NATIONAL BUREAU OF ECONOMIC RESEARCH
NATIONAL BUREAU OF ECONOMIC RESEARCH

Putting integrity Into Finance: A Purely Positive Approach

Werner Erhard, Michael C. Jensen

NBER Working Paper No. 19986
Issued in March 2014

---- Acknowledgements ----

We are indebted to Sandra Carr, Miriam Diesendruck, Anders Dillan, James Poterba, Allan Scherr, Gonneke Spits, Sue Strober, and Steve Zaffron for their willingness to share their efforts, knowledge and insights into matters relevant to this paper, and especially Kevin Murphy for his insightful challenges, questions, and comments on this paper, and his willingness to share with us his knowledge, data and exhibits relevant to executive compensation. We acknowledge our students and seminar participants for their contribution to us, in particular the critical lessons about the viability of the material and the methodology for mastering it. We are also indebted to two anonymous referees for their valuable comments, criticisms, and suggestions. All errors are our responsibility. Jensen has received financial support from the Harvard Business School Division of Research. Both authors are associated with the non-profit Erhard-Jensen Ontological / Phenomenological Initiative (from which the authors receive no financial benefit other than a reimbursement of travel expenses when dealing with the Initiative's activities). The purpose of the Initiative is to stimulate and support research into and the application of the ontological / phenomenological perspective on human nature and behavior, and the impact of such a perspective on life, living, and self. Various management consulting and public program delivery firms (some from which the authors derive a financial benefit) utilize some of the ideas presented in this paper in their consulting activities or programs. The views expressed herein are those of the authors and do not necessarily reflect the views of the National Bureau of Economic Research.

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