Capital Failure Rebuilding Trust in Financial Services

by Morris, Nicholas; Vines, David

• ISBN13: 9780198712220
• ISBN10: 0198712227
• Format: Hardcover
• Copyright: 2014-10-07
• Publisher: Oxford University Press

Author Biography

Nicholas Morris, Academic Visitor, Balliol College, University of Oxford, ,David Vines, Professor of Economics, and Fellow of Balliol College, University of Oxford; Adjunct Professor of Economics, Australian National University,

Nicholas Morris is Academic Visitor and Senior Research Associate at Balliol College, Oxford. He is an economist with 35 years of wide-ranging experience: in the finance, water, energy, transport, telecoms, and health sectors; in infrastructure provision; and in the design of regulatory structures. He was a co-founder and then Chief Executive of London Economics, for a period of 14 years, and, prior to that, was Deputy Director of the Institute for Fiscal Studies. Nicholas has an M.A. in Engineering and Economics and an M.Phil. in Economics from Balliol College, Oxford. He has been a visiting Professor of City University, a Governor of the charity 'Research into Ageing', a Fellow of Melbourne University and a Guest Professor at the China Executive Leadership Academy, Pudong. During the last 12 years he has worked extensively in Australia, South East Asia, and China advising governments, regulators, and companies.

David Vines is a Professor of Economics and a Fellow of Balliol College at Oxford University. He obtained a BA in Economics and Mathematics from Melbourne University, and an MA and PhD in Economics from the University of Cambridge. His research has been on international macroeconomics and on global governance and his early work was with James Meade in Cambridge on the construction of inflation-targeting regimes. Between 1994 and 2000 he was the Director of an ESRC Research Programme on Global Economic Institutions, and from 2008 to 2012 he was the Research Director of a European Union Framework Seven Research Program, PEGGED, on the Politics and Economics of Global Governance: the European Dimension. Fifteen years ago he organized an interdisciplinary seminar on integrity with the philosopher Alan Montefiore, the proceedings of which were published as A. Monetefiore and D. Vines, Integrity in the Public and the Private Domains (Routledge, 1999).

Table of Contents

What Went Wrong?
1. Why Trustworthiness is Important, Sue Jaffer, Nicholas Morris, and David Vines
2. How Changes to the Financial Services Industry Eroded Trust, Sue Jaffer, Nicholas Morris, Edward Sawbridge, and David Vines
3. The Limits to Compensation in the Financial Sector, Thomas Noe and H. Peyton Young
4. A Short History of Crisis and Reform, Richard Davies
5. Failures of Regulation and Governance, Sue Jaffer, Susana Knaudt, and Nicholas Morris
Trustworthiness, Motivations, and Accountability
6. Trustworthiness and Motivations, Natalie Gold
7. Regard for Others, Avner Offer
8. Trust, Trustworthiness, and Accountability, Onora O'Neill
Problems with the Legal and Regulatory System
9. Financial Crisis and the Decline of Fiduciary Law, Joshua Getzler
10. Professional Obligation, Ethical Awareness, and Capital Market Regulation, Justin O'Brien
11. Systemic Harms and the Limits of Shareholder Value, John Armour and Jeffrey Gordon
Crafting the Remedies
12. Ethics Management in Banking and Finance, Boudewijn de Bruin
13. Toward a More Ethical Culture in Finance: Regulatory and Governance Strategies, Dan Awrey and David Kershaw
14. Trust, Conflicts of Interest, and Fiduciary Duties, Seumas Miller
15. A Warrant for Pain: Caveat Emptor vs. the Duty of Care in American Medicine, c. 1970-2010, Avner Offer
16. Restoring Trust, Sue Jaffer, Nicholas Morris, and David Vines