Rethinking Finance in the Face of New Challenges
Rethinking Finance in the Face of New Challengesprovides an overview of the new research perspectives devoted to financial activity, reconsidering the opposition between orthodox and heterodox schools of finance.
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| Main Authors | , , |
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| Format | eBook |
| Language | English |
| Published |
Bingley
Emerald Publishing Limited
2021
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| Edition | 1 |
| Subjects | |
| Online Access | Get full text |
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| Abstract | Rethinking Finance in the Face of New Challengesprovides an overview of the new research perspectives devoted to financial activity, reconsidering the opposition between orthodox and heterodox schools of finance. |
|---|---|
| AbstractList | Rethinking Finance in the Face of New Challengesprovides an overview of the new research perspectives devoted to financial activity, reconsidering the opposition between orthodox and heterodox schools of finance. |
| Author | Bourghelle, David Pérez, Roland Rozin, Philippe |
| Author_xml | – sequence: 1 fullname: Bourghelle, David – sequence: 2 fullname: Pérez, Roland – sequence: 3 fullname: Rozin, Philippe |
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| Discipline | Business |
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| PublicationPlace | Bingley |
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| Publisher | Emerald Publishing Limited |
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| Snippet | Rethinking Finance in the Face of New Challengesprovides an overview of the new research perspectives devoted to financial activity, reconsidering the... |
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| SubjectTerms | Finance-History |
| TableOfContents | Changes in Equity Policies: From Dilution to Accretion - The Extreme Case of Share Buybacks -- Meaning of Share Buybacks -- Relationship with Monetary Policies -- Benefits and Risks of Share Buybacks -- Comments -- On the Strategic Choices Relating to Activities -- Diversification or Specialisation? -- Integration or Refocusing? -- On Strategic Finance-Related Choices -- On the Relationship to Debt -- On Share Buybacks -- Notes -- References -- How Do We Counter Financialisation? -- Abstract -- References -- Part II. The Construction of Financial Values: An Historical Perspective -- Introduction: The Construction of Financial Values - A Historical Perspective -- References -- Paving the Way towards Financialisation: The French Case of State Venality of Offices (Century 15th-17th) -- Abstract -- Introduction1 -- Struggles over State Finances: From State Building to the Empowerment of Officeholders -- State Venality and State Building -- Instability of the Legislative Framework of Offices: Struggles for Control of a State Apparatus -- Annuities and the Enactment of Annual Right: Towards the Centrality of Officeholders within the State -- From the Centrality of Officeholders to the Financialisation of State Finances -- Office Marketisation and the Emergence of Financial Behaviours -- Use Value, Exchange Value and Partisans -- Conclusion -- Notes -- References -- The Institutional Architecture of Value: Appraisals and the Formation of Bubbles in the Financialised Real Estate Sector -- Abstract -- Appraisals: A Valuation Practice that Feeds Bubbles -- Structuration of an Appraisal Market Dominated by a Few Large International Corporations -- Unequal Power Relations between Clients and Appraisers -- The Indetermination of Value -- Building Value under Uncertainty -- How to Fix a 'Plausible' Value under Uncertainty? -- The Work of Legitimisation of Value Conclusion -- Notes -- References -- Accounting as a Political Object -- Abstract -- Introduction -- Accounting and Politics -- Relational Ecology: Rethinking the Sustainability of Capital -- The Externality of Social and Environmental Costs -- The Integrative Accounting Model -- Accounting and Economic Democracy -- Notes -- References -- Part III. Social Reality and the New Financial Structures: Sustainable and Participatory Finance -- Introduction: Responsible Finance and Social Impact - Assessing Alternative Forms of Social Engagement and Value Creation -- The Finance Conundrum: From Theory to Practice -- Finance: A Catalyst for Social Change -- Sustainable Finance and Sustainable Development Goal -- Crowdfunding and the Commodification Drift -- Conclusion: Pathways for Creating a Sustainable and Participatory Finance -- References -- Social Impacts and Their Contracts -- Abstract -- Introduction -- Productivity in Service Activities -- Interest in the Specific Nature of Service Activities -- A Conventional Measure of Productivity in Services -- The Expansion of Performance Measures in Public Services -- 'Modernising' Public Action by Management through Performance -- Relating Profit to Costs -- An Object That Is Rarely Identified, but Which Is Nonetheless Consensual: The Measure of Impact -- The Financial Arrangement of the Social Impact Bond -- Principles of the Social Impact Bond -- Towards 'Financialisation' of Social Action? -- Conclusion -- Notes -- References -- The Crowdfunding: Towards a Commodification of Generosity? -- Abstract -- Introduction -- Articulation Donation and Financing with Crowdfunding -- Financial Intermediation of Crowdfunding -- The Place of Donation in Our Societies -- Donation: Invisible Funding for Economic Theories -- The Gift: A Specific Motivation in Market Exchanges Differentiated Financial Cycles across National Economies within the Euro Area -- The Business Cycle Governed by Leverage in the Growth Regime of Financial Capitalism -- Strategy for Creating Shareholder Value and Building Leverage Effect -- Upward Pressure on the Corporate Profit Rate -- The International Convergence of Share Prices and the Maintenance of TSR Differentiation -- Unification of Equity Markets at International Level -- Strong Differentiation of TSRs from One Financial Centre to Another -- TSRs Based on Real and Financial Factors Act Differently Depending on the Listed Companies' Nationality -- Conclusion -- Notes -- References -- Unconventional Monetary Policies: New Normal or 'Black Hole'? 2019: The Year of Truth -- Abstract -- Introduction -- The End of Normalisation -- Normalisation: October 2013-December 2018 -- The Flip-flop: December 2018-January 2019 -- Stock Markets Behaviour during Phases of Monetary Tightening -- FED Leaders' Expectations: 2015-2019 -- The 'Dots' or the Story of a Renunciation -- Monetary Policy and Real Rates -- ZIRP, NIRP and QE 'New State of Finance' or the Ultimate Stage of 'Cavalry'? -- The Disappearance of Inflation -- Central Banks Action: 'The Only Game in Town?' -- The Modern Monetary Theory: Innovation or Deception? -- Directions for Research -- Conclusion -- Notes -- References -- On the Financialisation of Business Strategies -- Abstract -- The Stakes in Terms of Activities -- From Conglomerates to Pure Players: Diversification versus Specialisation - Who Should Bear the Risk Associated with the Ac ... -- From Industrial Empires to Fabless - Integration versus Outsourcing: Do or Have Done - Who Should Produce? -- The Stakes in Terms of Financing -- From Suspicion of Debt to the Search for Leverage: How Has the Relationship to Debt via the Cost of Capital Evolved? Cover -- RETHINKING FINANCE IN THE FACE OF NEW CHALLENGES -- CRITICAL STUDIES ON CORPORATE RESPONSIBILITY, GOVERNANCE AND SUSTAINABILITY -- EDITORIAL ADVISORY BOARD -- RETHINKING FINANCE IN THE FACE OF NEW CHALLENGES -- Copyright -- CONTENTS -- LIST OF FIGURES -- LIST OF TABLES -- LIST OF APPENDICES -- ABOUT THE EDITORS -- ABOUT THE CONTRIBUTORS -- PREFACE -- ACKNOWLEDGEMENTS -- Rethinking Finance in the Face of New Social, Societal and Environmental Challenges -- Notes -- Part I. Finance, Financialisation in a Global Market -- Introduction: Finance and Financialisation in a Global World -- References -- Financial Instability and Temporality Conflicts in Financialised Capitalism -- Abstract -- Introduction -- Financial Instability as the Scourge of Capitalism according to Keynes -- The Distinction Introduced by Keynes between a Capital Demand Price and Two Supply Prices -- Marginal Capital Efficiency and Equity Market Confidence -- Liquidity Requirements for Financial Securities at the Root of Financial Instability -- Preference for Liquidity and Bank Credit Status -- Questions Left Unanswered in the General Theory -- Minsky's Hypothesis of Financial Instability -- The Decisive Role of Leverage in Investment Financing -- The Paradox of Financial Tranquillity for Minsky -- The Main Sources of Financial Instability in Financialised Capitalism -- The Long Financial Cycle Governed by the Logic of Momentum -- The Financial Dimension of the Business Cycle in the Growth Regime of Financialised Capitalism -- Domination of Market Finance over Bank Finance -- The Decisive Role of the Real Estate and Consumer Credit Market -- The New Phase of Globalisation since the Early 1990s -- Shareholder Governance of the Company -- The Three Dominant Forms of Financial Instability in Financialised Capitalism Behavioural Finance as the Basis for New Regulations? Gift in the Trade Interstice according to Polanyi: Reciprocity Subject to the Market -- The Gift at the Macroeconomic Level: Re-questioning the Role of the Banking System and Money through a Keynesian Approach -- Hybridisation of Market and Reciprocity Logics within the Crowdfunding -- A Gift as Creation of Profit, towards a Market Logic -- Competition and Regulation of Donations -- Conclusion -- Notes -- References -- Sustainable Finance: Concepts, Analyses and Perspectives -- Abstract -- Introduction -- Sustainable Finance -- Corporate Social Responsibility -- Socially Responsible Investments -- The Implementation of Sustainable Finance -- Hard Law -- Soft Law -- Contractual Approach -- Managerial Approach -- Sustainable Performance -- Integrated Reporting -- Fintech, Digitalisation and Sustainable Development -- Conclusion -- Notes -- References -- Part IV. Finance, Markets and Society: Rethinking the Paradigm? -- Introduction: Finance, Markets and Society - Rethinking the Paradigm -- References -- Economics and Finance: The Monopoly and Dangers of the Mainstream School of Thought* -- Abstract -- Teaching Finance: Did the 2008 Financial Crisis Take Place? -- Is Economics Still a Social Science? -- Essential Overlooked Topics -- Conclusion -- Notes -- References -- Can Behavioural Finance Be the Foundation for New Regulation? -- Abstract -- Introduction -- Assumptions about the Behaviour of Agents and Their Implications for the Debate on Regulations -- The Foundations of Behavioural Finance and Its Critiques -- Can the Findings of Behavioural Theory, Despite Their Imprecision, Form the Basis for the Construction of New Regulations? -- The Psychological Biases behind Regulations -- Psychological Biases as the Source of Calls for Regulation -- The Psychological Biases of Regulators and Politicians |
| Title | Rethinking Finance in the Face of New Challenges |
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