Dark Pockets and Decision Support: The Information Technology Value Cycle in Efficient Markets

Introduction During the last thirty years, the financial markets have demonstrated the remarkably dynamic nature of competitive advantage and reward derived from innovative investments in information technology (IT). Pioneers like Batterymarch Financial Management, whose early use of mainframe-based decision support for equity portfolio construction resulted in large profits for the firm, showed the direction that future investments in information technology would take in support of investment management.