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

Willman, Paul, Fenton-O'Creevy, Mark, Nicholson, Nigel and Soane, Emma ORCID: 0000-0001-6090-1212 (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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Identification Number: 10.1016/S0361-3682(01)00029-0

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
Divisions:	Management
Subjects:	H Social Sciences > HG Finance
Date Deposited:	31 Oct 2008 13:46
Last Modified:	01 Apr 2024 08:13
URI:	http://eprints.lse.ac.uk/id/eprint/16188

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