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Traders, managers and loss aversion in investment banking: a field study

Willman, Paul, Fenton-O'Creevy, Mark, Nicholson, Nigel and Soane, Emma (2002) Traders, managers and loss aversion in investment banking: a field study. Accounting, Organizations and Society, 27 (1-2). pp. 85-98. ISSN 0361-3682

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Abstract

The paper examines the management of traders in financial markets from the perspectives of agency and prospect theory. Using interview data from a sample of traders and managers in four investment banks, the paper argues that managers focus on avoiding losses rather than making gains. This focus emerges from the characteristics of managers and the nature of their role. The implications for agency and prospect theory, together with the policy issues for managers, are discussed.

Item Type: Article
Official URL: http://www.elsevier.com/wps/find/journaldescriptio...
Additional Information: © 2001 Elsevier Science
Library of Congress subject classification: H Social Sciences > HG Finance
Sets: Research centres and groups > Employment Relations and Organisational Behaviour Group
Departments > Management
Rights: http://www.lse.ac.uk/library/usingTheLibrary/academicSupport/OA/depositYourResearch.aspx
Date Deposited: 31 Oct 2008 13:46
URL: http://eprints.lse.ac.uk/16188/

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