search query: @author Pressman, S. / total: 9
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| Author: | Pressman, S. |
| Title: | On financial frauds and their causes: investor overconfidence |
| Journal: | American Journal of Economics and Sociology
1998 : OCT, VOL. 57:4, p. 405-422 |
| Index terms: | SOCIOLOGY ECONOMICS FRAUD |
| Language: | eng |
| Abstract: | This paper examines two possible explanations for why investors are so often and so easily taken by the likes of Robert Bennet and his New Era fraud or Nick Leeson 's sinking of the esteemed Barings Bank. The author rules out the traditional explanations offered by neoclassical economics such as asymmetric information in a world of calculable risk. The author argues that the literature on empirical psychology, which emphasizes how people make choices in a world characterized by uncertainty provides a more plausible explanation fro why financial fraud is so prevalent. |
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