Artikel
Making sense in asset markets: Strategies for implicit organizations
While asset markets are traditionally left to economic inquiry, the paper shows that there is both a legal possibility and an incentive for organizing within such markets and for exercising market share-based strategic maneuvering. It proposes, based on sensemaking theory, Implicit Organizations in asset markets to exploit equivocality for momentum trading strategies. An Implicit Organization fulfills the criteria of an organization, while maintaining the image of a perfect market. Its members coordinate via market signals and fixed investment time windows to ensure positive returns to strategic maneuvering in asset markets. In support of hypotheses derived from sensemaking theory, results of empirical studies from two different investment contexts (Xetra and NYSE) provide evidence that equivocal analysts' recommendations predict investment returns after a fixed time period.
- Language
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Englisch
- Bibliographic citation
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Journal: Cogent Economics & Finance ; ISSN: 2332-2039 ; Volume: 3 ; Year: 2015 ; Issue: 1 ; Pages: 1-21 ; Abingdon: Taylor & Francis
- Classification
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Wirtschaft
Firm Organization and Market Structure
Asset Pricing; Trading Volume; Bond Interest Rates
- Subject
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asset markets
coordination
equivocality
organization
sensemaking
signaling
- Event
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Geistige Schöpfung
- (who)
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Lehner, Johannes M.
- Event
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Veröffentlichung
- (who)
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Taylor & Francis
- (where)
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Abingdon
- (when)
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2015
- DOI
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doi:10.1080/23322039.2015.1024022
- Handle
- Last update
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10.03.2025, 11:41 AM CET
Data provider
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. If you have any questions about the object, please contact the data provider.
Object type
- Artikel
Associated
- Lehner, Johannes M.
- Taylor & Francis
Time of origin
- 2015
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