Institutionalization in Efficient Markets: The Case of Price Bubbles

Publication Type

Conference Proceeding Article

Publication Date

2008

Abstract

We seek to deepen understanding of the micro-foundations of institutionalization while contributing to a sociological theory of markets by investigating the puzzle of price bubbles in financial markets. We find that such markets, despite textbook conditions of high efficiency -- perfect information, atomistic agents, no uncertainty -- quickly develop patterns consistent with institutionalization processes.

Keywords

Efficienct market theory; economic efficiency, uncertainity

Discipline

Organizational Behavior and Theory

Research Areas

Organisational Behaviour and Human Resources

Publication

Academy of Management Proceedings

First Page

1

Last Page

6

Identifier

10.5465/AMBPP.2008.33649949

Publisher

Academy of Management

City or Country

Anaheim, CA, USA

Comments

Best Paper Proceedings, Academy of Management

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