1st Edition
Wages, Bonuses and Appropriation of Profit in the Financial Industry The working rich
Contents
Foreword Understanding Before Regulating
Introduction Finance as a Working Rich Observatory
Part I Bonus Practices
Chapter 1 The Size of Bonuses
Chapter 2 The Distribution of Bonuses
Part II Property Rights and Power
Chapter 3 Property Rights in the Firm
Chapter 4 The Sense of Ownership of Profit
Chapter 5 Assets and Power
Part III Hold-Up and Labour Market
Chapter 6 A Hold-Up Case
Chapter 7 Towards a Model of Hold-Up
Chapter 8 The Labour Market as Asset Transfer
Chapter 9 What Do Heads of Trading Rooms Do?
Conclusion Value Creation for Wage Earners?
Biography
Olivier Godechot is codirector of MaxPo, Sociology Professor at Sciences Po and Research Professor at CNRS, France.
"It is a first-rate piece of economic sociology, and its publication should hopefully bring the work of this creative and methodologically versatile scholar to a wider English-reading audience. I suspect it will become a mainstay on sociology of finance syllabi, as well as as an important reference on organizational dimensions of inequality. (...) Empirically, The Working Rich presents a comprehensive multi-method analysis of the production and distribution of bonuses in French banking firms. One of the great virtues of the study is its meso-level approach. Godechot goes beyond aggregate statistics and axiomatic “winner-take-all” theories to examine the underlying organizational mechanisms by which bankers are able to capture such outsized compensation. Godechot marshals a truly formidable amount of original data collected over eighteen years [1997-2015]."
- Adam Goldstein, European Journal of Sociology
