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

Mohamed Oubenal

in Economics Thesis from University Paris Dauphine from Paris Dauphine University

Abstract: 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.

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 (search for similar items in EconPapers)
JEL-codes: Z13 (search for similar items in EconPapers)
Date: 2013 Written 2013
Note: dissertation
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