Journal of Management Information Systems
Task-technology fit and individual performance
MIS Quarterly
The emerging role of electronic marketplaces on the Internet
Communications of the ACM
Reducing buyer search costs: implications for electronic marketplaces
Management Science - Special issue: Frontier research on information systems and economics
The impact of information technology on information asymmetry
European Journal of Information Systems
The implications of online investing
Communications of the ACM
The Internet and the future of financial markets
Communications of the ACM
European Journal of Information Systems
Market, Hierarchy, and Trust: The Knowledge Economy and the Future of Capitalism
Organization Science
Network Ties, Reputation, and the Financing of New Ventures
Management Science
A Relational View of Information Seeking and Learning in Social Networks
Management Science
Information Systems Research
Adoption of electronic trading at the international securities exchange
Decision Support Systems - Special issue: Economics and information systems
Next-generation trading in futures markets: a comparison of open outcry and order matching systems
Journal of Management Information Systems - Special section: Strategic and competitive information systems
Information systems for optimal transaction implementation
Journal of Management Information Systems - Special section: Strategic and competitive information systems
Restructuring institutional block trading: an overview of the OptiMark system
Journal of Management Information Systems
The Impact of E-Commerce on Competition in the Retail Brokerage Industry
Information Systems Research
Journal of Management Information Systems
The Role of Mutual Trust in Building Members' Loyalty to a C2C Platform Provider
International Journal of Electronic Commerce
Journal of Information Science
Developer Heterogeneity and Formation of Communication Networks in Open Source Software Projects
Journal of Management Information Systems
Electronic Commerce Research and Applications
Fostering Networked Business Operations: A Framework for B2B Electronic Intermediary Development
International Journal of Intelligent Information Technologies
Developer Heterogeneity and Formation of Communication Networks in Open Source Software Projects
Journal of Management Information Systems
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Information systems can serve as intermediaries between the buyers and the sellers in a market, creating an "electronic marketplace" that lowers the buyers' cost to acquire information about sellers' prices and product offerings. Although electronic trading systems provide potential to create an efficient market structure, we witness that a $45 trillion fixed-income market still makes little use of these systems. Low penetration of electronic trading systems in the marketplace is at odds with the existing information technology research doctrine. The reason is that the creation of efficient market structure through an electronic marketplace is based on macro-level interfirm relationships that do not take into account the recurrent micro-level, interpersonal interaction among the market actors. Our empirical investigation, based on face-to-face interviews with 90 fixed-income senior managers and traders from 25 financial institutions, provides a unique insight into the social capital based on social networks of interpersonal relationships in the fixed-income market. Our research findings show that the market structure of embedded interpersonal ties enables participants to take advantage of information asymmetry for profit taking. As a result, imposition of solely electronic trading systems on the present fixed-income market structure is at odds with the present interfirm market norms and business processes enacted for large transactions among market makers and institutional investors.