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Understanding Ponzi Schemes - Can Better Financial Regulation Prevent Investors from Being Defrauded? (Hardcover)
Loot Price: R2,897
Discovery Miles 28 970
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Understanding Ponzi Schemes - Can Better Financial Regulation Prevent Investors from Being Defrauded? (Hardcover)
Series: New Horizons in Money and Finance series
Expected to ship within 12 - 17 working days
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Ponzi schemes are a particularly vicious form of financial fraud,
in that the overly trusting victims, who are often wiped out,
typically share an affiliation with the fraudster. They are
interesting, in that they share some features with legitimate
financial phenomena (such as stock manias) and shed light on the
human tendency towards behaving foolishly, especially when
encouraged or modeled by others. In Understanding Ponzi Schemes,
Mervyn Lewis has written what is probably the best and most
comprehensive book on the topic. Extremely readable, this book uses
both theoretical models and real-life case studies to provide
readers with an answer to two questions: 'How do Ponzi schemes work
and why are they successful?' Lewis also provides useful answers to
a third question: 'What can regulators and individuals do to be
protected from future incarnations of Charles Ponzi?''' - Stephen
Greenspan, University of Connecticut, US and author of Annals of
Gullibility'Starting with very readable (and well-referenced)
accounts of various Ponzi fraudsters from Ponzi himself through to
Madoff and Stanford, lessons are drawn from such diverse
disciplines such as psychology and statistical analysis to advocate
novel approaches to the regulation of Ponzi schemes. A 'must read'
for regulatory policy-makers and a fascinating read for the general
reader, Professor Lewis is to be congratulated for advancing the
debate on this age-old phenomenon by suggesting distinctive and
innovative strategies to tackle it.' - Eva Lomnicka, Dickson Poon
School of Law, King's College London, UK 'Readers looking for a
clear explanation of how Ponzi schemes work and description of
recent and historical examples, both large and small scale, will
find that in this very readable book. But the author, Professor
Mervyn Lewis, goes well beyond those topics by drawing on
behavioural economics and psychology to help understand how
'victims' get caught in such schemes, and the motives and
behaviours of the scheme operators. That analysis also provides a
valuable checklist for readers to help them avoid becoming
victims.' - Kevin Davis, University of Melbourne, Australia A Ponzi
scheme is one of the simplest, albeit effective, financial frauds
to engineer, and new schemes keep coming forward. Despite this,
however, people continue to invest in them. How are we to account
for the seemingly never-ending lure of such schemes? In providing
answers to this central question, this concise and well-researched
book examines how Ponzi schemes operate, how they differ from
pyramid schemes, Ponzi finance and other financial arrangements.
The author questions whether the victims have only themselves to
blame, why fraudsters think that they can avoid detection, and what
important insights behavioural finance theory and psychology can
add. Particular attention is paid to the reasons behind the failure
of financial regulation, and the types of regulatory changes needed
to protect investors and avoid repetitions. The analysis is
informed by case studies of 11 Ponzi schemes in the US, UK,
Australia and New Zealand. Finance and business academics
interested in the operation of Ponzi schemes, and how they differ
from pyramid schemes, will find this book invaluable, as will
students of economics, finance, behavioural decision-making and
psychology. Lawyers, psychologists, regulatory agencies and
financial institutions will also benefit considerably from the
analysis.
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