Roncella, A. (Andrea)
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- Martin SCHLAG (2017), The Business Francis Means. Understanding the Pope’s Message on the Economy, The Catholic University of America Press, Washington [RECENSIÓN](Servicio de Publicaciones de la Universidad de Navarra, 2018) Roncella, A. (Andrea)
- BIASINI, Alessandro y VIGNA, Carmelo (eds.) (2016), Etica dell’economia. Idee per una critica del riduzionismo economico, Orthotes, Nápoles-Salerno [RESEÑA](Servicio de Publicaciones de la Universidad de Navarra, 2017) Roncella, A. (Andrea)
- GREGG, Samuel (2016), For God and Profit. How Banking and Finance Can Serve the Common Good, The Crossroad, Nueva York [RECENSIÓN](Servicio de Publicaciones de la Universidad de Navarra, 2018) Roncella, A. (Andrea)
- The Ethics of Financial Market Making and Its Implications for High-Frequency Trading(2021) Roncella, A. (Andrea)During the last 20 years, the financial sector has undergone an unprecedented transformation due to new regulations and the implementation of several technological advancements. The combination of regulation and technology has brought about new financial processes that have fundamentally changed how financial market making is done. This paper studies the ethics of financial market making and its implications for one of the most controversial financial innovations of modern times, namely high-frequency trading (HFT). We claim that the Aristotelian distinction between natural chrematistics, which is aimed at serving the real economy, and unnatural chrematistics, whose ultimate purpose is wealth accumulation, can be a useful criterion to assess the ethics of financial market making and the goodness of an innovation as HFT, and how it can serve the common good of society. This approach can be defined as ‘purpose oriented’ or ‘purpose fulfillment’.
- A MacIntyrean Perspective on the Collapse of a Money Market Fund(2018) Roncella, A. (Andrea); Ferrero-Muñoz, I. (Ignacio)This paper conducts an ethical analysis of the 2008 closure of a US money market fund entitled the reserve primary fund (RPF), which triggered the first run in the money market sector and a resultant liquidity crisis that harmed the entire US financial system. Although many academics and regulators have studied and written about RPF, the question whether the decision that caused the fund to collapse represented any ethical dilemma, has not been addressed to date. With this purpose in mind, the paper will examine the events that culminated in the closure of RPF according to Alasdair MacIntyre’s virtue ethics approach. In so doing, the paper aims to extend the applicability of MacIntyre’s concepts to the finance industry in general, and to provide a framework to predict and so potentially prevent crises like that exemplified by the RPF case.