Inter-broker trades and return performance on the Toronto stock exchange

Howard B. Nemiroff, Zhaohui Zhang and Victor A. Escobar

International Review of Economics & Finance, 2008, vol. 17, issue 2, 258-268

Abstract: This paper investigates whether trades initiated through institutional brokers generated better return performance than trades through full-service or discount brokers, on the Toronto Stock Exchange from September 1999 to August 2000. Daily findings show that trades through institutional brokers outperformed those through full-service and discount brokers. Trades through full-service brokers outperform those through discount brokers. Monthly findings show that trades through institutional brokers outperform those through full-service brokers, and for only the largest sized transactions when compared to discount brokers. Trades through full-service brokers with discount brokers show full-service outperforming for only the smallest-sized trades. In addition, discount brokers are found to trade much more actively than full-service brokers who in turn are more active than institutional brokers.

Date: 2008
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Persistent link: https://EconPapers.repec.org/RePEc:eee:reveco:v:17:y:2008:i:2:p:258-268

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