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CONTENT

1.Market Fairness: The Poor Country Cousin of Market  Efficiency

Michael J. Aitken. Angelo Aspris. Sean Foley and Frederick H. de  B. Harris

2.Violence, Aggression, and Ethics: The Link Between Exposure to Human Violence and Unethical Behavior

Joshua R. Gubler. Skye Herrick. Richard A. Price and David  A. Wood

3.Conflict Minerals and Supply Chain Due Diligence: An Exploratory Study of Multitier Supply Chains

Hannes Hofmann. Martin C. Schleper and Constantin Blome

4.Virtuousness and the Common Good as a Conceptual  Framework for Harmonizing the Goals of the Individual, Organizations, and the Economy

Surendra Arjoon. Alvaro Turriago-Hoyos and Ulf Thoene

5.Thinking About Punishment (or the Lack of it): The Case of the Economic Meltdown

David Shichor

6.Correction to: The Opportunity Cost of Negative Screening in Socially Responsible Investing

Pieter Jan Trinks and Bert Scholtens

ABSTRACT

1

Market Fairness: The Poor Country Cousin of Market Efficiency

Michael J. Aitken. Angelo Aspris. Sean Foley and Frederick H. de  B. Harris

Abstract: Both fairness and efficiency are important considerations in market design and regulation, yet many regulators have neither defined nor measured these concepts. We develop an evidencebased policy framework in which these are both defined and measured using a series of empirical proxies. We then build a systems estimation model to examine the 2003–2011 explosive growth in algorithmic trading (AT) on theLondon Stock Exchange and NYSE Euronext Paris. Our results show that greater AT is associated with increased transactional  efficiency and reduced information leakage in top quintile stocks. For less liquid stocks, manipulation at the close declines. We also document the tradeoff between reduced spreads and increased manipulation or information leakage following the introduction of MiFID1.

2

Violence, Aggression, and Ethics: The Link Between  Exposure  to Human Violence and Unethical Behavior

Joshua R. Gubler. Skye Herrick. Richard A. Price and David  A. Wood

Abstract:Can exposure to media portrayals of human violence impact an individual’s ethical decision making at work? Ethical business failures can result in enormous financial losses to individuals, businesses, and society. We study how exposure to human violence especially through media can cause individuals to make less ethical decisions. We present three experiments, each showing a causal link between exposure to human violence and unethical business behavior, and show this  relationship is mediated by an increase in individual hostility levels as a result of exposure to violence. Using observational   data, we then provide evidence suggesting that this relationship  extends beyond the context of our experiments, showing that companies headquartered in locations marked by greater human violence are more likely to fraudulently misstate their financial statements and exhibit more aggressive financial reporting. Combined, our results suggest that exposure to human violence has significant and real effects on an individual’s ethical decision making.

3

Conflict Minerals and Supply Chain Due Diligence: An Exploratory Study of Multi-tier Supply Chains

Hannes Hofmann. Martin C. Schleper and Constantin Blome

Abstract:As recently stakeholders complain about the use of conflict minerals in consumer products that are often invisible to  them in final products, firms across industries implement conflict mineral management practices. Conflict minerals are those, whose systemic exploitation and trade contribute to human right violations in the country of extraction and surrounding areas. Particularly, supply chain managers in the Western world are challenged taking reasonable steps to identify and prevent risks  associated with these resources due to the globally dispersed nature of supply chains and the opacity of the origin of commodities. Supply chain due diligence (SCDD) represents a  holistic concept to proactively manage supply chains reducing the likelihood of the use of conflict minerals effectively. Based on an exploratory study with 27 semi-structured interviews within five European industries, we provide insights into patterns of implementation, key motivational factors, barriers and enablers,  and impacts of SCDD in mineral supply chains. Our results contribute to both theory and practice as we provide first insights to SCDD practices and make recommendations for an industry-wide implementation of SCDD. Altogether, this study provides the basis for future theory testing research in the context of SCDD and conflict mineral management.

4

Virtuousness and the Common Good as a Conceptual  Framework for Harmonizing the Goals of the Individual,Organizations, and the Economy

Surendra Arjoon. Alvaro Turriago-Hoyos and Ulf Thoene

Abstract:Despite the expansion of the regulatory state, we continue to witness widespread unethical practices across  society. This paper addresses these challenges of ethical failure, misalignment, and dissonance by developing a conceptual framework that provides an explicit basis for understanding virtuousness and the common good directed toward the goal of eudaimonia  or human flourishing. While much of the literature on virtuousness has focused on the organization, this paper uses a more comprehensive understanding that also incorporates the agent and the economy examined through their relational order. The common good provides direction for guiding behavior of all  the various stakeholders and the context for understanding virtuousness, while it is through virtuousness that the common   good is effectively realized. Virtuousness and the common good are therefore in effect ‘two sides of the same coin.’ This paper develops a virtuousness–common good conceptual framework  which explores the basis for harmonizing the goals of the individual, organization, and the economy.

5

Thinking About Punishment (or the Lack of it): The Case  of the Economic Meltdown

David Shichor

Abstract:The subprime mortgage crisis which was caused to a    large degree by questionable mortgage lending and securitization practices that were furthered by deregulatory policies devastated the economy, led to large scale unemployment, and caused the   foreclosure of millions of homes. There is evidence that  numerous mortgage companies, financial firms, rating agencies, and high-level professionals were involved in unethical and often  fraudulent business practices leading to the most severe  economic meltdown since the Great Depression. In spite of the   great economic and social harm, there was a lack of criminal sanctions against those companies and individuals, who were     involved in creating the crisis that reached even global dimensions. This article analyses the reasons for and the possible social impacts of the lack of criminal sanctions against  those who crossed the line between unethical and criminal     business practices.

6

Correction to: The Opportunity Cost of Negative Screening in Socially Responsible Investing

Pieter Jan Trinks and Bert Scholtens

Abstract:This paper investigates the impact of negative screening on the investment universe as well as on financial performance. We come up with a novel identification process and as such depart from mainstream socially responsible investing literature  by concentrating on individual firms’ conduct and by studying a  much wider range of issues. Firstly, we study the size and financial performance of fourteen potentially controversial issues: abortion, adult entertainment, alcohol, animal testing, contraceptives, controversial weapons, fur, gambling, genetic engineering, meat, nuclear power, pork, (embryonic) stem cells, and tobacco. We investigate an international sample of more  than 1,600 stocks for more than twenty years. We then analyze   the impact of applying negative screens to a market portfolio. Our findings suggest that the choice for negative screening strategies does matter for the size of the investment universe as well as for risk-adjusted return performance. Investing in controversial stocks in many cases results in additional risk-adjusted returns, whereas excluding them may reduce financial performance. These findings suggest that there are opportunity costs to negative screening.

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