Conflicts of Interest in the Financial Services Industry: What Should We Do about Them? (Geneva Reports on the World Economy 5)

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Overview

The fifth report in this series focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking.

In the recent stock market collapse, confidence in the financial industry was shaken by numerous scandals. Beginning with Enron in 2001, scandals brought about the demise of prominent financial figures, damaged the reputation of premiere firms and destroyed the global accounting giant Arthur Andersen. Central to this crisis was the exploitation of conflicts of interest. Research analysts at investment banks were found to be distorting information at the behest of underwriting departments eager to promote new issues. Auditors appeared to sanction misleading accounting in order to gain business for the consulting side of their firms. Policy response in the United States was quick. Large fines were levied and regulators compelled the separation of financial security function, constraining financial conglomerates.

But are these new regulations and safeguards adequate protection? What costs do they impose on the industry? This fifth title in the ICMP/CEPR series of Geneva Reports on the World Economy examines the problem of conflicts of interest in the financial system. Conflicts of interest lead to a decrease in information that makes it harder for the system to provide savers wit the accurate, essential information that induces them to provide credit to borrowers. This study focuses on conflicts of interest that arise when a firm combines multiple lines of business, creating multiple interests. Conflicts between research and underwriting in investment banking and between auditing and consulting in accounting firms are investigated, as are the problems that arise from rating agencies providing consulting services and from universal banks combining commercial and investment banking.

Determining the appropriate remedy for a conflict is a challenge because the elimination of conflicts may also eliminate benefits from economies of scope. This study examines five generic remedies: market discipline, regulation for increased transparency, supervisory oversight, separation of financial activities by function, and socialization of the collection and distribution of information. The authors apply this framework to assess critically the Sarbanes-Oxley Act and the Global Settlement between American regulators and investment banks.

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Product Details

  • ISBN-13: 9781898128793
  • Publisher: Centre for Economic Policy Research
  • Publication date: 1/28/2003
  • Series: Geneva Reports on the World Economy , #5
  • Edition description: New Edition
  • Pages: 119
  • Product dimensions: 9.40 (w) x 6.70 (h) x 0.40 (d)

Meet the Author

Andrew Crockett is a member of the executive committee of JPMorgan Chase International. Trevor Harris is managing director and head of the Global Valuation and Accounting Team in Equity Research at Morgan Stanley. Frederic S. Mishkin is the Alfred Lerner professor of banking and financial institutions at the Graduate School of Business at Columbia University and a research associate at the National Bureau of Economic Research. Eugene N. White is professor of economics at Rutgers University and a research associate of the National Bureau of Economic Research.

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Table of Contents

List of conference participants
List of figures
Acknowledgements
Foreword
Executive summary
1 What are the issues? 1
2 Investment banking : conflicts of interest in underwriting and research 13
3 Accounting : conflicts of interest in auditing and consulting 27
4 Rating agencies : conflicts of interest in credit assessment and consulting 41
5 Conflicts of interest in universal banking 55
6 Overview and conclusions 77
Discussion and roundtable 87
Endnotes 109
References 115
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