Do companies that actively attempt to embed their ethical values into business practice enjoy stronger financial performance as a result? This report describes research comparing the financial performance of FTSE 350 companies which have a business ethics training programme with those simply declaring a commitment to ethical values. The findings, for the five years 2001-2005, are consistent with previous IBE research, Does Business Ethics Pay?, suggesting that conducting business with integrity and fairness is not only the right thing to do, (...) it is also good for the bottom line. This report is sponsored by Lloyds TSB. (shrink)