OECD business and finance outlook 2019 : strengthening trust in business.

Foreword
Editorial
Why trust is important in business and finance
Abbreviations and acronyms
Executive summary
Chapter 1.  Trust and financial markets
	1.1. Framing the importance of trust in financial markets
		1.1.1. Public trust in markets
		1.1.2. Conceptual framework for assessing how trust could impact markets and economic growth
	1.2. Rising debt in fixed-income markets
		1.2.1. Sovereign debt markets
		1.2.2. Corporate debt
		1.2.3. Bank contingent-convertible bonds
		1.2.4. Debt outlook and implications for Trust
			Sovereign debt outlook and implications
			Corporate debt outlook and implications
			Bank CoCos outlook and implications
			Implication for trust of rising debt
	1.3. The rise of market-based finance
		1.3.1. The growth of investment funds and structured products
			The growth of investment funds to intermediate credit
			Structured products
		1.3.2. Market-based finance outlook: consequences of a repricing of debt on liquidity
			Investment funds
			CLOs
			Implications for trust of rising market-based finance
	1.4. Financial innovations
		1.4.1. Growth of trading electronification and crypto-assets
			Algorithmic and high-frequency trading
			Crypto-assets
		1.4.2. Financial technology outlook
		1.4.3. Implications for trust of FinTech
	1.5. Consequences and policy considerations
		1.5.1. Consequences and implications for trust
		1.5.2. Policy considerations
			Fixed income markets and debt
			Sovereign debt
			Corporate debt
			Market-based finance
				Asset managers
				CLOs
			Financial innovations
	Notes
	References
Chapter 2.  Trust and financial institutions
	2.1. Introduction
	2.2. Policy options to improve trust in pension institutions
	2.3. Financial consumer protection
		2.3.1. Trust and financial advice – managing conflicts of interest
		2.3.2. A spotlight on culture
		2.3.3. Quality financial products
	2.4. Enhancing trust in institutional investors through responsible business conduct
		2.4.1. Why is RBC important in driving trust of institutional investors?
		2.4.2. How can policy makers support responsible investment to drive trust?
			Integrating consideration of ESG factors into governance frameworks
			Promoting common and widespread expectations
			Improving disclosure and generating data quality
	2.5. Conclusion
	Notes
	References
Chapter 3.  Trust and corporate liability
	3.1. Can companies be trusted to obey the law?
	3.2. Establishing a solid basis for trust
	3.3. Self-reporting by companies – a reliable source of detection
	3.4. Creating corporate liability systems
	3.5. Building incentives for compliance systems into the corporate liability system
	3.6. Building incentives for co-operation into the corporate liability system
	3.7. Conclusions and additional considerations
	Notes
	References
Chapter 4.  Trust and the level playing field - The evolving state ownership
	4.1. The global SOE landscape
		4.1.1. A granular look: SOEs in the infrastructure sector
		4.1.2. State ownership of stock-market listed companies
	4.2. State-owned enterprises and the maintenance of a vibrant competition landscape
		4.2.1. The presence and financial performance of SOEs in the shipbuilding and steel industries
			Are state owned steel firms less profitable than their private counterparts?
	4.3. State ownership and competition regulation
		4.3.1. Competitive neutrality
		4.3.2. Anti-trust enforcement in the presence of SOEs
	4.4. The risk of corruption and irregular practices in the state-owned sector
		4.4.1. What are the reputational and economic fallouts of SOE corruption?
		4.4.2. What are the main risks of corruption and other rule-breaking in SOEs?
	4.5. Concerns about threats to essential security interests resulting from SOEs’ operations abroad
	4.6. OECD initiatives to ensure a level playing field
		4.6.1. Ensuring competitive neutrality
		4.6.2. Transparency and disclosure
		4.6.3. Fighting corruption
		Ensuring national security
	4.7. Challenges and outlook
	Notes
	References
Chapter 5.  Trust and online markets
	5.1. Introduction
	5.2. The role of trust in online markets
		5.2.1. Information asymmetries
		5.2.2. Consumer behavioural biases
			The free effect
			The privacy paradox
			Inertia and the status quo
	5.3. Businesses may therefore have opportunities to exploit consumer inertia
		5.3.1. The risk of a loss of trust in online markets
		5.3.2. The risk of an excess of trust in online markets
	5.4. A policy agenda for trust in digital markets
		5.4.1. Consumer and data protection regulation
		5.4.2. Financial consumer protection regulation and enforcement
		5.4.3. Competition law enforcement
		5.4.4. Interdisciplinary regulator cooperation and advocacy
	5.5. Conclusions
	Notes
	References
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