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In examining the role of institutions in resisting corruption and its impact on growth, most studies concentrate on the aggregate level and conclude that sound institutions enhance growth. We focus instead on varying dimensions of heterogeneous institutions in the presence of corruption and their interactive effect on stock returns in four emerging economies: Brazil, Russia, India, and China (BRIC). We pay particular attention to democratic accountability, bureaucratic quality, and law and order. Using monthly data for the first time in this literature, we find that corruption and other weaker institutions lower stock returns during the period 1995-2014. However, interaction effects show interesting mixed results: Bureaucratic quality can mitigate the ill effects of corruption and increase returns by reducing red tape, whereas corruption distorts law and order and lowers stock returns. Our findings suggest that policies to enhance bureaucratic efficiency can abate the adverse effects of corruption, but a restrictive law and order environment tends to lower stock returns.

A B S T R A C TDespite the current financial crisis, accounting and finance programmes in UK have remained popular. Finance undergraduate teaching in accounting degrees is a significant component of the degree and relies heavily on Modern Finance Theory (MFT). Some of the developments in the finance curricula are critically examined. It is argued that current finance education should become more reflective and more heterodox in approach as the current curricula is biased towards techniques based on neoclassical theory. Suggestions are given for improvement of the curricula which will allow the narrow assumptions of neoclassical theory to be widened. These involve students taking into account not only the structures and patterns of finance but also the processes which are created by human experiences as part of their interactions as well as what helps to make these processes sustainable.

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