- List of Figures
- List of Tables
- Global Finance And Its Institutional Spaces
- Politics And Financial Markets
- Finance And Institutional Investors
- Business Groups And Financial Markets As Emergent Phenomena
- Central Banking And The Triumph Of Technical Rationality
- What is a financial market? Global markets as microinstitutional and post-traditional social forms
- Auctions And Finance
- Interactions And Decisions In Trading
- Traders And Market Morality
- The Material Sociology Of Arbitrage
- Seeing Through The Eyes Of Others: Dissonance Within And Across Trading Rooms
- Market Efficiency: A Sociological Perspective
- Financial Analysts
- Rating Agencies
- Accounting And Finance
- The International Monetary Regime And Domestic Political Economy: The Origin Of The Global Financial Crisis
- A Long Strange Trip: The State And Mortgage Securitization, 1968–2010
- Dead Pledges: Mortgaging Time And Space
- Financial Crises As Symbols And Rituals
- The Sociology Of Financial Fraud
- The Disunity Of Finance: Alternative Practices To Western Finance
- Islamic Banking And Finance: Alternative Or Façade?
- Geographies Of Finance: The State-Enterprise Clusters Of China
- The Financialization Of Art
- Historical Sociology Of Modern Finance
- Gender And Finance
- The Role Of Confidence In Finance
- Finance In Modern Economic Thought
- Financial Automation, Past, Present, And Future
Abstract and Keywords
This article has four main objectives: To provide concise, descriptive, sociologically informed accounts of financial markets and auction markets with particular attention to their interconnections, similarities and differences. To illustrate the central role that ‘pricing’ plays in both structuring and validating these markets. To examine the different ways in which market narratives and practices mould pricing. Finally, to review some of the various changes associated with technological developments and globalization that have transformed these markets including the way they price.
Charles W. Smith, Professor Emeritus of Sociology, Queens College and the Graduate Schools of CUNY, has been engaged in ethnographic research of auction, primarily financial, markets since the mid-1960s. His books include The Mind of the Market (1981), Auctions (1989), and Success and Survival on Wall Street (1999). His more recent publications include “Coping with Contingencies in Equity Option Markets: The ‘Rationality’ of Pricing” in The Worth of Goods (2011), “Staging Auctions: Enabling Exchange Values to be Contested and Established” in Negotiating Value in the Creative Industries; “Markets as Definitional Practices,” CJS (2007); and “Financial Edgework: Trading in Market Currents,” in Edgework: The Sociology of Risk Taking (2005). His primary focus has been on how markets cope with ambiguity and contingencies.
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