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- Title
Negotiated Brokerage Commissions and the Individual Investor.
- Authors
Blum, Gerard A.; Lewellen, Wilbur G.
- Abstract
The article explores the results of a statistical analysis of the effect of deregulation on the behavior of U.S. brokerage firms in regards to discounts on brokerage fees charged to individual investors for stock trading. On May 1, 1975 the U.S. Securities and Exchange Commission banned fixed minimum commission rates. The authors examined three data sets with security trades during the 1970s to determine the discount offered or negotiated for the purchase and sale of stocks. The study considers variables including transaction size, the stock exchange where the trade was enacted, lot type, and whether the brokerage account was a margin or cash account.
- Subjects
UNITED States; LEGAL status of stockbrokers; STOCKBROKERS; DISCOUNT prices; GOVERNMENT regulation; STOCKS (Finance); FINANCIAL services industry; TRADE regulation
- Publication
Journal of Financial & Quantitative Analysis, 1983, Vol 18, Issue 3, p331
- ISSN
0022-1090
- Publication type
Article
- DOI
10.2307/2330724