MDIM Journal of Management Review and Practice
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Labanya Prakash Jena1,2

First Published 31 Mar 2023.
Article Information Volume 1, Issue 1 March 2023
Corresponding Author:

Labanya Prakash Jena, Regional Climate Finance Advisor, The Commonwealth, B1/2, 2nd Floor, Hauz Khas, New Delhi 110016, India.

1Xavier School of Management, XLRI, Jamshedpur, Jharkhand, India

2 The Commonwealth, Hauz Khas, New Delhi, India

Creative Commons Non Commercial CC BY-NC: This article is distributed under the terms of the Creative Commons Attribution-NonCommercial 4.0 License ( which permits non-Commercial use, reproduction and distribution of the work without further permission provided the original work is attributed. 


Modern financial theories often fail to predict black swan events in the financial market because these financial theories are built on market participants’ typical behaviours in the last few decades. These theories have not captured the behaviour of market participants in black swan events. In the context of this study, qualitative research such as phenomenology, narratology and metaphorology can be deployed to study randomly from the perspective of uncertainty, risk and chaotic behaviour. These research methodologies remove the numerical assumptions used by the quantitative financial model but lighten the participants’ real experience, who witnessed the crisis very carefully. Thereby, the behaviour of market participants can be captured and examined. The employment of these qualitative research methodologies, along with the pure financial theories, will be more efficient to predict these events, which allows stakeholders to take necessary steps to avert this kind of crisis.


finance, black swan, metaphorology, phenomenology, narratology


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