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dc.contributor.authorRoscoe, Philip
dc.contributor.authorWillman, Paul
dc.date.accessioned2021-08-23T12:30:05Z
dc.date.available2021-08-23T12:30:05Z
dc.date.issued2021
dc.identifier.citationRoscoe , P & Willman , P 2021 , ' Flaunt the imperfections : information, entanglements, and the regulation of London’s Alternative Investment Market ' , Economy and Society , vol. 50 , no. 4 , pp. 565-589 . https://doi.org/10.1080/03085147.2021.1934306en
dc.identifier.issn0308-5147
dc.identifier.otherPURE: 273967121
dc.identifier.otherPURE UUID: c6e6163c-5ed0-4c17-8821-589a30e09fcb
dc.identifier.otherORCID: /0000-0002-5974-945X/work/99115929
dc.identifier.otherScopus: 85113149731
dc.identifier.otherWOS: 000686048800001
dc.identifier.urihttp://hdl.handle.net/10023/23814
dc.descriptionThis work was supported by the Leverhulme Trust under Grant RF-2016-78.en
dc.description.abstractThe literature on financial market design is predicated on the efficient market hypothesis (EMH), advocating transparency, liquidity, and universal information with a view to capturing efficient prices. We provide a counterfactual: the 1995 formation of AIM, the London Stock Exchange’s junior market. AIM employs an alternative mode of market organization based on market imperfections. Our empirical study shows how AIM draws on reputation, social relationships and practitioner knowledge to organise market governance. We argue that the market’s design should be understood as capable of producing informationally efficient prices. We characterize AIM as having a ‘Whitean’ structure, compared with the ‘Fama’ structure of main markets. We conclude that the ‘Whitean’ producer market is a viable design option for financial markets.
dc.format.extent25
dc.language.isoeng
dc.relation.ispartofEconomy and Societyen
dc.rightsCopyright © 2021 The Author(s). Published by Informa UK Limited, trading as Taylor & Francis Group. This is an Open Access article distributed under the terms of the Creative Commons Attribution-NonCommercial-NoDerivatives License (http://creativecommons.org/licenses/by-nc-nd/4.0/), which permits non-commercial re-use, distribution, and reproduction in any medium, provided the original work is properly cited, and is not altered, transformed, or built upon in any way.en
dc.subjectMarket designen
dc.subjectEfficient market hypothesisen
dc.subjectHarrison Whiteen
dc.subjectAlternative Investment Market (AIM)en
dc.subjectMarket imperfectionsen
dc.subjectHB Economic Theoryen
dc.subject3rd-DASen
dc.subject.lccHBen
dc.titleFlaunt the imperfections : information, entanglements, and the regulation of London’s Alternative Investment Marketen
dc.typeJournal articleen
dc.contributor.sponsorThe Leverhulme Trusten
dc.description.versionPublisher PDFen
dc.contributor.institutionUniversity of St Andrews. School of Managementen
dc.identifier.doihttps://doi.org/10.1080/03085147.2021.1934306
dc.description.statusPeer revieweden
dc.date.embargoedUntil2021-08-18
dc.identifier.grantnumberRF-2016-078en


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