The Securities Industry under Negotiated Brokerage Commissions: Changes in the Structure and Performance of New York Stock Exchange Member Firms

The Securities Industry under Negotiated Brokerage Commissions: Changes in the Structure and Performance of New York Stock Exchange Member Firms

This paper examines the effects of competitive brokerage commission rates on the structure and performance of the NYSE brokerage industry. Although the demise of fixed minimum commission rates has caused economic hardship for a number of brokerage firms, the results to date do not support the negati...

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Veröffentlicht in:Bell Journal of Economics 1980-04, Vol.11 (1), p.29-41
Hauptverfasser: Tinic, Seha M., West, Richard R.
Format: Artikel
Sprache:eng
Schlagworte:
Brokerage industry
Brokerages
Business structures
Commissions
Companies
Competition
Competitive
Economic competition
Economic costs
Fixed exchange rates
Fixed interest rates
Foreign exchange rates
Industrial concentration
Investors
Rate setting
Securities industry
Security brokers
Statistical data
Stock brokers
Stock exchanges
Structure
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Zusammenfassung:This paper examines the effects of competitive brokerage commission rates on the structure and performance of the NYSE brokerage industry. Although the demise of fixed minimum commission rates has caused economic hardship for a number of brokerage firms, the results to date do not support the negative public policy effects that were alleged to be the inexorable consequences of permitting brokerage rates to be set by competitive pressures.
ISSN:0361-915X
0741-6261
2326-3032
1756-2171
DOI:10.2307/3003399