Goldstein, Michael A.; Irvine, Paul; Kandel, Eugene; … - In: Review of Financial Studies 22 (2009) 12, pp. 5175-5212
The institutional brokerage industry faces an ever-increasing pressure to lower trading costs, which has already driven down average commissions and shifted volume toward low-cost execution venues. However, traditional full-service brokers that bundle execution with services remain a force and...
