| 来源类型 | Working Paper |
| 规范类型 | 报告 |
| DOI | 10.3386/w26147 |
| 来源ID | Working Paper 26147 |
| The Value of Intermediation in the Stock Market | |
| Marco Di Maggio; Mark L. Egan; Francesco Franzoni | |
| 发表日期 | 2019-08-12 |
| 出版年 | 2019 |
| 语种 | 英语 |
| 摘要 | We estimate a structural model of broker choice to quantitatively decompose the value that institutional investors attach to broker services. Studying over 300 million institutional equity trades, we find that investors are sensitive to both explicit and implicit trading costs and are willing to pay a premium for access to formal and informal research. Formal and informal research account for roughly half of the value generated by brokers. Lastly, we use our model to investigate soft-dollar arrangements, where research and execution services are bundled, and find that such arrangements allow hedge funds and mutual funds to underreport management fees by 10%. |
| 主题 | Financial Economics ; Financial Markets ; Financial Institutions ; Industrial Organization ; Market Structure and Firm Performance |
| URL | https://www.nber.org/papers/w26147 |
| 来源智库 | National Bureau of Economic Research (United States) |
| 引用统计 | |
| 资源类型 | 智库出版物 |
| 条目标识符 | http://119.78.100.153/handle/2XGU8XDN/583821 |
| 推荐引用方式 GB/T 7714 | Marco Di Maggio,Mark L. Egan,Francesco Franzoni. The Value of Intermediation in the Stock Market. 2019. |
| 条目包含的文件 | ||||||
| 文件名称/大小 | 资源类型 | 版本类型 | 开放类型 | 使用许可 | ||
| w26147.pdf（661KB） | 智库出版物 | 限制开放 | CC BY-NC-SA | 浏览 | ||
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