Why am I passionate about this?
I’ve always been interested—a vast understatement to anyone who knows me—in what makes people tick. I’ve focused on analyzing business actors – bankers, lawyers, investors, executives, shareholders, and others. What do they want? Some combination of money, power, or prestige? How does loving to win fit in? How about hating to lose? When is enough (money/power/prestige) enough? What do they think is ok to do to get what they want? What do they think is not ok? Amazingly, as a law professor, I can pursue that interest as part of my job, and – I think and hope – do so in a way that might help lawmakers, regulators, and policymakers do better.
Claire's book list on bankers, especially bankers behaving badly
Why did Claire love this book?
No, this book is not by John Coates the corporate law professor. It's by another John Coates, who was a Wall Street trader and became a neuroscientist (!).
The descriptions of the physiology of risk-taking are not only fascinating in their own right but also deeply intuitive, and should be of enormous help to regulators trying to address banker misbehavior. They give the lie to the idea that simple stories—people are good or bad! It’s all about incentives!—can do a good job in explaining what happened.
This book makes clear that we have to understand the role of biology as well. People can’t just turn their risk-taking tendencies and reactions on and off at will. We’ve seen what happens when banks and regulators don’t take that into account.
1 author picked The Hour Between Dog and Wolf as one of their favorite books, and they share why you should read it.
As scandal and the aftershocks of the crash rock the financial world, former Wall Street trader John Coates investigates why our financiers are driven to take risks.
Now shortlisted for the 2012 Financial Times and Goldman Sachs Business Book of the Year Award and the Wellcome Trust Book Prize, this startling and unconventional book sees neuroscientist and former Wall Street trader John Coates explain something we have long suspected: that we think with our body as well as our brain. And this only intensifies when we take risks; at work, in sport and on the financial markets. Making and losing…