Week 5 - 2011 - FINA 4370 701 Advanced Investment...

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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 5 – February 16, 2010 Christopher K. Merker ©2010
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Agenda Guest Speaker – Bob Venable, CFA, MD, Director of Research (issues in sell side research) Quiz Discussion Lecture – Ethics in Financial Markets, Professionalism and Capital Markets Integrity The Ethics of Investment Research and Management Assignment Christopher K. Merker ©2010
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Guest Speaker Robert J. Venable, CFA Managing Director Director of Research and Co-Head Global Equities Bob Venable is co-head of Baird's Equity Capital Markets business and leads Baird’s Equity Research. He is a member of the Board of Directors, Executive Committee, Capital Commitments and Investment Policy Committees. Bob also sits on the Investment Committees for Baird Capital Partners and Baird Venture Partners. Prior to joining Baird in 1996, Bob was with Ameritech Venture Capital and co- founded and took public a wireless technology firm. He began his career with Procter & Gamble. In the community, Bob is a member of the Executive Board of the YMCA of Metropolitan Milwaukee; Treasurer and a Trustee of The University School of Milwaukee; and a member of the Board of Columbia St. Mary’s Hospital. Bob received an MBA with honors from the University of Chicago, and a BS in Agricultural Economics from the University of Wisconsin-Madison. Christopher K. Merker ©2010
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Report #1 Goldman Sachs – Analysts conflicts (Tech Bubble) J.P. Morgan – Insider Trading (Galleon Case) Deutsche Bank – Insider Trading (Guinness Trading Scandal) Barclays – Market manipulation (Hurricane Katrina Cos.) Macquarie – Trading practices (Nick Leeson) Christopher K. Merker ©2009
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Passed Bubble Failed >70 65-70 <65 A B BC C D Quiz One Results – February 10, 2010 (Week 4) Grading Scale ≥80% 95% ≥70% 85% 65- 70% 78% 50- 65% 72% <50% 65% 0 1 2 3 4 5 6 7 8 9 10 95% 85% 78% 72% 65% Christopher K. Merker ©2010
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Module 2: Ethical Decision Making and Issues in Investment Management Topic 2: Ethics in Financial Markets, Professionalism and Capital Markets Integrity Christopher K. Merker, CFA Adjunct Professor, Marquette University College of Business, Department of Finance AIM Program Week 4 – February 9, 2011 Christopher K. Merker ©2011
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Ethics in Financial Markets The broad aim of financial markets is fair and orderly markets. The concept of fairness and equity gives rise to an equity/efficiency trade-off Remember - we either transact (fairness) or contract (agent or fiduciary responsibility) in the markets. 7 Christopher K. Merker ©2009
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Four types of unfairness Fraud and manipulation Unequal information Unequal bargaining power Inefficient pricing 8 Christopher K. Merker ©2009 Result in either harm to individuals and to the market system as a whole or a violation of rights.
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Fiduciary Duty 9 Christopher K. Merker ©2009 A fiduciary duty is a legal or ethical relationship of confidence or trust between two or more parties, most commonly a fiduciary and a principal.
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Week 5 - 2011 - FINA 4370 701 Advanced Investment...

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