The Value of Intermediation in the Stock Market

@article{Maggio2019TheVO,
  title={The Value of Intermediation in the Stock Market},
  author={Marco Di Maggio and M. Egan and F. Franzoni},
  journal={NBER Working Paper Series},
  year={2019}
}
Brokers play a critical role in intermediating institutional transactions in the stock market. Despite the importance of brokers, we have limited information on what drives investors’ choices among them. We develop and estimate an empirical model of broker choice that allows us to quantitatively examine each investor’s responsiveness to execution costs, access to research, and order flow information. Studying over 300 million institutional trades, we find that investor demand is relatively… Expand
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