IDEAS home Printed from https://ideas.repec.org/p/hal/journl/hal-05457180.html

Capitalizing on Stigma: Valuation Arbitrage in Norwegian Black Metal

Author

Listed:
  • Erik Aadland

    (BI Norwegian Business School [Oslo])

  • Stoyan Sgourev

    (Audencia Business School)

Abstract

Studies of destigmatization in markets typically feature targeted actors and audiences. This paper changes the analytical perspective by exploring the role of market intermediaries. It highlights the practice of "valuation arbitrage," employed by intermediaries to capitalize on differences between the valuation of a product in stigmatized and non-stigmatized conditions. This practice may reduce the exclusionary power of stigma by facilitating the integration of targeted actors into product or labor markets.We investigate valuation arbitrage in the context of Norwegian black metal: a heavy metal genre that became notorious in the mid-1990s for its involvement in criminal activities. The analysis is abductive in nature, as an exploration of qualitative data allows us to identify a pattern and formulate an expectation that is then tested with quantitative data. An event history analysis of the hazard of a first record release attests to valuation arbitrage by international record labels that signed local bands to build up international demand, reinterpreting the transgressions as a sign of authenticity.

Suggested Citation

  • Erik Aadland & Stoyan Sgourev, 2025. "Capitalizing on Stigma: Valuation Arbitrage in Norwegian Black Metal," Post-Print hal-05457180, HAL.
    • Handle: RePEc:hal:journl:hal-05457180
    DOI: 10.5465/amd.2023.0270
    Note: View the original document on HAL open archive server: https://hal.science/hal-05457180v1
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a
    for a similarly titled item that would be available.

    More about this item

    Keywords

    ;
    ;
    ;
    ;

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:hal:journl:hal-05457180. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: CCSD (email available below). General contact details of provider: https://hal.archives-ouvertes.fr/ .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.