Charitable Conflicts of Interest

This paper looks at conflicts of interest in the not-for-profit sector. It examines the nature of conflicts of interest and why they are of ethical concern, and then focuses on the way not-for-profit organisations are especially prone to and vulnerable to conflict-of-interest scandals. Conflicts of interest corrode trust; and stakeholder trust (particularly from donors) is the lifeblood of most charities. We focus on some specific challenges faced by charitable organisations providing funding for scientific (usually medical) research, and examine a case study involving such an organisation. One of the principal problems for charities of this kind is that they often distribute their funds within a relatively small research community (defined by the boundaries of a small region, like an American state or Spanish Autonomous region, or a small country), and it often proves difficult to find high-level researchers within the jurisdiction to adjudicate impartially the research grants. We suggest and recommend options appropriate for our case study and for many other organisations in similar situations.     

Conflicts of Interest in Financial Intermediation

The last years have seen a surge of scandals in financial intermediation. This article argues that the agency structure inherent to most forms of financial intermediation gives rise to conflicts of interest. Though this does not excuse scandalous behavior it points out market imperfections. There are four types of conflicts of interest: personal-individual, personal-organizational, impersonal-individual, and finally, impersonal-organizational conflicts. Analyzing recent scandals we find that all four types of conflicts of interest prevail in financial intermediation.     

Guanxi and Conflicts of Interest

Guanxi involves interpersonal obligations, which may conflict with other obligations people have that are based on general or abstract moral considerations. In the West, the latter have been widely accepted as the general source of obligations, which is perhaps tied to social changes associated with the rise of capitalism. Recently, Western ethicists have started to reconsider the extent to which personal relationships may form a distinct basis for obligation. In administration and management, salient bases for decision-making include deontological, consequentialist and personalist ethics. The first may be reflected in a bureaucratic approach, the second in a price system, and the third in arrangements like guanxi. Each has positive and negative aspects, but problems arise when they lead to conflicting obligations, as may occur for an office holder who has some obligations based in deontological considerations and others based in personal relationships. This is a type of conflict of interest. Such conflicts have been considered in the West, and remedies proposed. Problems arise especially in cases where it is not clear how to prioritise different obligations, and this has been noted as a difficulty in the Chinese legal system. Questions that need to be answered include not only questions about how to deal with conflicting obligations, but also questions about what institutions to accept as giving rise to obligations. Institutions themselves may be problematic not only because of their consequences for economic productivity, but because they are internally incoherent, and this may be manifested in frequent conflicts faced by office holders. Chris Provis studied and taught philosophy, then worked for some years in industrial relations and now is Associate Professor in the School of Management at the University of South Australia, and Deputy Director of the Ethics Centre of South Australia. He has published articles in journals including Business Ethics Quarterly, Journal of Business Ethics, and Business Ethics: A European Review. His book Ethics and Organisational Politics was published by Edward Elgar in 2004.     

Ethics Programs, Board Involvement, and Potential Conflicts of Interest in Corporate Governance

Board composition, insider participation on compensation committees, and director compensation practices can potentially cause conflicts of interest between directors and shareholders. If these corporate governance structures result in situations where actions beneficial to directors do not also benefit shareholders, then shareholders may suffer.Corporate ethics programs usually address conflicts of interest that may arise in the firm's activities. Some boards of directors take active roles in their firms' ethics programs by actively overseeing the programs. This paper empirically examines the relationship between ethics programs and potential conflicts of interest and the relationship between board involvement in a firm's ethics program and potential conflicts of interest.Evidence in this paper shows that firms with ethics programs have a lower percentage of inside directors on their compensation committees than do firms without ethics programs. Firms in which boards are actively involved in the programs have more independent boards (higher percentage of independent directors and lower percentage of inside directors) and are more likely to compensate outside directors with equity than are firms in which boards are not actively involved in the programs. Supplemental analyses show that the incidence of potential conflicts of interest is not significantly different between firms without ethics programs and firms in which boards are not actively involved in the programs. Taken together, the evidence in this paper indicates that a board actively involved in an ethics program, and not the simple existence of an ethics program, is related to the incidence of potential conflicts of interest.     

Conflicts of Interest Arising from the Prudent Investor Rule: Ethical Implications for Over-the-Counter Derivative Securities

The Prudent Investor Rule creates a potential ethical dilemma for investment advisors selling over-the-counter financial products issued by their firms. The "opportunity" to defraud investors using complex, over-the-counter derivative securities designed for client-specific risk management is much higher than for exchange traded securities. This paper emphasizes the ethical responsibility held by trustees and their organizations to eliminate potential conflict of interests through internal control and monitoring. Independent evaluations of the performance of investment advisors and independent appraisals of complex over-the-counter securities are important in reducing the risks of conflicts of interest. Recent lessons learned from the corporate ethics crisis and requirements of the 2002 Sarbanes Oxley Act would suggest that conflict of interest must be eliminated with third party validation of derivative pricing. By performing due diligence and validation, the trustee is able to satisfy the requirements under the Prudent Investor Rule.     

港币利率与美元利率为什么出现背离 --港币估值中的人民币因素研究

港币利率在联系汇率制度下呈现与美元利率趋同的趋势,是港币利率走势的基本趋势.但是,2004年11月港币呈现明显与美元利率背离的趋势,这实际上反映出当前港币估值中的一个重要的变化,这就是人民币因素开始影响并参与决定港币市场利率的形成和变动,其机制主要是联系汇率制度套息功能出现部分失灵;同时,港币估值基础客观上越来越受到内地经济和人民币汇率的影响,其机制主要是港币已逐渐担当人民币资产的替代货币角色.因此,应当针对新的国际经济环境,对港币的利率走势及其估值机制进行调整,以巩固和改进港币联系汇率制度的运作.     

Solving Intra-Company Conflicts Using the RAMONA-Interactive Negotiation Support System

A key issue within manufacturing organizations is how to induce the different departments and/or interest groups to work most effectively for the common good of the company. In almost every company daily conflicts exist between different interests and/or interest groups. For example in a typical manufacturing company, production management and marketing management perspectives can contain different goals with respect to the terms of sales with resultant inefficiencies. This paper describes 1) in detail the RAMONA-program a user-friendly interactive Negotiation Support System, and 2) how RAMONA can support the different interest groups involved in intra-company negotiations for the overall benefit of the firm.     

国家利益冲突与反倾销 --发达国家政策取向与经济学解释的背离

当前中国出口面临着越来越多的反倾销,通过对反倾销的经济学背景的分析,我们发现这是发展中国家在对外贸易发展过程中难以避免的问题,也是发达国家与发展中国家经济结构不能充分协调的结果.通过对国际贸易引起的国家利益冲突的经济学分析,我们认为过度反倾销不利于国际分工、国际贸易发展及世界福利水平的提高,但作为一种愈发普遍的贸易摩擦现象,反倾销对中国的出口贸易造成了很大压力和损失.中国只有采取政府引导,重点培育,重叠发展,渐进优化的产业发展战略和对外贸易战略,实现产业结构的升级和贸易结构的优化,从而扭转当前招致过度反倾销的被动局面,最终实现对外贸易的可持续发展.     

Actuaries,Conflicts of Interest and Professional Independence: The Case of James Hardie Industries Limited

Drawing on calls by researchers to examine corporate scandals involving potential conflicts of interest or compromise to professional independence involving the actuarial profession, this article outlines one such case. The consulting actuaries – to a large Australian listed company, James Hardie Industries Limited – found themselves advising two parties in a corporate restructuring where the interests of each were sometimes competing and the interests of the public appeared to be ignored. The James Hardie case is instructive in a number of ways: first, it demonstrates the subtlety with which conflicts of interest or pressures on professional independence can arise; second, it demonstrates how important professional issues can be obfuscated by more obvious and pressing financial and strategic issues; and finally it demonstrates that adherence to professional codes of conduct and the ease with which professional ethics can be compromised when those codes are vague and transgressions are rarely actionable. The James Hardie case highlights structural issues in the employment of consulting actuaries which presents risks to the profession. It demonstrates that the combination of an aggressive corporate management with a strategic agenda reliant on consulting actuaries that have a vested interest in promoting and maintaining valuable relationships, both financially and professionally, results in ethical challenges.     

论国际金融市场的利率传导机制

当国际金融市场的利率与一国利率存在差距时,国际资本便会流入或流出,随之又会影响其他国家的资本供给和利率。由于利差的经常存在,国际游资数额巨大,利率差的传导渠道不容低估。从利率的流动性效应着手,运用开放经济条件下利率传导的基本原理及利率、汇率和通胀率之间的关联性,分析国际金融市场利率传导机制的表现,得出来自利率汇率平价机制的市场性传导在金融全球化过程中有力地影响着各国的利率水平,并且通过实际利率的变化影响经济运行步伐。     

利益衡量视角下的绝对免赔额制度

本文认为,利益出发点的差异是绝对免赔额制度出台后引发广泛争论的根源所在。绝对免赔额制度涉及到多层利益,在不同利益层面上进行利益衡量是厘清利益关系的关键所在。按照不同利益之间的实现的优先性来确定整个利益系统和谐与否,不仅是拥护或反对这项制度,也是进行制度完善的理性的依据所在。     

美国银行评级制度的比较及对我国的启示

银行评级制度作为一种有效的金融监管方式,是银行监管体系中的重要组成部分。比较美国政府和市场的银行评级制度,对我国建立与完善相应的银行评级制度有一定的参考价值。可以借鉴美国银行评级制度体系,建主与我国国情相适应的、能够充分体现我国银行经营状况的银行评级体系。     

浅析美国保障措施实施的权力制约机制

保障措施是自由贸易的安全阀,它的实施需要国内主管机构负责,并辅以相应的制约机制。美国的保障措施实施,有着国会、国际贸易委员会、总统之间明确的分权和制约,更规定了总统的最终裁决权,从而保证了保障措施的实施符合美国利益。在特别保障措施的实施上,美国也遵循该原则。     

发达经济体利率与汇率交互效应的动态机制——基于美国和日本月度数据的实证考察

在非抛补利率平价理论框架基础上,文章以美国和日本为例,对发达经济体利率与汇率交互效应的动态机制进行分析,研究发现:在美日两国货币利率与汇率交互影响体系内,变量间存在长期的均衡协整关系;变量间具有较为密切的相互作用;变量对自身的作用及其在模拟中所产生的误差可由自身解释的部分都较另外两个变量的要大,并可持续到第6期左右。结合研究结论,文章对今后中国的利率与汇率政策提出了战略定位。     

贸易救济措施中的公共利益考量——以反倾销制度下的剖析为中心

"公共利益"问题是进口国在更广泛的视野下权衡其贸易救济措施所衍生的一个重要问题。本文将以反倾销措施为重点,从贸易救济措施的经济效应分析出发,研究相关国家和地区在贸易救济制度中考量"公共利益"的立法与实践,剖析"公共利益"问题在WTO多边贸易框架下的发展与趋势,并在"公共利益"考量方面对完善我国贸易救济制度提出相关建议。     

中国汇率制度改革的目标

为符合经济环境和对外贸易需要中国汇率制度已经经过几次变革。但随着中国经济的发展和世界其他国家贸易往来更加密切,减少不必要的贸易摩擦并且逐步实现金融自由化要求下改革中国现行的汇率制度,就显得更加迫切。因此在参考一些国家汇率制度改革和演变的基础上改革中国的现行汇率制度,实行汇率目标区将是我国金融改革过程中的一个现实、较优的选择。     

论我国煤炭行业监管体制中的利益冲突及其平衡机制

在我国煤炭行业监管体制中,府际基本利益的冲突与部门之间角色利益的冲突日益凸显,从根本上影响了行业监管的集中性、统一性与有效性。为了寻找各自的利益平衡点,必须从公平原则出发有针对性地确立权利、义务、利益相统一原则与权力、职责、利益相匹配原则,在此指导下,需要构建相应的立法协调机制、诉求表达机制、利益补偿机制等利益平衡机制,从而实现各方利益的平衡,理顺现行的监管体制。     

Conflicts of interest

This paper has two distinct objectives. (1) I defend an analysis of the concept of a conflict of interest. On my analysis the concept of a conflict of interest is broader than is generally supposed. I argue that a very large class of cases not ordinarily regarded as conflicts of interest should be so regarded. Conflicts of interest are an integral feature of many professional relationships and do not (as is often supposed) require the existence of external financial or personal relationships. (2) I defend and explain the commonsense view that conflicts of interest areprima facie wrong and argue that in ordinary cases it is wrong, all things considered, to allow an avoidable conflict of interest to occur. I attempt to establish these claims on the basis of weak and relatively noncontroversial assumptions.Thomas L. Carson is Associate Professor of Philosophy at Loyola University Chicago. He is the author ofThe Status of Morality and numerous papers on ethical theory and business ethics.     

欧盟消费者保护体系及其借鉴

在欧盟，由于正在进程中的．欧洲统一体的建就，在消费者权益保护方面亦统一了立法标准，创制了一套完备的体系，保证欧盟的消费者在欧洲范围内得到相同力度的保护。本文拟从欧盟在消费者保护方面的制度和措施入手，从消费者享有的权利，一般产品的安全标准，特殊商品的保护，特殊商业行为的要求等方面全面阐述欧盟消费者保护体系的概况并分析其特色与缺陷。此基础上，为我国正在完善和发展的消费者权益保护制度提供一些可供借鉴的设想与建议。     

上市公司复合型业绩评价系统的基本架构

本文以提高业绩评价的有效性为目标,在分析上市公司业绩评价的多元性特征和基本要求的基础上,阐述了复合型业绩评价系统的基本架构,包括以保障相关者利益为导向的整体业绩市场评价、以反映核心竞争力为导向的整体业绩内部评价、以风险防范为导向的财务预警、以履行受托责任为导向的高管人员业绩评价、以提高公司价值为导向的集团成员业绩评价和以实现预算目标为导向的责任中心业绩评价.