Ethics in the forum

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Last edited by emje23 : 21st April 2008 at 14:37. Reason: penambahan konten poin ke-12

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Chapter 3
The Financial Information Marketplace

The Great Debate Over
Efficient Markets & Asymmetric Information
The efficient markets hypothesis (EMH) contends that information relevant to the pricing (valuation) of loans, securities, and other financial assets is readily available to all borrowers and lenders at negligible cost
On the other hand, the concept of asymmetric information argues that the financial marketplace contains pockets of inefficiency in the availability and use of information, such that insiders can earn excess returns by selectively trading financial assets based on the special information they have been able to acquire.
• In an efficient marketplace, each individual investor will rationally use all the relevant information that is available to value stocks and bonds.
• Hence, each financial asset will generate an ordinary, normal or expected rate of return commensurate with its level of risk.
• If the EMH holds, any temporary deviation of actual returns from expected returns should be quickly eliminated as investors react to temporary underpricing or overpricing of assets.

Different Forms of the EMH
• The weak form of the EMH argues that the current price of a financial asset already reflects all its price and trading volume history.
• The semistrong form contends that the current price of a financial asset already reflects all publicly available and relevant information.
• The strong form argues that the current price of a financial asset already captures all relevant public and private information.
• Repeated research studies tend to support the weak and semistrong forms of the EMH.
• The strong form, however, has aroused the most controversy, especially because of the existence of insider trading activities and the apparent presence of pockets of special information asymmetrically scattered throughout the financial system.

Insider Trading & Asymmetric Information
• Insider trading refers to buying or selling a financial asset based on special knowledge or privileges, before that privileged information becomes publicly known.
Asymmetric information refers to the inequalities in the quantity and quality of information available across different locations within the financial system
Problems Informational Asymmetries Can Create
• Lemons and Plums. A loan officer (buyer) cannot be sure without incurring substantial costs whether his or her potential customer (seller) is a lemon (sour) or plum (sweet).
- A mispricing may cause plums to be driven away from the market.
- Adverse Selection. A bank that sets one price for all its checking account customers runs the risk of being adversely selected against by its high-balance, low-activity (and hence most profitable) customers.
- Solution: Enable customer signaling via a conditional price schedule for different account plans.
- Moral Hazard. One party to a principal-agent contract may decide to pursue its own self-interest at the expense of the other party, often because of poorly drafted contracts or ineffective monitoring activity.
- Solution: Draw contracts with the appropriate incentives so that agents will want to act more in line with the interests of principals.

Asymmetry, Efficiency, & Real-World Markets
• All real-world markets have elements of both efficiency and asymmetry.
• Perhaps, real-world markets are split into segments:
 A highly efficient segment in which well-informed individuals and institutions trade.
 A less efficient segment in which less-well-informed small investors trade.

Informational Asymmetries and The Law
• Some laws and regulations are designed to improve the flow of information between buyers and sellers and to protect the public against deception in valuing financial assets.
• U.S. examples:
- 1934 Securities Exchange Act
- 1940 Investment Company Act
- 1970 Securities Investor Protection Act
- Regulation FD (Fair Disclosure), 2000
- 2002 Sarbanes-Oxley Accounting Practices Act
• Social Accounting Data
• Social accounting refers to the system of record keeping that reports transactions between the principal sectors of the economy, such as households, financial institutions, corporations, and units of government.
• The two most closely followed social accounting systems in the U.S. are the National Income and Product Accounts and the Flow of Funds Accounts.

National Income and Product Accounts
• The National Income and Product Accounts (NIPA) present data on the nation’s production of goods and services, income flows, investment spending, consumption, and savings.
• In particular, the gross domestic product (GDP) measures the market value of all goods and services produced in the economy within its geographical boundaries.

Flow of Funds Accounts
• The Flow of Funds Accounts
 trace the flow of savings by businesses, households, and governments into purchases of financial assets;
 show how the various parts of the financial system interact with each other; and
 highlight the interconnections between the financial sector and the rest of the economy.
• The construction of the Flow of Funds Accounts requires four basic steps:
 Sectoring the economy
 Building sector balance sheets

• The construction of the Flow of Funds Accounts requires four basic steps:
 Sectoring the economy
 Building sector balance sheets
 Preparing sources and uses of funds statements
• The construction of the Flow of Funds Accounts requires four basic steps:
 Sectoring the economy
 Building sector balance sheets
 Preparing sources and uses of funds statements
 Building a flow of funds matrix for the whole economy

• Estimates of flow of funds data can be used to help make forecasts of lending, borrowing, and interest rates.
• However, these social accounts do have a number of limitations:
- Transactions among economic units within each sector are not captured.
- Flows that occur within the time period under study are not captured.
- The market-value bias of the data distorts actual savings and investment activity.

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Flowcharts

Used to charting the input, steps, functions and outflows of a process
To understand more fully how the function works
Who or what has input into and influence on the process, its inputs and outputs and its timing


The Pareto Chart

Useful for separating the important from the trivial
It helps us to establish priorities
Important as Pareto chart would help organization decide where to focus limited resources (time, energy, money)
Data are arrayed along x-axis and y-axis

Histograms
Histograms has to do with variability
A measurement scale across one axis and a frequency of like measurements on the other
Two kinds of data that are commonly associated with processes
Attributes data
Something that the output product of the process has or does not have
Variables data
Data that result when something is measured

Scatter Diagram
The simplest of all
Used to determine the correlation between 2 variables
Able to show:
Positive correlation
Negative correlation
No correlation

Surveys
Used to obtain relevant information from sources that otherwise would not be heard from in the context of providing helpful data

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How to Be A Leader / Member

Be clear on the team’s mission
Identify success criteria
Be action centered
Establish the ground rules
Share information
Cultivate team unity
Gain entry
Be clear on the team’s mission
Be well prepared and participate
Stay in touch

Four Step Approach to team building
are ________APEM (assess, plan, execute / train, monitor_________________

Mention 5 of the Character Traits
Honesty / Integrity
Selflessness
Dependability
Enthusiasm / interest
Responsibility

There are 3 types of teams:
DEPARTMENT, PROCESS, TASK :


What resists change
Fear, Loss of Control, Uncertainty, More work

Mention the 5 Tests of Ethical Behavior
Morning, mirror, front page, role reversal, commonsense test

Ethics refers to Ethics refers to trust, Values, Responsibility, Integrity, Morality, Right / Wrong, Legality

Mention 4 out of 14 Deming points
Teamwork, work together, improve, education, quality

Mention 2 out of 7 deadly diseases
Job Hopping, Lack of Constancy of Purpose, Short-term thinking

Quality Culture vs Traditional Cultures
perating Philosophy
bjectives
erformance-improvement approach
upplier relationship

anagement Approach
ttitude toward Customers
roblem-solving approach