Constructing conviction through action and narrative: how money managers manage uncertainty and the consequence for financial market functioning
Constructing conviction through action and narrative: how money managers manage uncertainty and the consequence for financial market functioning
复制标题
DOI：
10.1093/ser/mwu020
复制
发表时间：
2015-04-01
影响因子：
3.7
通讯作者：
Tuckett, David
中科院分区：
文献类型：
--
作者：
Chong, Kimberly;Tuckett, David
金融资产是抽象的实体。他们的价值取决于信仰，我们认为，这些信仰具有内在的社会性和情感性。最近的事件暴露了金融市场核心的深刻不确定性、情绪的明显存在以及信心对市场有序运行至关重要的方式。利用两项访谈研究的结果，在人种学观察的支持下，我们阐述了参与金融市场的参与者面临的不可减少的认知和情感冲突，并威胁到他们的日常运作。我们引入了信念叙事这一术语，以分析他们如何在日常基础上管理这些冲突，以及产生什么样的集体后果。我们的论点是，金融市场的专业知识和信念必须通过心理和社会行动的结合不断创造和更新，这在宏观层面意味着，尽管金融市场可以有序，但它们以一种本质上脆弱的方式如此。
Financial assets are abstract entities. Their value depends on beliefs which are inherently social and, we argue, emotional. Recent events have revealed profound uncertainty at the heart of financial markets, the manifest existence of emotion and the way confidence is crucial to orderly market functioning. Using findings from two interview studies, supported by ethnographic observation, we elaborate on the irreducible cognitive and emotional conflicts which face actors engaged in financial markets and threaten their daily operations. We introduce the term conviction narrative to analyse how they manage these conflicts on a day-to-day basis, and with what collective consequences. Our thesis is that expertise and conviction in financial markets have constantly to be created and renewed through a combination of psychological and social action with the implication at the macro level that while financial markets can be orderly they are so in an intrinsically fragile way.