Institutional Trading And Soft Dollars  

Oleh:

Conrad, Jennifer S. ; Johnson, Kevin M. ; Wahal, Sunil

Jenis: Article from Journal - ilmiah internasional
Dalam koleksi: The Journal of Finance (EBSCO) vol. 56 no. 1 (2001), page 397-416.
Topik: trading; institutional investments; stock brokers; studies; professional feees; regression analysis; investment policy
Fulltext: p 397.pdf (101.65KB)

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Perpustakaan Pusat (Semanggi) Nomor Panggil: JJ88 Non-tandon: 1 (dapat dipinjam: 0) Tandon: tidak ada

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There is a growing literature on the execution costs of trades by institutional investors. Proprietary data allow people to distinguish between institutional investors' orders directed to soft - dollar brokers and those directed to other types of brokers. It is found that soft - dollar brokers execute smaller orders in larger market value stocks. Allowing for differences in order characteristics, it is estimated the incremental implicit cost of soft - dollar execution at 29 basis points for buyer - initiated orders. For large orders, incremental implicit costs are 41 basis points for buys. However, it is documented that substantial variability in these estimates, and research services provided by soft - dollar brokers may at least partially offset these costs.

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