The Sociology of Financial Markets

Contributions in this book highlight the ways in which financial markets shape the inner working and structure of corporations and their governance.

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Author: Karin Knorr-Cetina

Publisher: Oxford University Press on Demand

ISBN: 0199296928

Category: Business & Economics

Page: 319

View: 667

Financial markets also have a structural impact on the governance of social and economic institutions. Until now, sociologists have examined issues of governance mostly with respect to the legal framework of financial transactions. Contributions in this book highlight the ways in which financial markets shape the inner working and structure of corporations and their governance.

The Oxford Handbook of the Sociology of Finance

The Handbook brings together leading international scholars to provide a comprehensive overview of research and theory on the sociology of finance and the workings of financial institutions and financial markets.

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Author: Karin Knorr Cetina

Publisher: Oxford University Press on Demand

ISBN: 9780199590162

Category: Business & Economics

Page: 608

View: 432

The Handbook brings together leading international scholars to provide a comprehensive overview of research and theory on the sociology of finance and the workings of financial institutions and financial markets. It will serve as a reference point for this rapidly expanding discipline.

Information Knowledge and Economic Life

This book moves from the analysis of economic exchanges to that of the social institutions which support global markets, highlighting the social and cultural factors shaping them.

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Author: Alex Preda

Publisher: Oxford University Press, USA

ISBN: 0199556946

Category: Business & Economics

Page: 238

View: 963

As financial markets have assumed increasing prominence in societies, economic sociology's insights into their operations have provided some of the most cogent explanations of how they affect our world. The book systematically surveys the most important sociological approaches to markets, taking information as the key concept in the analysis of transactions. It examines the differences between economic and sociological concepts of information, showing how the latter can ground a genuinely sociological research programme in the investigation of markets. This is the first book to bring together and discuss different approaches to markets in contemporary economic sociology with respect to the links between information and transactions. Structured on a scale which goes from the analysis of economic exchanges as social interactions to the examination of social institutions which support global markets, the book highlights the social and cultural factors shaping the production, diffusion, and uses of economic information. Based on a systematic discussion of the latest research on economic interactions, the book investigates how information is constituted in market transactions; the role played by emotions; the role of shared cognitive frameworks in shaping information. It integrates the analysis of economic groups, networks, and communities with that of forms of economic expertise, technologies, organizations, and institutions which constitute markets. The book analyzes the social structures supporting market transactions, discussing networks of social relationships, groups, and market communities with respect to information. It shows how newer concepts like performativity, with several versions and applications, contribute to a better understanding of market dynamics. Using examples, the book discusses the increased technological complexity of markets and its consequences with respect to how information is processed in transactions.

Markets On Trial

Since the mid-20th century, organizational theorists have increasingly distanced themselves from the study of core societal power centers and important policy issues of the day.

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Author: Michael Lounsbury

Publisher: Emerald Group Publishing

ISBN: 9780857242082

Category: Social Science

Page: 404

View: 754

Since the mid-20th century, organizational theorists have increasingly distanced themselves from the study of core societal power centers and important policy issues of the day. This title addresses the global financial crisis debates and struggles around how to organize economies and societies around the world.

The Future of Futures

Esposito's fascinating and beautiful work is an important contribution to the sociology of finance, a subdiscipline of sociology that took on itself an extremely important task of explaining how the finance markets really work.'– Barbara ...

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Author: Elena Esposito

Publisher: Edward Elgar Publishing

ISBN: 9781849809115

Category: Business & Economics

Page: 256

View: 777

'Within the cacophony of voices trying to explain the recent financial crisis, Elena Esposito's voice sounds clear and deep. Steering away from simplistic condemnations and equally simplistic prescriptions for betterment, she connects the very invention of derivatives to that eternal human hope – of controlling the future. While the task is impossible, the attempts never stop, and the very process of attempting it brings some consolation. And while derivatives can be seen, claim sociologists of finance, as performative, that is shaping the future they promise to control, even this is far from certain. Esposito's fascinating and beautiful work is an important contribution to the sociology of finance, a subdiscipline of sociology that took on itself an extremely important task of explaining how the finance markets really work.'– Barbara Czarniawska, University of Gothenburg, Sweden'This is a brilliant and timely book that shows how financing is centrally implicated in the very unpredictability and uncertainty it purports to master. With the incisiveness characteristic of her style and writing, Esposito reads economics in innovative ways that disclose the hidden premises by which financial instruments trade and consume the prospects of the future.' – Jannis Kallinikos, London School of Economics, UK'Elena Esposito's analysis of financial markets and of their recent decline is radically different from the analyses which can be found in economic journals or books. Financial operations are reduced to their basic dimensions: time and money. Under this perspective, what is sold on financial markets is the possibility for the creation of commitments in the course of time, the possibility for the combination of these commitments with one another, and the identification of chances for the achievement of profit opportunities through the creation of specific combinations. The author argues that the recent crisis of the financial system was caused by oversimplified visions of the future and of risk leading to the consequence that options were not available in the present because all possibilities had been used up by the future. This oversimplified vision of the future imploded, and trust with it. The state tried to reconstruct options for the future in order to open up new possibilities and chances for learning. The author does not deliver recipes on how to prevent severe crises of the financial system in the future. Yet, her concept facilitates understanding of how financial futures are opened up or closed and thus provides insights into basic principles on whose basis future opportunities can be kept open and trust can be maintained. Innovative reforms of the financial system can only develop on the basis of unconventional analyses. Elena Esposito's book contains an analysis of this kind.'– Alfred Kieser, Mannheim University, Germany'Elena Esposito's book is a fundamental analysis of time in economics. With economic rigour underpinned by sociological reasoning, she explains the futures market more clearly than is possible with economic analysis alone. Economic concepts are considered in terms of time – actors deal in the present with future risks by transferring these risks to the present situation. As a result, we get more options and more risks at the same time: at present. No equilibrium will balance these trades because of the asymmetry of time: our actual decisions deal with our imagination of the future, that is, with the future of the present, but the results will be realized in the presence of the future – different modalities of time. The book is a sound reflection on modelling time in economic theory, a "must" for economists.'– Birger P. Priddat, Witten/Herdecke University, Germany'The Future of Futures is an original and intellectually provocative book which forces the reader to think. Esposito's essay fulfils two rather different functions. On the one hand, it brings new and persuasive arguments to bear against the erroneous thesis that the present financial crisis is merely due to human mistakes and to some specific government failures. On the other hand, the book suggests that only by reconsidering the role of time in the economy is it possible to make full sense of the crisis and to re-orient in a desired direction the future movements of money. It is a well-known fact that traditional economics has always adhered to a spatial conception of time, according to which time, like space, is perfectly reversible. Whence its inability both to understand how economies develop and to prescribe adequate policies. The author's proposal is to move steps ahead in the direction of an analysis of an economy in time, where both historical time and time as duration can find a place. Esposito's well-written, jargon-free book will capture the attention of anyone seriously interested in the future of our market systems.'– Stefano Zamagni, University of Bologna and Johns Hopkins University, Bologna Center, Italy This book reconstructs the dynamics of economics, beginning explicitly with the role and the relevance of time: money uses the future in order to generate present wealth. Financial markets sell and buy risk, thereby binding the future. Elena Esposito explains that complex risk management techniques of structured finance produce new and uncontrolled risks because they use a simplified idea of the future, failing to account for how the future reacts to attempts at controlling it. During the recent financial crisis, the future had already been used (through securitizations, derivatives and other tools) to the extent that we had many futures, but no open future available.

Framing Finance

In Framing Finance, Alex Preda looks at the history of the market to figure out how we arrived at a point where investing is not only commonplace, but critical, as market fluctuations threaten our plans to send our children to college or ...

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Author: Alex Preda

Publisher: University of Chicago Press

ISBN: 9780226679334

Category: Social Science

Page: 328

View: 746

As the banking crisis and its effects on the world economy have made plain, the stock market is of colossal importance to our livelihoods. In Framing Finance, Alex Preda looks at the history of the market to figure out how we arrived at a point where investing is not only commonplace, but critical, as market fluctuations threaten our plans to send our children to college or retire comfortably. As Preda discovers through extensive research, the public was once much more skeptical. For investing to become accepted, a deep-seated prejudice against speculation had to be overcome, and Preda reveals that over the course of the eighteenth and nineteenth centuries groups associated with stock exchanges in New York, London, and Paris managed to redefine finance as a scientific pursuit grounded in observational technology. But Preda also notes that as the financial data in which they trafficked became ever more difficult to understand, charismatic speculators emerged whose manipulations of the market undermined the benefits of widespread investment. And so, Framing Finance ends with an eye on the future, proposing a system of public financial education to counter the irrational elements that still animate the appeal of finance.

Business Groups and Financial Markets

This work builds on the classical sociological contributions of Weber, Simmel, and Toennies, and makes the case for different and alternative ideal-typical models of business relations, which the author calls "English" and "German.

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Author: Sandro Segre

Publisher: Routledge

ISBN: 9781351530347

Category: Business & Economics

Page: 153

View: 477

This work builds on the classical sociological contributions of Weber, Simmel, and Toennies, and makes the case for different and alternative ideal-typical models of business relations, which the author calls "English" and "German." The "English" model of business relations is characterized by free competition between firms. They abide by the ethical rules of fair business and the moral economy in market exchanges. Their relations are accordingly based on mutual trust. As a rule, they do not cultivate privileged relations with political authorities. By contrast, the "German" model involves hierarchical relations between a group's major firm and its smaller units. There is no moral community binding together the different groups, and therefore no mutual trust between them. Business groups maintain close relations, based on reciprocal favours, with authorities. The author compares the London and New York Stock Exchanges in the late nineteenth century, finding the former better approximates the "English" model, and shows this model's superior performance. "English" model countries such as Taiwan have been shown to be more competitive in market exchanges than countries such as South Korea, which approximate the "German" model. A new epilogue makes use of more recent information and confirms Segre's arguments.

The Oxford Handbook of the Sociology of Finance

On participants' side, this corresponds to the coercive demand for continuous observation and responsiveness; financial markets have a microsociological “build,” which is highlighted in the regime of attention by which they are governed ...

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Author: Karin Knorr Cetina

Publisher: OUP Oxford

ISBN: 9780191641350

Category: Business & Economics

Page: 640

View: 501

Recent years have seen a surge of interest in the workings of financial institutions and financial markets beyond the discipline of economics, which has been accelerated by the financial crisis of the early twenty-first century. The Oxford Handbook of the Sociology of Finance brings together twenty-nine chapters, written by scholars of international repute from Europe, North America, and Asia, to provide comprehensive coverage on a variety of topics related to the role of finance in a globalized world, and its historical development. Topics include global institutions of modern finance, types of actors involved in financial transactions and supporting technologies, mortgage markets, rating agencies, and the role of financial economics. Particular attention is given to financial crises, which are discussed in a special section, as well as to alternative forms of finance, including Islamic finance and the rise of China. The Handbook will be an indispensable tool for academics, researchers, and students of contemporary finance and economic sociology, and will serve as a reference point for the expanding international community of scholars researching these areas from a broadly-defined sociological perspective.

Social Avalanche

A compelling account of how crowd dynamics, or social avalanches, are central to cities and financial markets.

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Author: Christian Borch

Publisher: Cambridge University Press

ISBN: 9781108489218

Category: Business & Economics

Page: 290

View: 818

A compelling account of how crowd dynamics, or social avalanches, are central to cities and financial markets. Just as urban inhabitants are prone to being caught up in the city's flux, the same dynamic can cause traders on financial exchanges and even the algorithms of present-day financial markets to be captured by the maelstrom of the market.

Markets

Building on such work, this volume brings together key thinkers of economic studies with German media theory, describes the central role of the media specificity of markets in new detail and inflects them in three distinct ways.

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Author: Armin Beverungen

Publisher: U of Minnesota Press

ISBN: 9781452959283

Category: Social Science

Page: 144

View: 249

A media theory of markets Markets abound in media—but a media theory of markets is still emerging. Anthropology offers media archaeologies of markets, and the sociology of markets and finance unravels how contemporary financial markets have witnessed a media technological arms race. Building on such work, this volume brings together key thinkers of economic studies with German media theory, describes the central role of the media specificity of markets in new detail and inflects them in three distinct ways. Nik-Khah and Mirowski show how the denigration of human cognition and the concomitant faith in computation prevalent in contemporary market-design practices rely on neoliberal conceptions of information in markets. Schröter confronts the asymmetries and abstractions that characterize money as a medium and explores the absence of money in media. Beverungen situates these inflections and gathers further elements for a politically and historically attuned media theory of markets concerned with contemporary phenomena such as high-frequency trading and cryptocurrencies.

Rumors in Financial Markets

This book is an excellent work in finance that combines a nice survey of rumors as perceived by traders with legal aspects and scientific models. The book draws from a new approach in finance: experimental financial markets.

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Author: Mark Schindler

Publisher: John Wiley & Sons

ISBN: 0470510331

Category: Business & Economics

Page: 210

View: 650

On the trading floor, all action is based on news, therefore rumors in financial markets are an everyday phenomenon. Rumors are the oldest mass medium in the world and their nature is still difficult to grasp. Scientifically, not much is known about rumors, especially in the financial markets, where their consequences can have real money consequences. Rumors in Financial Markets provides a fresh insight to the topic, combining the theory of Behavioral Finance with that of Experimental Finance--a new and innovative scientific method which observes real decision makers in a controlled, clearly structured environment. Using the results from surveys and experiments, the author argues that rumors in the context of financial markets are built on three cornerstones: Finance, Psychology and Sociology. The book provides insights into how rumors evolve, spread and are traded on and provides explanations as to why volatility rockets, strong price movements, herding behavior for example, occur for apparently no good reason.

A Weberian Analysis of Business Groups and Financial Markets

Weber in particular examined the rules of the moral economy in the financial markets, and this volume sheds light on his contribution to the subject.

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Author: Sandro Segre

Publisher: Routledge

ISBN: 9781351163460

Category: Social Science

Page: 142

View: 651

Moral economy, as a set of rules which regulate market transactions, has been the object of much research and debate since the 1980s; it has also been the focus of classical sociological authors such as Weber, Simmel and Toennies. Weber in particular examined the rules of the moral economy in the financial markets, and this volume sheds light on his contribution to the subject. The book formulates two models of business relations - one oligopolistic model, the other based on free competition - which are derived from Weber and Simmel's writings and which represent alternative instances of the moral economy. Empirical case studies in the form of South Korea and Taiwan are included to exemplify the two models and to highlight the consequences of adopting one model over the other. The volume also examines the conduct of actors in some of the leading financial markets, with reference to Weber's writings on the 19th century London and Berlin Stock Exchanges.

International Financial Markets

This book measures and explains the performance of major competitor countries in international financial services.

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Author: Professor of Sociology Anthony D Smith

Publisher: Cambridge University Press

ISBN: 0521431034

Category: Business & Economics

Page: 190

View: 853

This book measures and explains the performance of major competitor countries in international financial services. Covering markets for a number of financial services, the author assesses performance on the basis of the shares of the major institutional players in the US, Japan, the UK, and Europe. Explanations for the contrasts in national performance are sought through interviews with senior officials of financial institutions. The book concludes by asking how the banking sectors of different countries are likely to fare as international trade in financial services is liberalised.

TOWARDS A CRITICAL SOCIOLOGY OF FINANCE

Since ideologies and discourses matter in the financial sector, and have very tangible impacts on investors’ decisions worldwide, this book argues that we urgently need a new sociology of finance, one equipped with a critical commitment ...

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Author: FIAMMETTA CORRADI

Publisher: American Academic Press

ISBN: 9781631819919

Category: Business & Economics

Page: 140

View: 873

Evidences pile up to prove that financial markets are sometimes irrational, and contingently much influenced by public speeches like the ones delivered by central bankers and politicians. Since ideologies and discourses matter in the financial sector, and have very tangible impacts on investors’ decisions worldwide, this book argues that we urgently need a new sociology of finance, one equipped with a critical commitment and an innovative, standardized method for argumentation analysis. Accordingly, the new approach is firstly described theoretically and methodologically, in an open, constructive dialogue with potential complementary approaches like cultural political economy and critical discourse analysis. Then, the outcomes of some empirical analyses are displayed and discussed: from the battles of opposite financial ideologies in the decade 2008-2018, through the analysis of “dovish” speeches in monetary policy, to a case-study focused on Bitcoin’s complex ideology. In this way, Towards A Critical Sociology of Finance promises to equip the reader (and eventually the financial investor) with some critical skills to recognize and doubt financial ideologies and to become sensible to distracting argumentative strategies like buck passing and scapegoats building, as well as to other variously fallacious arguments.

Noise

This is the first ethnography of its kind, relevant to sociologists as well as to finance and management scholars.

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Author: Alex Preda

Publisher: University of Chicago Press

ISBN: 9780226427485

Category: Business & Economics

Page: 271

View: 359

Alex Preda is an ethnographer, but unlike many of his tribe, his fieldwork was done, not with the dispossessed, but with white-collar entrepreneurs. The result is an ethnography of noise in electronic finance. What this means is not noise as the uproar and commotion of trading pits, nor as something annoying, irrelevant, random, or incomprehensible. Neither the literal nor the mundanely metaphorical are his starting point, although both merit a closer look. Preda s starting point is the conceptual: namely, the notion of noise (and its empirical manifestations) as defined in an American Finance Association presidential address: noise trading provides the essential missing ingredient to the whole structure of financial markets. People who trade on noise are willing to trade even though from an objective point of view they would be better off not trading. Perhaps they think the noise they are trading on is information. Or perhaps they just like to trade. These retail traders are Preda s subjects, active in electronic financial markets. Amateur trading is known as noise trading, distinct from informed or professional trading. Preda lets us in on how ordinary people trade electronically, sketching the institutional and technological setup that makes these activities possible. He also uncovers the links between professional and amateur traders, along with the impact of online groups and online communication upon trading, as well as the ways in which traders relate their activities in electronic markets to their personal lives. This is the first ethnography of its kind, relevant to sociologists as well as to finance and management scholars."

Managing the Sociology of Finance

The papers included in this e-book cover a broad range of contemporary issues in Chinese corporate financial management and therefore provide our readers with important insights into Chinese financial markets and the social and economic ...

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Author: Yuanhui Li

Publisher:

ISBN: 1785605887

Category:

Page: 208

View: 552

The papers included in this e-book cover a broad range of contemporary issues in Chinese corporate financial management and therefore provide our readers with important insights into Chinese financial markets and the social and economic consequences of firm behavior in the Chinese context.

Cultures of Expertise in Global Currency Markets

This highly original book will be of interest to scholars of economics, sociology and political science, and in particular to all those with an interest in the sociology of finance and the role of finance in the contemporary world.

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Author: Leon Wansleben

Publisher: Routledge

ISBN: 9781135037413

Category: Business & Economics

Page: 236

View: 256

Notwithstanding financial crises, global foreign exchange markets have undergone a tremendous growth during the last two decades. Foreign exchange (FX) is often thought of as a site where economic actors exchange currencies for buying foreign goods or selling goods in foreign countries, but the FX markets are better understood as financial spheres, dominated by speculative actors. A key question is how this huge global speculative sphere has developed, and what maintains it. Thus far, global currency markets have been largely neglected by the new approaches to finance, and until now no study has existed to chart the interplay of their structural evolution and their shape as knowledge spheres. This new book offers a systematic study of FX markets from a knowledge sociological perspective, empirically focussing on analysts within these markets. It makes the argument that market structures are reflected in, and become stabilised by, distinct cultures of financial expertise. These cultures connect the actions and perceptions of loosely coupled, globally distributed market players, and establish shared sets of strategies of how to observe, valuate and invest. This highly original book will be of interest to scholars of economics, sociology and political science, and in particular to all those with an interest in the sociology of finance and the role of finance in the contemporary world.