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| Author: | MacKenzie, D. |
| Title: | Long-term capital management and the sociology of arbitrage |
| Journal: | Economy and Society
2003 : AUG, VOL. 32:3, p. 349-380 |
| Index terms: | Arbitrage Globalization Sociology |
| Freeterms: | Long-term capital management |
| Language: | eng |
| Abstract: | Arbitrage is a key process in the practice of financial markets and in their theoretical depiction: it allows markets to be posited as efficient without all investors being assumed to be rational. The sociology of arbitrage is explored by means of an examination of the arbitrageurs, long-term capital management (LTCM). The crisis of LTCM in 1998 is analysed by using qualitative, interview-based data and quantitative examination of price movements. |
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