HCBE Faculty Articles

Title

Antecedents and consequences of collective fraud: A study of the United States residential real estate market boom and bust

Document Type

Article

Date

1-1-2013

Publication Title

Business and Professional Ethics Journal

ISSN or ISBN

0277-2027

Volume

32

Issue

3

First Page

145

Last Page

182

Description

This paper examines the collective fraudulent behaviors taking place during the residential real estate bubble in the United States from 2002 to 2006 and the influence of others’ choices on decision making leading to a herd mentality. The antecedents of collective fraud are discussed in terms of the sociological theory behind human herding and the fraudulent behaviors during the real estate bubble are examined. Using archival witness testimony as a primary basis for analysis, this paper argues that without widespread collective fraud, the bubble may not have developed and the herd mentality may have dissipated without the consequences of financial disaster. The aim of an analysis of this nature is to offer a plausible explanation of some of the preconditions to the event under study.

DOI

10.5840/bpej20131163

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