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Ethical Foundations of Financial Regulation
Kane, Edward J. - 2008
Regulation consists of rulemaking and enforcement. Economic theory offers two complementary rationales for regulating financial institutions. Altruistic public-benefits theories treat rules as governmental instruments for increas- ing fairness and efficiency across society as a whole....
Persistent link: https://www.econbiz.de/10012774887
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Judicial Politics and Sentencing Decisions
Cohen, Alma - 2018
This paper investigates whether judge political affiliation contributes to racial and gender disparities in sentencing using data on over 500,000 federal defendants linked to sentencing judge. Exploiting random case assignment, we find that Republican-appointed judges sentence black defendants...
Persistent link: https://www.econbiz.de/10012918638
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Unethical Culture, Suspect CEOS and Corporate Misbehavior
Biggerstaff, Lee - 2013
We show that firms with CEOs who personally benefitted from options backdating were more likely to engage in other forms of corporate misbehavior, suggestive of an unethical corporate culture. These firms were more likely to overstate firm profitability and to engage in less profitable...
Persistent link: https://www.econbiz.de/10013078313
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Discretion in Hiring
Hoffman, Mitchell - 2015
to forgo the potentially valuable private information of their managers. We study the introduction of job testing across … 15 firms employing low-skilled service sector workers. When faced with similar applicant pools, we find that managers who … appear to hire against test recommendations end up with worse average hires. This suggests that managers often overrule test …
Persistent link: https://www.econbiz.de/10013011939
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Inducing Leaders to Take Risky Decisions : Dismissal, Tenure, and Term Limits
Aghion, Philippe - 2014
In this paper we analyze the problem of whether and/or when to replace a leader (agent) when no monetary rewards are available, and it is the leader's competence rather than effort that is being evaluated. The only decisions that the leader takes over time are whether to undertake risky but...
Persistent link: https://www.econbiz.de/10013050303
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Integrating Ethical Values and Economic Value to Steer Progress in Artificial Intelligence
Korinek, Anton - 2019
Economics and ethics both offer important perspectives on our society, but they do so from two different viewpoints … – the central focus of economics is how the price system in our economy values resources; the central focus of ethics is the …
Persistent link: https://www.econbiz.de/10012865277
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What Do Independent Directors Know? Evidence from Their Trading
Ravina, Enrichetta - 2010
We compare the trading performance of independent directors and other officers of the firm. We find that independent directors earn positive and substantial abnormal returns when they purchase their company stock, and that the difference with the same firm's officers is relatively small at most...
Persistent link: https://www.econbiz.de/10012760496
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The Economics of Cultural Transmission and Socialization
Bisin, Alberto - 2010
Cultural transmission arguably plays an important role in the determination of many fundamental preference traits (e.g., discounting, risk aversion and altruism) and most cultural traits, social norms, and ideological tenets ( e.g., attitudes towards family and fertility practices, and attitudes...
Persistent link: https://www.econbiz.de/10013136354
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Laws and Norms
Bénabou, Roland - 2011
This paper analyzes how private decisions and public policies are shaped by personal and societal preferences ("values"), material or other explicit incentives ("laws") and social sanctions or rewards ("norms"). It first examines how honor, stigma and social norms arise from individuals'...
Persistent link: https://www.econbiz.de/10013118832
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The Value of Honesty : Empirical Estimates from the Case of the Missing Children
LaLumia, Sara - 2011
How much are people willing to forego to be honest, to follow the rules? When people do break the rules, what can standard data sources tell us about their behavior? Standard economic models of crime typically assume that individuals are indifferent to dishonesty, so that they will cheat or lie...
Persistent link: https://www.econbiz.de/10013122185