Doctoral Dissertation Research: Investment Strategies in Comparative Context

博士论文研究：比较背景下的投资策略

• 批准号: 1129689
• 负责人: George Steinmetz
• 金额: $ 1万
• 依托单位: Regents of the University of Michigan - Ann Arbor
• 依托单位国家: 美国
• 项目类别: Standard Grant
• 财政年份: 2011
• 资助国家: 美国
• 起止时间: 2011-08-15 至 2013-07-31
• 项目状态: 已结题
• 来源: https://www.nsf.gov/awardsearch/showAward?AWD_ID=1129689&HistoricalAwards=false
• 关键词: Doctoral; Dissertation; Research; Investment; Strategies

SES - 1129689George Steinmetz (PI)Camilo Arturo Leslie (co-PI)University of MichiganDoctoral Dissertation Research: Investment Strategies in Comparative ContextAbstractThis study examines what makes clients trust in financial services firms in two countries. Sociological studies of client-firm trust are in short supply. However, research in behavioral economics as well as recent news reported in the financial pages suggests that trust (and lack thereof) has an important impact not only on financial markets but our economic system at large. By comparing defrauded, middle-class investors from the U.S. and Venezuela, this study attempts to identify how both general and country-specific factors worked in concert to induce clients to trust in firm that turned out to engage in fraudulent practices. Drawing its hypotheses from social science theories regarding the source of trust, this research tests the following propositions: 1. Trust is the outcome of both interpersonal and macro-institutional forces. 2. Trust is an affective and interpretive mental process that allows us to act where knowledge alone would be insufficient. 3. Trust is a function of social and network relationships. 4. Trust rests essentially in rational calculation and risk assessment. Through the use of semi-structured, face-to-face interviews (N = 100) with both investors and employees of a financial services firm, this research aims to test core hypotheses linked to competing theories against the facts of a complex, international case of trust creation and dissolution. Broader ImpactsThe broader impacts of this study are numerous and notable given the recent rise in Ponzi schemes in which a wide range of investors have been victimized. This study is likely to generate findings of interest to the financial industry as well as to policy makers. More concretely, this project could provide policy-makers with insights into how investors navigate client-firm relationships. Such knowledge could inform future rule-making in financial markets. Given the focus on comparing legal and regulatory regimes, socio-legal scholars and Latin American specialists may also find that the study speaks to their concerns. Insights could also help regulators and law enforcement personnel to flag fraud attempts in the future. Finally, findings regarding client-firm trust might be useful for educational materials intended to equip investors with tools to detect and avoid financial fraud in their own lives (e.g., financial literacy and financial safety programs).

george Steinmetz (PI)Camilo Arturo Leslie （co-PI）密歇根大学博士论文研究：比较背景下的投资策略摘要本研究考察了两个国家的客户对金融服务公司的信任。关于客户-公司信任的社会学研究很少。然而，行为经济学的研究以及最近金融版报道的新闻表明，信任（和缺乏信任）不仅对金融市场，而且对整个经济体系都有重要影响。通过比较来自美国和委内瑞拉的被欺诈的中产阶级投资者，本研究试图确定一般因素和特定国家因素是如何协同作用的，以诱导客户信任从事欺诈行为的公司。基于社会科学理论对信任来源的假设，本研究对以下命题进行了检验：信任是人际力量和宏观制度力量共同作用的结果。2. 信任是一种情感和解释的心理过程，它使我们能够在仅凭知识是不够的情况下采取行动。3. 信任是社会和网络关系的一个功能。4. 信任本质上取决于理性的计算和风险评估。通过对一家金融服务公司的投资者和员工进行半结构化的面对面访谈（N = 100），本研究旨在通过一个复杂的国际信托创建和解散案例的事实，检验与竞争理论相关的核心假设。更广泛的影响鉴于最近庞氏骗局的兴起，本研究的更广泛影响是众多和值得注意的，庞氏骗局中有广泛的投资者成为受害者。这项研究可能会产生对金融行业和政策制定者感兴趣的发现。更具体地说，该项目可以为政策制定者提供有关投资者如何处理客户-公司关系的见解。这些知识可以为未来金融市场的规则制定提供信息。考虑到比较法律和监管制度的重点，社会法律学者和拉丁美洲专家可能也会发现，这项研究反映了他们的担忧。洞察还可以帮助监管机构和执法人员在未来发现欺诈企图。最后，关于客户-公司信任的研究结果可能对教育材料有用，旨在为投资者提供在自己的生活中发现和避免金融欺诈的工具（例如，金融知识和金融安全计划）。