- ニュース
- 2026年4月27日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar : Institutional Trades through Affiliated Brokers」が開催されます。
2026年4月27日(月) に産研講演会「Waseda Organizational and Financial Economics Seminar : Institutional Trades through Affiliated Brokers」が開催されます。
Dates
カレンダーに追加0427
MON 2026- Place
- ハイフレックス開催
- Time
- 13:10～14:50
- Posted
- Fri, 27 Mar 2026
「Institutional Trades through Affiliated Brokers」
| 日時 | 2026年4月27日（月）13:10～14:50 |
|---|---|
| 開催方法 | ①対面 ＊開催場所は後日メールにてお知らせいたします。 ②Zoom＊お申込み完了の自動返信メールにて、参加用URLをお知らせいたします。 |
| 対象 | 学生・教職員・一般 |
| 講演者 | Giuseppe Pratobevera 氏 （Senior Lecturer, University of Bristol Business School, University of Bristol） |
| 要旨 | Using U.S. institutional trading data, I show that trading through affiliated brokers declines sharply after the SEC’s 2004 compliance reforms strengthened monitoring, documentation, and board oversight. The decline is concentrated among institutions with high pre-reform reliance on affiliated brokers and in trades most likely to attract scrutiny—large, high-commission orders—and it is matched by greater routing to unaffiliated brokers, mainly through pre-existing broker relationships. I then study trading outcomes using a difference-in-differences design based on pre-reform exposure. The effects are heterogeneous across institution types: for money managers, moving away from affiliated brokers is followed by worse execution and lower post-trade price drift, consistent with foregone efficiencies and information advantages; for pension plan sponsors, the decline in affiliated routing is associated with lower commissions and improved overall outcomes, consistent with a reduction in conflicts of interest. Overall, the findings highlight a trade-off: tighter compliance and governance curbs conflicted routing, but may also reduce the value of relationship-based execution and raise trading frictions. |
| 世話人 | 谷川 寧彦（早稲田大学商学学術院 教授） |
| 参加申し込み方法 | 参加はこちらからお申込みください。※4月23日（木）17:00締切 |
| 共催 | 早稲田大学商学部・産業経営研究所・谷川寧彦分科会 |
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