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Citation link: https://doi.org/10.26092/elib/997
Against all odds - the loyalty of small investors.pdf
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Against all odds: the ‘loyalty’ of small investors


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Authors: Schimank, Uwe  
Abstract: 
The share of small investors leaving the financial market in autumn 2008 was no greater than in previous, smaller crises. Why is there no mass exodus at such junctures? Why do most small investors practice ‘loyalty’ instead of ‘exit’ (Hirschman)? Even more importantly, why do they enter the financial market at all since its ‘hypercomplexity’ exposes them to an experience of confusion and helplessness? Behavioural economics provides some partial answers, but they remain too abstract and ahistorical and give a very reductionist picture of decision-making. In reaction to this incomplete understanding of the ‘loyalty’ puzzle, I will present two important explanatory factors from sociological reasoning: collectively shared stories as reducers of ‘hypercomplexity’ in which small investors’ decision-making is embedded, and the rebuilding of the welfare state, which forces more and more people to become small investors and stay in the market despite serious losses.
Keywords: capitalism; economic man; financial crisis; financial market; investment banking
Issue Date: 1-Jan-2011
Publisher: Oxford University Press (OUP)
Journal/Edited collection: Socio-Economic Review 
Start page: 107
End page: 135
Note: 1
Band: 9
Type: Artikel/Aufsatz
ISSN: 1475-147X
DOI: 10.26092/elib/997
URN: urn:nbn:de:gbv:46-elib52001
Institution: Universität Bremen 
Faculty: Fachbereich 08: Sozialwissenschaften (FB 08) 
Appears in Collections:Forschungsdokumente

  

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