The effects of regulation on industry structure and trade generation in the US securities industry
DC Field | Value | Language |
---|---|---|
dc.contributor.author | Choi, Hyung Suk | - |
dc.contributor.author | Clarke, Jonathan | - |
dc.contributor.author | Ferris, Stephen P. | - |
dc.contributor.author | Jayaraman, Narayanan | - |
dc.date.accessioned | 2022-01-03T05:42:37Z | - |
dc.date.available | 2022-01-03T05:42:37Z | - |
dc.date.created | 2021-12-28 | - |
dc.date.issued | 2009-08 | - |
dc.identifier.issn | 0378-4266 | - |
dc.identifier.uri | https://scholarworks.bwise.kr/hongik/handle/2020.sw.hongik/21816 | - |
dc.description.abstract | This study investigates the effects of Regulation FD and the Global Research Analyst Settlement on market share within the US securities industry as well as the determinants of market share during 1996-2004. We find that these regulations did not cause top brokers to lose market share in spite of their reduction of information asymmetries existing within the brokerage industry. They did, however, significantly reduce the quarterly variability in market share changes. We find that Regulation FD and the Global Research Analyst Settlement reduce the importance of an all-star analyst, issuer affiliation, and analyst optimism for gaining brokerage market share. We further discover that the Global Research Analyst Settlement increases the importance of coverage as a market share determinant while reducing the value of analyst experience for non-top brokers. We find that our results remain robust even when we limit our analysis to a set of pure brokerage firms. (c) 2009 Elsevier B.V. All rights reserved. | - |
dc.language | 영어 | - |
dc.language.iso | en | - |
dc.publisher | ELSEVIER | - |
dc.subject | FAIR DISCLOSURE | - |
dc.subject | REG-FD | - |
dc.subject | ANALYSTS | - |
dc.subject | PERFORMANCE | - |
dc.subject | REPUTATION | - |
dc.subject | EARNINGS | - |
dc.subject | BEHAVIOR | - |
dc.title | The effects of regulation on industry structure and trade generation in the US securities industry | - |
dc.type | Article | - |
dc.contributor.affiliatedAuthor | Choi, Hyung Suk | - |
dc.identifier.doi | 10.1016/j.jbankfin.2009.02.008 | - |
dc.identifier.scopusid | 2-s2.0-67349256997 | - |
dc.identifier.wosid | 000266512800007 | - |
dc.identifier.bibliographicCitation | JOURNAL OF BANKING & FINANCE, v.33, no.8, pp.1434 - 1445 | - |
dc.relation.isPartOf | JOURNAL OF BANKING & FINANCE | - |
dc.citation.title | JOURNAL OF BANKING & FINANCE | - |
dc.citation.volume | 33 | - |
dc.citation.number | 8 | - |
dc.citation.startPage | 1434 | - |
dc.citation.endPage | 1445 | - |
dc.type.rims | ART | - |
dc.type.docType | Article | - |
dc.description.journalClass | 1 | - |
dc.description.journalRegisteredClass | scie | - |
dc.description.journalRegisteredClass | scopus | - |
dc.relation.journalResearchArea | Business & Economics | - |
dc.relation.journalWebOfScienceCategory | Business, Finance | - |
dc.relation.journalWebOfScienceCategory | Economics | - |
dc.subject.keywordPlus | FAIR DISCLOSURE | - |
dc.subject.keywordPlus | REG-FD | - |
dc.subject.keywordPlus | ANALYSTS | - |
dc.subject.keywordPlus | PERFORMANCE | - |
dc.subject.keywordPlus | REPUTATION | - |
dc.subject.keywordPlus | EARNINGS | - |
dc.subject.keywordPlus | BEHAVIOR | - |
dc.subject.keywordAuthor | Analysts | - |
dc.subject.keywordAuthor | Brokerage | - |
dc.subject.keywordAuthor | Market share | - |
Items in ScholarWorks are protected by copyright, with all rights reserved, unless otherwise indicated.
94, Wausan-ro, Mapo-gu, Seoul, 04066, Korea02-320-1314
COPYRIGHT 2020 HONGIK UNIVERSITY. ALL RIGHTS RESERVED.
Certain data included herein are derived from the © Web of Science of Clarivate Analytics. All rights reserved.
You may not copy or re-distribute this material in whole or in part without the prior written consent of Clarivate Analytics.