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Le processus social de légitimation des produits financiers. Le cas des Exchange Traded Funds (ETF) en France


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  • Lazega, Emmanuel

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  • Oubenal, Mohamed
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    The focus of this thesis is to study the social process of legitimizing financial products, focusing primarily on Exchange Traded Funds (ETFs) in France. Despite the complex nature of their « calculative device », ETFs have grown rapidly. This can be explained through promoters’ legitimizing efforts. Unlike neo-institutional theory which focuses on the cognitive dimension, this will emphasize the role of interdependencies and relationships in studying legitimizing efforts. This study is based on ethnographic research with semi-structured interviews and non-participant observations during conferences. We combine this qualitative research method with quantitative analysis of the network of information exchanged between marketers, traders, journalists, investors, regulators and academics. We evidence the existence of a « social niche » where competitors cooperate. The promoters exert social control on financial journalists to relay the positive aspects of their financial products. They also collaborate with EDHEC-Risk Institute to benefit from its academic status and gain more legitimacy.

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    This book is provided by Paris Dauphine University in its series Economics Thesis from University Paris Dauphine with number 123456789/12201 and published in 2013.

    Handle: RePEc:dau:thesis:123456789/12201

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    Keywords: Légitimation; Approche néo-structurale; Analyse des réseaux; Coopération entre concurrents; Contrôle social; Statut académique; ETF; Legitimizing; Neostructural; Network analysis; Cooperation between competitors; Social control; Academic status; ETFs;

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