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Full-Text Articles in Business
Would Order-By-Order Auctions Be Competitive?, Thomas Ernst, Chester Spatt, Jian Sun
Would Order-By-Order Auctions Be Competitive?, Thomas Ernst, Chester Spatt, Jian Sun
Research Collection Lee Kong Chian School Of Business
We model two different methods of executing segregated retail orders: broker's routing, whereby brokers allocate orders using market maker's overall performance, and order-by-order auctions, where market makers bid on individual orders, a recent SEC proposal. Order-by-order auctions improve market maker allocative efficiency, but face a winner's curse reducing retail investor welfare, particularly when liquidity is limited. Additional market participants competing for retail orders fail to improve total efficiency and investor welfare when entrants possess information superior to incumbent wholesalers. Existing Retail Liquidity Programs empirically suggest order-by-order auctions would attract few bidders in less liquid stocks and low-liquidity periods.
Broker Conflict Of Interest Mitigation Efforts And Mutual Funds: Evidence From The 2016 Department Of Labor Fiduciary Rule, Connor Kasten
Broker Conflict Of Interest Mitigation Efforts And Mutual Funds: Evidence From The 2016 Department Of Labor Fiduciary Rule, Connor Kasten
Doctoral Dissertations
This dissertation utilizes the 2016 Department of Labor (DOL) Fiduciary Rule to analyze the impact of efforts to mitigate broker conflicts of interest on mutual funds. The first chapter examines the effect of the Fiduciary Rule on mutual fund investment. Specifically, I look at changes in the composition of funds available for investment and fund flows during and after the implementation of the Fiduciary Rule. I find that investment companies shifted away from offering investments with broker compensation by eliminating commissioned loads on existing funds, removing funds with broker compensation, and adding funds without broker compensation. This change in investment …
Mortgage Broker Strategies To Overcome The Volatility Of Inconsistent Sales, Marissa Blackwell
Mortgage Broker Strategies To Overcome The Volatility Of Inconsistent Sales, Marissa Blackwell
Walden Dissertations and Doctoral Studies
Many mortgage brokers leave the mortgage industry because of unforeseen changes andvolatility. Mortgage brokers are concerned with adequate strategies to mitigate industry volatility and inconsistent sales, which is important to successful sustainability during challenging times. Grounded in relationship marketing theory, the purpose of this qualitative single case study was to explore the strategies seven mortgage brokers from a single organization used to sustain sales during volatile times. Data were collected using semistructured interviews by telecommunication, a reflective journal, LinkedIn, Facebook, and broker websites. Through thematic analysis, three themes emerged: maintaining a presence with new and existing clients, understanding client needs, …
Mortgage Broker Strategies To Overcome The Volatility Of Inconsistent Sales, Marissa Blackwell
Mortgage Broker Strategies To Overcome The Volatility Of Inconsistent Sales, Marissa Blackwell
Walden Dissertations and Doctoral Studies
Many mortgage brokers leave the mortgage industry because of unforeseen changes andvolatility. Mortgage brokers are concerned with adequate strategies to mitigate industry volatility and inconsistent sales, which is important to successful sustainability during challenging times. Grounded in relationship marketing theory, the purpose of this qualitative single case study was to explore the strategies seven mortgage brokers from a single organization used to sustain sales during volatile times. Data were collected using semistructured interviews by telecommunication, a reflective journal, LinkedIn, Facebook, and broker websites. Through thematic analysis, three themes emerged: maintaining a presence with new and existing clients, understanding client needs, …