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Revenue management of small securities houses: evidence from Japanese panel data

Author

Listed:
  • Kenji Matsui
  • Junsuke Matsuo

Abstract

This paper investigates the revenue management of securities companies by estimating an industry-level frontier production function with the use of unique Japanese financial data. The empirical results suggest several important implications. First, and contrary to a widespread view, operating revenue is negatively influenced by the number of branches of a firm, suggesting that securities firms should not always pursue the strategy of establishing more branches to cover a wider geographical market. Moreover, a higher proportion of brokerage commissions in total revenue are associated with lower production efficiency, implying that securities houses should expand profit-making sources outside their brokerage business.

Suggested Citation

  • Kenji Matsui & Junsuke Matsuo, 2008. "Revenue management of small securities houses: evidence from Japanese panel data," International Journal of Revenue Management, Inderscience Enterprises Ltd, vol. 2(4), pages 361-375.
    • Handle: RePEc:ids:ijrevm:v:2:y:2008:i:4:p:361-375
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