform is uncertain. The purpose of this paper is to present a case study of evolution and reform attempts at US mortgage giants Fannie Mae and Freddie Mac and provides an instructive model of the likely long‐term success of attempts to reform the financial system.

Design/methodology/approach

A model of the legislative and regulatory change process is first developed, considering the range of influences that arise. The history of reform attempts for US government sponsored mortgage giants Fannie Mae and Freddie Mac are examined in the context of this model.

Findings

The model predicts that reform will often be thwarted. US government sponsored mortgage giants Fannie Mae and Freddie Mac helped fuel the housing bubble and required a government bail‐out. Sentiment for reform was high, but what happened next was – nothing. Fannie Mae and Freddie Mac have a long history of successful lobbying, and they succeeded again. They did not need to stop legislation. They needed only to see it delayed long enough for attention to turn elsewhere. Five years after the bubble broke, their market dominance and the implied guarantees continue. Reform is not on the legislative agenda. This outcome does not bode well for financial market reform or stability.

Originality/value

An understanding of the process, influences, and likelihood of reform is important for governments, businesses, and individuals. While the picture this paper paints is not optimistic, it is important.

Details

Journal of Financial Crime, vol. 20 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 30 September 2014

James Fisher, Jim Gilsinan, Muhammed Islam and Neil Seitz

– This paper aims to address the question of who gained and who lost in the financial crisis of 2008.

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Abstract

Purpose

This paper aims to address the question of who gained and who lost in the financial crisis of 2008.

Design/methodology/approach

Gains and losses were identified by groups ranging from bankers to homeowners to taxpayers.

Findings

Gains and losses are not neatly split by a main street/Wall street dichotomy. Major financial institutions and their chief executive officers made huge gains followed by bigger losses, a substantial portion of which were shared by taxpayers. Homeowners and taxpayers consistently lost. Workers and real estate developers experienced a mixture of gains and losses.

Practical implications

Financial legislation is affected by questions of who won and who lost. The complex mixture of gains and losses must be fully grasped if winners and losers are an important consideration in the design of legislation.

Originality/value

The detailed analysis and model of winners and losers provide important lessons for legislators and regulators in all countries.

Details

Journal of Financial Crime, vol. 21 no. 4
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 3 May 2013

James F. Gilsinan, Neil Seitz, James Fisher, Muhammad Q. Islam and James Millar

The purpose of this paper is to examine the legislative process, in order to determine the likely effectiveness of financial reform efforts in the USA.

339

Abstract

Purpose

The purpose of this paper is to examine the legislative process, in order to determine the likely effectiveness of financial reform efforts in the USA.

Design/methodology/approach

Case study of the legislative process, particularly the less visible parts such as rule making, that shaped the passage and implementation of the Dodd‐Frank Act and the failed Financial Accounting Standards Board (FASB) reform.

Findings

It is found that the process of financial reform legislation is structured in such a way as to thwart major reform, at least in the short run.

Practical implications

The passage of a particular piece of legislation may be the least important element in the process of reform. Rule making and the decisions as to how a law will be implemented, can advance or significantly defeat the quest for change.

Social implications

Much of what occurs in the legislative process is invisible, or appears arcane, to the ordinary citizen but can have major impact on their lives.

Originality/value

The paper provides a road map to understanding the least visible parts of financial reform efforts and suggests ways of achieving reform outcomes.

Details

Journal of Financial Regulation and Compliance, vol. 21 no. 2
Type: Research Article
ISSN: 1358-1988

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Article
Publication date: 9 May 2008

James F. Gilsinan, James Millar, Neil Seitz, James Fisher, Ellen Harshman, Muhammad Islam and Fred Yeager

While the “Information Age” has provided the technological tools to “democratize” data and make it widely available to a vast audience of knowledge consumers, ironically it has…

1950

Abstract

Purpose

While the “Information Age” has provided the technological tools to “democratize” data and make it widely available to a vast audience of knowledge consumers, ironically it has also provided the materials for a tapestry of rules, regulations and processes that make it more difficult for individuals to access information relevant to both their public and private lives. The purpose of this paper is to examine the role of the private sector in the control and policing of financial crime, and provide an empirical and theoretical framework for understanding the complex tensions created by the simultaneous expansion of both data sources and technologies to collect and format data to create marketable information “products.”

Design/methodology/approach

Three primary methods were used to gather the data for this research. Extensive literature reviews were conducted together with an analysis of existing data bases. Finally, a number of interviews were done with various corporate managers to ascertain their views of the existing climate of regulation and/or to determine their approach to monitoring financial crime.

Findings

Regarding the private sector's role in the control of financial crime, this research found five distinct roles; each with its own dynamics and implications for successful suppression of unlawful conduct. The five roles are grudging informant, enthusiastic intelligence operative, agent provocateur, cop on the take, and officer friendly. A calculus of incentives and disincentives determines which role will be adopted by the private sector.

Originality/value

Since this paper was exploratory in nature, resulting in a new taxonomy of compliance types, more in depth research ascertaining the empirical validity of each type would be in order. Such knowledge can help policy makers formulate rules and regulations that will enhance public/private partnerships in the control of financial crime.

Details

Journal of Financial Crime, vol. 15 no. 2
Type: Research Article
ISSN: 1359-0790

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Article
Publication date: 1 April 1988

Amir Jassim, Carolyn R. Dexter and Aman Sidhu

This paper reviews and analyzes the literature on agency theory in terms of the nature of the problem and its implications for management. Finance theory posits that the goal of…

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Abstract

This paper reviews and analyzes the literature on agency theory in terms of the nature of the problem and its implications for management. Finance theory posits that the goal of economic organizations is to maximize stockholders' wealth. Attaining this goal was not an issue when owners were also managers. But since World War II corporate ownership world‐wide has become increasingly diffused. By 1969 only 15% of the largest U.S. non‐financial institutions were owned by their managers. This change raises the issue of the relationships between owners and managers. To what extent do managers act on their own behalf rather than the owners as prescribed by finance theory? Several studies indicate that managers substitute their own interests in place of the shareholders. This is possible because managers possess more information about the firm, control the election procedure to the Board of Directors, and the shareholders are widely dispersed. This phenomenon is called an agency problem. According to Jensen and Meckling an “agency problem” exists when managers own less than 100% of the firm. With less than 100 per cent ownership, managers can shift part of the cost associated with decisions made in their own interest. Clearly these conditions are common in major corporations of the world where global markets require raising large amounts of capital for the research, development, and production facilities required to remain competitive.

Details

Managerial Finance, vol. 14 no. 4
Type: Research Article
ISSN: 0307-4358

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Case study
Publication date: 20 January 2017

Diana Harrington

This case describes management's sequential reevaluation of Marriott's debt capacity and the decision about how to invest this unused debt. Videotape #5556, “Strategic…

Abstract

This case describes management's sequential reevaluation of Marriott's debt capacity and the decision about how to invest this unused debt. Videotape #5556, “Strategic Leadership,” is designed for use with this case (see Videotape Bibliography).

Details

Darden Business Publishing Cases, vol. no.
Type: Case Study
ISSN: 2474-7890
Published by: University of Virginia Darden School Foundation

Keywords

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Book part
Publication date: 5 October 2023

Hannes Velt and Rudolf R. Sinkovics

This chapter offers a comprehensive review the literature on authentic leadership (AL). The authors employ a bibliometric approach to identify, classify, visualise and synthesise…

Abstract

This chapter offers a comprehensive review the literature on authentic leadership (AL). The authors employ a bibliometric approach to identify, classify, visualise and synthesise relevant scholarly publications and the work of a core group of interdisciplinary scholars who are key contributors to the research on AL. They review 264 journal articles, adopting a clustering technique to assess the central themes of AL scholarship. They identify five distinct thematic clusters: authenticity in the context of leadership; structure of AL; social perspectives on AL; dynamism of AL; and value perceptions of AL. Velt and Sinkovics assert that these clusters will help scholars of AL to understand the dominant streams in the literature and provide a foundation for future research.

Details

The Emerald Handbook of Authentic Leadership
Type: Book
ISBN: 978-1-80262-014-6

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Book part
Publication date: 19 August 2016

Michael L. Siciliano

This chapter addresses research on worker skill, technology, and control over the labor process by focusing on routine immaterial labor or knowledge work. Based on participant…

Abstract

This chapter addresses research on worker skill, technology, and control over the labor process by focusing on routine immaterial labor or knowledge work. Based on participant observation conducted among analytics workers at a digital publishing network, I find that analytics workers appear paradoxically autonomous and empowered by management while being bound by ever-evolving, calculative cloud-based information and communication technologies (ICTs). Workers appear free to “be creative,” while ever-evolving ICTs exert unpredictable control over work. Based on this finding, I argue that sociology’s tendency to take organizational boundaries and technological stability for granted hampers analyses of contemporary forms of work. Thus, sociologists of work must extend outward – beyond communities of practice, labor markets, and the state – to include the ever-evolving, infrastructural, socio-technical networks in which work and organizations are embedded. Additionally, research on the experience of immaterial labor suggests that ICTs afford pleasurably immersive experiences that bind workers to organizations and their fields. Complicating this emerging body of research, I find workers acutely frustrated by these unpredictable, ever-evolving, cloud-based ICTs.

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Article
Publication date: 1 January 1996

Marsha A. Dickson and Mary A. Littrell

The purpose of this study was to examine whether consumers' intentions to purchase apparel products from an alternative trading organisation (ATO; an example of socially…

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Abstract

The purpose of this study was to examine whether consumers' intentions to purchase apparel products from an alternative trading organisation (ATO; an example of socially responsible consumer behaviour) could be explained by their societally‐centred values and attitudes, as well as attitudes more specifically related to purchasing. Data were collected with a nationwide mail survey of US consumers (n =344) randomly drawn from the stratified mailing list of one North American ATO. Theory‐based relationships, suggesting a hierarchical system of effects among values and atti‐tudes, were tested and supported with path analysis. Comparison of two different path models revealed that attitude towards the behaviour of purchasing apparel from the ATO was a better predictor of purchase behaviour than was attitude towards the apparel itself; however, the two concepts were determined to each contribute valuable information for understanding purchasing behaviour.

Details

Journal of Fashion Marketing and Management: An International Journal, vol. 1 no. 1
Type: Research Article
ISSN: 1361-2026

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