While finance has been concerned by expanding new information technology and mass media’s interest, it has made stunning progress in the last decades, both in practice and in theory. Financial reality is become more and more complex and new theoretical approaches have emerged to explain this evolution. Inspired by post-structuralism, this paper proposes a semiotic perspective of financial marketplace to better grasp the reciprocal link between financial interactions and quotations. We show then that each marketplace can be considered as a specific way of organizing financial reality with its own “rules” (as a language with its own “grammar”). Finally, we will see that this semiotic approach provides an interpretative framework to all empirical studies about the reciprocal link between volumes and prices.
AbolafiaM.Y. (1998). “Markets as Cultures: an ethnographic approach” in CallonM. (ed), The law of Markets. Oxford, Blackwell Publisher, 69–86.
2.
AdmatiA.PfleidererP. (1988). “A Theory of Intraday Patterns:Volume and Price Variability”, The Review of Financial Studies, 1, 3–40.
3.
AllenF. (1999). “The Design of Financial Systems and Markets”, Journal of Financial Intermediation, 8, 5–7.
4.
ArdalanK. (2000). “The Academic Field of Finance and Paradigm Diversity”, Southern Business Review, Fall, 21–31.
5.
AurouxS. (1996). Philosophie du langage. Paris, Presses Universitaires de France.
6.
BaskinJ.MirantiP. (1997). A History of Corporate Finance. Cambridge, Cambridge University Press.
7.
BaudrillardJ. (1972). Pour une critique de I’économie politique du signe. Paris, Gallimard.
8.
BaudrillardJ. (1981). Simulacres et simulations. Paris, Editions Galilée.
9.
BeninkH.BossaertsP. (2001). “An Exploration of Neo-Austrian Theory Applied to Financial Markets”, The Journal of Finance, 54(3), 1010–1028.
10.
BenvenisteE. (1966). Problèmes de linguistiques. Paris, Gallimard.
11.
BernardoA.JuddK. (1996). “Volume and Price Formation in an Asset Trading Model with Asymmetric Information”, Working paper of the University of California, nº1096.
12.
BettnerM.RobinsonC.McGounE. (1994). “The Case for Qualitative Research in Finance”, International Review of Financial Analysis, 3, 1–18.
13.
BeunzaD.StarkD. (2004). “Tools of the trade: the socio-technology of arbitrage in a Wall Street trading room”, Industrial and Corporate Change, 13(2), 369–400.
14.
BibowJ.LewisP.RundeJ. (2005). “Uncertainty, Conventional Behaviour and Economics Sociology”, American Journal of Economics and Sociology, 64, 507–32.
15.
BondR.SmithP. (1996). “Culture and confirmity: A meta-analysis of studies using Aschs line judgement task”, Psychological Bulletin, 119, 111–137.
16.
BrockW.KleidonA. (1992). “Periodic Market Closure and Trading Volume”, Journal of Economic Dynamics and Control, 16, 451–489.
17.
CallonM. (2006). “What does it mean to say that economics is performative ?”, CSI Working Papers Series, nº005, Ecole des Mines de Paris.
18.
ChandlerD. (2007). Semiotics: The Basics, London, Routledge.
19.
Committtee on the Global Financial System (2001). Collateral in wholesale financial markets: recent trends, risk management and market dynamics. Bank For International Settlements, March.
20.
CymbalistaF. (2003). “How George Soros knows what he knows: Towards a General Theory of Reflexivity”, SFO Magazine, 2–42.
21.
The Cambridge Dictonary of Philosophy. (1999). Cambridge University Press, 352.
22.
CullenbergS.AmariglioJ.RuccioD. (2001). Postmodernism, Economics and Knowledge. New York, Routledge.
23.
EcoU. (2001). Sémiotique et philosophie du langage. Paris. Presses Universitaires de France.
24.
EllisC. (2002). “Symptoms and Signs”, The Journal of Portfolio Management, Summer, 16–21.
25.
EllisonG.FudenbergD. (1995). “Word of mouth communication and social learning”, Quarterly Journal of Economics, 110, 93–126.
26.
FamaE.FrenchK. (2004). “Capital Asset Pricing Model: Theory and Evidence”, Journal of Economic Perspective, 18(3), 25–45.
27.
FincherR. (1987). “Social Theory abd the future of urban geography”, Professional Geographer, 39, 9–12.
28.
FrankfurterG.McGounE. (1999). “Ideology and the Theory of Financial Economics”, Journal of Economic Behaviour & Organization, 39, 159–177.
29.
FrankfurterG.HaugenB.McGounE.SalandroD.PhilipsH., (1997). “Pushing the epsilon to the Abyss: Post-modern Finance”, International Review of Financial Analysis, 6, 133–177.
30.
GiddensA. (1983). “Comments on the Theory of Structuration”, Journal for the Theory of Social Behaviour, 13(1), 75–80.
31.
GodechotO. (2001a). “Le bazar de la rationalité: Vers une sociologie des formes concretes de raisonnement.”, Politix, 13, 17–56.
32.
GodechotO. (2001b). Les traders: essai de sociologie des marches financiers, Editions La Découverte, Paris.
33.
GrinblattM.KeloharjuM. (2001). “How distance, language, and culture influence stockholdings and trades”, Journal of Finance, 56, 1053–73.
34.
HabermasJ. (1984). The Theory of Communicative Action, trad. Mc Carthy Thomas, London.
35.
HassounJ-P. (2001). “Trois interactions hétérodoxes sur les marchés à la criée du MATIF : Rationalité locale et rationalité globale”, Politix, 13, 99–119.
36.
HeH.WangJ. (1995). “Differential Information and Dynamic Behaviour of Stock Trading Volume”, The Review of Financial Studies, 8, 919–972.
37.
HullJ. (1997). Options, Futures and Other Derivatives, New York, Prentice Hall.
38.
JiangC.KimJ. (2005). “Trading Costs of non-US stocks on the New York stock Exchange: the effect of institutional ownership, analyst following, and market regulation”, The Journal of Financial Research, XXXVIII(3), 439–459.
39.
KaplanS.MartelF.StrömbergP. (2004). How Legal Differences and Learning Affect Financial Contracts?, Stockholm Institute For Financial Research, March.
40.
KeynesJ. (1937). “The General Theory of Employment”, The Quarterly Journal of Economics, 51(2), 209–223.
41.
KlamerA. (2001). “Late modernism and the loss of character in economics” in CullenbergS.AmariglioJ.RuccioD. (Eds), Postmodernism, economics and knowledge. New York, Routledge, 77–101.
42.
KlinkenbergJ-M. (2000). Précis de sémiotique générale. Paris, Seuil.
43.
KopplR.RosserB. (2002). “All that I have to say has already crossed in your mind”, Metroeconomica, 53, 339–360.
44.
LawsonT. (1995). “Expectations and Economics” in DowS.HillardJ. (eds), Keynes, Uncertainty and Knowledge. Cheltenham: Edward Elgar, 77–106.
45.
LawsonT. (1997). Economics and Reality. New York, Routledge.
46.
LeeR. (1998). What is an Exchange. Oxford, Oxford University Press,.
47.
LepinayV.RousseauF. (2001). “Les trolls sont-ils incompétents ? Enquête sur les financiers amateurs”, Politix, 13, 99–119.
48.
LoA.WangJ. (2003). “Trading Volume: Implications of An Intertemporal Capital Asset Pricing Model”, Working Paper of NBER, March.
49.
LyotardJ-F. (1979). La condition postmoderne. Paris, Editions de Minuit.
50.
MacintoshN. (2003). “From rationality to hyperreality: paradigm poker”International Review of Financial Analysis, 12, 453–465.
51.
MackenzieD. (2001). “Physics and Finance: S-terms and modern finance as topic for science studies”, Science, Technology and Human Values, 26, 115–144.
52.
MackenzieD. (2003). “An Equation and its worlds: bricolage, exemplars, disunity and performativity in financial economics”, Social Studies of Science, 33, 831–868.
53.
MackenzieD.MilloY. (2003). Constructing a market, performing theory: the historical sociology of a financial derivatives exchange”, American Journal of Sociology, 109, 107–145.
54.
MackenzieD. (2006). An Engine and not a Camera. London, MIT Press.
55.
McGounE. (1997). “Hyperreal Finance”. Critical Perspectives on Accounting, 8(1/2), 97–122.
56.
McGounE. (2003). “Finance Models as metaphors”. International Review of Financial Analysis, 12, 421–433.
57.
MiyazakiH. (2007). “Between arbitrage and speculation: an economy of belief and doubt”, Economy and Society, 36, 396–415.
58.
MorrisC. W. (1938). Foundations of the Theory of Signs.
59.
MoschettoB.L. (1998). Mimétisme et marches financiers. Paris, Economica.
60.
MuniesaF. (2001). “Un robot walrasien. Cotation électronique et justesse de la découverte des prix”, Politix, 13, 121–154.
61.
MuniesaF. (2007). “Market technologies and the pragmatics of prices”, Economy and Society, 36, 377–395.
62.
OrléanA. (1989). “Pour une approche cognitive des conventions économiques”, Revue Economique, 40, 241–272.
63.
OrléanA. (1999). Le pouvoir de la finance. Paris, Editions Odile Jacob.
64.
OrléanA. (1994). Analyse économique des conventions. Paris, Presses Universitaires de France.
RortyR. (ed.) (1967). The Linguistic Turn. Chicago, University of Chicago Press.
69.
RossS. (2004). Neoclassical Finance. Princeton., Princeton University Press,
70.
SalantiA. (1997). “Metaphor and Pluralism in Economics” in SalantiA.. (eds), Pluralism in Economics. Northampton, Aldershot Elgar, 5–15.
71.
SapirJ. (2003). Les trous noirs de l’économie. Paris, Seuil.
72.
SauvageG. (1999). Les marches financiers: entre hasard et raison. Paris, Seuil.
73.
SchinckusC. (2008). “The Financial Simulacrum”, Journal of Socio-Economics, 73, 1076–1089.
74.
ShillerR.PoundJ. (1989). “Survey evidence on the diffusion of interest and information among investors”, Journal of Economic Behaviour and Organization12, 46–66.
75.
ShieldsR. (2006). “Knowing Space”, Theory, Culture and Society, 23, 2–3.
76.
ThriftN. (2001). “It is the romance, not the finance, that makes the business worth pursuing: disclosing a new market culture”, Economy and Society, 30, 412–432.
77.
ThriftN. (2004). “Movement-space: the changing domain of thinking resulting from the development of new kinds of spatial awareness”, Economy and Society, 33, 582–604.
78.
TvedeL. (1994). La psychologie des marches financiers. Quebec, SEFI Presses.
79.
WangJ. (1994). “A Model of Competitive Stock Trading Volume”, Journal of Political Economy, 102, 127–168.
80.
WhorfB. (1956). “The Punctual and Segmentative Aspects of Verbs in Hopi” in CarrolJ. (ed.), Language, Thought and Reality : Selected Writings of Benjamin Lee Whorf. Cambridge, MIT Press.
