TY - JOUR
T1 - The determinants of brokerage fees in a competitive environment
AU - Aitken, Michael J.
PY - 1991
Y1 - 1991
N2 - A Trade Practices Commission ruling, which came into effect on 1 April 1984, prohibited the Australian Associated Stock Exchanges (now known as the Australian Stock Exchange) from fixing brokerage fees. The expected consequence was a move to competitive pricing. Specifically, it was expected that brokerage fees would more accurately reflect the costs of providing brokerage services. This study analyses the evolution of the pricing mechanism since deregulation. In particular, it tests the influence of factors such as order size, broker quality, broker size, inventory costs, search costs, broker specialisation and broker learning on brokerage fees.
AB - A Trade Practices Commission ruling, which came into effect on 1 April 1984, prohibited the Australian Associated Stock Exchanges (now known as the Australian Stock Exchange) from fixing brokerage fees. The expected consequence was a move to competitive pricing. Specifically, it was expected that brokerage fees would more accurately reflect the costs of providing brokerage services. This study analyses the evolution of the pricing mechanism since deregulation. In particular, it tests the influence of factors such as order size, broker quality, broker size, inventory costs, search costs, broker specialisation and broker learning on brokerage fees.
UR - http://www.scopus.com/inward/record.url?scp=3042710927&partnerID=8YFLogxK
U2 - 10.1111/j.1467-629X.1991.tb00253.x
DO - 10.1111/j.1467-629X.1991.tb00253.x
M3 - Article
AN - SCOPUS:3042710927
SN - 0810-5391
VL - 31
SP - 51
EP - 68
JO - Accounting & Finance
JF - Accounting & Finance
IS - 1
ER -