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This paper aims to analyze the attributes of Ponzi schemes (“Ponzis”) to determine whether they are a unique class of financial fraud.

The authors apply the disposition-based fraud model to classify and differentiate the attributes of Ponzis. This classification exercise helps comprehend the distinct drivers of Ponzis.

Fraud risk factors of Ponzis are different from those involved in other financial frauds. Four propositions about risk and risk mitigation measures are developed.

The research approach used is conceptual, not empirical. However, the insights from this exercise should inform how different Ponzis are from other financial frauds and why they should be treated as a separate class for prevention and enforcement. In turn, this may trigger an interest in empirical research focused on the unique risks of Ponzis.

Knowledge of risk factors unique to Ponzis will permit a consideration of customized risk mitigation measures to prevent or detect Ponzis. Enforcement actions can also become more effective because of a distinct risk-based classification of Ponzis.

The prevention of damage from Ponzis hinges upon how well prospective victims are educated to become aware of signs of Ponzis. This should lead to the more effective protection of investors from victimization from Ponzi schemes.

The implicit understanding that all financial frauds are alike and that the risk-factors involved are substantially the same across all classes of fraud is challenged. This revelation opens opportunities to add value through focused research on Ponzis as a distinct class of fraud.

The purpose of this study is to examine whether executive compensation structure is a predictor of a value judgment shift facilitating fraud. The Raval (2018) disposition-based fraud model theorizes that in a fraud, a judgment shift occurs that results in an intentional action. Judgment shifts are influenced by intertemporal rewards, an executive compensation structure comprising salary (immediate reward) and delayed compensation in performance-based incentives.

Using an archival data set consisting of frauds identified through Securities and Exchange Commission Accounting and Auditing Enforcement Releases, the compensation structure of executives involved in frauds is compared against the compensation structure of executives in a peer control group.

There was a significant difference in the intertemporal rewards of the compensation structures between the two groups, indicating that compensation structure presents intertemporal choices leading to a judgment shift that influences the deliberate action of fraud.

This study represents the first empirical test of the disposition-based fraud model using intertemporal rewards leading to judgment shift.

Executive compensation structure should reduce intertemporal rewards for executives reducing judgment shifts that can result in risk of fraud.

This study addresses how executive compensation structure can result in fraud.

Industrial wastes such as copper slag and fly ash are being generated in tons every year and disposed mainly by land fillings, resulting in wastage of useful land. Copper slag in itself is a granular cohesionless sand-like material, while fly ash is highly pozzolanic. The purpose of this paper is to investigate copper slag and fly ash mixes with cement as stabilizer for their proper use in road construction.

Different trial mixes of copper slag and fly ash were tested for obtaining the optimum mix having maximum dry density. Cylindrical specimens were prepared using optimum mix with different proportion of cement (3, 6 and 9 per cent) and cured for period of 7, 14 and 28 days in desiccator. Several tests such as proctor test, unconfined compressive strength test, splitting tensile strength test and soaked CBR test were carried out.

After analyzing the variation of test results with varying cement content and curing period, maximum compressive strength of 10 MPa and maximum tensile strength of 1.5 MPa was found for specimen having 9 per cent cement content cured for a period of 28 days. It was concluded that copper slag and fly ash when mixed in optimum proportion and stabilized with 6 and 9 per cent cement can be effectively used as granular material in sub base and base layer of road pavement.

A typical flexible pavement section was designed and checked using IITPAVE software which gave desired results. This paper may add value in the areas of pavement design, waste utilization, etc.