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The Gordon Gekko effect : the role of culture in the financial industry

Author: Andrew W Lo; National Bureau of Economic Research,
Publisher: Cambridge, Mass. : National Bureau of Economic Research, 2015.
Series: Working paper series (National Bureau of Economic Research), no. 21267.
Edition/Format:   eBook : Document : EnglishView all editions and formats
Summary:
Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the recent financial crisis. I present a brief overview of the role of culture according to psychologists, sociologists, and economists, and then present a specific framework for analyzing culture in the context of financial practices and institutions in which three  Read more...
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Named Person: Oliver Stone; Gordon (Fictitious character) Gekko
Material Type: Document, Internet resource
Document Type: Internet Resource, Computer File
All Authors / Contributors: Andrew W Lo; National Bureau of Economic Research,
OCLC Number: 911200551
Notes: "June 2015"
Description: 1 online resource (36 pages) : illustrations.
Series Title: Working paper series (National Bureau of Economic Research), no. 21267.
Responsibility: Andrew W. Lo.

Abstract:

Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the recent financial crisis. I present a brief overview of the role of culture according to psychologists, sociologists, and economists, and then present a specific framework for analyzing culture in the context of financial practices and institutions in which three questions are answered: (1) What is culture?; (2) Does it matter?; and (3) Can it be changed? I illustrate the utility of this framework by applying it to five concrete situations -- Long Term Capital Management; AIG Financial Products; Lehman Brothers and Repo 105; Société Générale's rogue trader; and the SEC and the Madoff Ponzi scheme--and conclude with a proposal to change culture via "behavioral risk management."

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