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Legitimizing an Ambiguous Financial Innovation: The Case of Exchange-Traded Funds in France

In: Finance: The Discreet Regulator

Author

Listed:
  • Laurent Deville
  • Mohamed Oubenal

Abstract

The capacity of financial engineers to develop new products is apparently limitless. After a very fertile period from the mid-1960s to the mid-1980s that saw development of a huge number of innovations, including the advent of index futures and options, Miller (1986) argued that this extraordinary age had finally come to an end. As shown by Tufano (2003) in his review of financial innovation, the next 30 years were about to prove him wrong. New forms of financial products appeared regularly in the form of simple or exotic derivatives, and equity-like products trading on exchanges or in OTC markets. Tufano defines financial innovation as ‘the act of creating and then popularizing new financial instruments as well as new financial technologies, institutions and markets’. It is thus not only a matter of inventing products paying new types of cash flow, the way products spread is also of importance.

Suggested Citation

  • Laurent Deville & Mohamed Oubenal, 2012. "Legitimizing an Ambiguous Financial Innovation: The Case of Exchange-Traded Funds in France," Palgrave Macmillan Books, in: Isabelle Huault & Chrystelle Richard (ed.), Finance: The Discreet Regulator, chapter 9, pages 212-232, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-03360-4_10
    DOI: 10.1057/9781137033604_10
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    Cited by:

    1. François-Xavier Dudouet & Eric Grémont & Antoine Vion, 2014. ""Bank Centrality" and Money Creation [« Centralité bancaire » et émission monétaire]," Working Papers halshs-01095256, HAL.

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