Week 3 - FINA 4370 701 Advanced Investment Management,...

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FINA 4370 701 Advanced Investment Management, Ethics and Society Christopher K. Merker, CFA Adjunct Professor, Marquette University College of Business, Department of Finance AIM Program Week 3 – February 3, 2010 Christopher K. Merker ©2009
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Agenda Team Presentations – Anatomy of a Financial Crisis Lecture – Introduction to Ethics in the Investment Profession Assignment Christopher K. Merker ©2009
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Team Presentations Goldman Sachs - Japanese Asset Bubble / Deflation J.P. Morgan - Dutch Tulip Bubble Deutsche Bank - Russian Currency Crisis 1997 Barclays - Dot Com Bubble / US Macquarie - Argentinean Debt Crisis 2001 Christopher K. Merker ©2009
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Module 2: Ethical Decision Making and Issues in Investment Management Topic 1: Introduction to Ethics in the Investment Profession Christopher K. Merker, CFA Adjunct Professor, Marquette University College of Business, Department of Finance AIM Program Week 3 – February 3, 2010 Christopher K. Merker ©2009
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The Syllabus Six Modules: Brief History of Financial Crises / Finance Ethics in Investment Management Corporate Governance Accounting Practices Socially Responsible Investing GIPS® 5 Christopher K. Merker ©2009
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Why is ethics important in investment management? (E.F. Hutton case) Above all, it’s practical issue…business and society cannot function without an ethical framework. Given the nature of a promise, a rule allowing people to break promises when it becomes convenient makes the institution of promise-making unintelligible. A rule that allows cheating on an exam similarly negates the purpose of testing. 6 Christopher K. Merker ©2009
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Clip http://www.thedailyshow.com/watch/thu- march-12-2009/jim-cramer-pt--2 7 Christopher K. Merker ©2009
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(c) Sarah W. Peck 2008 8 MAKING THE “RIGHT” DECISIONS WHAT IS THE STANDARD OF “RIGHT?” MORAL ETHICAL PRUDENT LEGAL Make decisions that keep you Out of Jail Make decisions that are ethically justified Make decisions that are moral by societal beliefs Make decisions that make good business sense
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The Code Members of CFA Institute (including Chartered Financial Analyst® [CFA®] charterholders) and candidates for the CFA designation (“Members and Candidates”) must: Act with integrity, competence, diligence, respect, and in an ethical manner with the public, clients, prospective clients, employers, employees, colleagues in the investment profession, and other participants in the global capital markets. Place the integrity of the investment profession and the interests of clients above their own personal interests. Use reasonable care and exercise independent professional judgment when conducting investment analysis, making investment recommendations, taking investment actions, and engaging in other professional activities. Practice and encourage others
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This note was uploaded on 03/19/2011 for the course ACCT 440 taught by Professor Smith during the Spring '11 term at Saginaw Valley.

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Week 3 - FINA 4370 701 Advanced Investment Management,...

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