Calculating for managing: The emergence of the idea of risk management
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Calculating for managing: The emergence of the idea of risk management
.

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Este texto argumenta que el surgimiento de la idea del manejo del riesgo puede rastrearse en el uso de las derivadas en el sector financiero a principios de los años 70. A través de una discusión crítica con la propuesta de Michael Power sobre la consolidación del manejo del riesgo como una práctica organizacional común en los años 90, el artículo afirma que el riesgo como asunto administrable se remonta al uso del modelo Black-Scholes-Merton para fijar los precios de las opciones en el Chicago Board Options Exchange (CBOE) desde 1973. La idea de cálculo, medición y manejo del riesgo se pueden situar hasta ese momento. Este es un ejercicio de teorización que busca identificar el papel de las ideas en las prácticas económicas, de tal manera... Ver más

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1657-7175

2619-4899

Morales Henao, Alejandro

UNIVERSIDAD EXTERNADO DE COLOMBIA

10.18601/16577175.n21.06

2018-05-29

89

102

Colombia

Cálculo; Derivadas; Financiarización; Gestión; Riesgo.

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spelling Calculating for managing: The emergence of the idea of risk management
Calcular para administrar: el surgimiento de la idea del manejo del riesgo
Este texto argumenta que el surgimiento de la idea del manejo del riesgo puede rastrearse en el uso de las derivadas en el sector financiero a principios de los años 70. A través de una discusión crítica con la propuesta de Michael Power sobre la consolidación del manejo del riesgo como una práctica organizacional común en los años 90, el artículo afirma que el riesgo como asunto administrable se remonta al uso del modelo Black-Scholes-Merton para fijar los precios de las opciones en el Chicago Board Options Exchange (CBOE) desde 1973. La idea de cálculo, medición y manejo del riesgo se pueden situar hasta ese momento. Este es un ejercicio de teorización que busca identificar el papel de las ideas en las prácticas económicas, de tal manera que se permita una historización del conocimiento técnico.
This text argues that the emergence of the idea of risk management can be traced down to the use of derivatives in the financial sector in the early 1970s. Critically engaged with Michael Power’s approach on rise of risk management as a common organizational practice in the 1990s, the article maintains that risk as manageable matter can be traced back to the use of Black- Scholes-Merton model for pricing options in the Chicago Board Options Exchange (CBOE) since 1973. Ideas of calculation, measurement, and management of risk can be detected at this point. This is an exercise of theorization that aims to identify the role of ideas in the economic practices so as to allow a historicization of technical knowledge.
Morales Henao, Alejandro
Calculation; Derivatives; Financialization; Management; Risk.
Cálculo; Derivadas; Financiarización; Gestión; Riesgo.
21
Núm. 21 , Año 2018 : Enero-Junio
Artículo de revista
Journal article
2018-05-29T00:00:00Z
2018-05-29T00:00:00Z
2018-05-29
application/pdf
Facultad de Contaduría Pública
Apuntes Contables
1657-7175
2619-4899
https://revistas.uexternado.edu.co/index.php/contad/article/view/5388
10.18601/16577175.n21.06
https://doi.org/10.18601/16577175.n21.06
spa
https://creativecommons.org/licenses/by-nc-sa/4.0/
89
102
Aalbers, M. (2017). “Corporate Financialization”, in Richardson, D., Castree, N., Goodchild M., Kobayashi, A. and Marston, R. (eds.) The International Encyclopaedia of Geography: People, the Earth, Environment, and Technology. Oxford: Wiley. pp. 1-14. Bank of International Settlements (BIS) (2016). Turnover of OTC foreign exchange instruments. Available at: http://stats.bis.org/statx/srs/table/ d11.2 (Accessed: 18 May 2017).
Beck, U. (1992). Risk Society. Towards a New Modernity. London: Sage.
Beck, U. (2000). “Risk Society Revisited: Theory, Politics and Research Programmes”, in Adam, B.; Beck, U.; Van Loon, J. (eds) The Risk Society and Beyond. Critical Issues for Social Theory. London, Thousand Oaks, New Delhi: SAGE Publications. pp. 211-229.
Bernstein, P. (1996a). Against the Gods. The Remarkable Story of Risk. New York, Chichester, Weinheim, Brisbane, Singapore, Toronto: John Wiley and Sons, Inc.
Bernstein, P. (1996b). “The New Religion of Risk Management”, Harvard Business Review, 74(2), pp. 47-51.
Bryan, D. and Rafferty, M. (2006). Capitalism with derivatives: A Political Economy of Financial derivatives, Capital and Class. London: Palgrave Macmillan.
De Goede, M. (2004). “Repoliticizing Financial Risk”, Economy and Society, 33(2), pp. 197-217.
De Goede, M. (2005). Virtue, Fortune, and Faith. A Genealogy of Finance. Minneapolis and London: University of Minnesota Press.
De Goede, M. (2006). “Introduction: International Political Economy and the Promises of Poststructuralism”, in De Goede (ed.) International Political Economy and Poststructural Politics. Basingstoke: Palgrave Macmillan. pp. 1-20.
Deutschmann, C. (2011). “Limits to Financialization: Sociological Analyses of the Financial Crisis”, European Journal of Sociology, 52(3), pp. 347–389.
Dodd, R. (2005). “Derivatives Markets: Sources of Vulnerability in US Financial Markets”, in Epstein, Gerald A. (ed.) Financialization and the World Economy. Northampton: Edward Elgar Publishing Limited. pp. 149-180.
Douglas, M. and Wildavsky, A. (1982). Risk and Culture. An Essay on the selection of Technical and Environmental Dangers. Berkeley, Los Angeles, and London: University of California Press.
Epstein, Gerald A. (2005). “Introduction: Financialization and the World Economy”, in Epstein, Gerald A. (ed.) Financialization and the World Economy. Northampton: Edward Elgar Publishing Limited. pp. 3-16.
Greenberger, M. (2013). “Derivatives in the Crisis and Financial Reform”, in Wolfson, M. and Epstein, G., The Handbook of the Political Economy of Financial Crises. Oxford: Oxford University Press. pp. 467-490.
Kalthoff, H. (2005). “Practices of Calculation. Economic Representations and Risk Management”, Theory, Culture and Society, 22(2), pp. 69-97.
Knafo, S. (2009). “Liberalisation and the Political Economy of Financial Bubbles”, Competition & Change, 13(2), pp. 128-144.
Knafo, S. and Dutta, S. (2016). “Patient Capital in the Age of Financialized Managerialism”, Socio-Economic Review, 14(4), pp. 771-788.
Knafo, S. and Teschke, B. (2017). The Rules of Reproduction of Capitalism: A historicist critique, Working Paper No. 12, Centre of Global Political Economy. University of Sussex.
Kornich, S. and Hicks, A. (2015). “The rise of finance: Causes and consequences of financialization”, Socio-Economic Review, 13(3), pp. 411-415.
Lapavitsas, C. and Dos Santos, P. (2008). “Globalization and Contemporary Banking: On the Impact of New Technology”, Contributions to Political Economy, 27, pp. 31-56.
Lapavitsas, C. (2011). “Theorizing Financialization”, Work, Employment and Society, 25(4), pp. 611-626.
Lagoarde-Segot, T. (2016). “Financialization: Towards a new research agenda”, International Review of Financial Studies, In Press, Corrected Proof, pp.1-11.
Lazonick, W. (2012). “From Innovation to Financialization: How Shareholder Value Ideology is Destroying the US Economy”, in Wolfson, M., and Epstein, G., The Handbook o the Political Economy of Financial Crises. Oxford: Oxford University Press. pp. 491- 511.
LiPuma, E. and Lee, B. (2005). “Financial Derivatives and the Rise of Circulation”, Economy and Society, 34(3), pp. 404-427.
MacKenzie, D. (2003). “An Equation and Its Worlds: Bricolage, Exemplars, Disunity and Performativity in Financial Economics”, Social Studies of Science, 33(6), pp. 831-868.
MacKenzie, D. (2008). An Engine, not a Camera: How Financial Models Shape Markets. Massachusetts: MIT Press. Millo, Y. and MacKenzie, D. (2003). “Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivative Exchange”, American Journal of Sociology, 109(1), pp. 107-145.
Millo, Y. and MacKenzie, D. (2009). “The usefulness of inaccurate models: Towards an Understanding of the Emergence of Financial Risk Management”, Accounting, Organizations and Society, 34, pp. 638-653.
Navarro, V. and Torres J. (2012). Los amos del mundo. Las armas del terrorismo financiero. Barcelona: Espasa Libros.
Norfield, T. (2012). “Derivatives and Capitalist Markets: The Speculative Heart of Capital”, Historical Materialism, 20(1), pp. 103-132.
Orhangazi, Ö. (2008). Financialization and the US Economy. Northampton: Edward Elgar Publishing Limited.
Panitch, L. and Gindin, S. (2012). The Making of Global Capitalism. The Political Economy of American Empire. London and New York: Verso
Power, M. (2004). “The Risk Management of Everything”, The Journal of Risk Finance, 5(3), pp. 58-65.
Power, M. (2007). Organized Uncertainty. Designing a World of Risk Management. Oxford: Oxford University Press.
Power, M. (2012). “Accounting and Finance”, in Cetina, K. and Preda A. (eds) The Oxford Handbook of the Sociology of Finance. Oxford: Oxford University Press. pp. 293-314.
Power, M. (2014). “Risk, Social Theories, and Organizations”, in Adler, P.; Du Gay, P.; Morgan, G. and Reed, M., The Oxford of Sociology, Social Theory, and Organization Studies. Oxford: Oxford University Press. pp. 370-392.
Scott, B. (2013). The Heretic`s Guide to Global Finance. Hacking the Future of Money. London: Pluto Press.
Swan, E. (2000). Building the Global Market. A 4000 Year History of Derivatives. London: Kluwer Law International.
Turner, J. (2016). “Financial History and Financial Economics”, in Cassis, Y., Grossman, R., Schenk, C., The Oxford Handbook of Banking and Financial History. Oxford: Oxford University Press. pp. 41-61.
Van der Zwan, N. (2014). “Making Sense of Financialization”, Socio-Economic Review, 12, pp. 99-129.
Varoufakis, Y.; Halevi, J. and Theocarakis, N. (2011). Modern Political Economics. Making Sense of the Post- 2008 world. London and New York: Routledge.
Wigan, D. (2009). “Financialization and Derivatives: Constructing an Artifice of Indifference”, Competition & Challenge, 13(2), pp. 157-172.
https://revistas.uexternado.edu.co/index.php/contad/article/download/5388/6578
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http://purl.org/coar/resource_type/c_6501
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Text
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collection Apuntes Contables
title Calculating for managing: The emergence of the idea of risk management
spellingShingle Calculating for managing: The emergence of the idea of risk management
Morales Henao, Alejandro
Calculation; Derivatives; Financialization; Management; Risk.
Cálculo; Derivadas; Financiarización; Gestión; Riesgo.
title_short Calculating for managing: The emergence of the idea of risk management
title_full Calculating for managing: The emergence of the idea of risk management
title_fullStr Calculating for managing: The emergence of the idea of risk management
title_full_unstemmed Calculating for managing: The emergence of the idea of risk management
title_sort calculating for managing: the emergence of the idea of risk management
title_eng Calcular para administrar: el surgimiento de la idea del manejo del riesgo
description Este texto argumenta que el surgimiento de la idea del manejo del riesgo puede rastrearse en el uso de las derivadas en el sector financiero a principios de los años 70. A través de una discusión crítica con la propuesta de Michael Power sobre la consolidación del manejo del riesgo como una práctica organizacional común en los años 90, el artículo afirma que el riesgo como asunto administrable se remonta al uso del modelo Black-Scholes-Merton para fijar los precios de las opciones en el Chicago Board Options Exchange (CBOE) desde 1973. La idea de cálculo, medición y manejo del riesgo se pueden situar hasta ese momento. Este es un ejercicio de teorización que busca identificar el papel de las ideas en las prácticas económicas, de tal manera que se permita una historización del conocimiento técnico.
description_eng This text argues that the emergence of the idea of risk management can be traced down to the use of derivatives in the financial sector in the early 1970s. Critically engaged with Michael Power’s approach on rise of risk management as a common organizational practice in the 1990s, the article maintains that risk as manageable matter can be traced back to the use of Black- Scholes-Merton model for pricing options in the Chicago Board Options Exchange (CBOE) since 1973. Ideas of calculation, measurement, and management of risk can be detected at this point. This is an exercise of theorization that aims to identify the role of ideas in the economic practices so as to allow a historicization of technical knowledge.
author Morales Henao, Alejandro
author_facet Morales Henao, Alejandro
topic Calculation; Derivatives; Financialization; Management; Risk.
Cálculo; Derivadas; Financiarización; Gestión; Riesgo.
topic_facet Calculation; Derivatives; Financialization; Management; Risk.
Cálculo; Derivadas; Financiarización; Gestión; Riesgo.
topicspa_str_mv Cálculo; Derivadas; Financiarización; Gestión; Riesgo.
citationissue 21
citationedition Núm. 21 , Año 2018 : Enero-Junio
publisher Facultad de Contaduría Pública
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source https://revistas.uexternado.edu.co/index.php/contad/article/view/5388
language spa
format Article
rights https://creativecommons.org/licenses/by-nc-sa/4.0/
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references Aalbers, M. (2017). “Corporate Financialization”, in Richardson, D., Castree, N., Goodchild M., Kobayashi, A. and Marston, R. (eds.) The International Encyclopaedia of Geography: People, the Earth, Environment, and Technology. Oxford: Wiley. pp. 1-14. Bank of International Settlements (BIS) (2016). Turnover of OTC foreign exchange instruments. Available at: http://stats.bis.org/statx/srs/table/ d11.2 (Accessed: 18 May 2017).
Beck, U. (1992). Risk Society. Towards a New Modernity. London: Sage.
Beck, U. (2000). “Risk Society Revisited: Theory, Politics and Research Programmes”, in Adam, B.; Beck, U.; Van Loon, J. (eds) The Risk Society and Beyond. Critical Issues for Social Theory. London, Thousand Oaks, New Delhi: SAGE Publications. pp. 211-229.
Bernstein, P. (1996a). Against the Gods. The Remarkable Story of Risk. New York, Chichester, Weinheim, Brisbane, Singapore, Toronto: John Wiley and Sons, Inc.
Bernstein, P. (1996b). “The New Religion of Risk Management”, Harvard Business Review, 74(2), pp. 47-51.
Bryan, D. and Rafferty, M. (2006). Capitalism with derivatives: A Political Economy of Financial derivatives, Capital and Class. London: Palgrave Macmillan.
De Goede, M. (2004). “Repoliticizing Financial Risk”, Economy and Society, 33(2), pp. 197-217.
De Goede, M. (2005). Virtue, Fortune, and Faith. A Genealogy of Finance. Minneapolis and London: University of Minnesota Press.
De Goede, M. (2006). “Introduction: International Political Economy and the Promises of Poststructuralism”, in De Goede (ed.) International Political Economy and Poststructural Politics. Basingstoke: Palgrave Macmillan. pp. 1-20.
Deutschmann, C. (2011). “Limits to Financialization: Sociological Analyses of the Financial Crisis”, European Journal of Sociology, 52(3), pp. 347–389.
Dodd, R. (2005). “Derivatives Markets: Sources of Vulnerability in US Financial Markets”, in Epstein, Gerald A. (ed.) Financialization and the World Economy. Northampton: Edward Elgar Publishing Limited. pp. 149-180.
Douglas, M. and Wildavsky, A. (1982). Risk and Culture. An Essay on the selection of Technical and Environmental Dangers. Berkeley, Los Angeles, and London: University of California Press.
Epstein, Gerald A. (2005). “Introduction: Financialization and the World Economy”, in Epstein, Gerald A. (ed.) Financialization and the World Economy. Northampton: Edward Elgar Publishing Limited. pp. 3-16.
Greenberger, M. (2013). “Derivatives in the Crisis and Financial Reform”, in Wolfson, M. and Epstein, G., The Handbook of the Political Economy of Financial Crises. Oxford: Oxford University Press. pp. 467-490.
Kalthoff, H. (2005). “Practices of Calculation. Economic Representations and Risk Management”, Theory, Culture and Society, 22(2), pp. 69-97.
Knafo, S. (2009). “Liberalisation and the Political Economy of Financial Bubbles”, Competition & Change, 13(2), pp. 128-144.
Knafo, S. and Dutta, S. (2016). “Patient Capital in the Age of Financialized Managerialism”, Socio-Economic Review, 14(4), pp. 771-788.
Knafo, S. and Teschke, B. (2017). The Rules of Reproduction of Capitalism: A historicist critique, Working Paper No. 12, Centre of Global Political Economy. University of Sussex.
Kornich, S. and Hicks, A. (2015). “The rise of finance: Causes and consequences of financialization”, Socio-Economic Review, 13(3), pp. 411-415.
Lapavitsas, C. and Dos Santos, P. (2008). “Globalization and Contemporary Banking: On the Impact of New Technology”, Contributions to Political Economy, 27, pp. 31-56.
Lapavitsas, C. (2011). “Theorizing Financialization”, Work, Employment and Society, 25(4), pp. 611-626.
Lagoarde-Segot, T. (2016). “Financialization: Towards a new research agenda”, International Review of Financial Studies, In Press, Corrected Proof, pp.1-11.
Lazonick, W. (2012). “From Innovation to Financialization: How Shareholder Value Ideology is Destroying the US Economy”, in Wolfson, M., and Epstein, G., The Handbook o the Political Economy of Financial Crises. Oxford: Oxford University Press. pp. 491- 511.
LiPuma, E. and Lee, B. (2005). “Financial Derivatives and the Rise of Circulation”, Economy and Society, 34(3), pp. 404-427.
MacKenzie, D. (2003). “An Equation and Its Worlds: Bricolage, Exemplars, Disunity and Performativity in Financial Economics”, Social Studies of Science, 33(6), pp. 831-868.
MacKenzie, D. (2008). An Engine, not a Camera: How Financial Models Shape Markets. Massachusetts: MIT Press. Millo, Y. and MacKenzie, D. (2003). “Constructing a Market, Performing Theory: The Historical Sociology of a Financial Derivative Exchange”, American Journal of Sociology, 109(1), pp. 107-145.
Millo, Y. and MacKenzie, D. (2009). “The usefulness of inaccurate models: Towards an Understanding of the Emergence of Financial Risk Management”, Accounting, Organizations and Society, 34, pp. 638-653.
Navarro, V. and Torres J. (2012). Los amos del mundo. Las armas del terrorismo financiero. Barcelona: Espasa Libros.
Norfield, T. (2012). “Derivatives and Capitalist Markets: The Speculative Heart of Capital”, Historical Materialism, 20(1), pp. 103-132.
Orhangazi, Ö. (2008). Financialization and the US Economy. Northampton: Edward Elgar Publishing Limited.
Panitch, L. and Gindin, S. (2012). The Making of Global Capitalism. The Political Economy of American Empire. London and New York: Verso
Power, M. (2004). “The Risk Management of Everything”, The Journal of Risk Finance, 5(3), pp. 58-65.
Power, M. (2007). Organized Uncertainty. Designing a World of Risk Management. Oxford: Oxford University Press.
Power, M. (2012). “Accounting and Finance”, in Cetina, K. and Preda A. (eds) The Oxford Handbook of the Sociology of Finance. Oxford: Oxford University Press. pp. 293-314.
Power, M. (2014). “Risk, Social Theories, and Organizations”, in Adler, P.; Du Gay, P.; Morgan, G. and Reed, M., The Oxford of Sociology, Social Theory, and Organization Studies. Oxford: Oxford University Press. pp. 370-392.
Scott, B. (2013). The Heretic`s Guide to Global Finance. Hacking the Future of Money. London: Pluto Press.
Swan, E. (2000). Building the Global Market. A 4000 Year History of Derivatives. London: Kluwer Law International.
Turner, J. (2016). “Financial History and Financial Economics”, in Cassis, Y., Grossman, R., Schenk, C., The Oxford Handbook of Banking and Financial History. Oxford: Oxford University Press. pp. 41-61.
Van der Zwan, N. (2014). “Making Sense of Financialization”, Socio-Economic Review, 12, pp. 99-129.
Varoufakis, Y.; Halevi, J. and Theocarakis, N. (2011). Modern Political Economics. Making Sense of the Post- 2008 world. London and New York: Routledge.
Wigan, D. (2009). “Financialization and Derivatives: Constructing an Artifice of Indifference”, Competition & Challenge, 13(2), pp. 157-172.
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