The stories of disgraced former UBS traders Tom Hayes and Kweku Adoboli illustrate the perils faced by young professionals just as their talents and high potential are beginning to get recognized. Read more
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Michael G. McMillan, CFA, is director of Ethics and Professional Standards at CFA Institute. He is responsible for creating, sourcing, and developing educational content for CFA Institute members and investment professionals in the area of ethics and professional standards. Previously, he was a professor of accounting and finance at Johns Hopkins University’s Carey School of Business and George Washington University’s School of Business. Prior to his career in academia, he was a securities analyst and portfolio manager at Bailard, Biehl, and Kaiser and Merus Capital Management. Dr. McMillan holds a BA from the University of Pennsylvania, an MBA from Stanford University, and a PhD in accounting and finance from George Washington University. He is a certified public accountant (CPA) and a chartered investment counselor (CIC).
Topical Expertise: Financial Statement Analysis · Standards, Ethics, and Regulations (SER)
“Tone at the top” is a mantra that we hear time and again as the cure for the ethical decay that is permeating financial organizations. But if the industry really wants to create a culture of integrity, it must also establish a “tone at the middle.” Read more
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Impact investing, a rapidly growing sector of socially responsible investing (SRI), represents the nexus of philanthropy and traditional finance: It expands the definition of return on invested capital to include both financial and social returns. Read more
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Promoting better gender equity on corporate boards is not only about ensuring fairness but also about improving financial performance. Read more
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Whistle-blowers provide a real benefit to companies: Fraud costs a typical company about 5% of its revenues, and whistle-blowing is the single most common method of fraud detection. Recent studies show, however, that retaliation against whistle-blowers is on the rise. Read more
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The largest corporate fraud in Chilean history offers a cautionary tale not only about improper accounting and misleading financial statements but also about the importance of implementing an organizational culture that encourages employees to take action when they observe unethical behavior. Read more
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Simon Lack, CFA, author of “The Hedge Fund Mirage,” says that the popularity of hedge funds may be unwarranted given the performance history, lack of transparency, high fees, and minimal investors protections. All of these factors, he says, should be weighed carefully before investing. Read more
Leave a CommentJohn R. Boatright discusses the ethical issues facing investment professionals in the investment industry and how to manage them. Read more
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Finance professor Amir Sufi of the University of Chicago Booth School of Business argues that the severe U.S. recession and Europe’s ongoing economic woes can best be explained as aggregate demand and leverage problems that cannot be effectively treated through monetary policy initiatives alone. Read more
Leave a CommentJohn P. Calamos, Sr., discusses the rise of the middle class in emerging markets and what investors in these markets should focus on. Read more
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