A Positivist Evaluation of the New Finance

Findlay, M. Chapman; Williams, Edward E.

doi:10.2307/3665162

Cited by 22 publications

(6 citation statements)

References 22 publications

Supporting

Mentioning

Contrasting

Order By: Relevance

“…The same conclusion may be inferred from: Bicksler (1972), Findlay and Williams (1980), Frankfurter et al (1994), Friedman (1953), Kavesh (1970), McGoun (1992), Merton (1995), Sauvain (1967), Weston (1966, 1967, 1974), and Whitely (1986).…”

Section: Notessupporting

confidence: 56%

On the theory and practice of finance

Ardalan

2004

International Journal of Social Economics

View full text Add to dashboard Cite

The purpose of this paper is to provide an explanation for the way the reality in the world of finance comes to be formed, among other things, by the theory of finance. It is based on the idea that financial behavior is not independent of the theory of finance. The paper, therefore, examines certain aspects of the academic field of finance. That is, it examines theories, PhD programs, journals, and conferences in academic finance. It notes that they adhere, almost exclusively, to a certain worldview, called the functionalist paradigm. Then, the paper discusses the role of finance graduates as employees of universities, corporations, and financial institutions in the practice of finance. In this way, the paper provides an explanation for the social construction of the world of finance.

show abstract

Section: Notessupporting

confidence: 56%

On the theory and practice of finance

Ardalan

2004

International Journal of Social Economics

View full text Add to dashboard Cite

show abstract

“…New age financial theories are mostly based on realism and 'Walrasian general equilibrium' with research using scientific methodology under positivism (Findlay and Williams, 1980).…”

Section: (B) the Dominant Paradigm In Financementioning

confidence: 99%

“…Literature on financial theories and in topics related to financial market contagion research are skewed towards functionalismpositivism. However, according to Findlay and Williams (1980) it would be a normative judgement to resist that positivist approach should be employed in finance. This opens a very wide unexplored domain in which the financial theories can be developed, understood or critiqued using non-positivist paradigms.…”

Section: (F) Conclusionmentioning

confidence: 99%

The Philosophical Paradigm of Financial Market Contagion Research

Rao

2018

IJMCP

View full text Add to dashboard Cite

Philosophical underpinning is important in research as this leads to investigation as per a specific paradigm. Every subject domain has a dominant paradigm in which the research is carried out. This paper surveys various journal articles in finance, specifically in financial markets contagion and spillover effects, to find the research paradigms and finds that the dominant paradigm in finance and market contagion research is functionalism-positivist. This provides opportunities to conduct research in other paradigmatic approaches. This paper explores the possibility of using an interpretivist paradigm to the financial market contagion research.

show abstract

“…Taking the institutional framework of financial markets as given, researchers sought ways to improve the efficiency of those institutions and primarily employed a descriptive and intuitive approach. The only dedicated finance journal was the Journal of Finance (first issue 1947), and non-academics were just as likely to publish in the journal as were academics (Findlay and Williams, 1980;Whitley, 1986). Jovanovic (2008) points out that before 1960 there were a few examples of applied mathematics, such as Markowitz's modern portfolio theory, 5 and a few empirical investigations.…”

Section: The Development Of Modern Financementioning

confidence: 99%

A revolution in finance?

Gippel

2012

Australian Journal of Management

View full text Add to dashboard Cite

This paper investigates the nature of the academic field of finance as it looks in the early 21st century. Using Kuhn’s structure of scientific revolutions as a framework, the paper examines the development of the field over the last 50 years with particular emphasis on intellectual shifts in the last decade: shifts emanating from cross-disciplinary research that are manifesting in approaches at odds with the traditional rational expectations paradigm. These approaches are based on previously disparate fields, such as psychology, neuroscience, evolutionary biology, and sociology. By critically examining the nature of the new approaches, the article determines whether they indeed offer ‘alternative’ paradigms as claimed. In light of the variation of these new approaches, the paper also makes a case for finance to engage more meaningfully in dialogue on epistemological issues and engage in self-appraisal as a force for change and innovation.

show abstract

A Positivist Evaluation of the New Finance

Cited by 22 publications

References 22 publications

On the theory and practice of finance

On the theory and practice of finance

The Philosophical Paradigm of Financial Market Contagion Research

A revolution in finance?

Contact Info

Product

Resources

About