Search results

1 – 10 of over 1000
Book part
Publication date: 1 September 2016

Aaron Z. Pitluck

Although markets are intensely social, stock markets are peculiar in that they are normatively anonymous spaces. Anonymity is a difficult-to-achieve social accomplishment in which…

Abstract

Purpose

Although markets are intensely social, stock markets are peculiar in that they are normatively anonymous spaces. Anonymity is a difficult-to-achieve social accomplishment in which material identity information is successfully stripped from participants. The academic literature is conflicted regarding the degree to which equity markets are anonymous and how this influences traders’ behavior.

Methodology/approach

Based on focused, tape-recorded ethnographic interviews, this chapter investigates the work practices of professional investors and brokers to describe the conditions under which brokers veil or reveal investors’ identities to their competitors, and thereby shed light on how anonymity is socially produced (or eroded) in global stock markets.

Findings

The social structure of brokered financial markets places brokers in the awkward situation of sitting in an information-poor structural location for so-called “fundamental information” while being paid to share information with professional investors who sit in an information-rich structural location. A resolution to this material and social dilemma is that brokers can erode the market’s anonymity by gifting identity information (“order flow”) – the previous, prospective, or pending trades of their clients’ competitors – thereby providing traders a competitive advantage. They share identity information in three types of performances: transparent relationships, masked relationships, and the transformation of illicit material identity information into licit and sharable “fundamental” information. Each performance partly erodes transaction-level and market-level anonymity while simultaneously partially supporting anonymity.

Practical implications

Laws and regulations requiring brokers’ confidentiality of their clients’ trades are easily and systematically eluded. Policy makers and regulators may opt to respond by increasing surveillance and mechanization of brokers’ work so as to promote a normatively anonymous market. Alternatively, they may opt to question the value of promoting and policing anonymity in financial markets by revising insider trading regulations.

Originality/value

Even well-regulated markets are semi-anonymous spaces due to the systematic exposure of investors’ identities to competitors by their shared brokers on a daily basis. This finding provides an additional explanation for how professional investors can imitate one another (“herd”) as well as why subpopulations of investors often trade so similarly to one another.

Details

The Economics of Ecology, Exchange, and Adaptation: Anthropological Explorations
Type: Book
ISBN: 978-1-78635-227-9

Keywords

Book part
Publication date: 29 November 2012

Andrew Lepone, Reuben Segara and Brad Wong

This study investigates whether broker anonymity impairs the ability of the market to detect informed trading in the lead up to takeover announcements. Our research represents the…

Abstract

This study investigates whether broker anonymity impairs the ability of the market to detect informed trading in the lead up to takeover announcements. Our research represents the first study in this area to analyse the effects of broker anonymity in the context of significant information asymmetry. Results indicate that informed traders are less detected, and therefore better off when broker identifiers are concealed. This finding has important policy implications for exchange officials deciding whether or not to reveal broker identifiers surrounding trades, especially considering that almost all prior research suggests that broker anonymity is correlated with improved liquidity.

Details

Transparency and Governance in a Global World
Type: Book
ISBN: 978-1-78052-764-2

Keywords

Book part
Publication date: 14 July 2014

David Obstfeld, Stephen P. Borgatti and Jason Davis

We argue for a broadened approach to brokerage by distinguishing between brokerage emphasizing a particular structural pattern in which two otherwise disconnected alters are…

Abstract

We argue for a broadened approach to brokerage by distinguishing between brokerage emphasizing a particular structural pattern in which two otherwise disconnected alters are connected through a third party (“brokerage structure”) and the social behavior of third parties (“brokerage process”). We explore a processual view of brokerage by examining three fundamental strategic orientations toward brokerage: conduit, tertius gaudens, and tertius iungens that occur in many different forms and combinations. This processual view is especially relevant in increasingly complex and dynamic environments where brokerage behavior is highly varied, intense, and purposeful, and has theoretical implications for studying multiplexity, heterogeneity, and brokerage intensity.

Details

Contemporary Perspectives on Organizational Social Networks
Type: Book
ISBN: 978-1-78350-751-1

Keywords

Abstract

Details

Advances in Librarianship
Type: Book
ISBN: 978-0-12024-615-1

Book part
Publication date: 25 July 2008

Timothy J. Rowley and Joel A.C. Baum

In this study, we seek to broaden the research focus in the strategic alliance literature from a firm's “partner strategy” to its “network strategy” by linking a firm's partnering…

Abstract

In this study, we seek to broaden the research focus in the strategic alliance literature from a firm's “partner strategy” to its “network strategy” by linking a firm's partnering choices to changes in its network position over time. Using data on all underwriting syndicates in Canada over nearly 40 years, we conceptualize and model the interplay between an investment bank's own and its partners’ syndicate participation. Our findings indicate that the lead banks, which have greater discretion in choosing syndicate partners than co-lead banks, are more likely to make partner selections that create bridging positions that provide access to timely and non-redundant information as well as opportunities to play a broker role across unconnected others. We also find, however, that lead banks’ bridging positions deteriorate when they form ties with other lead banks. Network-based competitive advantages are thus influenced by network opportunities and constraints as well as partner-specific concerns, suggesting that new insights into the dynamics of interfirm networks and competitive advantage of firms are possible within this broader view.

Details

Network Strategy
Type: Book
ISBN: 978-0-7623-1442-3

Abstract

Details

Advances in Librarianship
Type: Book
ISBN: 978-0-12024-617-5

Book part
Publication date: 12 August 2014

Virginia M. Tucker

Expert searchers engage with information in a variety of professional settings, as information brokers, reference librarians, information architects and faculty who teach advanced…

Abstract

Expert searchers engage with information in a variety of professional settings, as information brokers, reference librarians, information architects and faculty who teach advanced searching. As my recent research shows, the expert searcher’s information experience is defined by profound discernment of critical concepts about information, and a fluid ability to apply this knowledge to their engagement with the information environment. The information experience of the expert searcher means active and intentional participation with the processes and players that created that information environment. Expert searchers become an integral and seamless part of their information environment and also play a role in facilitating the information experiences of others.

In this chapter, after discussing my understanding of the concept of information experience, I outline how I used threshold concept theory to explore the information experience of expert searchers. Through the findings, I identify four threshold concepts in the acquisition of search expertise that provide new perspectives on the information experience of the expert searcher. These new perspectives have implications for search engine design and how advanced search skills are taught. Finally, I consider how the fresh insights about the expert searcher’s experiences contribute to wider understanding about information experience.

Details

Information Experience: Approaches to Theory and Practice
Type: Book
ISBN: 978-1-78350-815-0

Keywords

Book part
Publication date: 30 October 2004

Rochelle Parks-Yancy

Research has found that African-Americans and women have opportunities for advancement in the traditional corporate environment through resources embedded in their social…

Abstract

Research has found that African-Americans and women have opportunities for advancement in the traditional corporate environment through resources embedded in their social networks. However, layoffs can affect the composition of their social networks, their positions in the networks, and rewards from those networks. I suggest that the racial, cultural, and gender differences between African-American and women layoff survivors and White and male layoff survivors will negatively affect their access to and benefits from social capital resources. Yet, strong tie relationships with White and male layoff survivors in key strategic positions can help African-American and women survivors maintain their existing job position because they can then borrow the social capital resources of the White and male survivors. Thus, while research has found that weak ties help individuals advance in their workplaces, strong tie relationships with majority groups may be more beneficial to minority groups in maintaining their position after a layoff.

Details

Diversity in the Work Force
Type: Book
ISBN: 978-0-76230-788-3

Abstract

Details

Advances in Librarianship
Type: Book
ISBN: 978-0-12024-616-8

Book part
Publication date: 4 November 2021

Paul T. Jaeger and Natalie Greene Taylor

While much discussion of information literacy in librarianship has focused on the educational roles that librarians play in promoting information literacy among the communities…

Abstract

While much discussion of information literacy in librarianship has focused on the educational roles that librarians play in promoting information literacy among the communities they serve, the information literacy education of librarians themselves has not received much attention. In response to an article written by the authors of this chapter, a surprisingly large number of librarians responded to them to try to contradict the assertions of their article using what was clearly disinformation. Drawing upon these attempts by librarians to spread misinformation in a professional context, this discussion explores the ways in which a lack of critical information literacy among information professionals can impact the ability of libraries and librarians to support their communities. This chapter also considers ways in which the librarians and library professional organizations could work to promote critical information literacy among current and future members of the profession.

Details

Libraries and the Global Retreat of Democracy: Confronting Polarization, Misinformation, and Suppression
Type: Book
ISBN: 978-1-83982-597-2

Keywords

1 – 10 of over 1000