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Published by Max Planck Sciences Po Center, 2019
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Published by Columbia University Press, 2025. 9780231212236, 2025
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Paperback. Condition: New. Winner, 2025 Choice Outstanding Academic TitleFinancial professionals are paid as if they were capable of "beating the market" on a regular basis. In fact, active fund managers routinely underperform low-cost index funds, and financial analysts frequently produce inaccurate stock recommendations-and many receive large fees even when their clients are losing money. Why do financial intermediaries still persist in the investing world despite this track record? Economic theory, obsessed with notions of market efficiency, has no good answer.This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. In financial markets-as in many other settings-social groups persist through habit, routine, and path dependency. Financial intermediaries, for their part, use their positions to maintain and reproduce a state of affairs from which they benefit. Although financial professionals portray their world as one of dynamism and continuous innovation, in reality a strategic and purposeful inertia often prevails. An incisive sociological analysis of the communities that constitute financial markets, Inertia offers new insight into the social structures and dynamics that shape economic action.
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Paperback. Condition: New. Winner, 2025 Choice Outstanding Academic TitleFinancial professionals are paid as if they were capable of "beating the market" on a regular basis. In fact, active fund managers routinely underperform low-cost index funds, and financial analysts frequently produce inaccurate stock recommendations-and many receive large fees even when their clients are losing money. Why do financial intermediaries still persist in the investing world despite this track record? Economic theory, obsessed with notions of market efficiency, has no good answer.This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. In financial markets-as in many other settings-social groups persist through habit, routine, and path dependency. Financial intermediaries, for their part, use their positions to maintain and reproduce a state of affairs from which they benefit. Although financial professionals portray their world as one of dynamism and continuous innovation, in reality a strategic and purposeful inertia often prevails. An incisive sociological analysis of the communities that constitute financial markets, Inertia offers new insight into the social structures and dynamics that shape economic action.
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ISBN 10: 0231212232 ISBN 13: 9780231212236
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Paperback. Condition: new. Paperback. Financial professionals are paid as if they were capable of "beating the market" on a regular basis. In fact, active fund managers routinely underperform low-cost index funds, and financial analysts frequently produce inaccurate stock recommendations-and many receive large fees even when their clients are losing money. Why do financial intermediaries still persist in the investing world despite this track record? Economic theory, obsessed with notions of market efficiency, has no good answer. This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. In financial markets-as in many other settings-social groups persist through habit, routine, and path dependency. Financial intermediaries, for their part, use their positions to maintain and reproduce a state of affairs from which they benefit. Although financial professionals portray their world as one of dynamism and continuous innovation, in reality a strategic and purposeful inertia often prevails. An incisive sociological analysis of the communities that constitute financial markets, Inertia offers new insight into the social structures and dynamics that shape economic action. This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. Shipping may be from multiple locations in the US or from the UK, depending on stock availability.
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Paperback. Condition: New. Winner, 2025 Choice Outstanding Academic TitleFinancial professionals are paid as if they were capable of "beating the market" on a regular basis. In fact, active fund managers routinely underperform low-cost index funds, and financial analysts frequently produce inaccurate stock recommendations-and many receive large fees even when their clients are losing money. Why do financial intermediaries still persist in the investing world despite this track record? Economic theory, obsessed with notions of market efficiency, has no good answer.This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. In financial markets-as in many other settings-social groups persist through habit, routine, and path dependency. Financial intermediaries, for their part, use their positions to maintain and reproduce a state of affairs from which they benefit. Although financial professionals portray their world as one of dynamism and continuous innovation, in reality a strategic and purposeful inertia often prevails. An incisive sociological analysis of the communities that constitute financial markets, Inertia offers new insight into the social structures and dynamics that shape economic action.
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Paperback. Condition: new. Paperback. Financial professionals are paid as if they were capable of "beating the market" on a regular basis. In fact, active fund managers routinely underperform low-cost index funds, and financial analysts frequently produce inaccurate stock recommendations-and many receive large fees even when their clients are losing money. Why do financial intermediaries still persist in the investing world despite this track record? Economic theory, obsessed with notions of market efficiency, has no good answer. This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. In financial markets-as in many other settings-social groups persist through habit, routine, and path dependency. Financial intermediaries, for their part, use their positions to maintain and reproduce a state of affairs from which they benefit. Although financial professionals portray their world as one of dynamism and continuous innovation, in reality a strategic and purposeful inertia often prevails. An incisive sociological analysis of the communities that constitute financial markets, Inertia offers new insight into the social structures and dynamics that shape economic action. This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. Shipping may be from our Sydney, NSW warehouse or from our UK or US warehouse, depending on stock availability.
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Paperback. Condition: New. Winner, 2025 Choice Outstanding Academic TitleFinancial professionals are paid as if they were capable of "beating the market" on a regular basis. In fact, active fund managers routinely underperform low-cost index funds, and financial analysts frequently produce inaccurate stock recommendations-and many receive large fees even when their clients are losing money. Why do financial intermediaries still persist in the investing world despite this track record? Economic theory, obsessed with notions of market efficiency, has no good answer.This book demonstrates how long-standing social relationships within the investing world contribute to a state of inertia, which prevents substantive change to the status quo. In financial markets-as in many other settings-social groups persist through habit, routine, and path dependency. Financial intermediaries, for their part, use their positions to maintain and reproduce a state of affairs from which they benefit. Although financial professionals portray their world as one of dynamism and continuous innovation, in reality a strategic and purposeful inertia often prevails. An incisive sociological analysis of the communities that constitute financial markets, Inertia offers new insight into the social structures and dynamics that shape economic action.
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