零售执行质量景观

IF 10.4 1区 经济学 Q1 BUSINESS, FINANCE
Anne Haubo Dyhrberg , Andriy Shkilko , Ingrid M. Werner
{"title":"零售执行质量景观","authors":"Anne Haubo Dyhrberg ,&nbsp;Andriy Shkilko ,&nbsp;Ingrid M. Werner","doi":"10.1016/j.jfineco.2025.104051","DOIUrl":null,"url":null,"abstract":"<div><div>We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however, we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies, resulting in higher execution costs. Most retail brokers route to multiple wholesalers and actively monitor their performance, rewarding those offering lower execution costs with more volume. While retail investors benefit from the current landscape across all stocks, those trading small stocks benefit the most.</div></div>","PeriodicalId":51346,"journal":{"name":"Journal of Financial Economics","volume":"168 ","pages":"Article 104051"},"PeriodicalIF":10.4000,"publicationDate":"2025-04-03","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":"0","resultStr":"{\"title\":\"The retail execution quality landscape\",\"authors\":\"Anne Haubo Dyhrberg ,&nbsp;Andriy Shkilko ,&nbsp;Ingrid M. Werner\",\"doi\":\"10.1016/j.jfineco.2025.104051\",\"DOIUrl\":null,\"url\":null,\"abstract\":\"<div><div>We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however, we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies, resulting in higher execution costs. Most retail brokers route to multiple wholesalers and actively monitor their performance, rewarding those offering lower execution costs with more volume. While retail investors benefit from the current landscape across all stocks, those trading small stocks benefit the most.</div></div>\",\"PeriodicalId\":51346,\"journal\":{\"name\":\"Journal of Financial Economics\",\"volume\":\"168 \",\"pages\":\"Article 104051\"},\"PeriodicalIF\":10.4000,\"publicationDate\":\"2025-04-03\",\"publicationTypes\":\"Journal Article\",\"fieldsOfStudy\":null,\"isOpenAccess\":false,\"openAccessPdf\":\"\",\"citationCount\":\"0\",\"resultStr\":null,\"platform\":\"Semanticscholar\",\"paperid\":null,\"PeriodicalName\":\"Journal of Financial Economics\",\"FirstCategoryId\":\"96\",\"ListUrlMain\":\"https://www.sciencedirect.com/science/article/pii/S0304405X25000595\",\"RegionNum\":1,\"RegionCategory\":\"经济学\",\"ArticlePicture\":[],\"TitleCN\":null,\"AbstractTextCN\":null,\"PMCID\":null,\"EPubDate\":\"\",\"PubModel\":\"\",\"JCR\":\"Q1\",\"JCRName\":\"BUSINESS, FINANCE\",\"Score\":null,\"Total\":0}","platform":"Semanticscholar","paperid":null,"PeriodicalName":"Journal of Financial Economics","FirstCategoryId":"96","ListUrlMain":"https://www.sciencedirect.com/science/article/pii/S0304405X25000595","RegionNum":1,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":null,"EPubDate":"","PubModel":"","JCR":"Q1","JCRName":"BUSINESS, FINANCE","Score":null,"Total":0}
引用次数: 0

摘要

我们证明,场外(批发商)执行为散户投资者提供了显著的成本节约。批发商的集中引起了监管方面的担忧;然而,我们表明,由于规模经济,最大的批发商提供最低的成本。一个新的大型批发商的进入减少了现有的规模经济,导致更高的执行成本。大多数零售经纪商会与多个批发商联系,并积极监控他们的业绩,以更大的交易量奖励那些执行成本更低的批发商。虽然散户投资者从目前所有股票的形势中受益,但那些交易小股的投资者受益最大。
本文章由计算机程序翻译,如有差异,请以英文原文为准。
The retail execution quality landscape
We demonstrate that off-exchange (wholesaler) executions provide significant cost savings to retail investors. Wholesaler concentration has raised regulatory concerns; however, we show that the largest wholesalers offer the lowest costs due to economies of scale. The entry of a new large wholesaler reduces incumbent scale economies, resulting in higher execution costs. Most retail brokers route to multiple wholesalers and actively monitor their performance, rewarding those offering lower execution costs with more volume. While retail investors benefit from the current landscape across all stocks, those trading small stocks benefit the most.
求助全文
通过发布文献求助,成功后即可免费获取论文全文。 去求助
来源期刊
CiteScore
15.80
自引率
4.50%
发文量
192
审稿时长
37 days
期刊介绍: The Journal of Financial Economics provides a specialized forum for the publication of research in the area of financial economics and the theory of the firm, placing primary emphasis on the highest quality analytical, empirical, and clinical contributions in the following major areas: capital markets, financial institutions, corporate finance, corporate governance, and the economics of organizations.
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整,为了账户安全,请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
确定
请完成安全验证×
copy
已复制链接
快去分享给好友吧!
我知道了
右上角分享
点击右上角分享
0
联系我们:info@booksci.cn Book学术提供免费学术资源搜索服务,方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号:481959085
Book学术官方微信