What was actually produced when the first derivatives wriggled their way out of the conventional financial trajectories? When one understood that a transaction did not have to be a transaction of something, but that the transaction itself, which was nothing, could be transacted? And what does...

This article presents a sociological–narrative approach to studying sensemaking and legitimation in financial markets, and applies this to the Istanbul Stock Exchange (ISE). The sociological–narrative approach taken here differs from standard economics and psychology theories on...

In the expected utility framework, concavity (or convexity) of the preference scaling function corresponds to risk-aversion (or risk-seeking) preferences. Friedman and Savage (1948) and Markowitz (1952) indicate that individuals may be risk-averse at some wealth levels but risk-seeking at...

In the global credit crisis of 2007–08, the financial system escaped human control and became unstable, with near-catastrophic consequences. The underlying processes driving this instability may be traced to: positive feedback between asset price inflation and increasing leverage;...

Finance is well known to be a very mathematical area of knowledge. However, a specific financial practice called technical analysis mainly uses visual patterns in order to take a position on the market. Through financial graphs, tables, charts, etc, technical analysts give a meaning to the...

This article concerns the use of rhetoric strategies in call for improved financial literacy and financial education. The article combines a presentation of how rhetoric is used in financial literacy improvement initiatives and a discussion on the benefits of including a rhetoric framework in...

In this article, I consider financial economics as an artistic science in which interpretation plays a key role. After having reminded the importance of the Efficient Market Hypothesis [EMH] in the development of institutional frameworks, we present EMH as a work of art—we illustrate this...