“There is a problem that is specific to financial markets. In most fields of research, when someone makes an important finding, they publish it. In the case of prices, they set up a firm and sell advice about their discovery. If they can make money from it, they will. So the research into market dynamics is a closed field.”

— Benoît Mandelbrot

New Scientist interview (2004)

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Benoît Mandelbrot 56

Polish-born, French and American mathematician 1924–2010

Neil Fligstein (1951) American sociologist

Source: The transformation of corporate control, 1993, p. 89

“Previous research addressing market orientation from a cultural perspective typically has used behavioral measures of this construct. Drawing on literature in the fields of organizational theory and marketing, the authors develop a multilayer model of market-oriented organizational culture. They draw an explicit distinction among values that support market orientation, norms for market orientation, artifacts indicating high and low market orientation, and market-oriented behaviors. On the basis Of qualitative research and a subsequent survey, the authors develop scales for measuring the different layers of market-oriented culture and analyze relationships among the different components of market-oriented culture. Findings indicate that artifacts play a crucial role in determining behavior within organizations. Results also indicate that a market-oriented culture influences financial performance indirectly through market performance and that this relationship is stronger in highly dynamic markets.”

Christian Homburg (1962) German academic

Source: "A multiple-layer model of market-oriented organizational culture", 2000, p. 449 ; Abstract

“The most important thing I have done is to combine something esoteric with a practical issue that affects many people. In this spirit, the stock market is one of the most attractive things imaginable. Stock-market data is abundant so I can check everything. Financial markets are very influential and I want to be part of this field now that it is maturing.”

Benoît Mandelbrot (1924–2010) Polish-born, French and American mathematician

New Scientist interview (2004)

“When the theory performs well you also think, “Are there parallel results in naturally occurring field data?” You look for coherence across different data sets because theories are not specific to particular data sources. Such extensions are important because theories often make specific assumptions about information and institutions which can be controlled in the laboratory, but which may not accurately represent field data generating situations. Testing theories on the domain of their assumptions is sterile unless it is part of a research program concerned with extending the domain of applications of theory to field environments”

Vernon L. Smith (1927) American economist

Source: "Theory, experiment and economics," 1989, p. 151.

“Marketing Management: A Contemporary Perspective provides a fresh new perspective on marketing from some of the leading researchers in Europe. The book offers students and practitioners the comprehensive coverage they need to make the right decisions to create and implement highly successful marketing strategies. This exciting new book combines scholarly international research with relevant and contemporary examples from markets and brands across the world.
The authors combine their experience as researchers and industry consultants to provide the conceptual and theoretical underpinning of marketing and empirical research, helping students to understand how marketing concepts can be applied and implemented. The book covers a full range of industries including business-to-customer, business-to-business, services marketing, retailing and international marketing from companies around the globe.”

Christian Homburg (1962) German academic

Abstract 2009 edition.
Marketing management: A contemporary perspective, 2003

“Hours of research can cut months of field work.”

E. Lee Spence (1947) German anthropologist, photographer, archaeologist, historian, photojournalist and academic

Full quote: In today's world, time is the most expensive part of an expedition. Man hours spent in the archives can cut hundreds of thousands of dollars worth of time from the field phase of most projects.
from 'About the Author' by Charles King, Treasures of the Confederate Coast: the 'Real Rhett Butler' & Other Revelations by Dr. E. Lee Spence (Narwhal Press, Charleston/Miami, 1995), p. 517.