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Oorzaken en oplossingen voor de crisis volgens Nederlandse financial professionals Irene van Staveren Professor of Pluralist Development Economics,  Institute of Social Studies of Erasmus University Rotterdam Resultaten van een online survey onder 111 financial professionals, Sustainable Finance Lab, Utrecht, 10 oktober 2011
Diagnose van de crisis: systeem-niveau 87%: sterke gerichtheid op aandeelhouderswaarde 89%: Rabobank heeft het goed gedaan dankzij cooperatieve structuur 52%: top-3 Nederlandse banken zijn  ‘too big to fail’
Diagnose van de crisis: individueel niveau 90%: bonussen niet meer koppelen aan korte termijn doelen 65%: zegt risico benedenwaarts aan te passen bij onrustige markten 25%: erkent achteraf dat hij/zijn meer verantwoordelijk had moeten handelen
Werkelijke aanpassingen individueel niveau: bonussen 2007 zijn sterk gecorreleerd met 2009 bonussen 2009 hebben minder relatie met targets, incl. klanttevredenheid; mannen halen nog groter aandeel van de bonussen binnen aanpassing risico is klein, vooral onder mannen 57%: leidinggevende had meer verantwoordelijk  moeten handelen
Het ‘Testosteron Effect’ wangslijm 2 x p/dag bij 17 London City Traders: testosteron en cortisol hoe hoger het testosteron s’ochtend hoe hoger de winst; zelfde voor s’middags hoe hoger de winst hoe hoger cortisol; hoe groter volatitieit hoe hoger cortisol bij groep probleem van langdurig hoog testosteron: roekeloosheid, impulsiviteit, verslavend probleem van langdurig hoog corticol: stress, angst bij besluitvorming
De ‘Lehman Sisters hypothese’: vrouwen nemen lager risico en doen minder onnodige transacties vrouwen passen hun strategisch gedrag sterker aan dan mannen vrouwelijke fondsmanagers in VS hadden 65% beter resultaat voor de crisis en twee keer zo weinig verlies tijdens crisis
De ‘Female Sheriffs of Wall Street’: Klokkenluiders: ,[object Object]
Sheila Bear (US Fed Deposit Insurance Corporation)Samen met: ,[object Object]
Christine Lagarde (IMF),[object Object]

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Sustainable Finance Lab

  • 1. Oorzaken en oplossingen voor de crisis volgens Nederlandse financial professionals Irene van Staveren Professor of Pluralist Development Economics, Institute of Social Studies of Erasmus University Rotterdam Resultaten van een online survey onder 111 financial professionals, Sustainable Finance Lab, Utrecht, 10 oktober 2011
  • 2. Diagnose van de crisis: systeem-niveau 87%: sterke gerichtheid op aandeelhouderswaarde 89%: Rabobank heeft het goed gedaan dankzij cooperatieve structuur 52%: top-3 Nederlandse banken zijn ‘too big to fail’
  • 3. Diagnose van de crisis: individueel niveau 90%: bonussen niet meer koppelen aan korte termijn doelen 65%: zegt risico benedenwaarts aan te passen bij onrustige markten 25%: erkent achteraf dat hij/zijn meer verantwoordelijk had moeten handelen
  • 4. Werkelijke aanpassingen individueel niveau: bonussen 2007 zijn sterk gecorreleerd met 2009 bonussen 2009 hebben minder relatie met targets, incl. klanttevredenheid; mannen halen nog groter aandeel van de bonussen binnen aanpassing risico is klein, vooral onder mannen 57%: leidinggevende had meer verantwoordelijk moeten handelen
  • 5. Het ‘Testosteron Effect’ wangslijm 2 x p/dag bij 17 London City Traders: testosteron en cortisol hoe hoger het testosteron s’ochtend hoe hoger de winst; zelfde voor s’middags hoe hoger de winst hoe hoger cortisol; hoe groter volatitieit hoe hoger cortisol bij groep probleem van langdurig hoog testosteron: roekeloosheid, impulsiviteit, verslavend probleem van langdurig hoog corticol: stress, angst bij besluitvorming
  • 6. De ‘Lehman Sisters hypothese’: vrouwen nemen lager risico en doen minder onnodige transacties vrouwen passen hun strategisch gedrag sterker aan dan mannen vrouwelijke fondsmanagers in VS hadden 65% beter resultaat voor de crisis en twee keer zo weinig verlies tijdens crisis
  • 7.
  • 8.
  • 9.
  • 10. Cognitieve dissonantie of cynisme? … ondanks de regel-afkeer is 67% tevreden over de Zorgplicht… STELLING: financial professionals zien goed wat er mis is, maar willen geen systeem-hervormingen … daarom moeten die van buiten de sector komen

Editor's Notes

  1. Endogenous steroids and financial risk taking on a London trading floorJ. M. Coates and J. Herbert PNAS April 22, 2008 vol. 105 no. 16 pp. 6167-6172.
  2. - Vrouwenproberen minder danmannen de marktteverslaan met onnodigetransacties -> minder transactiekosten- Vrouwenpassenzichmeeraanaan context qua risicogedrag- 4 female sheriffs of Wall Str.:- Brooksley Born, Commodities Futures Trading Commission, she warned in 1997 against derivativesSheila Bear: she warned in 2006 against nonperforming mortgagesMary Shapiro: heading the SECChristine Lagarde: heading the IMF