Change search
ReferencesLink to record
Permanent link

Direct link
The equity broker’s dilemma: An ethnographic inquiry into reverse brokering
Stockholm University, Faculty of Social Sciences, Stockholm Business School.ORCID iD: 0000-0001-9646-6320
(English)Manuscript (preprint) (Other academic)
Abstract [en]

This study addresses the overlooked equity sales function and how the contrarianism of equity brokers contributes to market activity. Based on an ethnographic study of an equity sales desk, we follow how the brokers in question developed an investment case and how they managed their personal involvement in it. Drawing on actor-network theory, this study advances the notion of the “equity broker’s dilemma”, which implies that without others’ support for the investment case, its economic potential will not be realized. However, as the number of supporters rises, the brokers also run the risk of not being rewarded and their contributions are therefore at risk. In relation to this equity broker’s dilemma, this study finds a use of accounting based on interactions with clients rather than with analysts, a practice referred to as “reverse brokering”. This process requires information that is varied, temporary, and generalized to other cases as the brokers’ propositions are displaced. The brokers’ use of accounting is based on marking distance towards the consensus on specific items only, limiting their overall risk exposure yet maximizing their conviction towards selected accounting items. This use of accounting is thus driven by the attribution of responsibility as the case materializes and an escape of any blame when it fails.

Keyword [en]
Accounting, Actor-network theory, Brokers, Equity investments, Ethnography
National Category
Business Administration
Research subject
Business Administration
URN: urn:nbn:se:su:diva-133281OAI: diva2:958025
Available from: 2016-09-05 Created: 2016-09-05 Last updated: 2016-09-08Bibliographically approved
In thesis
The record could not be found. The reason may be that the record is no longer available or you may have typed in a wrong id in the address field.

Open Access in DiVA

No full text

Search in DiVA

By author/editor
Graaf, Johan
By organisation
Stockholm Business School
Business Administration

Search outside of DiVA

GoogleGoogle Scholar
The number of downloads is the sum of all downloads of full texts. It may include eg previous versions that are now no longer available

ReferencesLink to record
Permanent link

Direct link