Literature on equity analysts presents a conundrum: analysts are seen as influential market participants, yet researchers widely criticize them for their bias and inaccuracy. Studies drawing from economic frames struggle to explain this. Therefore, we develop a new conceptualization that...

This analysis of the origins and development of a key financial derivatives market, the Chicago Board Options Exchange, suggests that social interaction in such markets generates trust, permits solution of collective action problems, and affects pricing. The growing cognitive complexity of...