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| Author: | Beunza, D. Hardie, I. MacKenzie, D. |
| Title: | A price is a social thing: towards a material sociology of arbitrage |
| Journal: | Organization Studies
2006 : VOL. 27:5, p. 721-745 |
| Index terms: | arbitrage finance social surveys |
| Language: | eng |
| Abstract: | This paper discusses arbitrages drawing upon four separate ethnographic and interview-based studies to describe a "material sociology" of arbitrage. The authors argue that it is necessary that an arbitrage position often incurs losses before it becomes lucrative, and those who provide arbitrageurs with capital have to be persuaded that those losses are indeed temporary. Patterns of trust and information exchange ampng known others are thus consequential, and arbitrage also has wider social aspects, manifest for example in deleberately created barriers to the short sales often required for arbitrage. In addition, sometimes arbitrage affects informal norms of proper conduct in markets. |
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