Fixed Commissions and Market Efficiency
11 Pages Posted: 7 Aug 2017
Date Written: November 22, 1974
Legislators, regulators, and academics are insisting that the brokerage industry unbundle by separating investment research fees from trading. They also want to foster market efficiency. These two positions are at odds unless investment research is subsidized.
Keywords: market efficiency, fixed commissions, unbundling, fixed commissions, investment research, financial analysis
JEL Classification: G00, G11, G14, G18
Suggested Citation: Suggested Citation