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This thesis investigates whether professionals on the global financial markets, such as investment bankers, traders, and analysts, form a global social class.
Over recent decades, rising inequality has reinvigorated interest in issues of class. Despite the experience of world-wide economic crises demonstrating the global reach of the contemporary economy, the research areas of globalisation and class remain surprisingly disengaged from each other. Especially the question of global class formation remains underexplored.
The first part of this thesis examines why the issue of globalisation remains a niche within research on class. Therefore, the theoretical foundations of the dominant approaches to class are investigated, identifying the causes for the implicit “methodological nationalism” of modern mainstream class analysis in the underlying theories of the economy and social action. Vice-versa, an examination of globalisation theory shows that similar obstacles persist in the theoretical reasoning on inequality from a global perspective, precluding a conceptualisation of global class formation. In dialogue with the few existing approaches to conceptualize class on a global level, a framework for the study of global class formation based on Pierre Bourdieu’s notion of social fields is developed.
In part two of the thesis this framework is employed to examine empirically, whether the global field of finance is currently the source for the formation of a global financial class. The field of finance as the most globalised economic sector is a paradigmatic case for studying the formation of a global class. An interview study on the career trajectories of financial professionals from Frankfurt and Sydney uncovers that despite the legacy of national economic specificities on the institutional level, financial actors draw in their social praxis on global forms of social, cultural, and economic capital and have developed a common culture, worldview, praxis, and habitus, delineating the formation of a global financial class.
Common systemic risk measures focus on the instantaneous occurrence of triggering and systemic events. However, systemic events may also occur with a time-lag to the triggering event. To study this contagion period and the resulting persistence of institutions' systemic risk we develop and employ the Conditional Shortfall Probability (CoSP), which is the likelihood that a systemic market event occurs with a specific time-lag to the triggering event. Based on CoSP we propose two aggregate systemic risk measures, namely the Aggregate Excess CoSP and the CoSP-weighted time-lag, that reflect the systemic risk aggregated over time and average time-lag of an institution's triggering event, respectively. Our empirical results show that 15% of the financial companies in our sample are significantly systemically important with respect to the financial sector, while 27% of the financial companies are significantly systemically important with respect to the American non-financial sector. Still, the aggregate systemic risk of systemically important institutions is larger with respect to the financial market than with respect to non-financial markets. Moreover, the aggregate systemic risk of insurance companies is similar to the systemic risk of banks, while insurers are also exposed to the largest aggregate systemic risk among the financial sector.
Ziel meiner Dissertation ist die empirische Analyse von Auswirkungen der sozialen Interaktion zwischen Akteuren auf Finanzmärkten. Die folgenden Aufsätze sind Bestandteil dieser kumulativen Dissertation:
1. Frederik König (2012): Does Social Interaction destabilise Financial Markets?
2. Frederik König (2012) : Analyst Behaviour: the Geography of Social Interaction
3. Frederik König (2012) : Fluctuations of Social Influence: Evidence from the Behaviour of Mutual Fund Managers during the Economic Crisis 2008/09
In meinem ersten Aufsatz stelle ich ein Marktpreismodell vor, welches dem Einfluss durch soziale Interaktion Rechnung trägt. Mit Hilfe dieses Modells gehe ich der Fragestellung nach, ob soziale Interaktion zwischen Marktteilnehmern eine stabilisierende oder eine destabilisierende Wirkung auf Finanzmärkte hat. Mit meinem zweiten Aufsatz untersuche ich das Verhalten von Aktienanalysten, die als wesentlicher Impulsgeber für Finanzmärkte gelten. Konkret stelle ich heraus, ob Analysten stärker von anderen Analysten beeinflusst werden, wenn diese im gleichen Land bzw. in der gleichen Stadt arbeiten oder wenn sogar ein regelmäßiger Meinungsaustausch erfolgt. Beides setzte ich ins Verhältnis zum vorherrschenden Marktumfeld. In meinem dritten Aufsatz beschäftige ich mich mit der sozialen Interaktion zwischen Fondsmanagern. Diese verwalten in etwa ein Drittel des frei handelbaren Aktienvermögens und haben folglich einen nennenswerten Einfluss auf Finanzmärkte. Mit Hilfe einer neuartigen Schätzmethode bestimme ich die Größe des sozialen Einflusses und untersuche auch hier temporale Variationen im Verhältnis zum zu Grunde liegenden Marktumfeld. Des Weiteren zerlege ich die Gesamtgröße des sozialen Einflusses in zwei Komponenten, die zum einen den Einfluss im Rahmen der reinen Beobachtung und zum anderen den Einfluss durch Kommunikation reflektieren.