Policy as Myth and Ceremony? The Global Spread of Stock Exchanges, 1980–2005
研究了发展中国家自1980年代以来建立国家证券交易所的动因与后果，发现国际强制导致仪式性采纳，而同辈群体传染和效仿声望行为则增强了交易所的活力。
We examine the antecedents and consequences in developing countries of creating a national stock exchange, a core technology of financial globalization. We study local conditions and global institutional pressures in the rapid spread of exchanges since the 1980s and examine how conditions at the point of adoption affected exchanges' subsequent vibrancy. Little prior research connects the process of diffusion with the operational performance of adopted policies. We find that international coercion was associated with more ceremonial adoption but that, contrary to expectations common in institutional research, contagion processes via peer groups and normative emulation of prestigious actors enhanced vibrancy.