Legitimizing an Ambiguous Financial Innovation : the case of Exchange Traded Funds in France
Oubenal, Mohamed; Deville, Laurent (2012), Legitimizing an Ambiguous Financial Innovation : the case of Exchange Traded Funds in France, in Richard, Chrystelle; Huault, Isabelle, Finance : The Discreet Regulator. How Financial Activities Shape and Transform the World, Palgrave Macmillan : Basingstoke, p. 212-232
Book titleFinance : The Discreet Regulator. How Financial Activities Shape and Transform the World
Book authorRichard, Chrystelle; Huault, Isabelle
Number of pages288
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Abstract (EN)The results of the study provide empirical evidence of the way ETF promoters were the driving force behind development of the market, exercising social control with relative discretion. Section 2 describes the nature of ETFs in general and the way they have evolved in France, with a focus on their ambiguities. Section 3 shows how promoters of ETFs convinced the industry of the value of this innovation, and negotiated rules with the regulator. Section 4 then investigates cooperation between competing issuers dealing with the ambiguities of the product to achieve its legitimization. Section 5 concludes by discussing the consequences of ETF market growth for the promoters' ability to continue unobtrusively exercising social control.
Subjects / KeywordsPlaces financières; Sociologie des marchés financiers; Légitimation d'un produit financier
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