Brokerage Commissions and Margin Requirements: With Special Reference to Japan  

Oleh:

Hebner, Kevin J. ; Park, Youngseog

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: Asia Pacific Journal of Management vol. 11 no. 2 (Okt. 1994), page 205-223.
Fulltext: Kevin J. Hebner.pdf (44.78KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: AA66 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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Isi artikel

In Japan, brokerage commissions and margin requirements are currently regulated by the Ministry of Finance, although commissions may soon be deregulated. An analysis examines several economic factors that determine commissions and margins in a deregulated environment. While executing an unmargined long transaction for a customer is a riskless activity, executing either a margined long or a short transaction exposes the firm to some risk and possibly negative profits. The analysis shows that the gross commission charged for executing either a margined long or a short transaction includes a risk/tax premium that is determined by the brokerage firm's tax rate and degree of tax asymmetry, the security's volatility, and the customer's margin deposit. It also includes the premium required for the implicit put option associated with a margined long transaction or for the implicit call option associated with a short transaction.

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