The "market for information" – functions, problems and policy proposals

Holland, J. (2017) The "market for information" – functions, problems and policy proposals. Qualitative Research in Financial Markets, 9(3), pp. 263-291. (doi: 10.1108/qrfm-11-2016-0045)

Abstract

Purpose: Problems arose in the ‘Market for information’ (MFI) during: the ‘dot.com’ boom; the Enron case; Northern Rock failure; and during the great financial crisis (GFC) of 2007-09. The paper seeks to extend understanding of the ‘market for information’ (MFI) through field research and theoretical sources. It seeks to understand the MFI during relatively stable periods and during periods of rapid change, crisis and failure. It seeks to use these insights to propose changes to reduce the possibilities for negative change and problems in the MFI. Design/methodology/approach: Field studies are used to develop an ‘empirical narrative’ for ongoing MFI structure, process and outcomes during relatively stable periods. The paper develops a ‘theoretical narrative’ to extend understanding of the MFI empirical insights Findings: The paper reveals that MFI structure as: knowledge; and social context; is central to ongoing MFI economic processes for MFI agents. Outcomes include changes in markets, firms and others. Change and problems were means to understand interactions between MFI social structure, knowledge, actions and outcomes as they rendered visible the previously invisible. Originality/value: The paper demonstrates that a coherent combination of new empirical narrative and theoretical narrative is essential to develop a critical stance, new policy prescriptions and new regulation to deal with problems and change in the MFI. This provides the frame to propose changes in the ‘world of knowledge’ and in (concentrated and elite) social and economic structures in the MFI. It proposes: making explicit shared knowledge in the MFI; monitoring of change processes: and promotion of active formal learning.

• Item Type: Articles
• Status: Published
• Refereed: Yes
• Glasgow Author(s) Enlighten ID: Holland, Professor John
• Authors: Holland, J.
• College/School: College of Social Sciences > Adam Smith Business School > Accounting and Finance
• Journal Name: Qualitative Research in Financial Markets
• Publisher: Emerald
• ISSN: 1755-4179
• ISSN (Online): 1755-4187
• Published Online: 27 June 2017
• Copyright Holders: Copyright © 2017 Emerald Publishing Limited
• First Published: First published in Qualitative Research in Financial Markets 9(3):263-291
• Publisher Policy: Reproduced in accordance with the publisher copyright policy