ETHICAL BEHAVIOR AND STANDARDS OF INVESTMENT PROFESSIONALS IN SINGAPORE

This study reports the results of a survey about the ethical behavior of securities analysts and portfolio managers in Singapore and compares the responses of investment professionals in Singapore and North America. The evidence shows that most respondents from Singapore view investment professionals as "moderately ethical." They also believe that ethical standards among investment professionals in Singapore have improved during the past decade and are likely to improve over the next ten years. Respondents also believe senior management plays a key role in providing training and education for investment professionals. The most commonly reported ethical or legal violations are trading based on inside information or communicating inside information. The most important deterrent to unethical or illegal behavior is concern about government sanctions. A comparison of the responses from investment professionals in Singapore and North America shows many significant differences, which largely may be explained by different cultural and regulatory environments.