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A Gordon Gekko-hatás: pénzügyi szektor és kultúra

BlogMadarász Aladár

The Gordon Gekko Effect: The Role of Culture in the Financial Industry

Andrew W. Lo

NBER Working Paper No. 21267
Issued in June 2015
NBER Program(s):   AP   CF   IO   LS   POL   PR

Culture is a potent force in shaping individual and group behavior, yet it has received scant attention in the context of financial risk management and the recent financial crisis. I present a brief overview of the role of culture according to psychologists, sociologists, and economists, and then present a specific framework for analyzing culture in the context of financial practices and institutions in which three questions are answered: (1) What is culture?; (2) Does it matter?; and (3) Can it be changed? I illustrate the utility of this framework by applying it to five concrete situations—Long Term Capital Management; AIG Financial Products; Lehman Brothers and Repo 105; Société Générale’s rogue trader; and the SEC and the Madoff Ponzi scheme—and conclude with a proposal to change culture via “behavioral risk management.”

This paper is available as PDF (493 K) .

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