Institutional Trading and Soft Dollars
利用专有数据区分机构投资者向软美元经纪商和其他经纪商下达的订单，发现软美元经纪商执行市值较大股票的较小订单，并估计软美元执行的增量隐性成本为买方24-29个基点、卖方24-30个基点，大订单成本更高。
ABSTRACT Proprietary data allow us to distinguish between institutional investors' orders directed to soft‐dollar brokers and those directed to other types of brokers. We find that soft‐dollar brokers execute smaller orders in larger market value stocks. Allowing for differences in order characteristics, we estimate the incremental implicit cost of soft‐dollar execution at 29 (24) basis points for buyer‐ (seller‐) initiated orders. For large orders, incremental implicit costs are 41 (30) basis points for buys (sells). However, we document substantial variability in these estimates, and research services provided by soft‐dollar brokers may at least partially offset these costs.