The internal corporate investigation is now an integral component of corporate compliance. Corporations invest considerable resources in identifying and explaining wrongdoing. Government prosecutors and regulators, in turn, rely upon and strongly encourage these information-generating activities. This chapter argues that the corporate investigation’s greatest challenges stem from familiar problems of individual and entity-level efforts to evade detection. As employees take steps to conceal their misbehavior, corporate actors must navigate a difficult relationship between government enforcers on the one hand and corporate employees on the other. Mediating these relationships would be difficult enough under any circumstance, but a vexatious deficiency of trust between corporate actors and government enforcers causes corporate actors to cling ever more intently to legal doctrines such as the corporate attorney-client privilege, while simultaneously conducting more intensive, intrusive and expensive investigations. The chapter concludes by noting two developments: the Department of Justice’s latest attempt to secure cooperation from corporate defendants in identifying culpable employees (the so-called “Yates Memo”), and the increasing emphasis on workplace privacy. These two developments will place even greater pressure on the corporate investigator as she attempts to reassure the corporation’s employees and regulators that each side can in fact trust the corporation to investigate itself thoroughly yet fairly.
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Torben G. Andersen and Tim Bollerslev
Integrating Historical Perspectives into Modern Economics
Edited by Daniela Tavasci and Luigi Ventimiglia
This chapter focuses on money and banking in the history of economic thought, to show that the nature of money and the role of banks have been essentially misunderstood in a number of strands of thought. This has led to a variety of monetary policy interventions, both in economic history and at the time of writing, that were not (and could not be) up to the task. The conclusion asserts that it is essential that the properties of money and banking are understood by teachers and researchers, as well as policy makers in the economic domain.
During his teaching career, the author realized that a logical flow needed to be adopted in teaching financial economics in order to bring to life those modules that students found hard to understand behind the simple mechanical application. This chapter shows how teaching with historical perspectives (THP) is about contextualizing the teaching of a subject both in terms of the genesis of a model or theory, and in terms of its development and evolution. THP provides a framework that allows students to group models together within the same school of thought and discuss the formation of new paradigms. As a result, students are able to easily use models that are relevant to their employability.
In 2004 the author founded, and taught till retirement, the main second-year economic theory course at the newly established Department of Political Economy at the University of Sydney: Economic Theories of Modern Capitalism, code ECOP2011. The Department, which was formed in 2000, originated from a split within the traditional one in the 1970s. Although its main focus is on issues and not on analytical approaches to economics, its creation provided the opportunity for establishing a mainstay course based on a comprehensive historical and analytical view of economics from its modern inception.
Teaching the history of economic thought is fast becoming an important topic of debate and discussion within economics teaching. But the use of historical perspectives in teaching is also an issue of much wider relevance across higher education. The motivations and challenges of implementing this kind of approach are specific to each discipline; however, there are things that we can learn from a range of subjects that can help inform teaching the history of economic thought. This chapter explores the debates around teaching with historical perspectives in a range of subjects, before focusing on some of the practical approaches used by teachers, and exploring the impact of this pedagogical approach on students.
Stephen J. Choi and A.C. Pritchard
This chapter reviews the existing empirical literature relating to government enforcement of the securities laws, particularly by the Securities and Exchange Commission (SEC), including comparative work, assessment of the impact of enforcement, and analysis of enforcement patterns. It also identifies particularly promising areas for future research. Little work has been done to date exploring the incentives faced by attorneys who conduct investigations on behalf of the SEC and how those incentives shape enforcement decisions. This chapter offers preliminary evidence on the career paths of SEC lawyers and how those career choices might influence the enforcement actions brought by the SEC.