Purposeful Inefficiencies in Financial Markets
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Köp båda 2 för 2293 krThis lively, provocative, well-informed book injects a badly needed dose of sociological realism into the analysis of investment management, highlighting the role of habit, routine, personal relationships, and the defense of vested interests. -- Donald MacKenzie, coauthor of <i>Chains of Finance: How Investment Management Is Shaped</i> In this groundbreaking book, Yuval Millo, Crawford Spence, and James J. Valentine challenge the prevailing perception of the financial industry as a bastion of innovation and dynamism. Through an in-depth examination of analysts and fund managers, they reveal a complex web of social networks, entrenched customs, and ingrained habits that foster stability, routine, and resistance to change. -- Daniel Beunza, author of <i>Taking the Floor: Models, Morals, and Management in a Wall Street Trading Room</i> This important, provocative, and powerfully written book turns many taken-for-granted wisdoms about financial intermediaries on their head. In an enthralling and accessible manner, it sheds new light on the social structures underpinning inefficiencies in financial markets. Inertia is a must-read for everyone interested in how and why these come about and persist. -- Andrea Mennicken, coeditor of <i>The New Politics of Numbers: Utopia, Evidence and Democracy</i> The academic evidence that most investors should use passive funds is overwhelming. So why do so many financial professionals still recommend active funds? This fascinating book reveals some intriguing explanations, and everyone who cares about investor outcomes should read it. -- Robin Powell, editor of <i>The Evidence-Based Investor</i> This important book on the little-understood world of financial intermediaries is a much-needed corrective to economically rational explanations of the market. It makes clear the value of exploring how markets actually function, rather than how desiccated economic theory posits they should work. -- Chris Carter, University of Edinburgh Business School
Yuval Millo is professor of accounting at Warwick Business School, University of Warwick. Crawford Spence is professor of accounting and codirector of the FinWork Futures Research Centre at Kings College London. James J. Valentine is the founder of AnalystSolutions and previously served as director of the Applied Investment Management program at Marquette University.
Introduction 1. Financial Intermediaries 2. Social Structures of Financial Markets 3. Social Stickiness 4. Conformity and Consensus 5. Technological Resistance 6. The Big Doxic Disturbance 7. Distinction Work Conclusion: Purposeful Inertia in Financial Markets Methodological Appendix: Speaking to the Prophets of Alpha Notes Index