Marks of Distinction: Framing and Audience Appreciation in the Context of Investment Advice

Administrative Science Quarterly

Volumn 60, Issue 2, 2015, Pages 333-367

  Giorgi, Simona ^a   Weber, Klaus ^b  

^a BOSTON COLLEGE   (United States)

^b NORTHWESTERN UNIVERSITY   (United States)

Author keywords

discourse; evaluations; framing; securities analysts; self presentation; social situation; status

Indexed keywords

EID: 84930459855     PISSN: 00018392     EISSN: 19303815     Source Type: Journal    
DOI: 10.1177/0001839215571125     Document Type: Article

References (150)

1. Allen M. P.,Lincoln A. E.Critical discourse and the cultural consecration of American films.Social Forces. 2004;82:871-894
2. Allen M. P.,Parsons N. L.The institutionalization of fame: Achievement, recognition, and cultural consecration in baseball.American Sociological Review. 2006;71:808-825
3. Alvarez J. L.,Mazza C.,Pedersen J. S.,Svejenova S.Shielding idiosyncrasy from isomorphic pressures: Towards optimal distinctiveness in European filmmaking.Organization. 2005;12:863-888
4. Anteby M.Princeton, NJ: Princeton University Press; 2008:
5. Anteby M.Markets, morals, and practices of trade: Jurisdictional disputes in the U.S. commerce in cadavers.Administrative Science Quarterly. 2010;55:606-638
6. Ashmore R. D.,Deaux K.,McLaughlin-Volpe T.An organizing framework for collective identity: Articulation and significance of multidimensionality.Psychological Bulletin. 2004;130:80-114
7. Babb S.‘A true American system of finance’: Frame resonance in the U.S. labor movement, 1866 to 1886.American Sociological Review. 1996;61:1033-1052
8. Bansal P.,Clelland I.Talking trash: Legitimacy, impression management, and unsystematic risk in the context of the natural environment.Academy of Management Journal. 2004;47:93-103
9. Barthes R.New York: Hill and Wang; 1983:
10. Baumann S.Princeton, NJ: Princeton University Press; 2007:
11. Benford R. D.,Snow D. A.Framing processes and social movements: An overview and assessment.Annual Review of Sociology. 2000;26:611-639
12. Beunza D.,Garud R.Calculators, lemmings or frame-makers? The intermediary role of securities analysts.Sociologial Review. 2007;55:13-39
13. Beunza D.,Stark D.Tools of the trade: The socio-technology of arbitrage in a Wall Street trading room.Industrial and Corporate Change. 2004;13:369-400
14. Bijleveld C. C. J. H.,van der Kamp L. J. T.Thousand Oaks, CA: Sage; 1998:
15. Blei D. M.Probabilistic topic models.Communications of the ACM. 2012;55:77
16. Blei D. M.,Ng A. Y.,Jordan M. I.,Lafferty J.Latent dirichlet allocation.Journal of Machine Learning Research. 2003;3:993-1022
17. Bolino M. C.Citizenship and impression management: Good soldiers or good actors?.Academy of Management Review. 1999;24:82-98
18. Boltanski L.,Thevenot L.Princeton, NJ: Princeton University Press; 2006:
19. Bothner M. S.,Kim Y.-K.,Smith E. B.How does status affect performance? Status as an asset vs. status as a liability in the PGA and NASCAR.Organization Science. 2012;23:416-433
20. Bourdieu P.Cambridge: Cambridge University Press; 1977:
21. Bourdieu P.Cambridge, MA: Harvard University Press; 1984:
22. Bourdieu P.Cambridge, MA: Harvard University Press; 1991:
23. BowersA.2014 “Relative comparison and category membership: The case of equity analysts”. Organization Science, Articles in Advance, 1–13, http://dx.doi.org/10.1287/orsc.2014.0908
24. Brenner L.The bull and the bear.United States Banker. 1991;101:25-27
25. Brewer M. B.The social self: On being the same and different at the same time.Personality and Social Psychology Bulletin. 1991;17:475-482
26. Brown B.,Perry S.Removing the financial performance halo from Fortune’s ‘Most Admired’ companies.Academy of Management Journal. 1994;37:1347-1359
27. Callon M.,Muniesa F.Economic markets as calculative collective devices.Organization Studies. 2005;26:1229-1250
28. Cerulo K. A.New York: Routledge; 2001:
29. Chang J.,Gerrish S.,Wang C.,Boyd-Graber J. L.,Blei D. M.Reading tea leaves: How humans interpret topic models.Advances in Neural Information Processing Systems. 2009;22:288-296
30. Chappell H. W.,Havrilesky T. M.,McGregor R. R.Monetary policy preferences of individual FOMC members: A content analysis of the memoranda of discussion.Review of Economics and Statistics. 1997;79:454-460
31. Chernev A.Extremeness aversion and attribute-balance effects in choice.Journal of Consumer Research. 2004;31:249-263
32. Clarke J.,Khorana A.,Patel A.,Rau P. R.The impact of all-star analyst job changes on their coverage choices and investment banking deal flow.Journal of Financial Economics. 2007;84:713-737
33. Cole J. R.,Cole S.Chicago: University of Chicago Press; 1973:
34. Cornelissen J. P.,Werner M. D.Putting framing in perspective.Academy of Management Annals. 2014;8:181-235
35. Cowen A.,Groysberg B.,Healy P.Which types of analyst firms are more optimistic?.Journal of Accounting and Economics. 2006;41:119-146
36. Czarniawska B.Thousand Oaks, CA: Sage; 2004:
37. Deephouse D. L.To be different, or to be the same? It’s a question (and theory) of strategic balance.Strategic Management Journal. 1999;20:147-166
38. DiMaggio P. J.Culture and cognition.Annual Review of Sociology. 1997;23:263-287
39. Dini J.The All-America Research Team.Institutional Investor. 2001;:1
40. Eco U.Bloomington, IN: Indiana University Press; 1979:
41. Elsbach K. D.Relating physical environment to self-categorizations: Identity threat and affirmation in a non-territorial office space.Administrative Science Quarterly. 2003;48:622-654
42. Elsbach K. D.,Bhattacharya C. B.Defining who you are by what you’re not: Organizational disidentification and the National Rifle Association.Organization Science. 2001;12:393-413
43. Elsbach K. D.,Elofson G.How the packaging of decision explanations affects perceptions of trustworthiness.Academy of Management Journal. 2000;43:80-89
44. Elsbach K. D.,Kramer R. M.Assessing creativity in Hollywood pitch meetings: Evidence for a dual-process model of creativity judgments.Academy of Management Journal. 2003;46:283-301
45. Elsbach K. D.,Sutton R. I.Acquiring organizational legitimacy through illegitimate actions: A marriage of institutional and impression management theories.Academy of Management Journal. 1992;35:699-738
46. English J. F.Cambridge, MA: Harvard University Press; 2005:
47. Espeland W. N.,Sauder M.Rankings and reactivity: How public measures recreate social worlds.American Journal of Sociology. 2007;113:1-40
48. Espeland W. N.,Stevens M. L.Commensuration as a social process.Annual Review of Sociology. 1998;24:313-343
49. Fine G. A.,White R. D.Creating collective attention in the public domain: Human interest narratives and the rescue of Floyd Collins.Social Forces. 2002;81:57-85
50. Fiol C. M.A semiotic analysis of corporate language: Organizational boundaries and joint venturing.Administrative Science Quarterly. 1989;34:277-303
51. Fiss P. C.,Zajac E. J.The symbolic management of strategic change: Sensegiving via framing and decoupling.Academy of Management Journal. 2006;49:1173-1193
52. Fourcade M.Theories of markets and theories of society.American Behavioral Scientist. 2007;50:1015-1034
53. Gamson W. A.,Croteau D.,Hoynes W.,Sasson T.Media images and the social construction of reality.Annual Review of Sociology. 1992;18:373-393
54. Gamson W. A.,Modigliani A.Media discourse and public opinion on nuclear power: A constructionist approach.American Journal of Sociology. 1989;95:1-37
55. Gartman D.Bourdieu’s theory of cultural change: Explication, application, critique.Sociological Theory. 2002;20:255-277
56. Giorgi S.,Guider M. E.,Bartunek J. M.Research in the Sociology of Organizations. Phillips N.Lounsbury M.Tracey P., ed. Bingley, UK: Emerald Books.; 2014:259-300.
57. Goffman E.Symbols of class status.British Journal of Sociology. 1951;2:294-304
58. Goffman E.On face work.Psychiatry. 1955;18:215-236
59. Goffman E.Garden City, NY: Doubleday Anchor; 1959:
60. Goffman E.Englewood Cliffs, NJ: Prentice-Hall; 1963:
61. Goffman E.Cambridge, MA: Harvard University Press; 1974:
62. Graffin S. D.,Bundy J.,Porac J. F.,Wade J. B.,Quinn D. P.Falls from grace and the hazards of high status: The 2009 British MP expense scandal and its impact on parliamentary elites.Administrative Science Quarterly. 2013;58:313-345
63. Graffin S. D.,Wade J. B.,Porac J. F.,McNamee R. C.The impact of CEO status diffusion on the economic outcomes of other senior managers.Organization Science. 2008;19:457-474
64. Griswold W.The fabrication of meaning: Literary interpretation in the United States, Great Britain, and the West Indies.American Journal of Sociology. 1987;92:1077-1117
65. Groysberg B.,Healy P.Stanford, CA: Stanford University Press; 2013:
66. Groysberg B.,Lee L. E.Hiring stars and their colleagues: Exploration and exploitation in professional service firms.Organization Science. 2009;20:740-758
67. Groysberg B.,Lee L. E.,Nanda A.Can they take it with them? The portability of star knowledge workers’ performance.Management Science. 2008;54:1213-1230
68. Gujarati D. N.New York: McGraw-Hill; 1995:
69. Hallahan K.Seven models of framing: Implications for public relations.Journal of Public Relations Research. 1999;11:205-242
70. Hallett T.,Ventresca M. J.Inhabited institutions: Social interactions and organizational forms in Gouldner’s ‘Patterns of Industrial Organizational Bureaucracy. ’”.Theory and Society. 2006;35:213-236
71. Hardy C.,Palmer I.,Phillips N.Discourse as a strategic resource.Human Relations. 2000;53:1227-1248
72. Hayward M. L. A.,Boeker W.Power and conflicts of interest in professional firms: Evidence from investment banking.Administrative Science Quarterly. 1998;43:1-22
73. HeW.MianG. M.SankaraguruswamyS.2005 “Who follows the prophets? Analysts’ stock recommendations and the trading response of large and small traders.” Working paper, SSRN: http://ssrn.com/abstract=651703.
74. Hewlin P. F.And the award for best actor goes to..: Facades of conformity in organizational settings.Academy of Management Review. 2003;28:633-642
75. Hirano K.,Imbens G.Estimation of causal effects using propensity score weighting: An application to data on right heart catheterization.Health Services and Outcomes Research Methodology. 2001;2:259-278
76. Hirano K.,Imbens G. W.,Ridder G.Efficient estimation of average treatment effects using the estimated propensity score.Econometrica. 2003;71:1161-1189
77. Hirsch P. M.From ambushes to golden parachutes: Corporate takeovers as an instance of cultural framing and institutional integration.American Journal of Sociology. 1986;91:800-837
78. Hoffman A. J.,Jennings P. D.The BP oil spill as a cultural anomaly? Institutional context, conflict, and change.Journal of Management Inquiry. 2011;20:100-112
79. Hsu G.Jacks of all trades and masters of none: Audiences’ reactions to spanning genres in feature film production.Administrative Science Quarterly. 2006;51:420-450
80. Hsu G.,Hannan M. T.,Koçak Ö.Multiple category memberships in markets: An integrative theory and two empirical tests.American Sociological Review. 2009;74:150-169
81. Husserl E.London: Allen and Unwin; 1931:
82. The 1989 All-America Research Team. 1989;October:110-124
83. The 1999 All-America Research Team. 1999;October:107-121
84. What investors really want. 2005;October:81
85. Institutional Investor2013 “J.P. Morgan tops All-America Research Team.” Retrieved July 19, 2014, from http://www.institutionalinvestor.com/Research/4556/Overview.html.
86. Janssen S.Reviewing as social practice: Institutional constraints on critics’ attention for contemporary fiction.Poetics. 1997;24:275-297
87. Jones E. E.,Pittman T. S.Toward a general theory of strategic self-presentation.Psychological Perspectives on the Self. 1982;1:231-262
88. King B. G.A social movement perspective of stakeholder collective action and influence.Business and Society. 2008;47:21-49
89. Knorr-Cetina K.Camic C.Gross N.Lamont M., ed. Chicago: University of Chicago Press; 2011:
90. Kover A. R.Institutional Investor’s Oscars.Fortune. 1997;136 (November): 29
91. Krippendorff K.Beverly Hills, CA: Sage; 2012:
92. Lamont M.How to become a dominant French intellectual: The case of Jacques Derrida.American Journal of Sociology. 1987;93:584-622
93. Lamont M.Toward a comparative sociology of valuation and evaluation.Annual Review of Sociology. 2012;38:201-221
94. Lamont M.,Thévenot L.Cambridge: Cambridge University Press; 2000:
95. Lawrence T. B.,Winn M. I.,Jennings P. D.The temporal dynamics of institutionalization.Academy of Management Review. 2001;26:624-644
96. Levinthal D.,Rerup C.Crossing an apparent chasm: Bridging mindful and less-mindful perspectives on organizational learning.Organization Science. 2006;17:502-513
97. Lieberson S.New Haven, CT: Yale University Press; 2000:
98. Light L.,Tilsner J.The top analysts: Who’s counting here?.Business Week. 1993;December:6
99. Little R. J. A.Regression with missing X’s: A review.Journal of the American Statistical Association. 1992;87:1227-1237
100. Loewenstein J.,Ocasio W.,Jones C.Vocabularies and vocabulary structure: A new approach linking categories, practices, and institutions.Academy of Management Annals. 2012;6:41-86
101. Lounsbury M.,Glynn M. A.Cultural entrepreneurship: Stories, legitimacy, and the acquisition of resources.Strategic Management Journal. 2001;22:545-564
102. Malmendier U.,Tate G.CEO overconfidence and corporate investment.Journal of Finance. 2005;60:2661-2700
103. Manning C.,Raghavan P.,Schütze H.Cambridge, UK: Cambridge University Press; 2008:
104. Martens M. L.,Jennings J. E.,Jennings P. D.Do the stories they tell get them the money they need? The role of entrepreneurial narratives in resource acquisition.Academy of Management Journal. 2007;50:1107-1132
105. McAdam D.Recruitment to high-risk activism: The case of Freedom Summer.American Journal of Sociology. 1986;92:64-90
106. McAdam D.Comparative Perspectives on Social Movements: Political Opportunities, Mobilizing Structures, and Cultural Framings. McAdam D.McCarthy J. D.Zald M. N., ed. Cambridge, UK: Cambridge University Press; 1996:338-356.
107. Merton R. K.The Matthew effect in science.Science. 1968;159:56-63
108. Mohr J. W.Measuring meaning structures.Annual Review of Sociology. 1998;24:345-370
109. Mohr J. W.,Bogdanov P.Introduction—topic models: What they are and why they matter.Poetics. 2013;41:545-569
110. Morgan S. L.,Harding D. J.Matching estimators of causal effects: Prospects and pitfalls in theory and practice.Sociological Methods and Research. 2006;35:3-60
111. Morgan S. L.,Winship C.Cambridge, UK: Cambridge University Press; 2007:
112. Nichols A.Causal inference with observational data.STATA Journal. 2007;7:507-541
113. Nichols A.Erratum and discussion of propensity score reweighting.STATA Journal. 2008;8:532-539
114. Phillips D. J.,Zuckerman E. W.Middle-status conformity: Theoretical restatements and empirical demonstration in two markets.American Journal of Sociology. 2001;107:379-429
115. Pontikes E. G.Two sides of the same coin: How ambiguous classification affects multiple audiences’ evaluations.Administrative Science Quarterly. 2012;57:81-118
116. Porac J. F.,Thomas H.,Fuller C. Baden.Competitive groups as cognitive communities: The case of Scottish knitwear manufacturers.Journal of Management Studies. 1989;26:397-416
117. Powell W. W.,Colyvas J. A.The SAGE Handbook of Organizational Institutionalism. Greenwood R.Oliver C.Suddaby R.Sahlin-Andersson K., ed. Thousand Oaks, CA: Sage; 2008:276-298.
118. Raftery A. E.Bayesian model selection in social research.Sociological Methodology. 1995;25:111-164
119. Rao H.,Giorgi S.Research in Organizational Behavior. Staw B. M., ed. New York: Elsevier/JAI; 2006:269-304.
120. Rao H.,Monin P.,Durand R.Institutional change in Toque Ville: Nouvelle cuisine as an identity movement in French gastronomy.American Journal of Sociology. 2003;108:795-843
121. Rhee M.,Haunschild P. R.The liability of good reputation: A study of product recalls in the U.S. automobile industry.Organization Science. 2006;17:101-117
122. Rindova V. P.,Pollock T. G.,Hayward M. L. A.Celebrity firms: The social construction of market popularity.Academy of Management Review. 2006;31:50-71
123. Roth P. L.Missing data: A conceptual review for applied psychologists.Personnel Psychology. 1994;47:537-560
124. Santoro M.Constructing an artistic field as a political project: Lessons from La Scala.Poetics. 2010;38:534-554
125. Sato T.,Matsuyama Y.Marginal structural models as a tool for standardization.Epidemiology. 2003;14:680-686
126. Sauder M.Third parties and status position: How the characteristics of status systems matter.Theory and Society. 2006;35:299-321
127. Schudson M.The sociology of news production.Media, Culture and Society. 1989;11:263-282
128. Schutz A.Evanston, IL: Northwestern University Press; 1967:
129. Simonson I.Extremeness aversion and attribute-balance effects in choice.Journal of Consumer Psychology. 2008;18:191-196
130. Small M. L.Culture, cohorts, and social organization theory: Understanding local participation in a Latino housing project.American Journal of Sociology. 2002;108:1-54
131. Staw B. M.,Sandelands L. E.,Dutton J. E.Threat-rigidity effects in organizational behavior: A multilevel analysis.Administrative Science Quarterly. 1981;26:501-524
132. Stewart D.Social status in an open-source community.American Sociological Review. 2005;70:823-842
133. Steyaert C.,Hjorth D.Northampton, MA: Edward Elgar; 2008:
134. Stuart T. E.,Hoang H.,Hybels R. C.Interorganizational endorsements and the performance of entrepreneurial ventures.Administrative Science Quarterly. 1999;44:315-349
135. Swidler A.Culture in action: Symbols and strategies.American Sociological Review. 1986;51:273-286
136. Swidler A.Chicago: University of Chicago Press; 2001:
137. Tilly C.Chicago: University of Chicago Press; 2010:
138. Vaisey S.Motivation and justification: A dual-process model of culture in action.American Journal of Sociology. 2009;114:1675-1715
139. Van de Rijt A.,Shor E.,Ward C.,Skiena S.Only 15 minutes? The social stratification of fame in printed media.American Sociological Review. 2013;78:266-289
140. Vasi I. B.,Strang D.Civil liberty in America: The diffusion of municipal Bill of Rights resolutions after the passage of the USA Patriot Act.American Journal of Sociology. 2009;114:1716-1764
141. Vignoles V. L.,Chryssochoou X.,Breakwell G. M.The distinctiveness principle: Identity, meaning, and the bounds of cultural relativity.Personality and Social Psychology Review. 2000;4:337-354
142. Washington M.,Zajac E. J.Status evolution and competition: Theory and evidence.Academy of Management Journal. 2005;48:282-296
143. Weber K.A toolkit for analyzing corporate cultural toolkits.Poetics. 2005;33:227-252
144. Weber K.,Dacin M. T.The cultural construction of organizational life: Introduction to the special issue.Organization Science. 2011;22:287-298
145. Weber K.,Heinze K. L.,DeSoucey M.Forage for thought: Mobilizing codes in the movement for grass-fed meat and dairy products.Administrative Science Quarterly. 2008;53:529-567
146. Weick K. E.Thousand Oaks, CA: Sage; 1995:
147. Zerubavel E.New York: Free Press; 1991:
148. Zilber T. B.The work of the symbolic in institutional processes: Translations of rational myths in Israeli high tech.Academy of Management Journal. 2006;49:281-303
149. Zuckerman E. W.The categorical imperative: Securities analysts and the illegitimacy discount.American Journal of Sociology. 1999;104:1398-1438
150. Zuckerman E. W.Construction, concentration, and (dis)continuities in social valuations.Annual Review of Sociology. 2012;38:223-245