TRENDS IN INSTITUTIONAL COMMISSION COSTS FOLLOWING DEREGULATION: EVIDENCE FROM THE USA
研究美国股票经纪佣金放松管制对机构交易的影响，基于超过28,000笔机构交易数据，发现放松管制后机构投资组合的多元化在佣金方面变得无成本。
This paper examines the impact of the deregulation of stock brokerage commis‐ sions in the United States. The advent of negotiated commissions has led to dramatic structural shifts in commission pricing, particularly for institutional traders, This research examines these structural shifts and their implications for portfolio diversification. The results, based on a sample of over 28,000 institutional trades indicate that diversification of institutional portfolios became costless with respect to commissions following deregulation.