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Advances in Financial Economics, Volume 6 (Advances in by M. Hirschey, K. John, A.K. Makhija PDF

By M. Hirschey, K. John, A.K. Makhija

ISBN-10: 0762307137

ISBN-13: 9780762307135

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Additional resources for Advances in Financial Economics, Volume 6 (Advances in Financial Economics)

Sample text

BR did very well. It received incomes from several sources: underwriting fees, cheap stocks, consulting fees, as well as commissions/markup from making the market. Items 2 and 3 could explain the supply of penny stock IPOs. The demand comes from the relatively larger sales force of Blinder that can reach tens of thousands of potential customers a day while only a few hundred or a couple of thousand of investors were needed for each IPO. Evidence are also presented providing insights on how BR encouraged its broker to sell securities to clients rather than purchase form clients by using commission incentives to brokers.

Since these were principal trades (with BR as a principal) and not agency trades, the fees earned are better labelled mark-ups or mark-downs. BR and BR Brokers were compensated for executing two types of trades; normal mark-ups and mark-downs and cross trades. When a sale occurred from BR’s own inventory the price would be marked-up above the BR inside ask price and the broker would be compensated as a percentage of the mark-up. Brokers could earn higher fees by executing matched or cross trades in which they would simultaneously find both a buyer and a seller for the same security.

Chemmanur and Fulghieri (1999), Mello and Parsons (1998), Stroughton and Zechner (1998). The topic is of further interest because there has been an increase in the awareness of the role of marketing in finance. The introduction of new financially engineered products, offerings of new securities, closed-end funds, limited partnerships, etc. gives financial institutions greater role in marketing securities, in contrast to the familiar passive model of the financial intermediary. e. identifying and contacting potential clients, explaining the nature of the securities, providing information, volunteering financial analysis, and estimating initial demand, etc.

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Advances in Financial Economics, Volume 6 (Advances in Financial Economics) by M. Hirschey, K. John, A.K. Makhija


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