Individual investors and broker types

Fong, Kingsley Y. L., Gallagher, David R. and Lee, Adrian D. 2014, Individual investors and broker types, Journal of financial and quantitative analysis, vol. 49, no. 2, pp. 431-451, doi: 10.1017/S0022109014000349.

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Title Individual investors and broker types
Author(s) Fong, Kingsley Y. L.
Gallagher, David R.
Lee, Adrian D.ORCID iD for Lee, Adrian D.
Journal name Journal of financial and quantitative analysis
Volume number 49
Issue number 2
Start page 431
End page 451
Total pages 21
Publisher Cambridge University Press
Place of publication Cambridge, Eng.
Publication date 2014-04
ISSN 0022-1090
Keyword(s) Social Sciences
Business, Finance
Business & Economics
Summary We study the informativeness of trades via discount and full-service retail brokers. We find that trades via full-service retail brokers are statistically and economically more informative than are trades via discount retail brokers. This finding holds in every year over the 12-year sample period and in various subsamples. We also find that past returns, volatility, and news announcements positively relate to the net volume of discount retail brokers, but these variables are unrelated to the net volume of full-service retail brokers. Our results suggest that broker type selection bias is an important consideration in studying individual investors' trades.
Language eng
DOI 10.1017/S0022109014000349
Indigenous content off
Field of Research 1502 Banking, Finance and Investment
HERDC Research category C1.1 Refereed article in a scholarly journal
ERA Research output type C Journal article
Copyright notice ©2014, Michael G. Foster School of Business, University of Washington
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Document type: Journal Article
Collections: Faculty of Business and Law
Department of Finance
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