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dc.contributor.authorRainelli, Hélène
dc.contributor.authorHuault, Isabelle
dc.date.accessioned2009-06-13T10:21:45Z
dc.date.available2009-06-13T10:21:45Z
dc.date.issued2009
dc.identifier.urihttps://basepub.dauphine.fr/handle/123456789/263
dc.descriptionLe fichier attaché est une version pré-publication éditée dans les Cahiers de la Chaire "Les Particuliers Face aux Risques" de l'Institut Finance Dauphine, cahier n°13, septembre 2007en
dc.language.isoenen
dc.subjectCredit derivativesen
dc.subjectSocial processesen
dc.subjectDerivative securitiesen
dc.subjectOver-the-counter marketsen
dc.subjectConstruction sociale d'un marché financieren
dc.subject.ddc332en
dc.subject.classificationjelG1en
dc.subject.classificationjelG2en
dc.titleMarket shaping as an answer to ambiguities. The case of credit derivativesen
dc.typeArticle accepté pour publication ou publié
dc.contributor.editoruniversityotherParis 1;France
dc.description.abstractenBuilding on Smith (1989), we describe the social processes surrounding a new financial OTC derivatives market, the market for credit derivatives. We show that in contradiction to more traditional derivatives, credit derivatives generate ambiguities of a cognitive and political nature. By conducting an in-depth longitudinal qualitative study from 1996 to 2004, we document the efforts made by the promoters of the market to alleviate these ambiguities and show how the size of resources needed results in the leadership of the most powerful. We thus provide a socially based explanation for the concentration and lack of transparency of the market. Our research exemplifies the contradictions between the rhetorical justification of financial innovations provided by financial theory and the empirical realities of a modern derivative market. It suggests that the actual structure of the market might best be understood by paying attention to the way different cognitive and political communities react to these contradictions. [ABSTRACT FROM AUTHOR]en
dc.relation.isversionofjnlnameOrganization Studies
dc.relation.isversionofjnlvol30en
dc.relation.isversionofjnlissue5en
dc.relation.isversionofjnldate2009-05
dc.relation.isversionofjnlpages549-575en
dc.relation.isversionofdoihttp://dx.doi.org/10.1177/0170840609106113en
dc.description.sponsorshipprivateouien
dc.relation.isversionofjnlpublisherSageen
dc.subject.ddclabelEconomie financièreen


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