Subprime credit, a relatively new method of risk-based pricing, has been hailed as a way to open up markets and provide access to credit to those who would otherwise be excluded. Evidence suggests that subprime mortgage segmentation increases rather than reduces exclusionary practices in...

Western multinational corporations (MNCs) increasingly locate advanced functions, including product development and engineering, in emerging economies to gain access to lower-cost science and engineering (S&E) talent and specialized service providers. Over time, new S&E clusters have developed...

This paper explores local and global dynamics underlying the development of knowledge services clusters, which we define as new geographic concentrations of technical talent and service providers offering upstream technical and knowledge-intensive business services to regional and global...

This paper examines whether there are perceived and observed net benefits from using two audit firms instead of one. The mandatory joint audit requirement was abolished in Denmark only in 2005, and thus provides a unique opportunity to study the consequences and implications of going from a...

The waves of liberalization, privatization and globalization have transformed the face of service sector in India. On account of this, service sector has witnessed massive growth in the form of innovative products, expansion of services and wider outreach. Financial services are no exception to...

This article analyzes the practice of opportunistic poaching of consultants by clients with particular reference to the business consulting industry. The strategic interaction of consulting groups, client firms and consultants gives rise to a market equilibrium in a mixed economy. Under very...

The Financial Action Task Force (FATF) is a thirty-six member intergovernmental organization whose mission is to fight money laundering and terrorism financing; the U.S. is a founding member of the FATF. The FATF is best known for its 40 plus 9 Recommendations, many of which are directed towards...

This testimony before the United States Senate Committee on the Judiciary Subcommittee on Crime and Drugs focuses on two issues: to what extent should investment bankers have fiduciary duties to investors? And should there be criminal liability for willful breach of these duties? The testimony...

In Jones v. Harris Associates, the Supreme Court interpreted investment advisers' fiduciary duty regarding compensation for services under Section 36(b) of the Investment Company Act of 1940. The Court endorsed an open-ended Second Circuit standard over a more determinate Seventh Circuit test...

The provision of non-audit services by auditors to their clients has been a matter of concern to stakeholders for many years. One issue is whether audit firms cut their audit fees to get access to consulting work. This may lead to poor quality audit work or giving in to client pressure....