The multiple worlds of equity analysts: valuation,volume, and volatility |
| |
| Authors: | Jesper Blomberg |
| |
| Institution: | Department of Management and Organization, Stockholm School of Economics, Stockholm, Sweden |
| |
| Abstract: | This paper contributes to the increasing research on how experts within financial institutions co-produce and organize financial markets, and in particular how equity analysts enact stock markets characterized by high volume and volatility. The 20 equity analysts studied give qualitatively different accounts of what, from an outsider's perspective, appear to be very similar work. The analysts understand investment objects, equity markets, and what constitutes good analytical work in qualitatively different ways. This heterogeneity, or multiplicity, could be one source of the, unexplained by orthodox financial theory, ‘excess’ volatility and ‘excess’ trading volume on financial markets. Therefore, the paper complements accounts within heterodox finance theory and sociology-based studies of financial market activities. |
| |
| Keywords: | Multiplicity excess trading securities investment banking organizing financial markets |
|
|
