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Entrepreneurial Stock Brokering and Switching Costs

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Author Info

  • G. Geoffrey Booth

    (Eli Broad Graduate School of Management, Michigan State University)

  • Orkunt M. Dalgic

    (State University of New York at New Paltz)

  • Juha-Pekka Kallunki

    (University of Oulu, Finland)

  • Petri Sahlström

    (University of Oulu, Finland)

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    Abstract

    Stock brokers are entrepreneurs who incur switching costs when the change brokerage houses. We use Helsinki Stock Exchange data to investigate these costs by examining whether investors are loyal to their brokers when brokers move. We find that investors who have extant relationships with the new house are more likely to attract the investors from the old houses, and savvy (knowledgeable) investors are more likely to stay with their broker.

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    File URL: http://jefsite.org/RePEc/pep/journl/jef-2007-12-1-b-booth.pdf
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    Bibliographic Info

    Article provided by Pepperdine University, Graziadio School of Business and Management in its journal Journal of Entrepreneurial Finance and Business Ventures.

    Volume (Year): 12 (2007)
    Issue (Month): 1 (Spring)
    Pages: 1-8

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    Handle: RePEc:pep:journl:v:12:y:2007:i:1:p:1-8

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    Web page: http://bschool.pepperdine.edu/jef
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    Related research

    Keywords: Stock Brokers; Switching Costs; Relationships; Helsinki Stock Exchange;

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    References

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    1. Sanford J. Grossman, . "The Informational Role of Upstairs and Downstairs Trading," Rodney L. White Center for Financial Research Working Papers 22-90, Wharton School Rodney L. White Center for Financial Research.
    2. Frieder, Laura & Subrahmanyam, Avanidhar, 2005. "Brand Perceptions and the Market for Common Stock," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 40(01), pages 57-85, March.
    3. Grinblatt, Mark & Keloharju, Matti, 2000. "The investment behavior and performance of various investor types: a study of Finland's unique data set," Journal of Financial Economics, Elsevier, vol. 55(1), pages 43-67, January.
    4. Luigi Zingales, 2000. "In Search of New Foundations," Journal of Finance, American Finance Association, vol. 55(4), pages 1623-1653, 08.
    5. Mark Grinblatt, 2001. "How Distance, Language, and Culture Influence Stockholdings and Trades," Journal of Finance, American Finance Association, vol. 56(3), pages 1053-1073, 06.
    6. G. Geoffrey Booth & Ji-Chai Lin & Teppo Martikainen & Yiuman Tse, 2002. "Trading and Pricing in Upstairs and Downstairs Stock Markets," Review of Financial Studies, Society for Financial Studies, vol. 15(4), pages 1111-1135.
    7. Klemperer, Paul, 1995. "Competition When Consumers Have Switching Costs: An Overview with Applications to Industrial Organization, Macroeconomics, and International Trade," Review of Economic Studies, Wiley Blackwell, vol. 62(4), pages 515-39, October.
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