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Innovations financières : construire et légitimer un nouveau marché financier de gré à gré

Author

Listed:
  • Isabelle Huault

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris Sciences et Lettres - CNRS - Centre National de la Recherche Scientifique)

  • Hélène Rainelli Le Montagner

    (IAE Paris - Sorbonne Business School)

Abstract

The aim of the paper is to analyze the social construction of a new financial market. A longitudinal qualitative study is used to describe the development of the market for credit derivatives over the period 1996-2005. Special attention is given to the fact that the market is a transnational over-the-counter market. How was the market born? How did it come into existence and how did it succeed in developing? What role did the financial theory of risk play in the process? This paper emphasizes specificities of the market for credit derivatives when compared to previously analyzed financial markets. We show that its development is conditioned by the performativity of the financial theory of risk, which is by no means a naturally shared cognitive frame for the financial actors of the market.

Suggested Citation

  • Isabelle Huault & Hélène Rainelli Le Montagner, 2007. "Innovations financières : construire et légitimer un nouveau marché financier de gré à gré," Post-Print halshs-00150768, HAL.
    • Handle: RePEc:hal:journl:halshs-00150768
    Note: View the original document on HAL open archive server: https://shs.hal.science/halshs-00150768
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    References listed on IDEAS

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    1. William F. Sharpe, 1964. "Capital Asset Prices: A Theory Of Market Equilibrium Under Conditions Of Risk," Journal of Finance, American Finance Association, vol. 19(3), pages 425-442, September.
    2. Michel Callon & Fabian Muniesa, 2005. "Economic markets as calculative collective devices," Post-Print halshs-00087477, HAL.
    3. Michel Callon, 2006. "What does it mean to say that economics is performative?," CSI Working Papers Series 005, Centre de Sociologie de l'Innovation (CSI), Mines ParisTech.
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    Cited by:

    1. Gérard Charreaux, 2008. "La recherche en finance d’entreprise:quel positionnement méthodologique ?," Revue Finance Contrôle Stratégie, revues.org, vol. 11(Special), pages 237-290, June.

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