Daniel Wojcik
Biographic Data
| ID | 709265 |
|---|---|
| NAME | Daniel Wojcik |
| GIVEN NAMES | Daniel |
| FAMILY NAME | Wojcik |
| SIGNATURE | WOJCIK D |
| AFFILIATIONS | University of Oxford |
| ORCID | 0000-0003-2158-284X |
| VERIFIED | Yes |
| TOTAL WORKS | 108 |
| TOTAL CITATIONS | 868 |
| AUTHOR COUNT | 107 |
| EDITOR COUNT | 1 |
| FIRST PUBLICATION YEAR | 1996 |
| LATEST PUBLICATION YEAR | 2026 |
| H-INDEX | 13 |
Taking maps seriously in economic geography
The article revisits the debate on the use of maps in economic geography. Using data on articles published in Economic Geography, Regional Studies, and EPA going back to 1974, we show that the evidence of decline is mixed, and that use of maps varies significantly by geographical affiliation of authors as well as by journal. We discuss the changing geographic foci of maps in economic geography, and finish with examples highlighting opportunities …
Back to the office: How proximity survived the pandemic in financial centres
We examine the role of proximity in international financial centres during and since the covid-19 pandemic based on the case study of a Chinese bank branch in the City of London. Our qualitative data is based on 26 interviews conducted in 2021 and 2023, complemented with media-based information on other banks. As experimental studies hardly exist in economic geography, our quasi-experiment on how the forced lack of physical proximity impacted the…
A Lifeline or Sinking Ship in Ocean Conservation? A Deep Dive into Value Creation of “Blue Bonds”
The 2018 issuance of Seychelles’ Debt for Nature blue bond raised new hopes for capital market solutions for conservation. Although there is growing excitement over the potential of blue bonds in channeling much needed investment for ocean conservation, as yet, blue bond uptake remains limited, and existing issuances have been criticized for their vague and unambitious environmental impact. This article analyzes the emergence of blue bonds as a n…
Teaching financial geography
This short essay introduces the symposium “Teaching financial geography”. Despite financial geography gaining more prominence, particularly since the 2010s, there has been little collective reflection to date on how financial geography is taught and what role it plays in geographical education. This introduction here and the three papers that make up this symposium seek to bridge this pedagogical gap. We uncover some tactics to enrich this partic…
Situating African FinTech in Global Financial Networks
Africa has witnessed a FinTech fever, yet these financial dynamics remain largely off the map. To address this gap, this paper explores the geographical patterns of firm creation and investments in African FinTech and how they have evolved since the emergence of FinTech on the continent. Tracing flows of capital across firms, cities and countries, we interpret the geography of investment in African FinTech through the lens of the Global Financial…
Analysing polycentricity: Challenges and a roadmap
Discrepancies among building blocks for the conceptualisation of polycentricity and/or inconsistencies among methodological choices for the operationalisation of polycentricity across studies can compromise the comparability and even the credibility of empirical results, posing significant challenges to advance polycentricity research. To address them, we propose a comprehensive roadmap that maps out options in key analytical stages in analyses o…
Finance and economic geography: Where does money come from and where is it going
This commentary reflects on the past, present, and future of financial geography in its relationship with economic geography. It discusses how financial geography of the present decade continues and changes research trends and patterns of the past two decades and outlines how financial geography could address global financial questions of the future, including the very nature of money. I argue that financial geography is now mature to address big…
Atlas of Finance: Mapping the global story of money in which people and the environment matter
Royal Geographical Society (with IBG) Medals and Awards celebration 2025
The Royal Geographical Society (with IBG) annual Medals and Awards recognise achievements in researching, communicating and teaching a wide range of geographical knowledge. The speeches and citations are a record of the 2025 celebrations, which occurred at the Society on 2 June 2025, with contributions from Dariusz Wójcik, Murray Gray, Gillian Rose, Børge Ousland and Susan J Smith
Changing Lanes? Exploring Mergers and Acquisitions in the Global Auto Sector Through GPN 2.0
There has been an increase in the volume of mergers and acquisitions (M&As) throughout the global auto sector, but there is strikingly little empirical detail surrounding the nature, evolution and geographies of this activity. This article addresses this gap by analysing intra- and inter-sectoral M&A deals throughout the period of 2001-2020 to reveal the changing geographical and sectoral composition of the global auto sector. Adopting a GPN 2.0 …
The Big Four: Multiple Functions and Power in Global Value Chains
Many believe that the Big Four are simply global accounting firms with a large menu of additional services. Using both quantitative and qualitative data, we show that their role in the world political economy extends much beyond such description. We argue that the Big Four play a coordinating role in the organization and expansion of global value chain (GVC) in multiple territories, value-chain segments and at multiple scales. Building on the lit…
Taming Transaction Costs, Risk, and Uncertainty in Global Production and Financial Networks: The Case of Wheat Futures Markets
We apply a novel conceptual framework that integrates the global production network (GPN) and global financial network (GFN) approaches combined with the notions of transaction costs, risk, and uncertainty to shed new light on commodities markets, using wheat futures markets as a case study. We critically assess three major trends characterizing the evolution of wheat futures trading since 2000: horizontal and vertical integration, the establishm…
Stylised facts and close dialogue redux
We reprise Clark’s influential 1998 article on ‘stylized facts and close dialogue’ to reflect on the state of both and their status in economic geography 25 years later. While close dialogue has been embraced by economic geographers, the notion of stylised facts has been neglected. In making the case for more explicit consideration of stylised facts, we highlight their importance in the research process as a catalyst for interaction between theor…
Are cities venturing green? A global analysis of the impact of green entrepreneurship on city air pollution
Situated at the intersection between environmental entrepreneurship and urban sustainability, our paper seeks to investigate the links between city-level green venture ecosystems and the ability of urban centres to reduce air pollution. Using a large dataset of 12,834 urban centres from around the world and their associated yearly average particulate matter (PM2.5), we show that an increase in the cumulative number of green start-ups drives the l…
Theory, explanation, and economics in financial geographies
We take stock of theory and explanation in financial geographies between 2001 and 2020. Our analysis confirms the lone ascent of financialisation to the status of leading theory and shows that economics, particularly the financial variety, has been gradually pushed away from financial geographies in a shift that accompanied the decline of quantitative research approaches. We explain how these developments are interrelated and argue that they pose…
Credit rating agencies’ views on China’s Belt and Road Initiative
How do credit rating agencies (CRAs) view China's Belt and Road Initiative (BRI)? Our analysis of 132 countries in 2000-17 demonstrates that Chinese foreign investment adversely affects sovereign ratings of recipient countries when these countries participate officially in the BRI but is otherwise insignificant. These results indicate that rather than being a generic China bias, the BRI bias is a geopolitical bias, based on CRA's expectation that…
The triple glass ceiling: FinTech gender inequalities
While FinTech gets promoted as an innovative and progressive solution to meeting financial needs globally, it is afflicted by pervasive gender inequalities, only recently noticed in research. To explore these gender inequalities at the core of FinTech, we use a mixed-methods approach, combining data on 100 leading FinTech firms and 15 interviews with FinTech professionals, collected in the latter half of 2021. We argue that women in FinTech face …
Sticky substance with sticky power: Oil in global production and financial networks
To analyse oil, the world's most traded commodity, we combine Global Production Network (GPN) and Global Financial Network (GFN) approaches into the Global Production and Financial Network (GPFN). The combination offers a dynamic framework, as key actors and geographies in the GPFN change over time. It brings together the production and financial strands of research on oil and overcomes the physical reality v. financial fiction dichotomy in liter…
Lost (in) space for dialogue: On the (abandoned) need for working papers in human geography
Working papers have traditionally been an important means of communication in social sciences, including human geography. However, while some series have thrived for decades, working paper series in human geography are generally less common than in some other social sciences or the natural sciences, and face an uncertain future. Based on a survey with the editors of thirty journals in human geography, we draw a diverse and rather controversial pi…
Income Inequality, Finance, and Space: A Cross-Country Analysis
To extend the controversial literature on the finance-inequality nexus, we examine the determinants of income inequality in 131 developed and developing economies, in the period 1991–2017. We consider a wide range of variables associated with domestic financial development, banking crises, and financial globalization, including financial secrecy and offshore wealth. In addition, we examine whether the spatial centralization of the financial secto…
Financial centre primacy around the world: International analysis based on mergers and acquisitions data
We analyse mergers and acquisitions in the financial sector between 2000 and 2017 to explore the domestic hierarchies of financial centres. Across a sample of 16 countries, we reveal different levels of financial centre primacy and explain how these levels change over time. These findings are analysed through a theoretical framework which integrates the literatures on urban primacy, global and world cities and comparative political economy. Situa…
Too-Big-to-Fail Banking in Europe: An Enduring Challenge
Is banking in the European Union still too-big-to-fail (TBTF)? We address this question by providing a critical overview of postcrisis banking regulation and examining whether financial markets continue to expect European governments to bailout TBTF banks. To the latter end we use a novel set of primary data, gathered from fieldwork in Europe, analyse credit ratings of TBTF banks, and compare them with the ratings of other European banks. Our res…
You should do what India does”: FinTech ecosystems in India reshaping the geography of finance
This paper explores the potential of FinTech to change the geography of finance and financial centres through a longitudinal and multiscalar analysis of FinTech in India. Using a financial ecology approach, we combine quantitative data on firm creation and funding with insights from corporate interviews to unpack and examine the key elements of the Indian FinTech ecosystem. At the national scale, our results highlight how the export-oriented ICT …
Shallow and Uneven Progress towards Global Financial Transparency: Evidence from the Financial Secrecy Index
The global financial crisis and leaked documents such as the Panama Papers highlighted the important role of financial secrecy in the global economy. Although international initiatives pressing for more transparency have gained strength, there is little knowledge on how the map of financial secrecy has changed over the past decade and why. We use the internationally recognised Financial Secrecy Index and analyse its five editions between 2011 and…
Hungry for power: Financialization and the concentration of corporate control in the global food system
The global food system is in crisis. Climate change, ecological degradation, and economic and military conflict have exposed significant vulnerabilities in how the world produces, distributes, and consumes food. While governments aim to address these intersecting crises, they typically overlook another critical factor - the unprecedented concentration of corporate control in the global food system driven by contemporary processes of financializat…
Integrating Finance into Global Production Networks
Integrating finance into global production networks, Regional Studies. While successful in its aim of 'globalizing' regional development, the global production network (GPN) approach has thus far paid less attention to the role of finance in the dynamics of the global economy and regional development. This lacuna is significant as finance is arguably even more globalized and networked than production. To address this gap the paper distils the con…
The Dark Side of NY-LON: Financial Centres and the Global Financial Crisis
This paper brings financial centres into the debate on the causes and consequences of the global financial crisis, by focusing on New York and London. It argues that the degree of commonality, complementarity and connectivity between the two leading global financial centres justifies the use of the term 'the New York-London axis' (the axis). It shows that the global financial crisis 2007-09 originated to large extent in the axis rather than in an…
Developing by borrowing? Inter-jurisdictional competition, land finance and local debt accumulation in China
Although the investment-oriented development model for economic growth adopted by Chinese governments has generated spectacular results, the risks of debt-financed urbanisation and economic development have recently become evident in mounting local debts that are undermining the financial system, triggering concerns with respect to local governments’ indebtedness, financial stability and sovereign risk in China. In this paper, we portray the unev…
Where governance fails: Advanced business services and the offshore world
The paper revisits the literatures on financial geographies, advanced business services, world cities and offshore financial centres. Linking these bodies of research, the paper argues that the advanced business services hold considerable power, which they exercise by operating legal and financial vehicles designed to escape the control of governmental or intergovernmental organizations through the use of offshore jurisdictions. This nexus of adv…
Asset Management as a Digital Platform Industry: A Global Financial Network Perspective
While contemporary technological disruption is increasingly conceptualized in terms of the logic and paradoxes of the digital platform economy, discussions of “FinTech” have only engaged to a limited extent with these debates—particularly from an economic geographic standpoint. Here we fill this gap by proposing an adapted Global Financial Network (GFN) framework for conceptualizing the organizational and geographic logic of the digital platform …
Capitalist tools in socialist hands’? China Mobile in global financial networks
The paper analyses the evolution of China Mobile – one of China's pioneer ‘national champions’, and one of the world's largest telecom companies – through the lens of global financial networks, focusing on the role of advanced business services, financial centres and offshore jurisdictions in economic development. It demonstrates that despite being a domestic company, China Mobile is plugged firmly into the global financial networks, with incorpo…
Tax havens and the production of offshore FDI: An empirical analysis
While most research on foreign direct investment (FDI) focuses on the ‘real’ economy, at least 30% of global FDI stock is intermediated through tax havens. Using 2010 IMF data on FDI stocks, this article sheds new light on geographical, historical and political determinants of offshore FDI. Despite its intangibility, offshore FDI is as sensitive to physical distance as real FDI. Offshore FDI links are particularly strong between colonial powers a…
The rise of venture capital centres in China: A spatial and network analysis
Financial Geography I: Exploring FinTech – Maps and concepts
In the first of two reports on FinTech, I review definitions, roots and taxonomies of FinTech, survey studies charting FinTech development, and theoretical approaches to FinTech. Emerging empirical research shows a dynamic growth of FinTech characterized by heterogeneity and diversity. Ecosystems, financial ecologies, and digital platform economies are the most popular approaches to FinTech, and I argue that they can be used fruitfully in combina…
Earth Incorporated: Centralization and Variegation in the Global Company Network
Over the past twenty years, a widening gulf has appeared between the increasingly internationalized financing arrangements of the world’s leading corporations and the persistence of nationally compartmentalized approaches to the study of corporate control. In lieu of direct empirical evidence on corporate control at the global level, the most widespread assumption is that the globalization of ownership has taken the form of an expansion of arm’s-…
Polaroids from Heaven: Photography, Folk Religion, and the Miraculous Image Tradition at a Marian Apparition Site
Daniel Wojcik, "Polaroids from Heaven": Photography, Folk Religion, and the Miraculous Image Tradition at a Marian Apparition Site, The Journal of American Folklore, Vol. 109, No. 432 (Spring, 1996), pp. 129-148
Regional Blocks and Imperial Legacies: Mapping the Global Offshore FDI Network
While foreign direct investment (FDI) is generally assumed to represent long-term investments within the real economy, approximately 30-50 percent of global FDI is accounted for by networks of offshore shell companies created by corporations and individuals for tax and other purposes. To date, there has been limited systematic research on the global structure of these networks. Here we address this gap by employing principal component analysis to…
Global Standards and Emerging Markets: The Institutional-Investment Value Chain and the CalPers Investment Strategy
Institutional investors, particularly pension funds, based in developed Anglo-American capital markets are increasingly investing in international markets, including emerging markets, in an effort to capitalize on the rapid growth rates of these markets. But investment in far-flung jurisdictions carries with it risk and uncertainty, particularly when the corporate standards of firms in emerging markets are below those found in these investors' ho…
Financial geography II: The impacts of FinTech – Financial sector and centres, regulation and stability, inclusion and governance
In this report, I review interdisciplinary research on the actual and potential consequences of FinTech, with emphasis on ideas from and for geographers, and three areas: financial sector and centres, financial regulation and stability, and financial inclusion and governance. I show that the consequences of FinTech are full of controversies, which are part of broader, long-standing debates on the role of finance in economy and society, and need t…
What turns cities into international financial centres? Analysis of cross-border investment banking 2000–2014
Globalisation, financialisation and technology have fuelled competition among international financial centres (IFCs), with investment banks playing an important part in the process. This study introduces novel data on cross-border investment banking revenues in 2000-2014 by city, and investigates their determinants. It shows that IFCs emerge from cities that are already leading domestic financial centres, with large, deep, flexible and open labou…
The British and the German financial sectors in the wake of the crisis: Size, structure and spatial concentration
We use employment data for 2008–2012 to analyse the impact of the subprime and Eurozone crises on the British and German financial sector. In the UK, the sector contracted and its spatial concentration increased across regions and urban hierarchy, with London as the sole winner. In Germany there has been no contraction overall, and no significant change in the spatial distribution of financial employment. We argue that while in both countries for…
Does the fossil fuel divestment movement impact new oil and gas fundraising
This article explores whether increasing fossil fuel divestment commitments are related to the reduction of capital flows into the oil and gas sector, based on an analysis of syndicated lending, equity and bond underwriting across 33 countries from 2000 to 2015. We find that increasing oil and gas divestment pledges in a country are associated with lower capital flows to domestic oil and gas companies. This effect is enhanced in more stringent en…
Investment banking centres since the global financial crisis: New typology, ranking and trends
Financial centres are central to contemporary capitalism, but research on their development has been impeded by methodological challenges related to data availability. This paper offers a new typology of financial centre activity. Based on the nationality of parent companies of financial service providers operating in a centre, and the nationalities of their customers, we distinguish between domestic, export, import and platform activities. Secon…
The End of Investment Bank Capitalism? An Economic Geography of Financial Jobs and Power
This article investigates employment patterns, remuneration, and power relations in the U.S. financial sector between 1978 and 2008. It demonstrates that investment banking has played a central part in the securities industry, which has been by far the most expansive segment of the U.S. financial sector and a significant contributor to growing income inequality. The power of investment banking has risen over the past 30 years under the conditions…
The City of London in the Asian crisis
This paper seeks to understand the Asian crisis through the eyes of the City of London. Relying upon material provided by The Financial Times (FT), we construct an index of pessimism to chart the dominant City of London interpretation of the path of the crisis. This index is set against data on the actual performance of the Hong Kong, and Tokyo, London, and New York stock markets over the same period. We have the luxury of retrospectively reconst…
The limits to FinTech unveiled by the financial geography of Latin America
To address the paucity of research on the financial geography of Latin America and contribute to the emerging geographical literature on FinTech, we use quantitative financial data and qualitative insights from expert interviews, to explore the relationships between FinTech development and financial geography of the region, with focus on Brazil, Mexico and Argentina. We show that despite its fast growth driven by high costs of financial intermedi…
FinTech, economy and space: Introduction to the special issue
In the introduction to the first-ever special issue on the spatial dimensions of FinTech, we show that despite a FinTech fever in business and media, research on FinTech is still niche, particularly in social sciences. We describe FinTech as a research area full of controversies, ripe and in need of geographical research. As we outline, papers in this issue contribute to the debate primarily by examining the role of the state, financial centres a…
On financialization and its future
Born as a term with a critical connotation towards finance, financialization has been widely employed in social sciences, despite the vagueness often surrounding it. In this article we discuss the concept of financialization with a focus on three dimensions. First, we highlight the crucial role of theory in shaping the depth of one's understanding of the term. Second, we discuss the merits and limitations of the term as a means for bringing toget…
Ground Zero’ of Brexit: London as an international financial centre
Geographical linkages in the financial services industry: A dialogue with organizational studies
Geographical linkages in the financial services industry: a dialogue with organizational studies. Regional Studies. This article proposes a conceptualization of the geographical linkages in the financial services sector based on boundary-spanning activities. In doing so, it seeks to open a dialogue between organizational sociology and regional development that goes beyond an analysis of financial transactions and asset prices to the informational…
Embracing Doomsday: Faith, Fatalism, and Apocalyptic Beliefs in the Nuclear Age
Beliefs and narratives about the end of the world have fascinated people throughout history. In nearly every culture, sacred narratives are told about worldly cataclysm, the regeneration of the earth, and the creation of a terrestrial paradise (Talmon 1968:349-351; Thrupp 1970:11-15).1 Until recently, the end of the world has been interpreted as a meaningful and supernatural event, involving the annihilation and renewal of the earth by deities or…
Polaroids from Heaven: Photography, Folk Religion, and the Miraculous Image Tradition at a Marian Apparition Site
Daniel Wojcik, "Polaroids from Heaven": Photography, Folk Religion, and the Miraculous Image Tradition at a Marian Apparition Site, The Journal of American Folklore, Vol. 109, No. 432 (Spring, 1996), pp. 129-148
The Holiday Yards of Florencio Morales: El Hombre de las Banderas
Art and Artists: The Series The Holiday Yards of Florencio Morales: El Hombre de las Banderas. By Amy V. Kitchener. 1994. Pp. 72. $29.50 (cloth); $15.95 (paper) Santeria Garments and Altar Speaking Without a Voice By Ysamur Flores-Pena and Roberta J. Evanchuk. 1994. Pp. 72. $29.50 (cloth); $15.95 (paper) Americana Crafted: Jehu Camper Delaware Whittler. By Robert D. Bethke. 1995. Pp. 71. $32.50 (cloth); $16.95 (paper) Chain-Saw Sculptor: The Art …
The End of the World as We Know It: Faith, Fatalism, and Apocalypse in America
Journal Article The End of the World As We Know It: Faithy Fatalism, and Apocalypse in America. By Daniel Wojcik. (New York: New York University Press, 1997. xii, 281 pp. $30.00, ISBN 0-8147-9283-9.) Get access Richard Kyle Richard Kyle Tabor College, Hillsboro, Kansas Search for other works by this author on: Oxford Academic Google Scholar Journal of American History, Volume 85, Issue 3, December 1998, Page 1172, https://doi.org/10.2307/2567373 …
The End of the World As We Know It: Faith, Fatalism, and Apocalypse in America
New Old-Fashioned Ways: Holidays and Popular Culture
Neru Old-Fashioned Ways: Holidays and Po Culture. By Jack Santino. (Knoxville: The University of Tennessee Press, 1996. Pp. x + 175, introduction, 49 illustrations, references, index. $14.95 paper) This recent work by Jack Santino explores new ground in its analysis of the commercialization of traditional American holidays and the semiotics of holiday products. The book is an accessible guide to the holiday motifs that are used to market goods, a…
The East Asian Banking Sector-Overweight
The City of London in the Asian crisis
This paper seeks to understand the Asian crisis through the eyes of the City of London. Relying upon material provided by The Financial Times (FT), we construct an index of pessimism to chart the dominant City of London interpretation of the path of the crisis. This index is set against data on the actual performance of the Hong Kong, and Tokyo, London, and New York stock markets over the same period. We have the luxury of retrospectively reconst…
The La ̈nder are the Building Blocks of the German Capital Market
Data on major voting blocks in the German officially listed companies for the end of 1997 and May 2001 are used in order to explore the spatial dimensions of the system of corporate control. Listed companies are very unevenly distributed, and their institutional and geographical concentration has not decreased. Holdings of voting blocks in companies are, in turn, getting more and more dispersed, but the majority of corporate control is still intr…
An Economic Geography of Global Finance: Ownership Concentration and Stock-Price Volatility in German Firms and Regions
For some, global finance is ubiquitous. The growth of advanced electronic communications combined with computer-driven, top-down investment strategies has provided institutional investors access to the most sheltered capital markets, including those of continental Europe. By contrast, many economic geographers find this view of the world both simplistic with respect to the persistence of different nation-state regulatory traditions and highly mis…
Path Dependence and Financial Markets: The Economic Geography of the German Model, 1997-2003
The academic community seems divided into two camps: those who emphasise global finance and capital market integration and those who emphasise the economic geography of distinctively local regimes of accumulation. In the first instance, flows of capital and the corrosive forces of global economic competition are assumed to drive institutional convergence. In the second instance, the stability of relationships and inherited institutions presuppose…
Global Standards and Emerging Markets: The Institutional-Investment Value Chain and the CalPers Investment Strategy
Institutional investors, particularly pension funds, based in developed Anglo-American capital markets are increasingly investing in international markets, including emerging markets, in an effort to capitalize on the rapid growth rates of these markets. But investment in far-flung jurisdictions carries with it risk and uncertainty, particularly when the corporate standards of firms in emerging markets are below those found in these investors' ho…
The Geography of Finance: Corporate Governance in the Global Marketplace
This book tackles crucial issues regarding the emerging global market for corporate governance. The authors describe and explain the transformation of European corporate governance in the light of the imperatives driving global financial markets, using an innovative analytical framework. They chart the response of corporate managers to the interest of global portfolio managers in transparent and accountable modes of corporate governance. In doing…
Financial centre bias in primary equity markets
This paper shows that firms from financial centres are more likely to go public than their provincial counterparts. The financial centre bias is analysed for 32 countries, including the European Union, the USA and Japan. It is particularly strong in countries with underdeveloped stock markets and closed corporate governance regimes, but it is still present in countries with the most developed stock markets and most open corporate governance, such…
Geography, Stupid! A Note on the Credit Crunch
There is no abstract for this paper
Spirits, Apparitions, and Traditions of Supernatural Photography
For nearly 150 years, the photographic process has been attributed with the apparitional ability to reveal discarnate beings and miraculous phenomena. In the nineteenth century, members of the Spiritualist movement embraced photography as a technological medium that provided evidence of the afterlife and contact with departed loved ones. Today, traditions of supernatural photography continue to thrive, particularly among the Catholic faithful at …
Geography of Stock Markets
Geography matters for stock markets. Stock market actors and institutions do not just have to be somewhere, but where they are in relation to other actors and institutions has an effect on their behaviour and performance. Hence, the geography of stock markets is crucial to the spatial distribution of financial services and centres. On another level, the evolution and structure of stock markets involves a complex interplay of politics, technology,…
Financial Valuation of the German Model: The Negative Relationship Between Ownership Concentration and Stock Market Returns, 1997-2001
Believed to be a robust alternative to Anglo-American market capitalism, the virtues of the German model are increasingly disputed as doubts are raised about its long-term prospects. At the core of the German model is a system of corporate governance that is characterized by concentrated ownership and cross-holdings of stocks among related firms and their financial service providers. When combined with workers' representation on corporate supervi…
Listing BRICs: Stock Issuers from Brazil, Russia, India, and China in New York, London, and Luxembourg
In the past decade, hundreds of companies from emerging markets have listed their shares on American and European stock markets. Brazil, Russia, India, and China (BRIC) are the main countries of origin of issuers, and stock exchanges in the United States, the United Kingdom, and Luxembourg are the main destinations involved in the process. We use a comprehensive data set for these home and host markets for the end of 2008 to explore the intensity…
Securitization and its footprint: The rise of the US securities industry centres 1998-2007
This article conceptualizes securitization from an economic geographic perspective, and documents dynamic but volatile growth of the securities industry and its distribution in the USA between 1998 and 2007. The industry has spread across states and metropolitan areas, within which it has enhanced its position in central districts, crowding out credit and insurance industry. Corporate headquarters have become more concentrated and their distribut…
Tax havens: How globalization really works * Ronen Palan, Richard Murphy and Christian Chavagneux
Finance at the Crossroads: Geographies of the Financial Crisis and its Implications
The financial crisis that started in 2007 is by no means a closed chapter of modern\nhistory. New foreclosures in the USA abound, economic recovery around the world\nseems fragile, and regulatory reform is only gaining traction. Finance is still very much\nat the crossroads. The task of diagnosing the crisis is far from complete, not to mention\nthe task of generating ideas about the future structure and role of finance in economy\nand society. G…
Freshwater, saltwater and deepwater: Efficient market hypothesis versus behavioural finance
The efficient market hypothesis (EMH) and behavioural finance (BF) form the blame-hope axis of the ongoing soul-searching exercise in economics, which frequently refers to the 'Chicago School' and the ideological division between 'freshwater' and 'saltwater' universities. Citation analysis for 1965–2010 shows that these simple geographical shorthands do not apply, as saltwater economists heavily cited the seminal EMH papers from the beginning and…
Where governance fails: Advanced business services and the offshore world
The paper revisits the literatures on financial geographies, advanced business services, world cities and offshore financial centres. Linking these bodies of research, the paper argues that the advanced business services hold considerable power, which they exercise by operating legal and financial vehicles designed to escape the control of governmental or intergovernmental organizations through the use of offshore jurisdictions. This nexus of adv…
The End of Investment Bank Capitalism? An Economic Geography of Financial Jobs and Power
This article investigates employment patterns, remuneration, and power relations in the U.S. financial sector between 1978 and 2008. It demonstrates that investment banking has played a central part in the securities industry, which has been by far the most expansive segment of the U.S. financial sector and a significant contributor to growing income inequality. The power of investment banking has risen over the past 30 years under the conditions…
Economics (71 works) · Finance (60 works) · Business (57 works) · Geography (35 works) · Banking stability, regulation, efficiency (32 works) · Finance (31 works) · Housing, Finance, and Neoliberalism (31 works) · Political science (31 works) · Economic geography (28 works) · Financial system (22 works)