Brokerage Commissions and Institutional Trading Patterns

By Michael A. Goldstein, Paul J. Irvine, Eugene Kandel, Z. Wiener. 2009

234 citations recorded by the source corpus.

View Paper: https://www.semanticscholar.org/paper/b8c0235d24883f2427f983ce6581dafa0d44c638

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Citations in the corpus

The Interim Trading Skills of Institutional Investors (2011, background): “Using 13F institutional ownership filings, Gompers and Metrick (2001) document a significant positive relation between quarterly institutional ownership and future stock returns, but attribute this relation to temporal demand shocks rather than superior investment skill.”
Beyond the Square Root: Evidence for Logarithmic Dependence of Market Impact on Size and Participation Rate (2014, unknown): “Previous academic studies that use Ancerno data include [16, 17, 18, 19, 20, 21, 22].”
Analyst Recommendations, Mutual Fund Herding, and Overreaction in Stock Prices (2014, unknown): “29 See, also, Chemmanur et al. (2009) and Goldstein et al. (2009).”
Performance of Institutional Trading Desks: An Analysis of Persistence in Trading Costs (2012, unknown): “The concentration of institutional trading and commission rates are based on cross-sectional differences in Goldstein et al. (2009).”
Broker-Hosted Investor Conferences (2014, methodology): “If institutional investors reward brokers hosting conferences with a greater allocation of transaction order flow and higher average commissions (e.g., Irvine, 2001, and Goldstein et al., 2009), then we would expect hosting brokers to experience increases in commissions around conferences.”
Does Academic Research Destroy Stock Return Predictability (2016, background): “The results suggest that between the end of the sample and the publication date, the magnitude of the long-short returns fall, on average, by about 20%.”
Purchasing IPOs with Commissions (2011, unknown): “While Hanley, Lee, and Seguin (1996) suggest that short sales are constrained immediately after an IPO, Edwards and Hanley (2010) demonstrate otherwise.”
Institutional Trading and Stock Resiliency: Evidence from the 2007-2009 Financial Crisis (2013, unknown): “Huang and Wang (2009) predict less liquidity provision for small stocks and Gromb and Vayanos (2002) and Brunnermeier and Pedersen (2009) predict less liquidity provision for volatile stocks.”
Monitors or Predators: The Influence of Institutional Investors on Sell-side Analysts (2013, unknown): “Goldstein et al. (2009) find that institutional investors concentrate their order flows in a small set of brokerages.”