Putting Integrity into Finance: A Purely Positive Approach

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class="anrt-grid"> <div class="anrt-grid-item anrt-grid-item--full"> <div class="slimline-region slimline-region--content region region-content"> <div class="slimline-region__inner slimline-region__inner--content"> <div id="block-slimline-content--2" class="block block-system block-system-main-block"> <article class="working-paper full full--working-paper node node--type-working_paper node--view-mode-full"> <div class="padding-horizontal"> <div class="layout-contained layout-contained--large"> <header class="full__header"> <div class="working-paper__header-inner"> <div class="working-paper__header-content"> <div class="working-paper__series"> <div aria-hidden="true" class="slimline-icon"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 512 512"><path d="M243.4 2.6l-224 96c-14 6-21.8 21-18.7 35.8S16.8 160 32 160v8c0 13.3 10.7 24 24 24H456c13.3 0 24-10.7 24-24v-8c15.2 0 28.3-10.7 31.3-25.6s-4.8-29.9-18.7-35.8l-224-96c-8-3.4-17.2-3.4-25.2 0zM128 224H64V420.3c-.6 .3-1.2 .7-1.8 1.1l-48 32c-11.7 7.8-17 22.4-12.9 35.9S17.9 512 32 512H480c14.1 0 26.5-9.2 30.6-22.7s-1.1-28.1-12.9-35.9l-48-32c-.6-.4-1.2-.7-1.8-1.1V224H384V416H344V224H280V416H232V224H168V416H128V224zM256 64a32 32 0 1 1 0 64 32 32 0 1 1 0-64z"/></svg></div> <div class="working-paper__series-title">Finance Series</div> </div> <h1 class="full__title working-paper__title"> <span>Putting Integrity into Finance: A Purely Positive Approach</span> </h1> <div class="full__meta"> <div class="full__meta-item full__meta-item--authors"> <div class="full__authors"> <h2 class="visually-hidden">Working Paper Author/Authors</h2> <div class="field field--name-field-authors field--type-entity-reference-revisions field--label-hidden field__items"> <div class="field__item"> <div class="paragraph paragraph--type--member paragraph--view-mode--name-and-affiliation"> <div class="field field--name-field-p-member field--type-entity-reference field--label-hidden field__items"> <div class="field__item"> <article class="profile profile-name profile-name--user-profile profile-name--name-and-job"> <div class="profile-name__image"> <div aria-hidden="true" class="slimline-icon"> <svg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 448 512"><path d="M313.6 304c-28.7 0-42.5 16-89.6 16-47.1 0-60.8-16-89.6-16C60.2 304 0 364.2 0 438.4V464c0 26.5 21.5 48 48 48h352c26.5 0 48-21.5 48-48v-25.6c0-74.2-60.2-134.4-134.4-134.4zM400 464H48v-25.6c0-47.6 38.8-86.4 86.4-86.4 14.6 0 38.3 16 89.6 16 51.7 0 74.9-16 89.6-16 47.6 0 86.4 38.8 86.4 86.4V464zM224 288c79.5 0 144-64.5 144-144S303.5 0 224 0 80 64.5 80 144s64.5 144 144 144zm0-240c52.9 0 96 43.1 96 96s-43.1 96-96 96-96-43.1-96-96 43.1-96 96-96z"/></svg></div> </div> <div class="profile-name__content"> <div class="profile-name__content-inner"> <div class="profile-name__name"> Werner Erhard </div> </div> </div> </article></div> </div> </div> </div> <div class="field__item"> <div class="paragraph paragraph--type--member paragraph--view-mode--name-and-affiliation"> <div class="field field--name-field-p-member field--type-entity-reference field--label-hidden field__items"> <div class="field__item"> <article class="profile profile-name profile-name--has-image profile-name--user-profile profile-name--name-and-job"> <div class="profile-name__image"> <div class="field field--name-field-user-image field--type-entity-reference field--label-hidden field__items"> <div class="field__item"> <img loading="lazy" src="/sites/default/files/styles/thumbnail/public/photos/michael_jensen.jpg?itok=D01mz_vV" width="90" height="95" /> </div> </div> </div> <div class="profile-name__content"> <div class="profile-name__content-inner"> <div class="profile-name__name"> <a href="/user/110"> Michael Jensen </a> </div> <div class="profile-name__affiliation"> <div class="field field--name-field-user-affiliation field--type-string field--label-hidden field__items"> <div class="field__item">Graduate School of Business Administration, Harvard University</div> </div> </div> </div> </div> </article></div> </div> </div> </div> </div> </div> </div> </div> </div> </div> <div class="full__meta"> <div class="full__meta-item full__meta-item--series-number full__meta-item--inline-title"> <h2 class="full__meta-item-title font-size-default">Series number:</h2> <div class="field field--name-field-working-serial-number field--type-string field--label-hidden field__items"> <div class="field__item">417/2014</div> </div> </div> <div class="full__meta-item full__meta-item--posted full__meta-item--inline-title"> <h2 class="full__meta-item-title font-size-default">Date published:</h2> <div class="field field--name-field-date-posted field--type-datetime field--label-hidden field__items"> <div class="field__item"><time datetime="2014-04-01T12:00:00Z">01 Apr 2014</time> </div> </div> </div> <div class="full__meta-item full__meta-item--revised full__meta-item--inline-title"> <h2 class="full__meta-item-title font-size-default">Last revised:</h2> <div class="field field--name-field-working-date-changed field--type-datetime field--label-hidden field__items"> <div class="field__item"><time datetime="2014-04-28T12:00:00Z">28 Apr 2014</time> </div> </div> </div> <div class="full__meta-item full__meta-item--quick-links full__meta-item--inline-title"> <h2 class="font-size-default">Quick links</h2> <div class="working-paper__quick-links"> <div class="working-paper__quick-link"> <a href="https://papers.ssrn.com/sol3/papers.cfm?abstract_id=1985594">Access Paper on SSRN</a> </div> </div> </div> <div class="full__meta-item full__meta-item--categories full__meta-item--inline-title"> <h2 class="font-size-default">Categories</h2> <div class="field field--name-field-categories-governance field--type-entity-reference field--label-hidden field__items"> <div class="field__item"><a href="/taxonomy/term/9406" hreflang="en">Banking</a></div> <div class="field__item"><a href="/taxonomy/term/9416" hreflang="en">Culture</a></div> <div class="field__item"><a href="/taxonomy/term/9397" hreflang="en">Scandals</a></div> </div> </div> </div> <div class="full__meta"> <div class="full__meta-item working-paper__keywords"> <h2 class="font-size-default">Keywords</h2> <div class="field field--name-field-working-keywords field--type-entity-reference field--label-hidden field__items"> Integrity, fraud, Scandals, Morality, ethics, Legality, Ontology, Efficiency </div> </div> </div> </header> </div> <div class="layout-contained layout-contained--large"> <div class="full__body working-paper__body"> <div class="working-paper__abstract"> <h2>Abstract</h2> <div class="field field--name-field-abstract field--type-text-with-summary field--label-hidden field__items"> <div class="field__item"><p>The seemingly never ending scandals in the world of finance with their damaging effects on value and human welfare argue strongly for an addition to the current paradigm of financial economics. We summarize here our new theory of integrity that reveals integrity as a purely positive phenomenon with no normative aspects whatsoever. Adding integrity as a positive phenomenon to the paradigm of financial economics provides actionable access (rather than mere explanation with no access) to the source of the behavior that has resulted in those damaging effects on value and human welfare, thereby significantly reducing that behavior. More generally we argue that this addition to the paradigm of financial economics will create significant increases in economic efficiency, productivity, and aggregate human welfare. Because integrity has generally been treated as nothing more than a virtue (a normative phenomenon), the damaging effects of out-of-integrity actions are assigned to causes other than out-of-integrity actions ? that is, these damaging effects are assigned to false causes. This makes the actual source of the damaging effects of out-of-integrity actions invisible to us. As a result, in spite of all the attempts to police the false causes of these damaging effects, the out-of-integrity actions that are the actual source of these effects continue to be repeated. Integrity as we define it (or the lack thereof) on the part of individuals or organizations has enormous economic implications (for value, productivity, quality of life, etc.). Indeed, integrity is a factor of production as important as labor, capital, and technology. Without a clear, concise and actionable definition of integrity, economics is far less powerful than it can be. So too finance and management.</p></div> </div> </div> </div> </div> </div> <div class="working-paper__content node__content"> </div> </article> <div class="slice slice--bg-2"> <div class="layout-contained padding-horizontal"> <div class="slice__title"> <h2>Related Working Papers</h2> </div> </div> </div> <div class="views-element-container block block-views block-views-blockworking-related-content-block-working-paper-primary" id="block-views-block-working-related-content-block-working-paper-primary"> <div> <div class="view--grid view--grid-thirds view--cards view view-working-related-content view-id-working-related-content view-display-id-block_working_paper_primary js-view-dom-id-9d521872bf7ef9df64673056f40f500ca38bd4df11ec978146bd780a5395cc1c"> <div class="view__results"> <div class="layout-contained padding-horizontal"> <ul class="view-content view-content--block-working-paper-primary view-working-related-content__content 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