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Covering up trading losses : opportunity-cost accounting as an internal control mechanism

Author: Edward J Kane; Kimberly DeTrask; National Bureau of Economic Research.
Publisher: Cambridge, MA. : National Bureau of Economic Research, ©1998.
Series: Working paper series (National Bureau of Economic Research), working paper no. 6823.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Abstract: This paper analyzes the methods of loss concealment used by rogue traders in the Barings and Daiwa scandals. The analysis clarifies how and why these firms' top managers and home-country regulators deserve blame for allowing cumulative losses to become so large. The central point is that information systems that focus exclusively on cash flows tempt amoral traders to build credits that generate a high  Read more...
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Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Edward J Kane; Kimberly DeTrask; National Bureau of Economic Research.
OCLC Number: 70108050
Notes: "December 1998."
Also available via the Internet at http://www.nber.org/wwp.html.
Description: 1 online resource (33 pages).
Series Title: Working paper series (National Bureau of Economic Research), working paper no. 6823.
Other Titles: Opportunity-cost accounting as an internal control mechanism
Responsibility: Edward J. Kane, Kimberly DeTrask.

Abstract:

Abstract: This paper analyzes the methods of loss concealment used by rogue traders in the Barings and Daiwa scandals. The analysis clarifies how and why these firms' top managers and home-country regulators deserve blame for allowing cumulative losses to become so large. The central point is that information systems that focus exclusively on cash flows tempt amoral traders to build credits that generate a high level of accounting profits. Constructing opportunity-cost measures of profit imposes additional restraints on reporting activity. These restraints make it easier for higher-ups, auditors, and regulators to identify the true sources of accounting profit and to challenge counterfeit earnings.

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