Is a Stock Exchange a Computer Solution?
Copyright policy )Is a Stock Exchange a Computer Solution?
The paper examines, through a case study on the Arizona Stock Exchange, how computerization challenged the definition of the stock exchange in the context of North-American financial markets in the 1990’s. It analyses exchange automation in terms of trials of explicitness: the computational formulation of what an exchange is calls for a detailed explication of the (variable, often conflicting and unanticipated) processes and properties of price formation. The paper focuses in particular on the argument of the concentration of liquidity in one single point, which was central to the development of the Arizona Stock Exchange (an electronic call auction). It then asks what kind of revolution is the ‘explicitness revolution’ in the design of allocation mechanisms.
Exchange Automation, 330, Trials of Explicitness, [SHS.SOCIO] Humanities and Social Sciences/Sociology, JEL: C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C93 - Field Experiments, JEL: D - Microeconomics/D.D4 - Market Structure, Social Studies of Finance, Electronic Trading, and Design, [SHS.HISPHILSO] Humanities and Social Sciences/History, Philosophy and Sociology of Sciences, JEL: Z - Other Special Topics/Z.Z1 - Cultural Economics • Economic Sociology • Economic Anthropology/Z.Z1.Z13 - Economic Sociology • Economic Anthropology • Social and Economic Stratification, JEL: N - Economic History/N.N2 - Financial Markets and Institutions/N.N2.N22 - U.S. • Canada: 1913–, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, [SHS.SOCIO]Humanities and Social Sciences/Sociology, [SHS.HISPHILSO]Humanities and Social Sciences/History, Philosophy and Sociology of Sciences, Arizona Stock Exchange, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G14 - Information and Market Efficiency • Event Studies • Insider Trading, Actor-Network Theory, [SHS.GESTION]Humanities and Social Sciences/Business administration, [SHS.GESTION] Humanities and Social Sciences/Business administration, Pricing, Information Systems
Exchange Automation, 330, Trials of Explicitness, [SHS.SOCIO] Humanities and Social Sciences/Sociology, JEL: C - Mathematical and Quantitative Methods/C.C9 - Design of Experiments/C.C9.C93 - Field Experiments, JEL: D - Microeconomics/D.D4 - Market Structure, Social Studies of Finance, Electronic Trading, and Design, [SHS.HISPHILSO] Humanities and Social Sciences/History, Philosophy and Sociology of Sciences, JEL: Z - Other Special Topics/Z.Z1 - Cultural Economics • Economic Sociology • Economic Anthropology/Z.Z1.Z13 - Economic Sociology • Economic Anthropology • Social and Economic Stratification, JEL: N - Economic History/N.N2 - Financial Markets and Institutions/N.N2.N22 - U.S. • Canada: 1913–, [SHS.ECO] Humanities and Social Sciences/Economics and Finance, [SHS.SOCIO]Humanities and Social Sciences/Sociology, [SHS.HISPHILSO]Humanities and Social Sciences/History, Philosophy and Sociology of Sciences, Arizona Stock Exchange, [SHS.ECO]Humanities and Social Sciences/Economics and Finance, JEL: G - Financial Economics/G.G1 - General Financial Markets/G.G1.G14 - Information and Market Efficiency • Event Studies • Insider Trading, Actor-Network Theory, [SHS.GESTION]Humanities and Social Sciences/Business administration, [SHS.GESTION] Humanities and Social Sciences/Business administration, Pricing, Information Systems
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