The institutional brokerage industry faces an ever-increasing pressure to lower trading costs,
which has already driven down average commissions and shifted volume toward low-cost …

HE US stock market is one of the largest markets in the world. In 1992, over three trillion
dollars in shares changed hands on the exchanges and in the over-the-counter (" OTC") …

This study provides empirical evidence on the role of disclosure in resolving agency conflicts
in delegated investment management. For certain expenditures, fund managers have …

The publication of Freeman and Rogers' What Workers Want'is a major contribution to the
debate over employee representation in America. The authors have answered the basic …

Mutual fund investment time horizons are central to the short-termism debate. 1
Shorttermism is a general, negative diagnosis for an inappropriate and unjustified focus on …

Abstract On June 24, 1997, the New York Stock Exchange ended a two-hundred-year
history of stocks priced in eighths. As part of a conversion to decimal pricing, the minimum …

One of the most fundamental results in finance is the equivalence of a no-arbitrage condition
to the existence of a pricing operator in markets without transaction costs (see Ross (1978)) …

We examine several hypotheses regarding mutual-fund commission payments using data
from N-SAR filings. Consistent with an information motive, relatively active funds pay higher …

For over half a century, federal income tax laws have employed holding period requirements
in order to discourage stock market speculation. In particular, investors have been required …

This study provides empirical evidence on the role of disclosure in resolving agency conflicts
in delegated investment management. For certain expenditures fund managers have …