Final published version
Research output: Contribution to Journal/Magazine › Journal article › peer-review
Storytelling and structural incoherence in financial markets. / Tarim, Emre.
In: Journal of Interdisciplinary Economics, Vol. 24, No. 2, 01.06.2012, p. 115-144.Research output: Contribution to Journal/Magazine › Journal article › peer-review
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TY - JOUR
T1 - Storytelling and structural incoherence in financial markets
AU - Tarim, Emre
PY - 2012/6/1
Y1 - 2012/6/1
N2 - This article presents a sociological-narrative approach to studying sensemaking and legitimation in financial markets, and applies this to the Istanbul Stock Exchange (ISE). The sociological-narrative approach taken here differs from standard economics and psychology theories on market behaviour and outcomes. It draws on the existing literature on sensemaking and legitimation in organizations and financial markets, and postulates that financial markets, as realms of meaning and practice, are prone to be structurally incoherent. The incoherence is argued to stem from positionality of market actors. By positionality, I refer to an actor's position in division of labour in market organizations and to an investor's place in market-specific investor classifications. These imply different epistemic resources at the disposal of different actors, and hence structural incoherence in meanings and practices in financial markets. The article demonstrates an example of this incoherence in the case of the ISE by looking at sensemaking and legitimation stories and practices of brokers, investment analysts, media figures and regulators in this market.
AB - This article presents a sociological-narrative approach to studying sensemaking and legitimation in financial markets, and applies this to the Istanbul Stock Exchange (ISE). The sociological-narrative approach taken here differs from standard economics and psychology theories on market behaviour and outcomes. It draws on the existing literature on sensemaking and legitimation in organizations and financial markets, and postulates that financial markets, as realms of meaning and practice, are prone to be structurally incoherent. The incoherence is argued to stem from positionality of market actors. By positionality, I refer to an actor's position in division of labour in market organizations and to an investor's place in market-specific investor classifications. These imply different epistemic resources at the disposal of different actors, and hence structural incoherence in meanings and practices in financial markets. The article demonstrates an example of this incoherence in the case of the ISE by looking at sensemaking and legitimation stories and practices of brokers, investment analysts, media figures and regulators in this market.
KW - Financial markets
KW - Istanbul Stock Exchange
KW - Legitimacy
KW - Narrative
KW - Sensemaking
KW - Storytelling
KW - Structural incoherence
U2 - 10.1177/0260107913503931
DO - 10.1177/0260107913503931
M3 - Journal article
AN - SCOPUS:84889771726
VL - 24
SP - 115
EP - 144
JO - Journal of Interdisciplinary Economics
JF - Journal of Interdisciplinary Economics
SN - 0260-1079
IS - 2
ER -