Academic schools, 12
Accounting management, 93–94
Achievement, 169–170
Acts of God, 127
Actuarial equity, 33
Actuarial Society of South Africa, 39
Advisory Committee on Pension Funds, 34
Ageing, 108–109
Alcoholics Anonymous, 37
Anarchistic fallacy, 3
Ancillary banking operations, 122
Anger, 37
Anglican Student Federation (ASF), 29–30
Apartheid, 29–32
Aristotle, 5
Aspirations, 151–154
Banking
ancillary operations, 122
loans, 115–120
money-laundering, 121–122
payments, 121–122
risk management, 123–128
Bank of International Settlements (the Basel Rules), 129
Barriers to trade, 57
Basel I rules, 132
Basel II rules, 132
Basel’s Advanced Measurement Approaches, 132
Blind alleys, 176
Bounded rationality, 160
Bullying, 170–171
Capitalism, regulatory, 13, 129–130
Capital price, 69–72
Carbon trading, 66
Career, 3. See also Vocation
CFA Institute standards, 82, 99–100
Codes of ethics and practice, 182
Cognitive dissonance, 158
Common good, 20–22, 25, 60, 81, 91–92, 141, 178, 185, 187
Communities, 177–179
Community Growth Fund, 98
Complexity, 131–133
Consciousness of justice, 55–59
Consequentialist theories, 14
Controlling without interference, 180–181
Corporate governance, investment management role in, 90–94
accounting and earnings management, 93–94
voting for the Board, 90–93
Corruption, normalization of, 183
Cost of capital, 83
Customers, 77–80
Cynicism, 160
Deductibles and health insurance, 107
Defeats, 176
Democracy, 21
Denial, 37
Deontological theories, 14
Disability insurance, 105–107
Discrimination, 141–142
Doidge, Norman, 153
Dominant personalities, 124–125
Dying, 108–109
Dysfunctional organizations, 182–184
Earnings management, 93–94
Economic activity, creating investment and, 84–86
Economic rents, 59–69
excessive charging, 62–66
executive remuneration, 67–69
over-servicing, 66–67
Elasticity, 82
Emotional energy, managing, 170
Empathy, 7–8
Entrepreneurial profit, 71
Epicurus, 7
Equity
actuarial, 33
risk premium, overstated, 83–84
Evolutionary arguments, 51–52
Excessive charging, 62–66
Executive remuneration, 67–69
Expected present value, 84
Expertise, developing, 174–176
Financial Action Task Force, 121
Financial crisis 2008, 126
Financial sector
changing, needs for, 24–25
common good, 20–22
formal systems, 19–20
purpose of, 77–80
rules of the game, 22–24
structure of, 17–19
value, for customer, 77–80
Force Majeur, 127
Foreign exchange (FX) dealing, 125–126
Forgiveness, 7
Formal systems, 19–20
Free cover, 110
Freedom, 59–60
Free trade, creative destruction of, 57
Fundamental investing, 87–90
uncertainty, communicating, 89–90
Generativity, 166–167
Glass–Steagall Act, 122
Global Alliance for Banking on Values, 144
Global Impact Investing Network, 99
Government, purpose of, 58–59
Grand narratives, 12–13
Greed of business, 56–57
Gross domestic product (GDP), 11–12
Haldane, Andrew, 132
Hard selling, 101–103
Health insurance, deductibles and, 107
Heroes, 8–9
Heroics, 8–9
High frequency trading (HFT), 86, 87
Housing, 145
Identity as part of integrity, 163–165
Imagined communities, 178–179
Injustice, 29–38
in finance and economics, 53–75
Institutional economics, 20
Insurance
disability, 105–107
health, 107
moral hazards in, 109–111
mortality, 110
Interest. See Price of Capital
International Accounting Standards Board, 129
International Actuarial Association, 13, 49
International Associations of Business Communicators, 16
International Integrated Reporting Council (IIRC), 130
Intimacy, 165–166
Investment management, 81–100
CFA Institute standards, 99–100
fundamental investing, 87–90
maximization of profits, 82–87
overcharging, 94–96
over-servicing, 94–96
role in corporate governance, 90–94
socially responsible investment, 97–99
Johannesburg Stock Exchange, 134
Just deserts, 43, 45, 46–47, 55, 60
consciousness of, 55–59
model comparison, 45–48
restorative, 21–22, 43, 135–136, 184, 187
traditional model, uncovering, 39–45
Key performance indicators (KPIs), 156
Kohlberg, Lawrence, 14
Land tax, 61
Leadership, 184
Leading, 179–184
Lending, 116–119
Livelihood insurance, 120
Living wills. See Resolution plans
Living with tensions, 35–38
Loans, 115–120
charging for, 115–116
lending for, 116–119
revenue, sharing, 119
salary-linked housing finance, 120
Love, 165–166
Madouros, Vasileios, 132
Mandela, Nelson, 31
Marginal costs, 82–83
Marginal revenue, 82–83
Mastery, 153
Matter of judgment, 71–72
Maturity transformation, 118
McGrath, Robert, 154
Meta-regulation, 131
Mickey Mouse Protection Act, 60–61
Money-laundering, 121–122
Money, making, 167–168
Moral desert and legitimate expectations, distinction between, 46
Moral hazards, in insurance, 109–111
Mutuals, 111–113
Nearest challenge, starting with, 184–186
Needs, 44
and benefits, 104–109
physical, 42
social, 42
Opening opportunities, 143–145
Opportunities, 143–145
Oppression, opposing, 139–141
Organizations, dysfunctional, 182–184
Overconfidence, 171–174
Over-promising, 103–104
Passions, 151–168
Passive investment or indexing, 87
Payments, 121–122
Pension Fund Committee, 34
People’s strengths productive, making, 179–180
Performance measurement, 86–87
Personal interests, 48
Physical needs, 42
Plato, 5
Political communities, 178
Ponzi finance, 117
The poor, 139–145
Positive economics, problems with, 72–75
Practical wisdom, 4
Precision, 11–12
Price of Capital, 69–71
Principles for Responsible Investment, 97
Professional, 16
Profit maximization, 82–87
creating investment and economic activity, 84–86
expected present value or return on capital, 84
marginal costs equal marginal revenue, 82–83
overstated equity risk premium, 83–84
performance measurement, 86–87
Psychology, virtues in, 161–167
generativity, 166–167
identity, as part of integrity, 163–165
intimacy, 165–166
love, 165–166
Puffery, 24–25
Reasonable expectations, 63
Regulation, 129–137
complexity, 131–133
meta-regulation, 131
reintegrative shaming, 135–136
restorative justice, 135–136
vocation, 136–137
Regulatory capitalism, 13, 129–130
Reintegrative shaming, 135–136, 137, 184
Rent-seeking, 62
Resolution plans, 127–128
Responsive regulation, 133–135, 187
Restorative justice, 21–22, 43, 135–136, 184, 187
Return on capital, 84
Revenue, sharing, 119
Rights-based approach to social objectives, 47
Risk culture, 124
Risk free interest rate, 70
Risk management, 123–128
dominant personalities, 124–125
resolution plans for, 127–128
systemic risks, 125–127
virtues, 123
Salary-linked housing finance, 120
Self-authorship, 147, 165, 187
Self-plagiarism, 182
Self-regulation, 154
Small and medium enterprises (SMEs), 81, 115
Socially responsible investment, 97–99
Social needs, 42
Society’s needs, serving, 177–186
communities, 177–179
leading and controlling, 179–184
South African Commission on the Remuneration of Representatives, 45–46
South African Truth and Reconciliation Commission, 7
Stages of development, 162
Statement of Investor Rights, 100
Strengths, developing, 169–176
blind alleys and defeats, 176
expertise, developing, 174–176
satisfaction and success, 169–174
Stress, 170–171
Structural reforms, 25
Study Project on Christianity in an Apartheid Society (SPROCAS), 30
Survival bias, 172
Systemic risks, 125–127
Ten Commandments, 182
Timelessness of values, 50–51
Tournament effect, 67–68
Traditional model, uncovering, 39–45
Tragedy of the commons, 20
Training in virtue, 15–16
Triple bottom line, 98
Uncertainty, communicating, 89–90
Unfair pension fund withdrawal benefits, 32–35
UN Global Compact, 97–98
United Nations, 129
Universality, 49–50
Value-free science, 53–55
Value weighted average price (VWAP), 86
Virginity, 164
in psychology, 161–167
training in, 15–16
Vocation, 136–137, 3–4. See also Career
finding, 147–150
Voiceless, 142–143
Washington Consensus, 131