Government Spending and Taxation, Lessons from the Great Depression Essay

Government Spending and Taxation, Lessons from the Great Depression and The Economics of Social Security - Essay Example 1447- 1448)1. Keynes’s theory advocates that higher government spending and curtailment in taxes could be helpful in counteracting the depression (Kindleberger 1986, p. 24)3. There is no mutual agreement on the idea of what were the main causes of the Great Depression of the USA. Reviewing its core nature, many believe that the severe contraction in early 1930s and later its slow recovery represent that fiscal policy had a minor role in this phenomena. Thinkers have come to this conclusion through theoretical and empirical studies of that period. Theorists say that even though federal government spending had risen considerably, it was not high enough to have a greater impact on the overall economy (Brown 1956, pp. 860 - 861). On the contrary, few economists believe that fiscal policy played a vital role in the emergence of the Great Depression (McGrattan 2011, p 1)4. One of the most prominent changes in fiscal policy at that time was a sharp surge in taxes rates on the incomes of individuals which encompass corporate dividends. Hovering taxes is one of the worst measures that government take to overcome crisis which makes the situation even worse. Increasing tax rates leave less money for consumers to spend and hence under this situation Federal Reserve suggests the government to refrain from this approach (Taylor 2002, p. 3). The Great Depression which left many people out of pocket and discontented, ended up with the idea of social security that called for the government to take up the responsibility of economic security of its citizens. The New Deal provided people with the Social Security system in which employees give their contribution through taxes while they are on job to secure their future in economic term. The statistics displayed in this particular representative form specifically imply that during the great depression i.e. around 1932 Private sector investments were the lowest hence taxation

Analyses of Articles on the Theme of Human Geography Assignment

Analyses of Articles on the Theme of Human Geography - Assignment Example In South Asia religion is diverse; Islam, Buddhism, and Hinduism. India has a well educated middle class. There is a shortage of housing in urban areas. Early marriages and child labor are common. 72% of Indians live in rural areas (Sahni 2011). Some environmental issues include deforestation, wildlife extinction, urban population and natural hazards. Bangladesh experiences massive flooding during the cyclone season. India faces lot deforestation which has led to the extinction of some wildlife species. The number of women in India is decreasing due to the preference of men to women (Sahni 2011). In central Asia, Afghanistan is a landlocked country with a very harsh climate. There are very few sources of water and the available are polluted by industrial runoff. Forests have been cleared to give room for agriculture (Rogers 2010). Europe lies at a higher altitude which makes its climate milder. The languages spoken are diverse; Germanic, romance, Slavic, Basque, Finish, Hungarian and Estonian. There is religious diversity which includes Islam, Secularism, Christianity, and Judaism. The population, in general, is declining due to a variety of factors such as increased wealth making small families a choice, women entering the workforce and housing shortages. The Alps in Europe are a sight to behold. They span into three countries namely Italy, Austria, and Switzerland. The increase in avalanches can be attributed to climate change in Europe (thestar.blogs.com). East Asia comprises of four countries; China, Japan, Korea and Taiwan. China’s physical geography ranges from mountains, rivers, valleys, and basins in the southern part. 85% of Japan’s terrain is mountainous covered with forests. Industrial pollution affects the region’s environment. Another environmental hazard that faces East Asia region is earthquakes (New York Times, 2010).

Analysing a web page written in the style of a memorandum Essay - 1

Analysing a web page written in the style of a memorandum - Essay Example 7. The website requires a plugin to be installed into the user’s computer in order to access some of its content. This may not fare well with some users who are keen to protect their computers from malicious programs. Some will opt to leave the website rather than risk the safety of their computers by downloading unfamiliar plug-ins. The website has the potential of capturing the attention of new visitors. However, to achieve this, it requires a complete makeover. To start with, the links found on the homepage all need to be followed through in order to make sure that they lead a user to a new page. The main reason for doing this lies in the fact that some users may be discouraged from going further if the links cannot function. It may make a visitor assume that the website in general does not function. It actually came as a surprise to me that you can login and find that the website has content. Other new users may not have the time, patience or the adventurous nature which may lead them to discovering other parts of the website that happen to be operational. Another point of concern revolves around the titles of all the pages. When logged in and with most of the content available, the title of most pages happens to be the same. This question the seriousness behind the website and the level of professionalism involved. Every page of the website accessed by the user should have a title coinciding with the topic. For example, if a user clicks on a link called â€Å"Blog†, the user should be directed to a page that has blogs with the title â€Å"Blog†. In a case whereby a user can be using different tabs and the main tab happens to be other than the one accessing pages in this website, a lot of misinformation can occur. The main reason for making this statement lies in the fact that when the page accessing this website loads, the Title bar will read â€Å"Site Error† or

Stock Price Essay Example for Free

Stock Price Essay 1. If you bought a share of stock, what would you expect to receive, when would you expect to receive it, and would you be certain that your expectations would be met? 2. If most investors expect the same cash flows from Companies A and B but are more confident that Company A’s cash flow will be close to their expected value, which should have the higher stock price? Explain. 3. When is a stock said to be in equilibrium? At any given time, would you guess that most stocks are in equilibrium as you defined it? Explain. 4. Suppose three completely honest individuals gave you their estimates of Stock X’s intrinsic value. One is your current girlfriend or boyfriend, the second is a professional security analyst with an excellent reputation on Wall Street, and the third is Company X’s CFO. If the three estimates differ, which one would you have the most confidence in? Why? 5. What are some actions stockholders can take to ensure that management’s and stockholders’ interest can be aligned? 6. The president of Southern Semiconductor Corporation (SSC) made this statement in the company’s annual report: â€Å"SSC’s primary goal is to increase the value of our common stockholders’ equity.† Later in the report, the following announcements were made: (a) The company is spending $500 million to open a new plant and expand operations in China. No profits will be produced by the Chinese operation for 4 years, so earnings will be depressed during this period versus what they would have been had the decision not been made to expand in the market. (b) The company holds about half of its assets in the form of U.S. Treasury bonds, and it keeps these funds available for use in emergencies. In the future, though, SSC plans to shift its emergency funds from Treasury bonds to common stocks. Discuss how SSC’s stockholders might view each of these actions, and how they might affect the stock price. 7. Edmund Enterprises recently made a large investment to upgrade its technology. While these improvements won’t have much of an effect on performance in the short run, they are expected to reduce future costs significantly. What effect will this investment have on Edmund Enterprises’ earnings per share this year? What effect might this investment have on the company’s stock price? 8. What agency relationships exist within a corporation?  9. What mechanisms exist to influence managers to act in shareholders’ best interests? 10. Should shareholders (through managers) take actions that are detrimental to bondholders? 11. What factors affect stock prices?

Strategies for Loan Repayment Rates

Strategies for Loan Repayment Rates INTRODUCTION AND MOTIVATION Lack of access to the formal credit facility through formal banking and financial institutions has been one of the major hurdles faced by the poor people of the developing countries. There are two main reasons widely discussed. Firstly, the commercial banks and institutions think that the loan demanded by the poor people are in very small amount and it is not economical for the banks to grant these loans. Secondly, these poor people often failed to provide any collateral, this makes their loan requirements risky, and conventional banks and institutions avoid entertaining these types of loans (Secondi, 2008). The solution to these problems was provided by microfinance programs. The primary objective of microfinance programs around the world is to reduce the poverty by providing small loans to the neglected poor people without the condition of collateral. Microfinance has gained a considerable appreciation over the past three decades due to its mechanism of providing the credit access to the neglected poor people. In pursuit of the fight against poverty, small loans were provided by the microfinance institutions (MFIs) to the poor people so that they may utilize them to establish small businesses or expand their existing business and achieve self sufficiency. However, there has been considerable differences in the rate of interest charged on these loans by the various MFIs, repayment rates and level of self sufficiency achieved by the borrowers around the different regions of the developing countries (Ahlin et al 2011). MFIs normally use group lending methodology to expand the credit access to the poors. This methodology helps the microfinance clients to keep a check on the proper utilization of the loan amount and also allowing only those individuals to be the part of the group who possess a good moral and financial reputation in their society. Eventually, much of the lenders responsibility of the supervision is shifted on to the group members. This helps the group members to effectively control the problems arising from incomplete information on the financial health of the individuals intending to join the group (Armendariz and Morduch, 2005). It has been viewed that the group loan given under joint liability lending contracts play an effective role in enforcing the contract conditions of loan repayments through peer monitoring by the group members. Under the joint/ group liability contracts, each group member is responsible for the repayment of the loan in case of any member reports default. Ther efore, each group member act as guarantor for the others. It had been argued by various researchers that in a joint liability contracts the group members are well informed about their fellow group members compared to the MFIs or banks. Therefore, this peer monitoring by the group members is much more effective and a cheaper than the MFI’s (or bank’s) monitoring (Varian, 1990: Stiglitz, 1990 and Banerjee et al 1994). There are a number of studies[1] suggesting that the group liability programs work better in addressing the problem incomplete information faced by the lenders and banks, as much of the responsibility has been shifted to the group members, resultantly lowering the cost faced by the MFIs. Some studies such as Tassel, 199 and Ghatak, 1999 argued that the in group liability loans, the self selection of the group members helps in reducing the problem of incomplete information and can generate higher repayment rates. There are various laboratory experimental studies tried to investigate the group liability loans and effects of peer monitoring on repayment rates. Such as, Cason et al (2009) in their study found that even the monitoring was a costly activity and subjects were required to pay the cost of monitoring, but still the group partners preferred to monitor each other. They also observed that when the cost of monitoring paid by the group members was less than the cost paid by the len der, the group liability programs performed better than the individual liability programs. They also pointed out that in the absence of difference in monitoring cost (among group monitoring cost and lender’s cost), the repayment behavior of the subjects remained almost similar in both group and individual lending cases. In another study conducted by Kono (2006) in Vietman, reported that even in the presence of monitoring and imposition of penalties to the defaulters, the default rates were higher in group liability cases compared to the individual liability cases. There are few studies explaining the importance of social ties between the group members towards effective monitoring and loan repayment rates. There are a number of ways the social ties can be effective, one of the most important factors is the full information about the group members. This complete information makes it is much easier for the group members to monitor their fellow partners, and if required they can enforce the contract terms (Besley and Coate, 1995, Abbink et al 2006). However, we were interested in investigating the effect of peer monitoring and choice of microfinance contracts on the loan repayments. The peer monitoring has been discussed extensively in the literature, however, the evidence on the choice of microfinance contracts (i.e. The choice among the interest and non-interest based microfinance contracts) is non existent. We do observe studies addressing the choice among the individual and group lending contracts by the microfinance lenders (Gine and Karlan, 2008, Bhole and Ogden, 2010, Madajewicz, 2011). We conducted laboratory experiments with the students of the University of Sydney, Australia during October, 2013. In our study, there were four treatments and the subjects were offered the loan under the group liability scheme. A pair of two subjects constituted a group and there were 74 groups in total (148 subjects). In the first treatment, subjects can choose to monitor their partner’s repayment actions, then they were required to choose a contract from the given two contracts (PLS and IB). After choosing the contracts, they were recording their repayment actions. In the second treatment, subjects were allowed to go for monitoring, but they were not allowed to choose the contracts rather the experimenter had allocated the both PLS and IB contracts randomly and evenly. With the third treatment, there was no monitoring choice available to the subjects, but they were allowed to choose from the PLS and IB contracts. In the fourth and last treatment, subjects were neither allowed to monitor, nor allowed to choose from the PLS and IB contracts, the contacts were allocated by the experimenter in a randomly and evenly way. There were five rounds for each treatment and after every round the subjects were swapped randomly and it was ensured that the same subject should not be the matched with the other more than once. The subjects were able to identify their group partner through their roll numbers, but they cannot see and talk to him. There was a monitoring fee[2] for all those subjects who were opting to monitor their group partner. Yet, while monitoring they can impose penalty on to their defaulted partner. The decision of monitoring or otherwise was a common knowledge for both the group partners. This experimental study was conducted to address the following research questions. Whether peer monitoring and peer pressure (imposition of penalty) affect the repayment rates positively? Are there any choice preferences for PLS and IB contracts? How choice of the contracts affects the repayment rates? Are there any gender specific differences in repayment rates? Whether the degree of religiosity affects the repayment behavior of the subjects? In summary, our results indicated that the monitoring had a significantly positive effect on the loan repayment rates in both with and without choice of contract cases. There were significantly higher proportion of subjects, choosing the PLS contact against the IB contract. Although, there was a high preference for PLS contracts, but at the same time we did not notice any change in repayment rates for both PLS and IB contracts. Moreover, we noticed lower repayment rates in no monitoring with no selection of contract treatment. We did not observe any gender related differences. Also the results revealed that the degree of religiosity was not affecting the repayment behavior of the subject. For the empirical analysis of this experimental work, we used the percentages to analyze the repayment rates. Paired t-test and McNemar’s test were also applied to examine the differences in behavioral responses of subjects across treatments. Finally, we applied panel logit regression methodo logy to check the significance of monitoring choices against the no monitoring cases and PLS contract against the IB contract in the presence of demographic and other control variables. The rest of the chapter continues as follows. Section 2 gives a literature overview. Section 3 describes the experimental contracts, design and execution. Results are discussed in Section 4 and in Section 5, we analyze the results and concluded the study. RELATED LITERATURE Microfinance gained popularity and appreciation over the past three decades for its mechanism of offering small loan to those poor people who were generally excluded from the provision of formal credit facilities. The microfinance use its innovative lending methodology in the presence of incomplete information of the clients and non availability of physical collateral. Generally, lending techniques adopted by the MFIs were individual or group lending. The group lending can be used as screening tools whereas, the joint liability could work as the monitoring device within the group. Nevertheless, the group lending and joint liability programs of micrfinance are considered as efficient instruments in the expansion of credit facility to the poor (Morduch, 1999: Armendariz and Morduch, 2005). Under the group lending strategy, all the members of the group were provided with the micro loans in their individual capacity. All the group members were then made jointly responsible for the repayment of the each other’s loan in case of default, also future they were denied from any loan facility by the MFIs (Morduch, 1999 : Ghatak and Guinnane, 1999). It had been argued that the success of the group lending strategy has been the outcome of various reasons. Firstly, the screening of the clients by the group members, this helps in selecting the credible and trustworthy persons in the group. Secondly, the group members keep a proper check on the utilization of the loan and also they keep on observing the efforts of each of their partners have exerted in order to make his investment project successful. Lastly, each group member faces a peer pressure from his partner which forces them to comply with the repayment conditions of the loan, along with peer pressure the group members have to face social pressure from their society they were living which enforces the contract conditions of loan repayment. In this way it became possible for the lenders to shift their burden on to the borrowers and the problems occurred due to incomplete information can be handled at the borrowers end (Microcredit Summit Compaign, 2005). In the existing literature, there are a number of works explaining the positive impacts of microfinance programs for the small line and investment activities. It has also been pointed out that the implications of microfinance programs kept on varying from borrower to borrower and repayment behavior was not same across the borrowers (Cr ´epon et al. (2011); Banerjee et al. (2010)). On the other hand, there are studies focusing on the merits and demerits of group/joint-liability loans and stressed that the joint liability loans were successful in increasing the repayment rates (Banerjee et al. (1994); Van Tassel (1999); Wydick (2001)). Entirely the same, it had also been mooted by a number of researchers that the espousal of a group or joint liability loans may lead to increase the risk loving behavior among the borrowers. They may put in a much riskier projects because the repayment responsibilities had been portioned out among the group member. The building of this attitude potenti ally invites the free-riders (Gine et al. (2010); Fischer (2010); Barboni et al. (2012)). There have been a number of factors addressed in the literature which could involve the repayment behavior of the individuals positively. Such as monitoring either by the lender or by the group members, peer pressure and peer sanctioning, social affiliations among the group members, opportunity for future loans, group size and lower tier of interest rates (Floro and Yotopoulos, 1991, Wydick, 1996, Wydick, 1999). Gin and Karlan (2010) conducted randomized field experiments in the Philippines over a point of three years found that group liability affected the development and advancement of the microfinance program exerting extreme social pressure on the group members, resulting in discouraging the good willing clients to adopt. They likewise did not notice any difference in repayment rates for both individual liability and group liability cases. Ghattak and Guinnane (1999) has given a comprehensive analysis on the effect of screening, monitoring and enforcement in group lending. They also observed that the lender’s cost of group screening, monitoring and enforcement can be reduced if they follow the group liability strategy. It has also been argued that in a group or joint liability cases where the default or failure to repay the loan will affect all the group members, including the defaulting member (as everyone in the group has to pay back the loan) and the whole group will stand disqualified for the future borrowing will encourage the group members to monitor each other. In this way, the group lending has the potential to increase the repayment rates. However, it has been viewed that even in the group lending case the monitoring and enforcement through imposition of penalties are costly, but at the same time effective in reducing the lender’s risk, due to shifting of responsibility on to the group members (S tiglitz, 1990: Varian, 1990). The researchers have consistently argued that the controls or restrictions like peer monitoring by the group members, restriction on further loan payment to the defaulter, social pressure from community through close knit social ties and effective monitoring by the MFIs on the individual as well as group borrowers could potentially increase the chances of loan repayment (Abbink et al., 2006a; Gine and Karlan, 2010; Cassar et al., 2007; Karlan, 2007). In a recent study by Al-Azzam et al., (2012), inferred that peer pressure on the fellow counterpart within a group could result in a higher rate of payment. [1] For example, Armendariz , 1999 and Rai and Sjostrom, 2004. [2] See Section 3.2 for details.

Medusa. :: Classics

Medusa. On top of Mt Olympus, the body of Zeus was found, and he was murdered. There were three clues that at the scene of the crime: a feather, an olive branch and a broken string from a lyre, and someone had stolen Zeus's thunderbolt. As a detective, I am here to prove that medusa did not commit such crime. Medusa can easily be charge of this crime, but she did not kill Zeus. She is very much innocent. Before Medusa was this ugly creature "monstrous" (Adams 283). She was very beautiful. Her hair was her chief glory ("Medusa"). Medusa has two more other sibling and together they were name "Gorgon" (Adams 283). Medusa could get any man that she wanted because she was the most beautiful one of all. Her mother and father were "Phorkys" and "Keto" ("Medusa"). "Medusa was the only mortal out the three. She lived in the north where no one visits"("Medusa"). Medusa did not have any friend. A terrible monster, Medusa, (The Greek Creatures) ask Athena for permission to visit the south, so that she could see the sun. Athena refused because she thought Medusa was trying to take her man. So then, Athena sent perseus to kill her. Medusa was one creature that turn living thing into stone because Athena put a spell on her. Perseus then killed her. He cut her head off and gave it to Athena because he was in her favor to kill her. Medusa is not apart of any of the information that was found at the scene of the crime. Another reason being is that Cronus is the father of Zeus and he had a problem. Cronus had six children, and when they were newborns, he ate them all except Zeus because his wife tricked him into eating a rock ("Cronus"). I think he regrets not eating Zeus because he became a powerful god, so he decides to kill him, and left behind odd evidences that will not point back at him. Medusa should have never been a suspect to this murder. She is innocent because Perseus killed her. Please agree with me with all the evidences I presented saying that Medusa did not kill Zeus. She may be an evil looking person who turns people into stone ("The Greek Creatures"). Medusa actions proved that "To forget a wrong is the best revenge," which said by John Ray (Stevenson). Medusa expresses these actions to what Athena did to her. When Medusa was turn into this ugly woman with "beautiful ringlets into hissing serpents", ("The Greek Creatures") she did not go after Athena: she went back to her place of

Ethics and Regulation in the Professional Asset Management Industry

Ethics and Regulation in the Professional Asset Management Industry 11 December, 2011 Whenever a person is hired to perform a service or look after the interest of another, the question of rules for interactions and transactions behavior arises. This is particularly important for the financial industry were portfolio managers may be entrusted with portfolio value of trillions of dollars , the inherent risks associated with financial investments and the fact that portfolio managers are often exposed to ethical conflicts. Hence, it is no surprise that the financial industry is highly regulated to ensure that there is a minimum level of acceptable practice. Guidelines are built on two legs – formal legally enforceable regulations and ethical standards. Both follow the overall principle that â€Å"portfolio managers will always act in the best interest of their investors†. Legal regulations are complex often with an interaction between state and federal laws. At the very basic level they establish adequate disclosure of information related to the investment process and provide anti-fraud protections. These cover aspects like documentation, reporting, fairness, timeliness and accuracy of information. At a more complex level, regulations cover specific investments types like for example retirement / pension assets that have different risk management requirements. Following are the principal Securities Laws for the Asset management industry and their primary target user: * Securities Act of 1933 for security issuers * Securities Exchange Act of 1934 for security brokers * Investment Company Act of 1940 for mutual funds Investment Adviser Act of 1940 for advisors and private managers * Employee Retirement Income Security Act (ERISA) for retirement asset managers and fiduciaries * Pension Protection Act of 2006 for pension fund sponsors and managers Several agencies / institutions are responsible to ensure these industry regulations are managed and followed: * SEC – U. S. Securities and Exchange Commission (the main federal agency) * U. S. Department of Labor (pension plans inc luding 401 (k) plans) * NASDR – National Association of Securities Dealer rules * U. S. Commodity and Futures Trading Commission * U. S Internal Revenue Services (tax policies) These financial regulations are the â€Å"1st leg† of regulating investor/agent relationships and they provide the legally binding and enforceable framework of conduct. The â€Å"2nd leg† comprises voluntary ethical behavior standards. They follow the same overall principle of â€Å"investors come first† but describe in much more detail how the clients/investors interest must always take precedence over the interests of investment professionals and their employers. Ethical guidelines are the indispensable as they fill a void space. Policies and regulations may punish illegal behavior but cannot prevent such abuses from happening in the first place. Also while some financial transactions may not have violated any laws but could still be to the disadvantage of investors because of unethical behavior. Thus, Ethical guidelines aim to establish a self-regulating, voluntary behavior to prevent abuses before happening and to provide guidance for aspects of financial transactions not covered by formal policies. Leading institute is the CFA, the Chartered Financial Analysts Institute https://www. cfainstitute. org/Pages/index. aspx, previously AIMR – (Association for Investment Management and Research), which established a code of ethics for its members. Key elements are: * act with integrity, competence, diligence, respect and in an ethical manner. * place integrity of the investment profession and interests of clients above own personal interests. * use reasonable care and exercise independent professional judgment when conducting investment analysis, recommendations and taking investment actions. This ethics code is complemented with precisely defined conduct and actions that are acceptable (or unacceptable). The Centre of Financial Markets Integrity founded by the CFA has created a comprehensive â€Å"Asset Manager Code of Professional Conduct† providing more detailed minimum standards for providing asset management services to clients. These standards extend the rules for individuals to those of entire investments firms. Of note, agents and companies strictly adhering to ethical standards may achieve higher trust and preference ratings from investors as well as employees. Therefore, it is in the own interests of financial institutes and agents to be a CFA member and follow their ethics code. However and despite these wide-ranging regulations in place investors’ interests are not always followed. Two reason fall mostly in two categories 1) Ethical dilemmas: these are situations where the â€Å"investor interest† evaluation is not straight forward, therefore posing an ethical dilemma for the agent. Examples include where an agent may occur expenses for costly company research or other expenses which may not be clearly to the benefit of the client. ) Guidelines must be put into daily practice. A policy by itself is not sufficient to achieve compliance. The responsibility is with the leadership of financial companies by creating a corporate culture that reinforces ethical behavior, by always leading with best example and by establishing a regulatory compliance framework with capability trainings, frequent internal communication, and by stric t enforcement. Closing remarks Much progress has been made in updating and raising the standards of legislation to be more comprehensive and to avoid a repetition of historical financial crisis. However, no matter how detailed regulations may be â€Å"the question really boils down to staying true both the spirit and the letter of the law. † (Carlo V. di Florio) This is the reason why ethical codes such as provided by CPA are a critical complement to legal regulations as they provide behavioral guidelines. In fact, efforts are being made to make the ethical behavior standards legally mandatory. 913 study submitted in 2011 for the Dodd-Frank act as well as FINRA and the code framework itself is in a constant process of updates and expansion (e. . the Shingle theory). This is encouraging and will provide further guidance â€Å"how to put the investors’ interests first†. The investor is playing an important role in the process as well: Being very specific about individual investment priorities, by selecting only CPA proven financial partners and, last not least, by staying in close contact with the agent to ensure the steady flow of information. After all à ¢â‚¬â€œ asset ownership also carries the owner responsibilities. References Brown,C. , & Reilly, F. K. (2009). Investment Analysis and Portfolio Management. (9 ed. ). Mason, OH, Cengage Learning. Carlo V. di Florio, director of the U. S. SEC’s Office of Compliance Inspections and Examinations (OCIE). downloaded on 08 December 2011, http://blogs. cfainstitute. org/marketintegrity/2011/11/30/fatally-flawed-compliance-without-ethics-in-the-investment-industry/ Carlo di Florio, Harvard Law School Forum on Corporate Governance and Financial Regulation, Nov 25-2011, downloaded on 08 December, http://blogs. law. harvard. du/corpgov/2011/11/25/compliance-and-ethics-in-risk-management/ â€Å"913 Study†: Study on Investment Advisers and Broker-Dealers as Required by Section 913 of the Dodd-Frank Wall Street Reform Act (January 2011), downloaded on 8 December 2011 http://www. sec. gov/news/studies/2011/913studyfinal. pdf Jon Stokes â€Å"Fatally Flawed: Compliance without Ethics in the Investment Industry† (30 November 2011)  · Enterprise Risk Management- Integrated Framework, Com mittee of Sponsoring Organizations of the Treadway Commission (September 2004)