search query: @indexterm CAPITAL MARKETS / total: 931
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Author: | Mouck, T. |
Title: | Capital markets research and real world complexity: The emerging challenge of chaos theory |
Journal: | Accounting, Organizations and Society
1998 : FEB, VOL. 23:2, p. 189-215 |
Index terms: | CAPITAL MARKETS RESEARCH THEORIES |
Language: | eng |
Abstract: | The theories of chaos and complexity are presented as a wide-ranging new vision of the relationship between order and disorder, a new vision that is challenging many of the fundamental presuppositions of the older Newtonian world view of science. The implications of the new vision are explored in terms of their challenges to the methodological views widely espoused by capital market researchers in accounting, most notably with respect to the assumptions of linearity and predictability. The Mandelbrot's studies are reviewed in terms of their challenges to financial reporting issues. Contemporary studies which are reviving Mandelbrot's challenges are also reviewed, with the conclusion that they are weakening the intellectual hold of the traditional capital markets paradigm. Finally, an emerging new research program associated with the Santa Fe Institute (SFI) is reviewed. |
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