We analyze the relation between equity returns, risk, and a rich set of security characteristics that includes institutional ownership, Samp;P 500 index membership, analyst following, and dispersion in analyst forecasts, in addition to previously examined variables such as the book-to-market...

This paper considers three reasons for the increasing popularity of mutual funds: diversification, transaction cost savings and risk sharing. Mutual funds represent a commingling of assets and are required to pay each redeeming investor a pro-rata share of the net asset value of the fund. This...

This article analyzes the effects of a finite tick size and the practice of quot;payment-for-order flowquot; on market maker competition. Even if the NYSE reservation price is superior to its non-NYSE counterpart, brokers may, due to payment-for-order flow, prefer to execute orders off the NYSE...