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Lépinay

Codes of Finance - Engineering Derivatives in a Global Bank

Medium: Buch
ISBN: 978-0-691-15150-2
Verlag: Princeton University Press
Erscheinungstermin: 23.08.2011
Lieferfrist: bis zu 10 Tage

The financial industry's invention of complex products such as credit default swaps and other derivatives has been widely blamed for triggering the global financial crisis of 2008. Codes of Finance takes readers behind the scenes of the equity derivatives business at one of the world's leading investment banks before the crisis, providing a detailed firsthand account of the creation, marketing, selling, accounting, and management of these financial instruments--and of how they ultimately created havoc inside and outside the bank. Vincent Antonin Lépinay, a former employee of the bank, investigates the journey of a derivative through the bank's front, middle, and back offices. In the process, he provides a rare look at the strange world of quants, traders, salespeople, accountants, and others involved in a self-annihilating form of life in which securities designed by the bank eventually threaten its infrastructure. Throughout, he tries to understand the baffling languages of engineered financial products and the often-conflicting bodies of expertise that are mobilized to create them. Codes of Finance highlights the massive costs of investment banking's hubristic dream of manufacturing global financial services that derive their value from multiple economies across the world. Yet the book challenges simplistic condemnations of financial engineering by showing that derivation is the central operator of economic life--stretching far beyond the phenomenon of financial derivatives themselves. Essential reading for economic sociologists and financial economists, as well as for readers curious to decipher modern finance, this is the first serious study of the intellectual and organizational puzzles raised by the controversial products of contemporary financial engineering.


Produkteigenschaften


  • Artikelnummer: 9780691151502
  • Medium: Buch
  • ISBN: 978-0-691-15150-2
  • Verlag: Princeton University Press
  • Erscheinungstermin: 23.08.2011
  • Sprache(n): Englisch
  • Auflage: Erscheinungsjahr 2011
  • Produktform: Gebunden
  • Gewicht: 562 g
  • Seiten: 304
  • Format (B x H x T): 164 x 241 x 29 mm
  • Ausgabetyp: Kein, Unbekannt
Autoren/Hrsg.

Autoren

Vincent Antonin Lépinay is assistant professor in the Program in Science, Technology, and Society at the Massachusetts Institute of Technology. He is the coauthor (with Bruno Latour) of "The Science of Passionate Interests".

Acknowledgments vii

Preface Financial Innovation from within the Bank ix

Prologue A Day in a Trader?s Life 1

Introduction Questioning Finance 6

Part I From Models to Books 23

Chapter 1: Thinking Financially and Exploring the Code 29

Chapter 2: Hedging and Speculating with Portfolios 55

Part II: Topography of a Secret Experiment 87

Chapter 3: The Trading Room as a Market 91

Chapter 4: The Memory of Banking 119

Part III: Porous Banking: Clients and Investors in Search of Accounts 153

Chapter 5: Selling Finance and the Promise of Contingency 157

Chapter 6: The Costs of Price 182

Chapter 7: Reverse Finance 204

Conclusion What Good Are Derivatives? 222

Appendix A: Capital Guarantee Product: The Full Prospectus 233

Notes 235

Bibliography 265

Index 277