Institutionalization in Efficient Markets: The Case of Price Bubbles
Conference Proceeding Article
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.
Efficienct market theory; economic efficiency, uncertainity
Organizational Behavior and Theory
Organisational Behaviour and Human Resources
Academy of Management Proceedings
Academy of Management
City or Country
Anaheim, CA, USA
LEVINE, Sheen S. and Zajac, Edward J..
Institutionalization in Efficient Markets: The Case of Price Bubbles. (2008). Academy of Management Proceedings. 1-6. Research Collection Lee Kong Chian School Of Business.
Available at: http://ink.library.smu.edu.sg/lkcsb_research/1059