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The Everyday Practice of Valuation and Investment : Political Imaginaries of Shareholder Value / Horacio Ortiz.

By: Material type: TextTextPublisher: New York, NY : Columbia University Press, [2021]Copyright date: 2021Description: 1 online resourceContent type:
Media type:
Carrier type:
ISBN:
  • 9780231201186
  • 9780231553971
Subject(s): DDC classification:
  • 332.63/221 23
Other classification:
  • online - DeGruyter
Online resources:
Contents:
Frontmatter -- CONTENTS -- ACKNOWLEDGMENTS -- INTRODUCTION -- 1. THE ORGANIZATIONAL SPACE OF FINANCIAL VALUE -- 2. VALUATION AS A PERSONAL OPINION -- 3. THE TRUTH OF VALUE AS THE RESULT OF EFFICIENT MARKETS -- 4. FINANCIAL VALUE AS POLITICAL ASSEMBLAGE -- CONCLUSION -- NOTES -- BIBLIOGRAPHY -- INDEX
Summary: The financial industry derives its legitimacy through the claim that it acts in the interest of shareholders. A vast international network of funds, banks, insurance companies, brokerages, rating agencies, and regulatory agencies defends its status by asserting that market mechanisms determine a company’s true value and therefore enriching shareholders contributes to the socially optimal allocation of capital. Is this how stock prices are determined in practice? What does stock valuation reveal about the supposed efficiency of markets and what it means to act on behalf of shareholders?Horacio Ortiz provides a critical analysis of the social institutions and practices that produce and regulate stock pricing and valuation. He examines how financial professionals evaluate and invest in listed companies, unraveling the contradictory definitions of financial value that shape their behavior. Ortiz demonstrates how ideologically laden notions of investing skill and efficient markets are central to the everyday practices of financial valuation, as well as how they function to justify the broader system. He scrutinizes the technical aspects of valuation and investment, their place in social relations within and among companies, and their relation to state regulation in order to demystify how the financial industry presents prices as truths that the rest of society must accept.Drawing on ethnographic fieldwork conducted among stock brokers and investment management companies in New York and Paris, this book shows how the political imaginaries that underpin financial markets are central to producing, sustaining, and legitimizing global inequalities.
Holdings
Item type Current library Call number URL Status Notes Barcode
eBook eBook Biblioteca "Angelicum" Pont. Univ. S.Tommaso d'Aquino Nuvola online online - DeGruyter (Browse shelf(Opens below)) Online access Not for loan (Accesso limitato) Accesso per gli utenti autorizzati / Access for authorized users (dgr)9780231553971

Frontmatter -- CONTENTS -- ACKNOWLEDGMENTS -- INTRODUCTION -- 1. THE ORGANIZATIONAL SPACE OF FINANCIAL VALUE -- 2. VALUATION AS A PERSONAL OPINION -- 3. THE TRUTH OF VALUE AS THE RESULT OF EFFICIENT MARKETS -- 4. FINANCIAL VALUE AS POLITICAL ASSEMBLAGE -- CONCLUSION -- NOTES -- BIBLIOGRAPHY -- INDEX

restricted access online access with authorization star

http://purl.org/coar/access_right/c_16ec

The financial industry derives its legitimacy through the claim that it acts in the interest of shareholders. A vast international network of funds, banks, insurance companies, brokerages, rating agencies, and regulatory agencies defends its status by asserting that market mechanisms determine a company’s true value and therefore enriching shareholders contributes to the socially optimal allocation of capital. Is this how stock prices are determined in practice? What does stock valuation reveal about the supposed efficiency of markets and what it means to act on behalf of shareholders?Horacio Ortiz provides a critical analysis of the social institutions and practices that produce and regulate stock pricing and valuation. He examines how financial professionals evaluate and invest in listed companies, unraveling the contradictory definitions of financial value that shape their behavior. Ortiz demonstrates how ideologically laden notions of investing skill and efficient markets are central to the everyday practices of financial valuation, as well as how they function to justify the broader system. He scrutinizes the technical aspects of valuation and investment, their place in social relations within and among companies, and their relation to state regulation in order to demystify how the financial industry presents prices as truths that the rest of society must accept.Drawing on ethnographic fieldwork conducted among stock brokers and investment management companies in New York and Paris, this book shows how the political imaginaries that underpin financial markets are central to producing, sustaining, and legitimizing global inequalities.

Mode of access: Internet via World Wide Web.

In English.

Description based on online resource; title from PDF title page (publisher's Web site, viewed 20. Nov 2024)