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Price Deregulation in the Brokerage Industry: An Empirical Analysis

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  • Aharon R. Ofer
  • Arie Melnick
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    Abstract

    A Securities and Exchange Commission ruling, which went into effect on May 1, 1975, prohibited securities exchanges from fixing brokerage commission rates. This ruling forced the brokerage industry to move to competitive pricing. Our study analyzes the pricing mechanism that evolved following price deregulation. The results indicate that price competition has led to lower prices and to a rate structure that reflects the costs of executing different types of transactions.

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    Bibliographic Info

    Article provided by The RAND Corporation in its journal Bell Journal of Economics.

    Volume (Year): 9 (1978)
    Issue (Month): 2 (Autumn)
    Pages: 633-641

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    Handle: RePEc:rje:bellje:v:9:y:1978:i:autumn:p:633-641

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    Cited by:
    1. Luke Bortoli & Alex Frino & Elvis Jarnecic, 2004. "Differences in the Cost of Trade Execution Services on Floor-Based and Electronic Futures Markets," Journal of Financial Services Research, Springer, vol. 26(1), pages 73-87, August.
    2. Malcolm Baker & Jeremy C. Stein, 2002. "Market Liquidity as a Sentiment Indicator," Harvard Institute of Economic Research Working Papers 1977, Harvard - Institute of Economic Research.

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