Survival and Sensemaking: Organizational Resilience in a Wall Street Trading Room After 9/11

How do organizations cope with extreme uncertainty? The existing literature is divided on this issue: some argue that organizations deal best with uncertainty in the environment by reproducing it in the organization, whereas others contend that the orga nization should be protected from the environment. In this paper we study the case of a Wall Street investment bank that lost its entire office and trading technology in the terrorist attack of September 11 th. The traders survived, but were forced to relocate to a makeshift trading room in New Jersey. During the six months the traders spent outside New York City, they had to deal with fears and insecurities inside the company as well as outside it: anxiety about additional attacks, questions of professional identity, doubts about the future of the firm, and ambiguities about the future re-location of the trading room. The firm overcame these uncertainties by protecting the traders' identities and their ability to engage in sensemaking. The organization held together through a leadership style that managed ambiguities and created the conditions for new solutions to emerge.

Ecologies of Value in a Wall Street Trading Room

Our task in this paper is to analyze the organization of trading in the era of quantitative finance. To do so, we conduct an ethnography of arbitrage, the trading strategy that best exemplifies finance in the wake of the quantitative revolution. In contrast to value and momentum investing, we argue, arbitrage involves an art of association-the construction of equivalence (comparability) of properties across different assets. In place of essential or relational characteristics, the peculiar valuation that takes place in arbitrage is based on an operation that makes something the measure of something else-associating securities to each other. The process of recognizing opportunities and the practices of making novel associations are shaped by the specific socio-spatial and socio-technical configurations of the trading room. Calculation is distributed across persons and instruments as the trading room organizes interaction among diverse principles of valuation.

How to recognize opportunities: Heterarchical search in a Wall Street trading room

Our task in this paper is to analyze the organization of trading in the era of quantitativefinance. To do so, we conduct an ethnography of arbitrage, the trading strategy that bestexemplifies finance in the wake of the quantitative revolution. In contrast to value andmomentum investing, we argue, arbitrage involves an art of association - the constructionof equivalence (comparability) of properties across different assets. In place of essentialor relationa l characteristics, the peculiar valuation that takes place in arbitrage is based on an operation that makes something the measure of something else - associating securities to each other. The process of recognizing opportunities and the practices of making novel associations are shaped by the specific socio-spatial and socio-technical configurations of the trading room. Calculation is distributed across persons and instruments as the trading room organizes interaction among diverse principles of valuation.

Long-range transport of Saharan dust to northern Europe: The 11-16 October 2001 outbreak observed with EARLINET

The spread of mineral particles over southwestern, western, and central Europeresulting from a strong Saharan dust outbreak in October 2001 was observed at10 stations of the European Aerosol Research Lidar Network (EARLINET). For the firsttime, an optically dense desert dust plume over Europe was characterized coherentlywith high vertical resolution on a continental scale. The main layer was located abovethe boundary layer (above 1-km height above sea level (asl)) up to 3–5-km height, andtraces of dust particles reached heights of 7–8 km. The particle optical depth typicallyranged from 0.1 to 0.5 above 1-km height asl at the wavelength of 532 nm, andmaximum values close to 0.8 were found over northern Germany. The lidar observationsare in qualitative agreement with values of optical depth derived from Total OzoneMapping Spectrometer (TOMS) data. Ten-day backward trajectories clearly indicated theSahara as the source region of the particles and revealed that the dust layer observed,e.g., over Belsk, Poland, crossed the EARLINET site Aberystwyth, UK, and southernScandinavia 24–48 hours before. Lidar-derived particle depolarization ratios,backscatter- and extinction-related A ° ngstro¨m exponents, and extinction-to-backscatterratios mainly ranged from 15 to 25%, 0.5 to 0.5, and 40–80 sr, respectively, within thelofted dust plumes. A few atmospheric model calculations are presented showing the dustconcentration over Europe. The simulations were found to be consistent with thenetwork observations.

Contemporary engagements within corridors of the past: temporal elasticity, graffiti, and the materiality of St. Rock Street, Barcelona

In a medieval Barcelonan side-street, urine, rubbish, and a bewildering array of graphic imagery splatters the narrowing walls between two major thoroughfares. A contemporary conflict between residents, unknown artists and others is played out using banners, bottles, stickers, posters, stencils, spray paint, and bodily substances. In this shadowed liminality, local and global debates are superimposed upon substructures constructed from disease, prostitution, and the Saint of the Plague. The continuing urban struggle constitutes temporal statements of dirt and purity, violence and humour, dominance and resistance, death and salvation. Like the renovated facades masking the crumbling remains of structures long neglected, the government’s literal whitewashing of the art is a temporal cover-up of a discursive symptom stretching from deeply embedded preconditions. However, from his niche in the angular bend of the alley bearing his name, the statue of St. Rock remains unblinkingly staring, raised above the contestations expressed below.