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Author: Olivier Godechot
Publisher: Routledge
ISBN: 1317301129
Category : Business & Economics
Languages : en
Pages : 259
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Book Description
The 2008 financial crisis led the whole world to ask questions of the financial industry. Why are wages in the financial industry so high? Are bonuses responsible for the financial crisis? Where do bonuses come from? Politicians and others urged people to believe that the crisis was the price of Wall Street’s greed and blamed the "bonus culture" prevalent in the financial industry. However, despite widespread condemnation and the threat of tighter regulation, bonuses in the industry have proven remarkably resilient. Wages, Bonuses and Appropriation of Profit in the Financial Industry provides an in-depth inquiry into the bonus system. Drawing on examples from France, the City and Wall Street, it explains how and why workers in the financial industry can receive such large bonuses. The book examines issues around incentives, morality and wealth-sharing among employees, including the rise of "the working rich" – those who have benefited the most from the high wages and large bonuses on offer to some employees. These people have achieved wealth through their work thanks to new forms of exploitation in our ever-more dematerialised economy. This book shows how the most mobile employees holding the most mobile assets can exploit the most immobile stakeholders. In a world where inequalities are rising sharply, this book is therefore an important study of one of the key contemporary issues. It will be of vital interest to those studying finance, banking or political economy.
Author: Olivier Godechot
Publisher: Routledge
ISBN: 1317301129
Category : Business & Economics
Languages : en
Pages : 259
Get Book Here
Book Description
The 2008 financial crisis led the whole world to ask questions of the financial industry. Why are wages in the financial industry so high? Are bonuses responsible for the financial crisis? Where do bonuses come from? Politicians and others urged people to believe that the crisis was the price of Wall Street’s greed and blamed the "bonus culture" prevalent in the financial industry. However, despite widespread condemnation and the threat of tighter regulation, bonuses in the industry have proven remarkably resilient. Wages, Bonuses and Appropriation of Profit in the Financial Industry provides an in-depth inquiry into the bonus system. Drawing on examples from France, the City and Wall Street, it explains how and why workers in the financial industry can receive such large bonuses. The book examines issues around incentives, morality and wealth-sharing among employees, including the rise of "the working rich" – those who have benefited the most from the high wages and large bonuses on offer to some employees. These people have achieved wealth through their work thanks to new forms of exploitation in our ever-more dematerialised economy. This book shows how the most mobile employees holding the most mobile assets can exploit the most immobile stakeholders. In a world where inequalities are rising sharply, this book is therefore an important study of one of the key contemporary issues. It will be of vital interest to those studying finance, banking or political economy.
Author: Olivier Godechot
Publisher: Routledge
ISBN: 1317301110
Category : Business & Economics
Languages : en
Pages : 405
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Book Description
The 2008 financial crisis led the whole world to ask questions of the financial industry. Why are wages in the financial industry so high? Are bonuses responsible for the financial crisis? Where do bonuses come from? Politicians and others urged people to believe that the crisis was the price of Wall Street’s greed and blamed the "bonus culture" prevalent in the financial industry. However, despite widespread condemnation and the threat of tighter regulation, bonuses in the industry have proven remarkably resilient. Wages, Bonuses and Appropriation of Profit in the Financial Industry provides an in-depth inquiry into the bonus system. Drawing on examples from France, the City and Wall Street, it explains how and why workers in the financial industry can receive such large bonuses. The book examines issues around incentives, morality and wealth-sharing among employees, including the rise of "the working rich" – those who have benefited the most from the high wages and large bonuses on offer to some employees. These people have achieved wealth through their work thanks to new forms of exploitation in our ever-more dematerialised economy. This book shows how the most mobile employees holding the most mobile assets can exploit the most immobile stakeholders. In a world where inequalities are rising sharply, this book is therefore an important study of one of the key contemporary issues. It will be of vital interest to those studying finance, banking or political economy.
Author: Horacio Ortiz
Publisher: Columbia University Press
ISBN: 0231553978
Category : Social Science
Languages : en
Pages : 373
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Book Description
The financial industry derives its legitimacy through the claim that it acts in the interest of shareholders. A vast international network of funds, banks, insurance companies, brokerages, rating agencies, and regulatory agencies defends its status by asserting that market mechanisms determine a company’s true value and therefore enriching shareholders contributes to the socially optimal allocation of capital. Is this how stock prices are determined in practice? What does stock valuation reveal about the supposed efficiency of markets and what it means to act on behalf of shareholders? Horacio Ortiz provides a critical analysis of the social institutions and practices that produce and regulate stock pricing and valuation. He examines how financial professionals evaluate and invest in listed companies, unraveling the contradictory definitions of financial value that shape their behavior. Ortiz demonstrates how ideologically laden notions of investing skill and efficient markets are central to the everyday practices of financial valuation, as well as how they function to justify the broader system. He scrutinizes the technical aspects of valuation and investment, their place in social relations within and among companies, and their relation to state regulation in order to demystify how the financial industry presents prices as truths that the rest of society must accept. Drawing on ethnographic fieldwork conducted among stock brokers and investment management companies in New York and Paris, this book shows how the political imaginaries that underpin financial markets are central to producing, sustaining, and legitimizing global inequalities.
Author: Valérie Boussard
Publisher: Taylor & Francis
ISBN: 1315470284
Category : Business & Economics
Languages : en
Pages : 281
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Book Description
In the collective psyche, a financier is a capitalist. In managerial capitalism, the notion of the ‘manager’ emerged, and the role of the manager was distinct from the role of the ‘owner’. Financial capitalism is similarly underpinned by financiers who are not the holders of the financial assets they buy, sell, trade or advise upon. Finance at Work explores the world of financiers, be they finance-oriented CEOs, CFOs, financial journalists, mergers and acquisitions’ advisors or wealth managers. Part I investigates the professional trajectories of members of corporate boards and financialisation as the dissemination of financial logic outside its primary ‘iron cage’; Part II responds by studying financiers at work within financial occupations or financial operations involving external actors; while Part III pursues the issue of financial boundaries by seeking out the way financial logic crosses these boundaries. Part IV takes back the hypothesis of differentiations within finance presented in Part I, and analyses the internal boundaries of asset management, wealth management and leveraged buyout (LBO) acquisitions. This book is essential reading for researchers and academics within the field of finance who aim to understand the ‘spread of finance’ in contemporary societies.
Author: United States. Congress. House. Committee on Financial Services
Publisher:
ISBN:
Category : Bonus system
Languages : en
Pages : 136
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Book Description
Author: Philip Mader
Publisher: Routledge
ISBN: 1351390368
Category : Business & Economics
Languages : en
Pages : 564
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Book Description
Financialization has become the go-to term for scholars grappling with the growth of finance. This Handbook offers the first comprehensive survey of the scholarship on financialization, connecting finance with changes in politics, technology, culture, society and the economy. It takes stock of the diverse avenues of research that comprise financialization studies and the contributions they have made to understanding the changes in contemporary societies driven by the rise of finance. The chapters chart the field’s evolution from research describing and critiquing the manifestations of financialization towards scholarship that pinpoints the driving forces, mechanisms and boundaries of financialization. Written for researchers and students not only in economics but from across the social sciences and the humanities, this book offers a decidedly global and pluri-disciplinary view on financialization for those who are looking to understand the changing face of finance and its consequences.
Author: Balihar Sanghera
Publisher: Taylor & Francis
ISBN: 1040133711
Category : Business & Economics
Languages : en
Pages : 292
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Book Description
Recent work on rent and rentierism has offered a distinctive and fresh approach to understanding and explaining contemporary capitalism. Drawing on political economy, economics, geography and sociology, this research has brought together distinct theoretical traditions in original and fertile ways to reshape the study of issues related to class, political-economic change and environmental challenges. This book critically engages with these theoretical resources to analyse and evaluate economies in the Global North and South. It offers historical, theoretical and empirical accounts of rentierism, making important cross-disciplinary and global connections. Its four parts address global rentier capitalism under the headings of historical lessons, theoretical developments and empirical studies of rentierism in the Global North and South. It will be the first book of its kind to offer a global account of rentier capitalism. It will be of immense interest to readers in economics, political economy, sociology, geography and development studies.
Author: Wassim Shahin
Publisher: Routledge
ISBN: 1317429958
Category : Business & Economics
Languages : en
Pages : 282
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Book Description
The 21st century witnessed major changes in the financial environment surrounding bank regulators and banks. Banking and Monetary Policies in a Changing Financial Environment delves into three of these developments and challenges. The first change in the financial environment relates to the rise in the number and sophistication of financial and economic crimes which shaped the international regulatory architecture. New rules and regulations led to the creation of new strategies to combat these crimes, especially those concerning the spread of more advanced money laundering methods and techniques, terrorist financing after the 9/11 attacks, and the proliferation of weapons of mass destruction. The second development concerns the global financial crisis of 2008 which drastically affected the regulatory environment of various international and domestic financial authorities causing major changes in bank lending and corporate governance policies, and in the development of the Basel III accord on capital adequacy for bank supervision. The third development manifests itself in the creation of a major European monetary union without a fiscal union and a giant European central bank impacting the conduct of monetary policy. This book combines theory, policy, regulation and institutional approaches with empirical testing, analyzing applications and case studies of various international regulatory authorities and administrations, countries and jurisdictions, central banks and commercial banks. This volume is suitable for those who study international finance, Banking and white collar crime.
Author: Chia-Ying Chang
Publisher: Taylor & Francis
ISBN: 1315469405
Category : Business & Economics
Languages : en
Pages : 208
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Book Description
The increasing capital flows in the emerging markets and developed countries have raised various concerns worldwide. One main concern is the impact of the sharp decline of capital flows – so-called sudden stops – on financial markets and the stability of banking systems and the economy. The sudden stops and banking crises have been identified as the two main features of most financial crises, including the recent Asian Financial Crisis and Global Financial Crisis. However, how capital flows and banking crises are connected still remains unanswered. Most current studies on capital flows are empirical work, which faces various challenges. The challenges include how data has been collected and measured in each country and how sensitive the results are to the data and the adopted methodologies. Moreover, the links between capital flows and banking systems have been neglected. This book helps provide some insight into the challenges faced by empirical studies and the lessons of the recent crises. The book develops theoretical analysis to deepen our understanding on how capital flows, banking systems and financial markets are linked with each other and provides constructive policy implications by overcoming the empirical challenges.
Author: Michael Tåhlin
Publisher: Edward Elgar Publishing
ISBN: 1800378467
Category : Business & Economics
Languages : en
Pages : 349
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Book Description
This is an open access title available under the terms of a CC BY-NC-ND 4.0 License. It is free to read, download and share on Elgaronline.com. Skills and inequality have long been a central theme in analyses of social structure and economic development. A Research Agenda for Skills and Inequality offers an insightful cross-disciplinary framework for research on how unequal living conditions form, persist and change in interplay with human skill formation and development.
