@article {Edwards18, author = {Mark Edwards and Wayne H. Wagner}, title = {Capturing the Research Advantage}, volume = {25}, number = {3}, pages = {18--24}, year = {1999}, doi = {10.3905/jpm.1999.319710}, publisher = {Institutional Investor Journals Umbrella}, abstract = {Managers and traders, often at the insistence of plan sponsors, are pressures to reduce commissions and trading impact in an attempt to improve investment returns. The evidence presented here suggests that this policy is misguided: that reducing commissions and impact does not enhance performance. Organizations that avoid high-cost trades fail to balance the probability of favorable returns against the necessity of execution cost. Perversely, by avoiding high-cost decisions, investment organizations also avoid the decisions with the greatest potential to improve performance.}, issn = {0095-4918}, URL = {https://jpm.pm-research.com/content/25/3/18}, eprint = {https://jpm.pm-research.com/content/25/3/18.full.pdf}, journal = {The Journal of Portfolio Management} }