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Brokers Selling Investment Advice

In: Marketing Shares, Sharing Markets

Author

Listed:
  • Jesper Blomberg

    (Stockholm School of Economics)

  • Hans Kjellberg

    (Stockholm School of Economics)

  • Karin Winroth

    (Södertörn University)

Abstract

Twenty-five years ago, the stockbroker was literally in the centre of the stock market. Standing on the actual market floor, following the stock prices on large notice boards, moving physically between telephones used to contact investors and the trading zones in which they shouted out their ‘desires and intentions to buy or sell’ (Baker, 1984:789). This was the familiar open-outcry auction system. Although these markets may have come across as chaotic — at times they probably were — Baker’s classic study suggested that they nonetheless contained relatively stable patterns of social interaction among the brokers. Behind the scenes, away from the bustling trading floors, you could also find a few analysts providing support to the brokers in the form of in-depth analyses of firms and industries. The brokers would assign specific tasks to analysts working for their brokerage firm when and if they felt that this was called for. Typically, however, the broker’s own knowledge of the firms and industries behind the stocks they traded was sufficient to get the work done.

Suggested Citation

  • Jesper Blomberg & Hans Kjellberg & Karin Winroth, 2012. "Brokers Selling Investment Advice," Palgrave Macmillan Books, in: Marketing Shares, Sharing Markets, chapter 5, pages 85-106, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-0-230-36162-1_5
    DOI: 10.1057/9780230361621_5
    as

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