Doctoral Dissertation Research: Investment Strategies in Comparative Context

密歇根大学博士论文研究：比较语境中的投资策略摘要本研究考察了是什么让客户信任两个国家的金融服务公司。关于客户与公司之间信任的社会学研究十分匮乏。然而，行为经济学的研究以及金融版最近报道的新闻表明，信任(以及信任的缺乏)不仅对金融市场，而且对我们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，这项研究试图确定一般因素和特定国家的因素是如何共同作用的，以吸引客户信任后来被证明从事欺诈行为的公司。本研究从社会科学关于信任来源的理论出发，对以下命题进行了检验：1.信任是人际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性的心理过程，它允许我们在仅有知识不足的情况下采取行动。3.信任是社会关系和人脉关系的函数。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任创建和解除案例来检验与相互竞争的理论相关联的核心假设。更广泛的影响鉴于最近庞氏骗局的增加，这项研究的更广泛的影响是众多和值得注意的，在这些骗局中，许多投资者都受到了伤害。这项研究可能会产生金融行业以及政策制定者感兴趣的发现。更具体地说，这个项目可以为政策制定者提供关于投资者如何驾驭客户与公司关系的洞察力。这些知识可能会为金融市场未来的规则制定提供信息。鉴于重点是比较法律和监管制度，社会法律学者和拉丁美洲专家可能也会发现，这项研究说出了他们的关切。洞察力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-公司信任的调查结果可能对教育材料有用，这些材料旨在为投资者配备工具，以发现和避免他们自己生活中的金融欺诈(例如，金融知识和金融安全计划)。

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).