Tag Archive for: Hershleifer
In the wake of the financial crisis of 2008, many thought ethics reform would come quickly to Wall Street. New laws did come, in the USA and UK. But is the culture changing for the better? A new report (The Street, The Bull and The Crisis: A Survey of the US & UK Financial Services Industry) suggests that there has been little change in the last three years, and there may be some worrying trends among younger employees.
The bottom line is that better ethical behavior will come when legal reforms lead to, or are supplemented by, changes in the culture and norms of the financial industry. As Tenbrunsel explains, "Just more regulation without addressing the individual, organizational and industry-level factors probably isn't going to have a very significant impact." Addressing all of those factors simultaneously is our goal at Ethical Systems.