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Hedge funds as phantastic objects : a psychoanalytic perspective on financial innovations
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Taffler, Richard J. and Eshraghi, Arman (2018) Hedge funds as phantastic objects : a psychoanalytic perspective on financial innovations. In: Long, Kay and Garvey, Penelope, (eds.) The Klein Tradition. Lines of development . London: Routledge. ISBN 9780429450075
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Official URL: https://doi.org/10.4324/9780429450075
Abstract
This chapter draws on psychoanalytic theory, and especially the work of M. Klein and W. R. Bion, to explain the magical appeal of hedge funds to investors, and why they are willing to put so much of their funds and, by extension, their trust into such "exotic" and secretive investment vehicles. It explains the rapid growth in aggregate hedge fund assets under management until June 2008, followed by their subsequent dramatic collapse, in terms of the conflicting emotions such investments evoke, and considers the implications of the excitement-generating potential underlying all financial innovations. Adopting the methodological approach of critical discourse analysis, the chapter explores how hedge funds were represented in the financial press, interviews with hedge fund managers, investor comments, and Congress hearings, before and after the burst of the hedge fund "bubble". The chapter suggests that financial regulators need to recognise explicitly the key role powerful unconscious processes play in all financial activity at both individual and market levels.
Item Type: | Book Item | ||||
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Divisions: | Faculty of Social Sciences > Warwick Business School | ||||
Series Name: | Lines of development | ||||
Publisher: | Routledge | ||||
Place of Publication: | London | ||||
ISBN: | 9780429450075 | ||||
Book Title: | The Klein Tradition | ||||
Editor: | Long, Kay and Garvey, Penelope | ||||
Official Date: | 1 May 2018 | ||||
Dates: |
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Number of Pages: | 462 | ||||
DOI: | 10.4324/9780429450075 | ||||
Status: | Peer Reviewed | ||||
Publication Status: | Published | ||||
Access rights to Published version: | Restricted or Subscription Access | ||||
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