Article ID | Journal | Published Year | Pages | File Type |
---|---|---|---|---|
5084214 | International Review of Economics & Finance | 2008 | 11 Pages |
Abstract
This paper investigates whether trades initiated through institutional brokers generated better return performance than trades through full-service or discount brokers, on the Toronto Stock Exchange from September 1999 to August 2000. Daily findings show that trades through institutional brokers outperformed those through full-service and discount brokers. Trades through full-service brokers outperform those through discount brokers. Monthly findings show that trades through institutional brokers outperform those through full-service brokers, and for only the largest sized transactions when compared to discount brokers. Trades through full-service brokers with discount brokers show full-service outperforming for only the smallest-sized trades. In addition, discount brokers are found to trade much more actively than full-service brokers who in turn are more active than institutional brokers.
Keywords
Related Topics
Social Sciences and Humanities
Economics, Econometrics and Finance
Economics and Econometrics
Authors
Howard B. Nemiroff, Zhaohui Zhang, Victor A. Escobar,