Brokers' financial network and stock return

Hongwei Chuang

研究成果: Article査読

1 被引用数 (Scopus)

抄録

Brokerage firms are usually not only known for trading stocks for their retail clients in return for commission fee but also known for being information distributors of their clients' investment recommenders. However, only a few studies have examined investors' trading behaviors within a brokerage firm. This study proposes a financial network model in modeling the information diffusion process of investors within brokerage firms and investigates the potential effect of interconnectedness among brokerage firms on stock returns. We find that the centrality of brokerage firms has strong explanatory power to stock returns even if we control for the Fama-French pricing factors and other characteristics of stock.

本文言語English
ページ(範囲)172-183
ページ数12
ジャーナルNorth American Journal of Economics and Finance
36
DOI
出版ステータスPublished - 2016 4月 1

ASJC Scopus subject areas

  • 財務
  • 経済学、計量経済学

フィンガープリント

「Brokers' financial network and stock return」の研究トピックを掘り下げます。これらがまとまってユニークなフィンガープリントを構成します。

引用スタイル