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Finance: The Discreet Regulator: How Financial Activities Shape and Transform the World

Finance: The Discreet Regulator: How Financial Activities Shape and Transform the World

Finance: The Discreet Regulator: How Financial Activities Shape and Transform the World

by Musical Youth Productions (Editor), C. Richard (Editor) Musical Youth Productions

Hardcover

(2012)

$120.00

Customer Reviews

ISBN-13: 9780230355798
Publisher: Palgrave Macmillan UK
Publication date: 10/16/2012
Edition description: 2012
Pages: 272
Product dimensions: 5.50(w) x 8.50(h) x 0.70(d)

LAURENT DEVILLE EDHEC Business School, France

ISABELLE HUAULT Paris Dauphine University and DRM Management Research Center, France
ANNE JENY-CAZAVAN ESSEC Business School, Paris, France
PAUL LAGNEAU-YMONET Paris Dauphine University, France
EMMANUEL LAZEGA Paris Dauphine University and a member of IRISSO-CNRS, France
MARC LENGLET European Business School Paris, France
JEREMY MORALES ESCP-Europe
LISE MOUNIER Centre Maurice Halbwachs (CNRS), France
MOHAMED OUBENAL Paris Dauphine University, France
ELISE PENALVA-ICHER Paris Dauphine University and member of IRISSO Social Sciences Research Center, France
ANNE PEZET HEC-Montréal, Canada
MICHAEL POWER Centre for the Analysis of Risk and Regulation (CARR) at the London School of Economics, UK
HELENE RAINELLI-WEISS Sorbonne Graduate Business School, France
CARLOS RAMIREZ HEC Paris, France
Chrystelle RICHARD ESSEC Business School, France
ANGELO RIVA European Business School
Benjamin TAUPIN Pôle Universitaire Léonard de Vinci and Dauphine Recherches en Management (DRM), France

Table of Contents

List of Tables and Figures vii

Notes on Contributors ix

Foreword Michael Power xii

Acknowledgements xv

Introduction: The Discreet Regulator Isabelle Huault Emmanuel Lazega Chrystelle Richard 1

Part I Polymorphic Actors as Networks of Influence

1 Financialization through Hybridization: The Subtle Power of Financial Controlling Jérémy Morales Anne Pezet 19

2 How Big Four Audit Firms Control Standard-Setting in Accounting and Auditing Carlos Ramirez 40

3 Ambivalence and Ambiguity: The Interpretive Role of Compliance Officers Marc Lenglet 59

4 Perpetuating the Regulatory Order in the Credit Rating Industry Benjamin Taupin 85

Part II Markets and States: Forms of Joint Regulation

5 Banks as Masters of Debt, Cost Calculators and Risk-Sharing Mediators: A Discreet Regulatory Role Observed in French Public-Private Partnerships Elise Penalva-Icher Chrystelle Richard Anne Jeny-Cazavan Emmanuel Lazega 113

6 Market Information as a Public Good: The Political Economy of the Revision of the Markets in Financial Instruments Directive (MiFID) Paul Lagneau-Ymonet Angelo Riva 134

7 Finance in Public Service: Discreet Joint Regulation as Institutional Capture at the Paris Commercial Court Emmanuel Lazega Use Mourner 164

Part III The Process of Rule Production

8 How Finance Regulates Trade Union Involvement in French SRI Elise Penalva-Icher 193

9 Legitimizing an Ambiguous Financial Innovation: The Case of Exchange-Traded Funds in France Laurent Deville Mohamed Oubenal 212

10 Constructing the Market for Credit Derivatives: How Major Investment Banks Handle Ambiguities Isabella Huault Hélène Rainelli-Weiss 233

Index 261

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The financial sector is the talk of the global village. This book highlights that, before asserting that the institutions of the financial sector deserve to be regulated, one should consider that these very institutions are themselves the discreet regulators of the markets where their activity takes place.

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