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Analyzing network associations with performance in three study populations, I find that secondhand brokerage--moving information between people to whom one is only connected indirectly--often has little or no value. Brokerage benefits are dramatically concentrated in the immediate network around a person. Why that is so, and conditions under which it is more or less so, are examined. The research implication is that brokerage can be measured with designs in which data are limited to an immediate network. The theory implication is that the social capital of brokerage is a local phenomenon mirrored in the Austrian market metaphor's emphasis on tacit, local knowledge. [ABSTRACT FROM AUTHOR] Copyright of Academy of Management Journal is the property of Academy of Management and its content may not be copied or emailed to multiple sites or posted to a listserv without the copyright holder's express written permission. However, users may print, download, or email articles for individual use. This abstract may be abridged. No warranty is given about the accuracy of the copy. Users should refer to the original published version of the material for the full abstract. (Copyright applies to all Abstracts.)
