{"id":6008,"date":"2026-03-27T09:48:36","date_gmt":"2026-03-27T00:48:36","guid":{"rendered":"https:\/\/www.waseda.jp\/fcom\/riba\/?p=6008"},"modified":"2026-04-16T13:52:25","modified_gmt":"2026-04-16T04:52:25","slug":"2026%e5%b9%b44%e6%9c%8827%e6%97%a5%e6%9c%88-%e3%81%ab%e7%94%a3%e7%a0%94%e8%ac%9b%e6%bc%94%e4%bc%9a%e3%80%8cwaseda-organizational-and-financial-economics-seminar-institutional-trades-through-affili","status":"publish","type":"post","link":"https:\/\/www.waseda.jp\/fcom\/riba\/news\/6008","title":{"rendered":"2026\u5e744\u670827\u65e5(\u6708) \u306b\u7523\u7814\u8b1b\u6f14\u4f1a\u300cWaseda Organizational and Financial Economics Seminar : Institutional Trades through Affiliated Brokers\u300d\u304c\u958b\u50ac\u3055\u308c\u307e\u3059\u3002"},"content":{"rendered":"

\u300cInstitutional Trades through Affiliated Brokers\u300d<\/h3>\n
\n\n\n\n\n\n\n\n\n\n
\u65e5\u6642<\/th>\n2026\u5e744\u670827\u65e5\uff08\u6708\uff0913:10\uff5e14:50<\/td>\n<\/tr>\n
\u958b\u50ac\u65b9\u6cd5<\/th>\n\u2460\u5bfe\u9762 \uff0a10\u53f7\u9928\u30003\u968e\u3000305\u6559\u5ba4
\n\u2461Zoom\uff0a\u304a\u7533\u8fbc\u307f\u5b8c\u4e86\u306e\u81ea\u52d5\u8fd4\u4fe1\u30e1\u30fc\u30eb\u306b\u3066\u3001\u53c2\u52a0\u7528URL\u3092\u304a\u77e5\u3089\u305b\u3044\u305f\u3057\u307e\u3059\u3002<\/td>\n<\/tr>\n
\u5bfe\u8c61<\/th>\n\u5b66\u751f\u30fb\u6559\u8077\u54e1\u30fb\u4e00\u822c<\/td>\n<\/tr>\n
\u8b1b\u6f14\u8005<\/th>\nGiuseppe Pratobevera\u00a0 \u6c0f
\n\uff08Senior Lecturer, University of Bristol Business School, University of Bristol\uff09<\/td>\n<\/tr>\n
\u8981\u65e8<\/th>\nUsing U.S. institutional trading data, I show that trading through affiliated brokers declines sharply after the SEC\u2019s 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\u2014large, high-commission orders\u2014and 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.<\/td>\n<\/tr>\n
\u4e16\u8a71\u4eba<\/th>\n\u8c37\u5ddd \u5be7\u5f66\uff08\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u5b66\u8853\u9662 \u6559\u6388\uff09<\/td>\n<\/tr>\n
\u53c2\u52a0\u7533\u3057\u8fbc\u307f\u65b9\u6cd5<\/th>\n\u53c2\u52a0\u306f\u3053\u3061\u3089<\/a>\u304b\u3089\u304a\u7533\u8fbc\u307f\u304f\u3060\u3055\u3044\u3002\u203b4\u670823\u65e5\uff08\u6728\uff0917:00\u7de0\u5207<\/td>\n<\/tr>\n
\u5171\u50ac<\/th>\n\u65e9\u7a32\u7530\u5927\u5b66\u5546\u5b66\u90e8\u30fb\u7523\u696d\u7d4c\u55b6\u7814\u7a76\u6240\u30fb\u8c37\u5ddd\u5be7\u5f66\u5206\u79d1\u4f1a<\/td>\n<\/tr>\n<\/tbody>\n<\/table><\/div>\n

 <\/p>\n","protected":false},"excerpt":{"rendered":"

\u300cInstitutional Trades through Affiliated Brokers\u300d \u65e5\u6642 2026\u5e744\u670827\u65e5\uff08\u6708\uff0913:10\uff5e14:50 \u958b\u50ac\u65b9\u6cd5 \u2460\u5bfe\u9762 \uff0a10\u53f7\u9928\u30003\u968e\u3000305\u6559\u5ba4 \u2461Zoom\uff0a\u304a\u7533 […]<\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[1],"tags":[24],"class_list":["post-6008","post","type-post","status-publish","format-standard","hentry","category-news","tag-events"],"acf":[],"_links":{"self":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6008","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/comments?post=6008"}],"version-history":[{"count":2,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6008\/revisions"}],"predecessor-version":[{"id":6102,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/posts\/6008\/revisions\/6102"}],"wp:attachment":[{"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/media?parent=6008"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/categories?post=6008"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.waseda.jp\/fcom\/riba\/wp-json\/wp\/v2\/tags?post=6008"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}