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Home Capital Group—The High Cost of Dishonesty
Authors:Kareen Brown  Kevin Veenstra
Affiliation:1. Brock University;2. McMaster University
Abstract:This instructional case presents the problems that began in the summer of 2015 when Home Capital Group (HCG) announced it had cut ties with 45 mortgage brokers for falsifying figures on mortgage applications regarding the earnings of prospective home purchasers in Canada. The case details the subsequent investigation by the Ontario Securities Commission in 2017 that resulted in a run on the bank and consequent efforts by HCG to stay afloat. While emphasizing the importance of strong corporate governance and corporate social responsibility initiatives, this case also stresses the influence of various stakeholders including short‐sellers, regulators, shareholders, management, depositors, and customers in the evolution of subsequent events. As a whole, this case provides an interesting context for the discussion of stock market efficiency.
Keywords:Corporate governance  Corporate social responsibility  Accounting theory  Banking  Gouvernance d'entreprise  Responsabilité   sociale de l'entreprise  Secteur bancaire  Thé  orie comptable
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