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Salomon, Victoriya
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Salomon, Victoriya
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- PublicationAccès libreCutting out the middleman : a case study of blockchain-induced reconfigurations in the Swiss financial services industry(2018)
; Blockchain-technology promises to have far-reaching economic and social implications, which are not yet foreseeable in its extent. It threatens to disintermediate many wellestablished sectors of the economy, and incumbent businesses might be overtaken by ambitious newcomers. The financial services industry is particularly “ripe for disintermediation” since blockchain-technology has with Bitcoin and other cryptocurrencies its first real-world use case. Incumbent businesses have to react if they do not wish to perish. However, technological evolution also affects the State and other governmental bodies: institutional frameworks or territorial arrangements can become obsolete or detrimental to business activity and may need to be amended. This paper aimed to examine ongoing technology-induced reconfigurations in the financial services industry through a four lenses framework. The technology, actors and their discourses, as well as the regulatory environment and affected territories, need to be considered all at once. We have applied this framework to the case of Switzerland: a country with an influential financial services industry that has seen better days. We have found that (1) the Swiss Confederation has swiftly adapted its institutional framework to the new reality in order to foster competition and innovation; (2) there are some raucous controversies between challengers and incumbent businesses. However, a tacit compromise allows them to coexist; (3) four “crypto-clusters” are emerging. These are located in traditional banking centers (Zurich, Zug, Lake Geneva region, Chiasso) that are seeking to strengthen their international visibility and improve their competitiveness. - PublicationAccès libreIndustrie de fonds ISR et la construction de la "valeur financière durable"Avec son offre de fonds d’Investissement socialement responsable (ISR), l’industrie de la finance s’inscrit dans le mouvement général de « Développement durable » (DD). Toutefois, malgré la mise en place de dispositifs sociotechniques complexes pour évaluer la « responsabilité » des entreprises, la finance « durable » se heurte à de nombreuses limites. D’une part, la finance et le DD sont mûs par des logiques, des principes d’action et des spatialités complètement différents. D’autre part, seule une validation sociale de la « valeur durable » provenant des milieux non financiers serait à même d’évaluer la durabilité des activités économiques.
- PublicationAccès libreEmergent models of financial intermediation for innovative companies : from venture capital to crowdinvesting platforms(2014)The recent financial crisis has accelerated the changes with regard to the spatial organization of financial channels. In direct investments, the venture capital industry in Switzerland used to be connected to national and international financial markets. Today these traditional direct investment players decline because their traditional business model is no longer suited for the current economic context. Instead, a new business model for direct investment has recently emerged while revitalizing this financial sector: crowdinvesting platforms exploit more intensively the possibilities opened by ICTs and of specialized, but dispersed, expertise. The paper highlights the strengths and weaknesses of both business models as well as their contrasted time and space ways to deal with uncertainty.
- PublicationAccès libreThe Post Crisis Transition : Towards New Investment Circuits ?The recent Global financial crisis has marked an unprecedented separation between finance and real economy. This paper deals with the question of today’s transition within finance geography. It focuses on the transition process of the Swiss financial system after 2008 from institutional and territorial perspective. More specifically, this study investigates new investment circuits in Switzerland and attempts to understand to which extent they are connected to entrepreneurial activities at local and regional levels. Our main findings highlight that the Swiss case shows two opposite movements: “from the top”, i.e. Swiss pension fund sector and “from below”, i.e. regional private entrepreneurial investors. We will finally demonstrate that, because of the specific institutional framework, the current transition process in Switzerland is more likely to be driven by small regional actors, rather than by large institutional investors.