Fixed Commissions and Market Efficiency

11 Pages Posted: 7 Aug 2017

Date Written: November 22, 1974

Abstract

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

Ferguson, Robert, Fixed Commissions and Market Efficiency (November 22, 1974). Available at SSRN: https://ssrn.com/abstract=3013263 or http://dx.doi.org/10.2139/ssrn.3013263

Robert Ferguson (Contact Author)

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