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New dogs, old tricks. Why do Ponzi schemes succeed?


  • Lewis, Mervyn K.


The Madoff saga is a vivid reminder of people's vulnerability to Ponzi schemes, and to how little the financial scams change over time. How are we to account for such schemes? Why do people fall for the same old tricks?

Suggested Citation

  • Lewis, Mervyn K., 2012. "New dogs, old tricks. Why do Ponzi schemes succeed?," Accounting forum, Elsevier, vol. 36(4), pages 294-309.
  • Handle: RePEc:eee:accfor:v:36:y:2012:i:4:p:294-309
    DOI: 10.1016/j.accfor.2011.11.002

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    References listed on IDEAS

    1. John Y. Campbell & Howell E. Jackson & Brigitte C. Madrian & Peter Tufano, 2011. "Consumer Financial Protection," Journal of Economic Perspectives, American Economic Association, vol. 25(1), pages 91-114, Winter.
    2. repec:eee:accfor:v:33:y:2009:i:2:p:99-113 is not listed on IDEAS
    3. repec:mes:challe:v:18:y:1975:i:3:p:6-13 is not listed on IDEAS
    4. Barberis, Nicholas & Thaler, Richard, 2003. "A survey of behavioral finance," Handbook of the Economics of Finance,in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 18, pages 1053-1128 Elsevier.
    5. Brian Quinn, 1995. "Derivatives and risk management: insight from the Barings experience," Proceedings 448, Federal Reserve Bank of Chicago.
    6. Arnold, Patricia J. & Sikka, Prem, 2001. "Globalization and the state-profession relationship: the case the Bank of Credit and Commerce International," Accounting, Organizations and Society, Elsevier, vol. 26(6), pages 475-499, August.
    7. Power, Michael, 1999. "The Audit Society: Rituals of Verification," OUP Catalogue, Oxford University Press, number 9780198296034.
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    Cited by:

    1. Reurink, Arjan, 2016. "Financial fraud: A literature review," MPIfG Discussion Paper 16/5, Max Planck Institute for the Study of Societies.
    2. Hofstetter, Marc & Mejía, Daniel & Rosas, José Nicolás & Urrutia, Miguel, 2018. "Ponzi schemes and the financial sector: DMG and DRFE in Colombia," Journal of Banking & Finance, Elsevier, vol. 96(C), pages 18-33.
    3. Kim Kaivanto, 2014. "Visceral emotions, within-community communication, and (ill-judged) endorsement of financial propositions," Working Papers 69123498, Lancaster University Management School, Economics Department.


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