Investigating the potentially contradictory microfoundations of financialization

Economy and Society

Volumn 38, Issue 2, 2009, Pages 255-277

  Watson, Matthew ^a  

^a UNIVERSITY OF WARWICK   (United Kingdom)

Author keywords

Financialization; Fund managers; Index tracking; Microfoundations; Performativity; The capital asset pricing model

Indexed keywords

CAPITAL MARKET; CREDIT PROVISION; DECISION MAKING; EMPIRICAL ANALYSIS; FINANCIAL SYSTEM; STOCK MARKET;

EID: 70349754368     PISSN: 03085147     EISSN: 14695766     Source Type: Journal    
DOI: 10.1080/03085140902786728     Document Type: Article

References (62)

1. Abolafia, M. (1996). Making markets: Opportunism and restraint on Wall Street. Cambridge, MA: Harvard University Press.
2. Aglietta, M. (2000). Shareholder value and corporate governance: Some tricky questions. Economy and Society, 29(1), 146-59.
3. Barber, R. & Ghilarducci, T. (1993). Pension funds, capital markets, and the economic future. In G. Dymski, G. Epstein & R. Pollin (Eds.), Transforming the US financial system: Equity and efficiency for the 21st century (pp. 287-320). New York: M. E. Sharpe.
4. Barker, R. (1998). The market for information: Evidence from finance directors, analysts and fund managers. Accounting and Business Research, 29(1), 3-20.
5. Benston, G. & Hartgraves, A. (2002). Enron: What happened and what we can learn from it. Journal of Accounting and Public Policy, 21(2), 105-27.
6. Bernstein, P. (1992). Capital ideas: The improbable origins of modern Wall Street. Hoboken, NJ: Wiley.
7. Boyer, R. (2000). Is a finance-led growth regime a viable alternative to Fordism? A preliminary analysis. Economy and Society, 29(1), 111-45.
8. Callon, M. (1998). The embeddedness of economic markets in economics. In M. Callon (Ed.), The laws of the markets (pp. 1-57). Oxford: Blackwell.
9. Carnoy, M. (1984). The state and political theory. Princeton, NJ: Princeton University Press.
10. Coffee, J. (2006). Gatekeepers: The professions and corporate governance. Oxford: Oxford University Press.
11. Davis, A. (2006). The limits of metrolo-gical performativity: Valuing equities in the London Stock Exchange. Competition and Change, 10(1), 3-21.
12. Derman, E. (2004). My life as a quant: Reflections on physics and finance. London: Wiley.
13. Elliott, L. & Schroth, R. (2002). How companies lie: Why Enron is just the tip of the iceberg. London: Nicholas Brealey
14. Fama, E. (1991). Efficient capital markets: II. Journal of Finance, 46(5), 1575-617.
15. Frankel, T. (2006). Trust and honesty: America's business culture at a crossroad. Oxford: Oxford University Press.
16. Froud, J., Haslam, C., Johal, S., & Williams, K. (2000). Shareholder value and financialization: Consultancy promises, management moves. Economy and Society, 29(1), 80-110.
17. Fusaro, P. & Miller, D. (2002). What went wrong at Enron. Hoboken, NJ: Wiley.
18. Gourevitch, P. & Shinn, J. (2005). Political power and corporate control: The new global politics of corporate governance. Princeton, NJ: Princeton University Press.
19. Habermas, J. (1976). Legitimation crisis (Thomas McCarthy, Trans.). London: Heinemann.
20. Holland, J. (2002). 'Financial institutions' governance of the internal governance and value creation chain of companies: A grounded theory model. Department of Accounting and Finance Working Paper, No. 2002/5. University of Glasgow.
21. Holland, J. & Doran, P. (1998). Financial institutions, private acquisition of corporate information, and fund management. European Journal of Finance, 4(2), 129-55.
22. Institutional Shareholders Committee (ISC) (2002). The responsibilities of institutional shareholders and agents: Statement of principles. London: ISC.
23. Investor Relations Society (IRS) (1998). Investor relations in the UK: Current practices and key issues. London: Business Planning and Research.
24. Jessop, B. (2007). State power: A strategic-relational approach. Cambridge: Polity.
25. Kennedy, A. (2000). The end of shareholder value: The real effects of the shareholder value phenomenon and the crisis it is bringing to business. London: Orion.
26. Knorr Cetina, K. (2005). How are global markets global? The architecture of a flow world. In K. Knorr Cetina & A. Preda (Eds.), The sociology of financial markets (pp. 38-61). Oxford: Oxford University Press.
27. Langley, P. (2008). The everyday life of global finance: Saving and borrowing in Anglo-America. Oxford: Oxford University Press.
28. Lazonick, W. & O'Sullivan, M. (2000). Maximizing shareholder value: A new ideology for corporate governance. Economy and Society, 29(1), 13-35.
29. MacKenzie, D. (2006). An engine, not a camera: How financial models shape markets. Cambridge, MA: MIT Press.
30. Malkiel, B. (1999). A random walk down Wall Street (revd edn). London: Norton.
31. Markowitz, H. (1952). Portfolio selection. Journal of Finance, 7(1), 77-91.
32. Markowitz, H. (1959). Portfolio selection: Efficient diversification of investments. London: Wiley.
33. Marston, C. (1996). The organization of the investor relations function by large UK quoted companies. Omega, International Journal of Management Science, 24(4), 477-88.
34. Martin, R. (2002). Financialization of daily life. Philadelphia, PA: Temple University Press.
35. Mauboussin, M. & Hiler, B. (1999). Cashflow.com: Cash economics in the new economy. New York: Credit Suisse First Boston.
36. McLean, B. & Elkind, P. (2003). The smartest guys in the room: The amazing rise and scandalous fall of Enron. London: Viking.
37. Mehrling, P. (2005). Fischer Black and the revolutionary idea of finance. Chichester: Wiley.
38. Micklethwait, J. & Wooldridge, A. (1996). The witch doctors: What the management gurus are saying, why it matters and how to make sense of it. London: Heinemann.
39. Nisbet, M. (1994). Selecting the company. Long Range Planning, 27(5), 145-8.
40. Offe, C. (1985). Contradictions of the welfare state. Cambridge, MA: MIT Press.
41. Poulantzas, N. (1978). State, power, socialism. London: New Left Books.
42. Pryke, M. (2007). Money's eyes: The visual preparation of financial markets. CRESC Working Paper Series, No. 42. Centre for Research on Socio-Cultural Change, Open University/University of Manchester.
43. Rao, H. & Sivakumar, K. (1999). Institutional sources of boundary-spanning structures: The establishment of investor relations departments in the Fortune 500 industrials. Organization Science, 10(1), 27-42.
44. Ravenscroft, S. & Williams, P. (2005). Rules, rogues, and risk assessors: Academic responses to Enron and other accounting scandals. European Accounting Review, 14(2), 363-72.
45. Reinstein, A. & McMillan, J. (2004). The Enron debacle: More than a perfect storm. Critical Perspectives on Accounting, 15(6-7), 955-70.
46. Revsine, L. (1991). The selective financial misrepresentation hypothesis. Accounting Horizons, 5(4), 16-27.
47. Revsine, L. (2002). Enron: Sad but inevitable. Journal of Accounting and Public Policy, 21(2), 137-45.
48. Roberts, J. (2001). Trust and control in Anglo-American systems of corporate governance: The individualizing and socializing effects of processes of accountability. Human Relations, 54(12), 1547-72.
49. Roberts, J., Sanderson, P., Barker, R., & Hendry, J. (2006). In the mirror of the market: The disciplinary effects of company/fund manager meetings. Accounting, Organizations and Society, 31(3), 277-94.
50. Samuelson, P. (1965). Proof that properly anticipated prices fluctuate randomly. Industrial Management Review, 6(2), 41-50.
51. Sassen, S. (2005). The embeddedness of electronic markets: The case of global capital markets. In K. Knorr Cetina & A. Preda (Eds.), The sociology of financial markets (pp. 17-37). Oxford: Oxford University Press.
52. Sharpe, W. (1963). A simplified model for portfolio analysis. Management Science, 9(2), 277-93.
53. Sharpe, W. (1970). Portfolio theory and capital markets. New York: McGraw-Hill.
54. Shiller, R. (2000). Irrational exuberance. Princeton, NJ: Princeton University Press.
55. Sievers, B. (1999). Psychotic organization as a metaphoric frame for the socio-analysis of organizational and interorganizational dynamics. Administration and Society, 31(5), 588-615.
56. Steinherr, A. (2000). Derivatives: The wild beast of finance. Chichester: Wiley.
57. Thornburg, S. & Roberts, R. (2008). Money, politics, and the regulation of public accounting services: Evidence from the Sarbanes-Oxley Act of 2002. Accounting, Organizations and Society, 33(2-3), 229-48.
58. Thrift, N. (1998). Virtual capitalism: The globalisation of reflexive business knowledge. In J. Carrier & D. Miller (Eds.), Virtualism: A new political economy (pp. 161-86). Oxford: Berg.
59. Tobin, J. (1958). Liquidity preference as behavior toward risk. Review of Economic Studies, 67(1), 65-86.
60. Trinkaus, J. & Giacalone, J. (2005). The silence of the stakeholders: Zero decibel level at Enron. Journal of Business Ethics, 58(1), 237-48.
61. Watson, M. (2007). The political economy of international capital mobility. Basingstoke: Palgrave Macmillan.
62. Wolfe, D. (1988). Is there integrity in the bottomline? Managing obstacles to executive integrity. In S. Srivastva (Ed.), Executive integrity: The search for high human values in organizational life (pp. 140-71). San Francisco: Jossey-Bass.