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Risiko und Emotion im Turnus

Beobachtungen von Geldpolitik im Finanzmarkthandel

Routines of Risk and Emotion

Observations of Monetary Policy in Financial Markets Trading

Zusammenfassung

Gegenstand des Beitrages sind Ereignisse, die im Turnus stattfinden, beim Finanzmarkthandel als Risikoereignisse konstruiert werden und Marktvolatilitäten auslösen können. Anhand der qualitativen Rekonstruktion eines zinspolitischen Ereignisses wird gezeigt, wie Anleihehändler im Handelsraum eines Bankinstitutes mit einer Pressekonferenz von Mario Draghi umgehen, dem Präsidenten der Europäischen Zentralbank. Zwei Implikationen aus dieser Analyse dienen als perspektivierende Argumentation: Turnusmäßige Risikoereignisse werden als routinierte und institutionalisierte Hervorbringungen und Begegnungen von Ungewissheit beim Finanzmarkthandel betrachtet. Sie bringen regelmäßig und erwartbar Risiko mit sich. Ebenso regelmäßig wird ein emotionaler Modus der Ungewissheitsbegegnung aktiviert und ritualisiert. Ziel ist es herauszustellen, wie es zu volatilen Finanzmärkten aufgrund von Risikoereignissen kommt und wie sich Werte von Finanzinstrumenten auch aus der Beobachtung anderer gesellschaftlicher Bereiche ergeben. Insgesamt zielt der Beitrag auf ein adäquateres Verständnis der sozialen, kognitiven und emotionalen Dimensionen von wirtschaftlichem Wert ab.

Abstract

The article focuses on events that happen on a regular basis, and, as they serve as risk events in financial markets trading, can lead to market volatilities. Based on a qualitative reconstruction of a monetary policy event it is shown, how bond traders on a trading floor act on behalf of a press conference held by Mario Draghi, President of the European Central Bank. Two implications stemming from this analysis represent the argumentation: First, such risk events are routinized and institutionalized entities that regularly engender uncertainty as well as scripts to encounter it. They entail risk in an expectable manner. Second, if such an event is in the making or takes place, an emotional modus of encountering uncertainty is activated and ritualized as well. The aim is to elaborate how volatile markets arise during such risk events and how economic value of financial assets concerns also observations of other societal areas. In all, the paper draws on a more appropriate understanding of the social, cognitive, and emotional dimensions of economic value.

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Notes

  1. S. das Online-Portal der Süddeutschen Zeitung vom 12. September 2017: http://www.sueddeutsche.de/wirtschaft/bundestagswahl-christian-lindner-der-schreck-der-europaeischen-finanzmaerkte-1.3661395 (20. November 2017).

  2. S. das Online-Finanz-Wörterbuch „Investopedia“: www.investopedia.com/terms/e/eventrisk.asp (20. November 2017).

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Lange, M. Risiko und Emotion im Turnus. Köln Z Soziol 70, 367–389 (2018). https://doi.org/10.1007/s11577-018-0550-x

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  • DOI: https://doi.org/10.1007/s11577-018-0550-x

Schlüsselwörter

  • Risikoereignisse
  • Finanzmarkthandel
  • Emotionen
  • Kalkulationen
  • Wirtschaftlicher Wert

Keywords

  • Risk events
  • Financial markets
  • Emotions
  • Calculations
  • Economic value