Did you know that corporate fraud may be more widespread than we think? According to Professor Alexander Dyck and his team, 3% of U.S. companies are caught committing fraud each year under typical surveillance, but the real number may be closer to 10%. Their research, which examines the impact of the Enron scandal on detecting fraud, also estimated that fraud destroys about 1.6% of a company's equity value, representing about $830 billion in current U.S. dollars. This research will inspire you to explore the topic further and think critically about the role of regulation and oversight in corporate governance.

Why do companies manipulate their financial reports? A new study shows that the financial incentives of rank-and-file employees play a significant role in shaping corporate financial reporting. Researchers found that higher pay and fixed compensation for junior accountants can improve accounting quality, while cash bonuses tied to corporate earnings can lead to aggressive revenue recognition and misreporting. Learn more about the bean counters' dilemma and its impact on financial reporting in this thought-provoking study by the Stanford Graduate School of Business and the University of Washington's Foster School of Business.

Auditing might not sound like the most exciting career, but it's actually a crucial role in ensuring that businesses and organizations are financially healthy and following all the rules. As an auditor, you'll be responsible for reviewing financial records, assessing risk and making recommendations to improve processes and procedures. One of the most interesting aspects of auditing is the variety of industries you can work in. Auditors are needed in everything from healthcare to finance, and can specialize in areas like IT auditing or forensic accounting. This means that as an auditor, you'll get to work with a diverse range of clients and industries, keeping things fresh and challenging. Typical duties can include reviewing financial statements, testing internal controls, and identifying areas where the organization can improve its financial practices. You'll need strong analytical skills, attention to detail, and the ability to communicate complex financial information in a clear and concise way. To become an auditor, you'll typically need a bachelor's degree in accounting or a related field. Popular majors include accounting, finance, and business administration. Many auditors also go on to earn certifications like the Certified Public Accountant (CPA) or Certified Internal Auditor (CIA) designations. In terms of personal attributes, successful auditors tend to be detail-oriented, analytical, and able to work independently. You'll also need strong communication skills, as you'll be working with clients and colleagues from a variety of backgrounds. Job prospects for auditors are strong, with a projected growth rate of 10% over the next decade. Some notable employers in the field include the "Big Four" accounting firms (Deloitte, PwC, KPMG, and EY), as well as government agencies like the Internal Revenue Service (IRS) and the Securities and Exchange Commission (SEC). So if you're looking for a career that's challenging, rewarding, and in-demand, auditing might be the perfect fit for you!

The global financial crisis of 2008 led to economic turmoil and widespread job loss, but the role of OTC (over-the-counter) derivatives in the crash is not well understood. These complex financial instruments were designed to reduce risk, but they amplified it, resulting in massive losses and a bailout that cost taxpayers trillions of dollars. OTC derivatives are contracts that allow parties to speculate on the future value of assets such as stocks, bonds, or commodities. They are privately negotiated and not traded on public exchanges, which makes them less transparent and harder to regulate. Banks and other financial institutions created increasingly complex and risky derivatives, such as credit default swaps (CDS) that allowed investors to bet on the likelihood of default on mortgages and other debt in the years leading up to the crisis. When the housing bubble burst and homeowners began defaulting on their mortgages, the value of CDS contracts plummeted, causing massive losses for those who held them. This triggered a chain reaction of failures and bailouts as banks tried to shore up their balance sheets and avoid bankruptcy. The government bailouts of banks and other financial institutions during the crisis are estimated to have cost $12.8 trillion globally, including direct and indirect costs such as lost tax revenue and economic output. Leading academics have been critical of the lack of transparency and regulation in the OTC derivatives market. Senator Elizabeth Warren, a law professor and former chair of the Congressional Oversight Panel for TARP, has argued that the complexity and opacity of these instruments makes it difficult to assess risk and protect consumers. Nobel laureate economist Joseph Stiglitz has also warned of the dangers of unregulated financial innovation, calling for stronger oversight and better risk management. Understanding the role of OTC derivatives in the global financial crisis is a lesson in the need for transparency, accountability, and responsible risk management in the world of finance. By exploring this and related topics in more depth, students can gain valuable insights into the workings of the economy and the forces that shape our world.

The topics of securitisation and the global financial crisis are not just about numbers, facts, and statistics, but also about human failure, greed, and risk. It's a tale of how a small spark in the world of finance led to a massive explosion that shook the global economy to its core. Let's start with the basics. Securitisation is the process of pooling together various financial assets and then selling securities backed by those assets to investors. The idea behind securitisation was to spread the risk of default among many different investors and make the financial system more stable. However, the reality was far from what was promised. The global financial crisis of 2008 was triggered by the collapse of the housing market, which had been the backbone of the securitisation industry. The crisis was caused by the failure of the rating agencies, who were supposed to assess the risk associated with securities, but instead, gave high ratings to securities backed by risky loans. Ever heard of the term NINJA loans? No Income, No Job, No Assets - these were the types of loans that were being securitised and sold to investors. The financial industry was full of these loans, and the ratings agencies were happy to give high ratings to these securities, leading to the financial crisis. Leading academics such as Raghuram Rajan and Joseph Stiglitz have made significant contributions to the field of securitisation and the global financial crisis. Rajan highlighted the dangers of the financial system's reliance on securitisation, while Stiglitz criticised the rating agencies for their role in the crisis. We hope this write-up has inspired you to dive deeper into the world of securitisation and the global financial crisis. It's a fascinating topic with real-life examples and lessons to be learned. So, grab a book, turn on a documentary, or start a project, and let your imagination take you on a journey to a world of risk, failure, and exploration.

The Business Blockchain by William Mougayar is a must-read for anyone interested in understanding the potential of blockchain technology. This book goes beyond the basics of what a blockchain is and explores the polymorphic characteristics of this revolutionary technology, which will enable frictionless value exchange and redefine relationships, power, and governance. Mougayar, a blockchain industry insider, draws on his extensive experience to describe a future influenced by blockchain technology as the catalyst for change. The Business Blockchain is an invitation to explore the many facets of blockchain technology and learn how to think about its potential. Recommended for entrepreneurs, investors, technologists, and business-minded individuals, The Business Blockchain provides a comprehensive understanding of the potential of blockchain technology. This book is relevant to a wide range of fields of studies, including computer science, economics, finance, and law. It is also useful for professionals in various industries, such as banking, insurance, healthcare, and supply chain management, who are interested in exploring the transformative potential of blockchain technology. Finally, this book is relevant to anyone interested in understanding the future of trust, value exchange, and governance in a decentralized world.

New research by Takuo Sugaya (Stanford Graduate School of Business) and Mitsuru Igami (Yale Department of Economics) reveals the conditions needed for illegal cartels to survive and the factors that lead to their failure. Using game theory to analyze one of the biggest cartel cases in modern history, the researchers discovered that sustained collusion requires mutually beneficial incentives for all companies involved. Findings have implications for policymakers and regulators in their approval of mergers and investment in innovation.

Are you a natural problem solver with a keen eye for detail? Do you enjoy working in a fast-paced environment where every day is different? If so, a career in Risk Management might be the perfect fit for you! Risk Management is a field that involves identifying, assessing, and mitigating potential risks that could impact an organization's operations, finances, or reputation. This can include everything from natural disasters and cyber attacks to financial fraud and legal liabilities. One of the most appealing aspects of a career in Risk Management is the diversity of the role. Depending on the industry you work in, you could be responsible for anything from developing emergency response plans to conducting security audits and investigating incidents. For example, a Risk Manager in the healthcare industry might focus on ensuring patient safety and compliance with regulatory requirements, while a Risk Manager in the financial sector might be responsible for managing market and credit risk. To succeed in this field, you'll need a combination of analytical skills, communication skills, and business acumen. A degree in business, finance, or a related field is typically required, with many employers preferring candidates with a Master's degree or professional certification. There are many potential areas of specialization within Risk Management, including Enterprise Risk Management, Operational Risk Management, and Cybersecurity Risk Management. In addition, there are many related fields that can lead to a career in Risk Management, such as Insurance, Accounting, and Law. Some popular undergraduate programs and majors for those interested in Risk Management include Business Administration, Finance, Accounting, and Economics. Many universities also offer specialized Risk Management programs that provide in-depth training in the field. When it comes to job prospects, the outlook for Risk Management professionals is strong. According to the Bureau of Labor Statistics, employment in this field is expected to grow faster than average over the next decade. There are many potential employers in both the public and private sectors, including government agencies, financial institutions, healthcare organizations, and consulting firms. Some notable and attractive potential employers in the field of Risk Management include JPMorgan Chase, Deloitte, Aon, and Marsh. These companies offer competitive salaries, comprehensive benefits packages, and opportunities for career advancement. In conclusion, if you're looking for a challenging and rewarding career that allows you to make a real difference in the world, consider a career in Risk Management. With its diverse range of responsibilities, attractive job prospects, and potential for growth and advancement, this field is sure to offer something for everyone.

Learning about Ponzi schemes can help you become a more informed investor and a smarter consumer. Ponzi schemes are scams that offer high returns on investments but actually use new investors’ money to pay earlier investors. Bernie Madoff's Ponzi scheme, the largest in history, conned tens of billions of dollars from investors over multiple decades. Understanding how Ponzi schemes work can help you avoid falling victim to them and make better choices with your money. Learning about Ponzi schemes can also help you develop critical thinking skills as you evaluate investment opportunities and assess their legitimacy. By delving into this topic, you can become more financially savvy and protect yourself from fraudulent schemes.

Cryptocurrency ventures are filing for bankruptcy, raising concerns about regulatory protection for retail consumers. Thomas Kalafatis and Richard Nesbitt argue that while cryptographically enhanced commerce is here to stay, regulators must become more aggressive with both coins and programming code to keep externalities under control. The lack of protection for disadvantaged consumers imposes a disproportionate cost of failure. Despite clear regulations, fraud still occurs, and more uniform and less arbitrageable regulation is needed to meet the public's demand for the benefit of cryptographically enhanced commerce.

Do you have a knack for numbers and a passion for helping others achieve their financial goals? If so, a career as a Financial Advisor may be just the path for you! As a Financial Advisor, you'll work with clients to help them manage their money, invest wisely, and plan for the future. You'll be a trusted advisor, providing guidance on everything from retirement planning to estate management. One of the most appealing aspects of this role is the opportunity to make a real difference in people's lives. Whether you're helping a young family save for their first home or advising a retiree on how to maximize their income, you'll be making a meaningful impact on your clients' financial well-being. In terms of duties, Financial Advisors typically provide a range of services, including investment management, tax planning, and insurance advice. Some may specialize in certain areas, such as retirement planning or estate management, while others may work with specific types of clients, such as high net worth individuals or small business owners. To become a Financial Advisor, you'll typically need a bachelor's degree in finance, economics, or a related field. Popular undergraduate programs and majors include finance, accounting, and business administration. Many Financial Advisors also go on to earn advanced degrees or certifications, such as a Master of Business Administration (MBA) or the Certified Financial Planner (CFP) designation. In addition to a strong educational background, successful Financial Advisors typically possess a range of helpful personal attributes, such as excellent communication skills, attention to detail, and a customer-focused mindset. Job prospects for Financial Advisors are generally strong, with demand expected to grow in the coming years. Some notable potential employers include large financial institutions such as J.P. Morgan and Wells Fargo, as well as smaller boutique firms and independent advisory practices. So if you're looking for a career that combines your love of numbers with your desire to help others, consider becoming a Financial Advisor. With hard work and dedication, you'll have the opportunity to make a meaningful impact on the financial lives of your clients, while building a rewarding and fulfilling career for yourself.

Are you a strategic thinker with a head for numbers? Do you have a knack for problem-solving and a passion for business? If so, a career in Corporate Finance might be just the thing for you! Corporate Finance is a dynamic and exciting field that involves managing a company's financial resources to help it grow and thrive. This could involve anything from analyzing financial data to developing strategic plans for mergers and acquisitions. In fact, Corporate Finance professionals are often at the heart of some of the most high-profile deals in the business world. One of the most appealing aspects of a career in Corporate Finance is the variety of roles available. You could specialize in areas such as investment banking, financial planning and analysis, or risk management. And with so many different industries and sectors to choose from, there's always something new and interesting to learn. To get started in Corporate Finance, you'll typically need a degree in finance, accounting, or a related field. Popular undergraduate programs and majors include Finance, Economics, Accounting, and Business Administration. Many employers also look for candidates with relevant certifications, such as the Chartered Financial Analyst (CFA) designation. In addition to a strong academic background, there are a few key personal attributes that can help you succeed in Corporate Finance. These include strong analytical skills, excellent communication and interpersonal skills, and the ability to work well under pressure. So what are the job prospects like for Corporate Finance professionals? The good news is that the outlook is generally positive. According to the Bureau of Labor Statistics, employment in the finance and insurance industry is projected to grow 5% from 2019 to 2029. And with so many different types of employers to choose from, you're sure to find a company that aligns with your values and interests. Some notable and attractive potential employers in Corporate Finance include Goldman Sachs, JPMorgan Chase, Morgan Stanley, and Citigroup. These firms are known for their rigorous training programs, competitive salaries, and opportunities for advancement. In conclusion, a career in Corporate Finance can be a challenging and rewarding path for those with a passion for business and a head for numbers. With a variety of roles and industries to choose from, there's something for everyone in this exciting field. So why not explore your options today and see where your career in Corporate Finance could take you?

Social media has changed the dynamics of bank runs, as seen in the case of Silicon Valley Bank where depositors fled at an extraordinary rate of $40bn in one day due to social media chatter. This raises concerns about the fragility of the banking system built on faith and trust. The speed at which runs can take place and social media can be translated into loss is a new challenge that regulators need to address. The source passage explores the impact of social media on bank runs and the need for regulatory responses.

Have you ever wondered how to make your money work for you? Do you enjoy helping others achieve their financial goals? If so, a career in Personal Finance Planning might be just the thing for you! Personal Finance Planning is a field that helps individuals and families manage their finances effectively. This career is all about helping people make smart decisions about their money, from creating a budget to investing for the future. It's a rewarding career that can make a real difference in people's lives. As a Personal Finance Planner, you will work closely with clients to understand their financial goals and develop a plan to achieve them. You might help someone save for a down payment on a house, plan for retirement, or invest in the stock market. You'll need to be able to explain complex financial concepts in a way that's easy for your clients to understand, and you'll need to be able to adapt to changing market conditions. There are many different areas of specialization within Personal Finance Planning. You might choose to focus on retirement planning, tax planning, or estate planning, among other areas. You might also work for a specific group of clients, such as high-net-worth individuals or small business owners. To become a Personal Finance Planner, you'll typically need a bachelor's degree in finance, accounting, economics, or a related field. Some popular undergraduate programs and majors include the Bachelor of Business Administration in Finance, Bachelor of Science in Accounting, and Bachelor of Science in Economics. Many Personal Finance Planners also go on to earn advanced degrees or certifications, such as the Certified Financial Planner (CFP) designation. Helpful personal attributes for a career in Personal Finance Planning include strong analytical skills, excellent communication skills, and a passion for helping others. You'll need to be able to work well under pressure and be comfortable with a high level of responsibility. Job prospects for Personal Finance Planners are strong, with a projected growth rate of 7% from 2018 to 2028. There are many potential employers in both the public and private sectors, including financial planning firms, banks, and insurance companies. Notable employers in the field include Vanguard, Charles Schwab, and Fidelity Investments. In summary, a career in Personal Finance Planning is an exciting and rewarding way to help people achieve their financial goals. With a variety of specializations and potential employers, this field offers many opportunities for growth and advancement. If you're passionate about finance and helping others, this might be the perfect career for you!

Get ready for the future of money! The UK Treasury and Bank of England are exploring the possibility of a digital pound, which could offer a trusted and accessible way to pay in the digital age. While it may use similar technology to cryptocurrencies like Bitcoin, the digital pound would be less volatile and always worth the same as cash. This could lead to a new way of making payments, with varying degrees of privacy for consumers. Don't miss out on this monetary science fiction!

If you're someone who loves numbers, analysis and forecasting, a career in Stock Research might just be the perfect fit for you. Stock Research is a field that involves analyzing and interpreting financial data to help investors make informed decisions about buying or selling stocks. As a Stock Researcher, you'll be responsible for analyzing financial statements, economic trends, and company reports to predict stock market trends. You'll be working closely with stockbrokers and investment bankers to help them make informed investment decisions. One of the most appealing aspects of the role is the ability to work with a wide range of industries and companies. Whether you're interested in technology, healthcare, or energy, there are opportunities to specialize in any area that piques your interest. To become a Stock Researcher, you'll typically need a degree in finance, economics, or accounting. Popular undergraduate programs and majors include Finance, Business Administration, and Accounting. Many Stock Researchers also pursue advanced degrees, such as a Master's in Finance or an MBA. In addition to having a strong foundation in finance and economics, successful Stock Researchers possess a number of personal attributes. These include strong analytical skills, attention to detail, and the ability to work well under pressure. The job prospects for Stock Researchers are quite promising, with many opportunities available in both the public and private sectors. Some notable potential employers include Goldman Sachs, J.P. Morgan, and Morgan Stanley in the United States, as well as Credit Suisse and UBS in Switzerland. In the longer term, the outlook for Stock Research is positive, with the field projected to grow steadily over the next decade. As the global economy continues to expand and evolve, the demand for skilled Stock Researchers will only continue to increase. So if you're looking for a challenging and rewarding career that combines your love of numbers and analysis with the opportunity to work with a wide range of industries and companies, Stock Research might just be the perfect fit for you.

Have you ever wondered what it would be like to work in a field where you can make a real difference in people's lives? A career as a Claims Adjuster might just be the perfect fit for you! As a Claims Adjuster, you will be responsible for investigating insurance claims and determining the appropriate amount to be paid out to the policyholder. You will work closely with clients, assess damage and negotiate settlements, making sure that everyone involved is treated fairly and justly. One of the most appealing aspects of this role is the opportunity to work in a variety of industries. Whether it's property and casualty insurance, healthcare, or automotive claims, there is always a need for skilled and knowledgeable Claims Adjusters. To become a Claims Adjuster, you will typically need to have a bachelor's degree in a related field such as business, law, or finance. Many universities offer specialized programs in insurance and risk management, preparing students for a career in this field. In addition to the necessary education, there are several personal attributes that can make you a successful Claims Adjuster. These include excellent communication skills, attention to detail, and the ability to work well under pressure. The job prospects for Claims Adjusters are excellent, with a projected growth rate of 3% over the next decade. Some of the most notable employers in this field include companies such as State Farm, Allstate, and Liberty Mutual. And with the rise of digital technologies, there are even more opportunities to work remotely or from home. So, if you're looking for a challenging and rewarding career that allows you to help others, consider becoming a Claims Adjuster. With the right education and training, you could be on your way to a fulfilling and successful career in this exciting field!

Discover the fascinating history of money, from seashells to government debt, and explore the rise of Bitcoin as the digital age's newest solution to the problem of money. Economist Saifedean Ammous argues that Bitcoin's true importance may lie in providing a decentralized, neutral, free-market alternative to national central banks. Dive into this thought-provoking analysis of sound money, economic growth, and international peace, and learn how Bitcoin could shape the future of our monetary system. Recommended for economics students, investors, and anyone interested in the history and future of money. This book offers a comprehensive analysis of the mechanics of Bitcoin and its potential to challenge the global monetary order. The author's exploration of sound money and its benefits to economic growth, innovation, and individual freedom make this book relevant to a wide range of fields of study and professions. Additionally, the book's focus on Bitcoin as a store of value and network for settlement between large financial institutions may be of particular interest to those in the finance industry.

Economics is the study of how societies allocate resources, and it's a fascinating field that can lead to a wide variety of career paths. If you're interested in understanding how the world works, and how money and resources are distributed, then a career in economics might be perfect for you! As an economist, you'll be responsible for analyzing data, making predictions, and advising businesses, governments, and other organizations on how to make the best use of their resources. You'll use your analytical skills to identify trends and patterns, and your communication skills to explain your findings to others. One of the most appealing aspects of a career in economics is the wide range of potential specializations. You might focus on macroeconomics, studying the overall performance of national or global economies. Or you might specialize in microeconomics, analyzing the behavior of individual consumers and businesses. Other areas of specialization include international economics, environmental economics, and health economics. To become an economist, you'll need at least a bachelor's degree in economics or a related field. Popular undergraduate programs include economics, finance, and business administration. Many economists also go on to earn advanced degrees, such as a master's or doctorate in economics. In addition to a strong educational background, there are several personal attributes that can be helpful for a career in economics. These include strong analytical skills, excellent communication skills, and the ability to work well under pressure. You should also be comfortable with math and statistics, as these are key tools in the field of economics. Job prospects for economists are generally strong, with many opportunities available in both the public and private sectors. Some notable employers include the World Bank, the International Monetary Fund, and the Federal Reserve. Private sector employers might include consulting firms, financial institutions, and multinational corporations. Overall, a career in economics can be both intellectually stimulating and financially rewarding. If you're interested in understanding how the world works and helping organizations make the most of their resources, then economics might be the perfect field for you!

Are you looking for a career that combines your love for finance, business, and customer service? Then a career as a Commercial Banker may be just what you're looking for! As a Commercial Banker, you'll be responsible for managing relationships with business clients, helping them with their banking needs, and providing financial advice. This is a dynamic and exciting field, with a wide range of opportunities for growth and advancement. One of the most appealing aspects of this job is the opportunity to work with a wide range of clients, from small businesses to large corporations. You'll be able to help businesses grow and thrive, and you'll be an important part of their financial success. Typical duties in this field include managing accounts, providing financial advice, and developing relationships with clients. You may also specialize in areas such as commercial lending, treasury management, or investment banking. To become a Commercial Banker, you'll typically need a Bachelor's degree in finance, accounting, or a related field. Popular majors for this career include finance, economics, and business administration. You may also need to complete additional training or certification, depending on your area of specialization. Helpful personal attributes for this career include strong communication skills, analytical thinking, and a customer-focused mindset. You'll need to be able to work well under pressure, and you'll need to be comfortable with technology and data analysis. Job prospects for Commercial Bankers are strong, with a projected growth rate of 4% over the next decade. There are a wide range of potential employers in this field, including major banks such as JPMorgan Chase, Wells Fargo, and Bank of America. You may also find opportunities with smaller regional banks, or with government agencies such as the Federal Reserve. So if you're looking for a challenging and rewarding career in finance, consider becoming a Commercial Banker. With the right education, training, and personal attributes, you could be on your way to a successful and fulfilling career in this exciting field!