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Is transparency a value on OTC markets? Using displacement to escape categorization

Author

Listed:
  • Isabelle Huault

    (DRM MOST - DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique)

  • Hélène Rainelli-Weiss

    (DRM - Dauphine Recherches en Management - Université Paris Dauphine-PSL - PSL - Université Paris sciences et lettres - CNRS - Centre National de la Recherche Scientifique, GREGOR - Groupe de Recherche en Gestion des Organisations - UP1 - Université Paris 1 Panthéon-Sorbonne - IAE Paris - Sorbonne Business School)

Abstract

In this paper, we examine how categorization is resisted. We analyze the way actors draw on cultural repertoires to resist or adapt to changes that will potentially alter the definition and nature of the markets in which they compete. We approach this question through a qualitative study of the heated debate over the new regulation of over-the-counter (OTC) financial markets in Europe between 2010 and 2011. Our paper enriches the existing literature on the political nature of categorization. Our results show that in response to unwanted change, incumbent firms try to create incommensurability with their own industry's standard cultural repertoire. Most importantly, this incommensurability is not argued in the name of any higher-order sets of values. Our main contribution lies in the article's focus on the way powerful actors resist categorization, highlighting the link between forms of commensuration and the status of the actors who attempt to instrument it.

Suggested Citation

  • Isabelle Huault & Hélène Rainelli-Weiss, 2013. "Is transparency a value on OTC markets? Using displacement to escape categorization," Working Papers halshs-00927090, HAL.
  • Handle: RePEc:hal:wpaper:halshs-00927090
    Note: View the original document on HAL open archive server: https://halshs.archives-ouvertes.fr/halshs-00927090
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    References listed on IDEAS

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    1. Isabelle Huault & Hélène Rainelli-Le Montagner, 2009. "Market Shaping as an Answer to Ambiguities," Post-Print halshs-00340046, HAL.
    2. repec:dau:papers:123456789/263 is not listed on IDEAS
    3. Isabelle Huault & Hélène Rainelli-Weiss, 2011. "A Market for Weather Risk ? Conflicting Metrics, Attempts at Compromise and Limits to Commensuration," Post-Print halshs-00637068, HAL.
    4. repec:dau:papers:123456789/7506 is not listed on IDEAS
    5. George A. Akerlof, 1970. "The Market for "Lemons": Quality Uncertainty and the Market Mechanism," The Quarterly Journal of Economics, Oxford University Press, vol. 84(3), pages 488-500.
    6. Daniel Beunza & David Stark, 2004. "Tools of the trade: the socio-technology of arbitrage in a Wall Street trading room," Industrial and Corporate Change, Oxford University Press, vol. 13(2), pages 369-400, April.
    Full references (including those not matched with items on IDEAS)

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    Cited by:

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    2. Géraldine Thiry & Léa Sébastien & Tom Bauler, 2014. "Ce que révèle le discours des acteurs officiels sur un « au-delà du PIB »," Working Papers halshs-01081451, HAL.
    3. Lucas Chancel & Géraldine Thiry & Damien Demailly, 2014. "Les nouveaux indicateurs de prospérité : pour quoi faire ? Enseignements de six expériences nationales," Working Papers halshs-01060845, HAL.
    4. Guilhem Fabre, 2015. "The Lions's Share, Act 2. What's Behind China's Anti-Corruption Campaign? [La part du lion, acte 2 : Les dessous de la campagne anti-corruption en Chine]," Working Papers halshs-01143800, HAL.
    5. Christian Walter, 2015. "Jumps in financial modelling: pitting the Black-Scholes model refinement programme against the Mandelbrot programme [La modélisation des discontinuités boursières : le programme de Mandelbrot et le," Working Papers halshs-01146581, HAL.
    6. Sudip Chaudhuri, 2015. "Premature Deindustrialization in India and Re thinking the Role of Government [La désindustrialisation précoce en Inde : pour un nouveau rôle du gouvernement]," Working Papers halshs-01143795, HAL.
    7. Géraldine Thiry & Philippe Roman, 2014. "The Inclusive Wealth Index. A Sustainability Indicator, Really?," Working Papers halshs-01011250, HAL.

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