ABSTRACT
Introduction The definition of the market remains hotly debated (cf. Rosenbaum, 2000). Economists argue that markets are places where supply and demand meet to determine prices. The more ‘liquid’ the markets, they argue – that is, the more that the market facilitates the purchase or sale of an asset without causing drastic change in the asset’s price – the better, because in liquid markets buyers find sellers, and deals get done. Management scholars, however, argue that markets are also locations in which relevant knowledge coalesces. They argue that the more relevant information the better, because in markets with high levels of relevant information, buyers understand sellers, and the deals, and ensure the better deals are concluded.
