ABSTRACT Mobilizing Foucault’s genealogy, this article investigates how an “ethics event”—the involvement by some sell-side financial analysts in the United States and United Kingdom across the past two decades in corporate governance—emerged. It is found that the complex relations formed between specific historical precedents, normative discourses, and fields of power rendered certain issues in financial markets morally problematic and constructed analysts’ corporate governance work as a potential solution. Contributing to research in finance ethics, this article develops a novel perspective to conceptualize the rise of ethically relevant practices in financial markets, focusing on how ethical problems and their solutions are outcomes of discursive construction and power relations. This article also revises our understanding of the boundary between technical norms and moral norms in financial markets. When ethical crises occur, it is argued, transforming technical practices and revising the technical norms adopted by financial professionals has the potential to tackle ethical concerns.

中文翻译：

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道德事件和可能性条件：卖方金融分析师如何参与公司治理

摘要 本文利用福柯的谱系研究了“道德事件”——过去二十年美国和英国的一些卖方金融分析师参与公司治理——是如何出现的。研究发现，特定历史先例、规范话语和权力领域之间形成的复杂关系使金融市场中的某些问题在道德上存在问题，并将分析师的公司治理工作构建为潜在的解决方案。这篇文章为金融伦理研究做出了贡献，提出了一种新的视角来概念化金融市场中伦理相关实践的兴起，重点关注伦理问题及其解决方案如何成为话语建构和权力关系的结果。本文还修正了我们对金融市场技术规范和道德规范之间界限的理解。有人认为，当道德危机发生时，转变技术实践和修订金融专业人士采用的技术规范有可能解决道德问题。