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Reflexive Crisis And Information Flows Gérard Pogorel Professor, Ecole Nationale Supérieure

This article explores the role of information in reflexive risk markets and globalization, focusing on industries and services such as financial analysts, banking, rating agencies, and media. It discusses the limits of self-regulation, structural separation, and innovative business models for financial information. The author also addresses practical and conceptual limitations and offers a cynical prediction on the future of the financial sector.

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Reflexive Crisis And Information Flows Gérard Pogorel Professor, Ecole Nationale Supérieure

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  1. Reflexive Crisis And Information Flows Gérard Pogorel Professor, Ecole Nationale Supérieure des Télécommunications, France November 14, 2002

  2. Standard Cycle Interpretations • Investment and Stock Cycles • Summation of Random Causes • Etc… • Does Information Matter ?

  3. GLOBAL INFORMATION SPHERE: Feedback Mechanisms ? Reflexive Risk Markets and Globalization: INDUSTRIES AND SERVICES Financial Analysts Banking and Financial Markets Rating Agencies Media INFO-COM-BASED ACTIVITIES

  4. Dealing with runaway information… • Limits of self-regulation: supervisory boards for audit firms, financial analysts,… • Structural Separation and the question of Innovative Business Models for financial information • The Temptation of Public Control • Practical and conceptual limitations

  5. A modest -and cynical- prediction… • “Euthanasia of the Rentier” revisited • Looking at the investor’s side • Investor’s strategies and methodologies: Portfolio more than direct involvement in management or “independent” directors • The Financial Sector is toying with time…anticipating fundamental factors to regain momentum • Trend-based PERs • Re-emergence of investment needs • Financial resources in search of eligible assets

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