Princeton University Press
Pop Finance: Investment Clubs and the New Investor Populism
Key Metrics
- Brooke Harrington
- Princeton University Press
- Paperback
- 9780691145860
- 8.9 X 5.7 X 0.6 inches
- 0.75 pounds
- Business & Economics > Investments & Securities - Stocks
- English
Secure TransactionBook Description
During the 1990s, the United States underwent a dramatic transformation: investing in stocks, once the province of a privileged elite, became a mass activity involving more than half of Americans. Pop Finance follows the trajectory of this new market populism via the rise of investment clubs, through which millions of people across the socioeconomic spectrum became investors for the first time. As sociologist Brooke Harrington shows, these new investors pour billions of dollars annually into the U.S. stock market and hold significant positions in some of the nation's largest firms. Drawing upon Harrington's long-term observation of investment clubs, along with in-depth interviews and extensive survey data, Pop Finance is the first book to examine the origins and impact of this mass engagement in investing.
One of Harrington's most intriguing findings is that gender-based differences in investing can create a diversity premium--groups of men and women together are more profitable than single-sex groups. In examining the sources of this effect, she delves into the interpersonal dynamics that distinguish effective decision-making groups from their dysfunctional counterparts.
In addition, Harrington shows that most Americans approach investing not only to make a profit but also to make a statement. In effect, portfolios have become like consumer products, serving both utilitarian and social ends. This ties into the growth of socially responsible investing and shareholder activism--matters relevant not only to social scientists but also to corporate leaders, policymakers, and the millions of Americans planning for retirement.
Author Bio
Brooke Harrington is a sociology professor at Dartmouth College. She is the author of Pop Finance and Capital Without Borders: Wealth Management and the One Percent.
Who creates change in markets and other financial institutions? My research for the past 15 years has investigated this question in a variety of empirical domains. I am an economic and organizational sociologist by training, with an empirical focus on finance, taxation and the professionals who specialize in those domains. My latest book for Harvard University Press concerns an elite occupational group within finance and its impact on international law and stratification. Previously, my research examined the effects of diversity and decision-making processes on the performance of investment groups.
I'm interested in how things get done--what social actors actually do in their daily lives--and how that aggregates to the macro-level of financial markets, culture and political institutions. My work intersects with the literatures of political economy, anthropology, social psychology and behavioral finance.
Research Interests
Economic sociology: financial markets and offshore banking /Sociology of stratification: wealth and taxation in connection to inequality /Sociology of the professions: elite and transnational professionals /Political sociology: states and the legal-financial ecosystem of tax havens /Organizational sociology: family firms, groups and diversity
Education
B.A. Stanford University
M.A. Harvard University
Ph. D. Harvard University
Source: Dartmouth College and brookeharrington.com
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