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Full-Text Articles in Business

Research On The Relationship Between Manufacturing Process Digitalization And Product Quality Performance: A Case Study Of Discrete Manufacturing, Baozhong Zhang Aug 2025

Research On The Relationship Between Manufacturing Process Digitalization And Product Quality Performance: A Case Study Of Discrete Manufacturing, Baozhong Zhang

Dissertations and Theses Collection (Open Access)

The study aims to explore the impact of digital transformation on product quality in discrete manufacturing enterprises. As the global economy and technology rapidly advance, the manufacturing industry faces unprecedented challenges and opportunities. Digital transformation has emerged as a key strategy for tackling these challenges and has become a significant trend in the manufacturing industry. The discrete manufacturing industry, which demands high product quality, faces even greater challenges in digital transformation. However, if discrete manufacturing enterprises successfully navigate this transformation, they can significantly improve quality, gain a competitive edge, and unlock even greater opportunities for their business.

The study combines …


Effects Of Emotional Intelligence In Enhancing Team Collaboration And Conflict Resolution In Agile Project Management, Shaikh Muhammad Sinan Aug 2025

Effects Of Emotional Intelligence In Enhancing Team Collaboration And Conflict Resolution In Agile Project Management, Shaikh Muhammad Sinan

Harrisburg University Dissertations and Theses

In this study, I explored the use of emotional intelligence (EI) in enhancing team collaboration and conflict resolution within agile project management environments. Though agile methodologies have gained more popularity, most projects still suffer from interpersonal conflicts and communication failures that detract from project performance. Though the literature is particular to the dynamics of agile project management, little is known about the emotional and interpersonal dynamics that influence team effectiveness. I examined how EI skills such as self-awareness, self-regulation, empathy, and social skills influence team dynamics and project success. Guided by Daniel Goleman's Emotional Intelligence Framework, in this qualitative study, …


J Mich Dent Assoc August 2025 Aug 2025

J Mich Dent Assoc August 2025

The Journal of the Michigan Dental Association

Each month, The Journal of the Michigan Dental Association provides news, information, and features about Michigan dentistry to our state's oral health community and the MDA's 6,200+ members. It stands as the primary publication reaching Michigan dentists. The August issue marks the end of digital only publishing, as the MDA announced it will provide members a bimonthly print issue along with monthly digital distribution. This issue includes:

  • A cover feature on the impact on the dental community of the recently adopted Big Beautiful Bill federal budget
  • Mandibular Lingual Concavity Evaluation Using CBCT
  • A reprinted clinical feature from New York on …


What The ‘One Big Beautiful Bill’ Means For Dentists, John Looby Cpa, Theodore C. Schumann Ii Mba, Msf, Cfp, Aif Aug 2025

What The ‘One Big Beautiful Bill’ Means For Dentists, John Looby Cpa, Theodore C. Schumann Ii Mba, Msf, Cfp, Aif

The Journal of the Michigan Dental Association

Executive Summary: The One Big Beautiful Bill (OBBB), signed July 4, 2025, significantly impacts dentists by extending and making permanent many 2017 tax policies. Key tax changes include permanent tax rates, an increased state and local income tax (SALT) cap, and new deductions for seniors, qualified tips, overtime wages, charitable donations, and auto loan interest. The qualified business income deduction is now permanent, and first-year bonus depreciation is restored. New "Trump Accounts" are established for children. Crucially, the OBBB introduces $50,000 annual and $200,000 lifetime caps on professional degree student loans, effective July 2026, and establishes the Repayment Assistance Plan …


Dentistry And The Law: Length Of Covenants Not To Compete, Dan Schulte Jd Aug 2025

Dentistry And The Law: Length Of Covenants Not To Compete, Dan Schulte Jd

The Journal of the Michigan Dental Association

This article clarifies the distinct legal standards for covenants not to compete in Michigan, particularly relevant for dentists selling their practice and remaining employed. A covenant in an employment agreement is enforceable if "reasonable," typically limited to two to three years and the employer's patient draw area. In contrast, a covenant within a purchase agreement, considered a commercial contract, is judged under a more lenient "rule of reason" standard. This standard is easier to satisfy, requiring only that the covenant does not adversely impact the relevant market. Consequently, purchasers often use the purchase agreement to impose harsher, longer-term restrictive covenants.


Guest Editorial: Who’S Special Now?, Michael Maihofer Dds Aug 2025

Guest Editorial: Who’S Special Now?, Michael Maihofer Dds

The Journal of the Michigan Dental Association

This editorial discusses a controversial change in Michigan's dental specialty advertising law, which occurred in 2020. Previously, only state-recognized specialists, undergoing rigorous advanced training, could advertise their specialty status. However, a new rule, resulting from an out-of-court settlement, paradoxically allows general dentists not recognized as specialists to advertise as such without following advertising rules. This change is criticized for undermining public protection and creating unethical, misleading situations where general dentists advertise as pediatric dentists, for instance. The Michigan Dental Association (MDA) is actively working to revert this law by supporting House Bills 4593 and 4594 to ensure only recognized specialists …


Mda At Your Service: What’S The Mda Doing To Help The Hygienist Shortage?, Rachel Sinacola Dds Aug 2025

Mda At Your Service: What’S The Mda Doing To Help The Hygienist Shortage?, Rachel Sinacola Dds

The Journal of the Michigan Dental Association

This article details the MDA's efforts to address Michigan's dental hygienist shortage, which saw about 3,000 licensed RDHs leave the workforce since 2020. Initiatives include paid social media campaigns targeting potential and former RDHs, although enrollment impacts have been minimal. The MDA is also collaborating with hygiene schools, helping Ferris State University secure funding to double its size and working with North Central Michigan College to establish a new school. Discussions are underway to explore allowing internationally trained dentists to perform hygiene duties. Additionally, the MDA endorses MEDVA for virtual assistant staffing, promoting HIPAA-compliant human professionals who handle remote administrative …


The New Professional: Tracking Success: Essential Kpis For Owners And Associates, Amrita Patel Dds Aug 2025

The New Professional: Tracking Success: Essential Kpis For Owners And Associates, Amrita Patel Dds

The Journal of the Michigan Dental Association

This article underscores the importance of Key Performance Indicators (KPIs) for data-driven success in modern dental practices. For new practice owners, essential KPIs include production, collections, and overhead ratio to ensure financial stability and operational efficiency. Patient flow metrics, such as new patient numbers and retention rates, are vital for growth. For both owners and associates, case acceptance rate reflects treatment plan conversion, and chair time utilization measures clinical efficiency. Other critical KPIs encompass hygiene production, patient satisfaction scores, online reviews, and accounts receivable aging. Associates can also track personal production and referral patterns for career development.


Polymathy: The Foundational Source Of Creativity And Innovation., Michael Araki Aug 2025

Polymathy: The Foundational Source Of Creativity And Innovation., Michael Araki

Electronic Theses and Dissertations

In an era of mounting complexity and a growing need to transcend siloed thinking, this dissertation advances polymathy as a critical yet underexplored construct in the management and behavioral sciences. Polymathy is framed as an expansive approach to the pursuit, development, and application of knowledge, marked by the conjunction of breadth, depth, and integration. Building on a thought lineage that stretches from Ancient Greece through the Renaissance to the present day, this work shows that polymathy is neither a relic of the past nor an achievement reserved for a few—but a mode of being, thinking, and acting in the world …


Engaging In Movement At Work: Exploring Engagement And Physical Activity., Spencer A. Cavan Aug 2025

Engaging In Movement At Work: Exploring Engagement And Physical Activity., Spencer A. Cavan

Electronic Theses and Dissertations

High levels of employee engagement provide organizations competitive advantages such as increased customer satisfaction, profits, and employee productivity. Despite potential benefits, the number of engaged employees is declining and organizations need to find innovative ways to enhance engagement. Emerging evidence suggests workplace physical activity may generate organizational benefits extending beyond health improvement. Therefore, the purpose of this study was to investigate perceptions of engagement among employees participating in a physical activity intervention at work. A qualitative design, guided by phenomenology, examined perceptions of workplace physical activity and perceived levels of engagement, as well as constraints related to involvement among university …


Invisible Algorithms, Visible Outcomes: Roles Of Emotional Labor And Work Gamification In Gigs, Yali Zhang, Liaoliao Li, Xiaoyu Ma, Jun Sun, Yifei Dong, Zhaojun Yang Aug 2025

Invisible Algorithms, Visible Outcomes: Roles Of Emotional Labor And Work Gamification In Gigs, Yali Zhang, Liaoliao Li, Xiaoyu Ma, Jun Sun, Yifei Dong, Zhaojun Yang

Information Systems Faculty Publications

As algorithm governance becomes increasingly crucial in gig economy ecosystems, understanding the behavioral impact of algorithmic transparency remains a key research gap. Using the stimulus-organism-response framework and uncertainty management theory, this study examines how platform algorithmic transparency affects gig workers’ in-role and extra-role service behaviors, with emotional labor acting as a mediator and work gamification as a moderator. Analyzing survey data from 325 ride-hailing drivers using partial least squares structural equation modeling (PLS-SEM), the findings reveal that greater algorithmic transparency enhances both in-role and extra-role behaviors. Emotional labor mediates this relationship: deep acting strengthens both behaviors, while surface acting primarily …


Strategic Implications Of Responses To Security And Privacy Challenges, Shivan Bhatt Aug 2025

Strategic Implications Of Responses To Security And Privacy Challenges, Shivan Bhatt

All Dissertations

This dissertation investigates strategic implications of information security and privacy for organizations and society in the contexts of ransomware and mobile apps. The first study examines how organizations’ disclosures of responses to ransomware attacks affect ransomware strain survival. Ransomware attacks force organizations to make consequential decisions regarding disclosure—whether to reveal ransom payments, negotiation attempts, or coordination with external stakeholders. This study investigates how these disclosure choices influence the survival of ransomware strains. Drawing on disclosure theory and institutional theory, we theorize that disclosure behavior is shaped by dual logics and audiences: strategic signaling towards attackers and institutional conformity aimed at …


From Pencil To Pixel: How Leadership Shapes Organizational Responses To Competence-Destroying Technological Change, Jennifer Underwood Aug 2025

From Pencil To Pixel: How Leadership Shapes Organizational Responses To Competence-Destroying Technological Change, Jennifer Underwood

All Dissertations

This dissertation examines how managerial leadership enables organizations to overcome inertia during competence-destroying technological change through a historical comparative case analysis of the animation industry's transition from hand-drawn to computer-generated imagery (CGI) between 1980-2000. Drawing on archival data from Disney, Pixar, and Don Bluth Studios, I identify three distinct leadership approaches—pioneering, bridging, and preserving—that differently influenced how workforces adjusted their views of identity, process, and change. These adjustments led to three different outcomes: transformative integration, constrained adoption, and entrenched resistance. This research makes three theoretical contributions and develops a novel framework that explains how leadership can constrain or enable transformation, …


Exploring The Effects Of Remote Work On Leadership Pipelines: With A Focus On Professional Women And Minorities, Mark S. Andrekovich Aug 2025

Exploring The Effects Of Remote Work On Leadership Pipelines: With A Focus On Professional Women And Minorities, Mark S. Andrekovich

All Dissertations

I analyzed data from five U.S.-based companies to understand how remote work models affect leadership advancement. Using Role Congruity, Status Characteristics, and Intersectionality theories, I analyzed five hypotheses about the impact of remote work on leadership pipelines. Two of the five hypotheses were supported, revealing bias patterns rather than issues related to remote work. For instance, white employees had greater access to remote work opportunities than non-white employees, who had fewer promotions despite similar performance scores. Contrary to expectations, I found that remote work does not inherently affect promotional advancements. Via a post hoc analysis, I found that hybrid professionals …


Like Footprints In The Sand: How Founders Imprint Organizational Culture Through Nonverbal Cue Signaling, Dirk M. Roskam Aug 2025

Like Footprints In The Sand: How Founders Imprint Organizational Culture Through Nonverbal Cue Signaling, Dirk M. Roskam

All Dissertations

Despite growing recognition of the significance of founders’ behaviors in shaping organizational culture, limited research has explored how founders’ non-verbal cues (NVCs) imprint culture during a venture’s formative stages. This qualitative case study examines how a founder’s NVCs, ranging from physical environment design to gestures and demeanor, are interpreted by employees and contribute to the imprinting of organizational culture. Drawing on imprinting theory, signaling theory, and the Organizational Culture Profile (OCP), the study triangulates data from semi-structured interviews, a focus group, and a literature review. Findings reveal that employees interpret 24 salient NVCs, grouped into themes of environmental values, people-centric …


Transforming Childhood Adversity Into Executive Excellence: Impact On Firm Performance, Kimberly Byars Aug 2025

Transforming Childhood Adversity Into Executive Excellence: Impact On Firm Performance, Kimberly Byars

All Dissertations

Many successful business leaders have overcome difficult childhoods, yet little research has examined how early hardships might actually contribute to leadership effectiveness. This study investigated whether CEOs who experienced childhood adversity can transform these difficult experiences into strengths that improve their companies' performance.

The research surveyed 165 business owners across two groups: general business owners and automotive dealership owners. Participants answered questions about their childhood experiences, their ability to grow from trauma, and various psychological traits like grit, mental toughness, resilience, and growth mindset. Company performance data was also collected.

The findings challenge conventional wisdom that difficult childhoods necessarily harm …


Organizational Metamorphosis: When Artificial Intelligence Transforms Companies Into New Economic Life Forms, Allan M. Glass Aug 2025

Organizational Metamorphosis: When Artificial Intelligence Transforms Companies Into New Economic Life Forms, Allan M. Glass

All Dissertations

Traditional theories of organizational change fall short in explaining how artificial intelligence (AI) transforms organizations. This grounded theory study, based on interviews with 34 organizational leaders, identifies a novel phenomenon: organizational metamorphosis - the irreversible transformation of organizations into fundamentally new entities through deep integration with AI as a cognitive partner.

The metamorphosis process unfolds in three phases. Individual Awakening occurs when leaders experience powerful interactions with AI, prompting a rapid shift from skepticism to advocacy. Once a critical mass of leaders undergo this shift, it initiates Organizational Restructuring, characterized by reimagined work design, boundary dissolution, and altered temporal rhythms. …


The Dark Side Of Great Lmx Relationships: Why Your Best Employees Might Be Burning Out, Ryan Toole Aug 2025

The Dark Side Of Great Lmx Relationships: Why Your Best Employees Might Be Burning Out, Ryan Toole

All Dissertations

While workplace relationships are widely considered beneficial for employee well-being, a paradox emerges when employees with the strongest leader relationships experience burnout despite receiving excellent support. This contradiction suggests that these very same relationships may create psychological pressure to reciprocate support and result in employee burnout. Drawing on Social Exchange Theory and Conservation of Resources theory, I examine whether felt obligation resulting from Leader-Member Exchange (LMX) relationships contributes to employee burnout across the full spectrum of LMX quality relationships. I argue that LMX quality creates felt obligation to reciprocate leader support. This obligation, in turn, depletes emotional resources and leads …


Decoding The Mobile App Playbook: How Sdks And Cross-Promotions Drive Market Performance, Pranith Abbaraju Aug 2025

Decoding The Mobile App Playbook: How Sdks And Cross-Promotions Drive Market Performance, Pranith Abbaraju

All Dissertations

This dissertation investigates the strategic determinants of mobile app success within the evolving mobile platform ecosystem, focusing on app development choices and user acquisition strategies. Drawing on large-scale longitudinal data from the iOS platform, the research comprises two empirical studies contributing to the literature on digital platforms, modular design, and mobile advertising.

The first study examines how the integration of software development kits (SDKs)—a central mechanism of modular innovation—affects app market performance. The analysis identifies SDK popularity as a dual-edged strategic attribute. While popular SDKs can enhance app quality by enabling access to reliable, widely adopted functionalities, their widespread adoption …


Communicators In Crisis: Lessons Learned From Communications Professionals During The Great Resignation, Julia K. Longaker Aug 2025

Communicators In Crisis: Lessons Learned From Communications Professionals During The Great Resignation, Julia K. Longaker

All Dissertations

This study investigated the experiences of communication professionals who participated in the Great Resignation phenomenon between 2020-2022. The research questions focused on the role participants’ working relationship with leadership as it related to their decision to leave their role or pursue a new job. Ten communication professionals participated in a qualitative study comprising of an online interview discussing their experiences during the Great Resignation. Using the interview transcripts, the researcher employed grounded theory to extract recurring codes and draw conclusions based on the participants’ answers. The results of this study inform recommendations for improved working relationships between communication professionals and …


Is R&D Rivalry Slowing The Growth Of Productive Firms?, Yoshiki Ando, James Bessen, Xiupeng Wang Aug 2025

Is R&D Rivalry Slowing The Growth Of Productive Firms?, Yoshiki Ando, James Bessen, Xiupeng Wang

Research Collection School Of Economics

The reallocation of jobs to more productive firms is a substantial component of aggregate productivity growth, yet job reallocation rates have declined substantially in the United States. This paper explores the hypothesis that greater technological rivalry has exacerbated adjustment costs, slowing reallocation. Using microdata at the US Census and estimates of technological rivalry in firm growth regressions, we find that technological rivalry slows firm responses to productivity shocks. Firms do not expand as rapidly in the face of higher obsolescence risk. Estimating counterfactual firm growth from 1997-2018, we find that growing technological rivalry accounts for most of the decline in …


Issues In Contrasting Conservative And Considered Estimation: A Reply To Bobko Et Al. (2024), Paul R. Sackett, Christopher M. Berry, Filip Lievens, Charlene Zhang Aug 2025

Issues In Contrasting Conservative And Considered Estimation: A Reply To Bobko Et Al. (2024), Paul R. Sackett, Christopher M. Berry, Filip Lievens, Charlene Zhang

Research Collection Lee Kong Chian School Of Business

Bobko et al. (2024) responded to Sackett et al.'s (2022) compilation of meta-analytic evidence for the validity of a wide variety of measures used as predictors of overall job performance, offering a set of alternative methodological choices which they term “considered estimation” to counter the Sackett et al. approach of “conservative estimation.” Here we offer a rebuttal to Bobko et al. A primary concern is that Bobko et al. apply the label “conservative estimation” to the full range of methodological choices made by Sackett et al. Yet, we clarify the narrow and specific meaning of “conservative estimation,” and note that …


2025 August, Morehead State University. Office Of Communications & Marketing. Aug 2025

2025 August, Morehead State University. Office Of Communications & Marketing.

Morehead State Press Release Archive, 1961 to the Present

Press releases for August of 2025.


The Role Of Managerial Support In Influencing The Attitudes Of Highly Educated Millennials In Serbia, Dimitrije Gasic, Vladimir Dzenopoljac, Mladen Cudanov, Jozsef Poor, Nemanja Berber Aug 2025

The Role Of Managerial Support In Influencing The Attitudes Of Highly Educated Millennials In Serbia, Dimitrije Gasic, Vladimir Dzenopoljac, Mladen Cudanov, Jozsef Poor, Nemanja Berber

All Works

This study explores the influence of managerial support on the attitudes of highly educated (BSc, MSc, and PhD) millennials in Serbia, focusing on job satisfaction, turnover intention, and job stress. Understanding this relationship is crucial for enhancing employee retention and organisational efficiency given the evolving workplace dynamics. Managerial support, encompassing emotional, instrumental, and informational assistance, is hypothesised to positively impact job satisfaction while reducing turnover intention and job stress. Data were collected through an online survey from 367 respondents in two waves (the first wave in January 2024 and the second in July 2024) and analysed using partial least squares …


Evidence On The Quality Of Segment Profit/Loss Disclosures And Its Determinants, Hiba A. Abu Sammour Aug 2025

Evidence On The Quality Of Segment Profit/Loss Disclosures And Its Determinants, Hiba A. Abu Sammour

Graduate Theses and Dissertations

Investors have recently indicated that disclosed descriptions of segment profit/loss measures are useful, but insufficient. Clear and detailed descriptions are essential for helping investors understand the segment profit/loss measure employed, especially since these measures may not align with measures from the consolidated income statement under the “management approach.” To better understand investors’ concerns, I hand-collect data from segment profit/loss disclosures and develop a measure that captures a dimension of disclosure quality specific to this setting: the extent to which segment profit/loss disclosures effectively describe the segment profit/loss measure employed. The measure considers the level of detail provided and the ease …


A General Bibliometric And Conceptual Structure Approach To Global Trend On Poverty Research In Islam Using Biblioshiny, Mohd Zaid Mustafar, Mohd Khairul Nizam Mohd Aziz, Dziauddin Sharif, Md Azzaat Ahsanie Lokman, Ashraff Bin Ruslan, Saiyidi Mat Roni Aug 2025

A General Bibliometric And Conceptual Structure Approach To Global Trend On Poverty Research In Islam Using Biblioshiny, Mohd Zaid Mustafar, Mohd Khairul Nizam Mohd Aziz, Dziauddin Sharif, Md Azzaat Ahsanie Lokman, Ashraff Bin Ruslan, Saiyidi Mat Roni

Research outputs 2022 to 2026

This study maps the intellectual landscape of research on poverty in Islam using a structured bibliometric approach with Biblioshiny (Bibliometrix) in RStudio. A Scopus search (TITLE-ABS-KEY “poverty” AND “Islam”) conducted on 1 September 2023 identified 279 English-language journal articles published between 1976 and 2023. The corpus spans 227 sources, 646 authors, and 10,262 cited references, with an annual growth rate of about 5%. Performance and science-mapping analyses reveal two “motor themes”—Islamic finance and healthcare/public health—while spiritually anchored constructs (e.g., maqasid, zakat governance, waqf, spiritual poverty) remain peripheral in co-occurrence and thematic maps. Citation patterns indicate higher field-normalized impact when studies …


Social Connections And Capital Allocation In Multidivisional Firms, Tomas Jandik, Tatiana Salikhova Aug 2025

Social Connections And Capital Allocation In Multidivisional Firms, Tomas Jandik, Tatiana Salikhova

Finance Faculty Publications and Presentations

The inefficiency of internal capital allocation is considered one source of losses due to diversification. We use a hand-collected sample of divisional managers in S&P 500 industrial conglomerates and find that social connections among divisional managers are associated with capital allocation improvements. Segments' investments become more sensitive to segments' growth opportunities when these segments are led by better-connected managers. For connected managers, the probability of being assigned to a segment with low investment opportunities increases significantly with investment opportunities of connected segments. Firm-level connectedness is associated with higher firm values primarily in firms with high diversity in segment investment opportunities, …


The Role Of Microfinance In Improving Global Economy, Khamphou Milayome Aug 2025

The Role Of Microfinance In Improving Global Economy, Khamphou Milayome

Doctoral Dissertations (DBA)

This study investigates microfinance’s role in enhancing the global economy by examining its impact on economic growth, unemployment, and political stability. Secondary data from MIX Market and WDI were used in this study to assess these relationships. Multiple regression was conducted with EViews software to test regression models with the independent variables related to microfinance and microfinance institutions (MFIs). Using the data from South Asia and Southeast Asian countries, this study finds that microfinance significantly improves economic growth, reduces the unemployment rate, and strengthens political stability. Microeconomic variables used in the study are borrowing amounts and the cost per borrower. …


Perceived Leadership Behaviors And Workplace Motivation: The Predictive Role Of Generational Cohorts In The U.S. Construction Industry, Leslie D. Klinegardner Aug 2025

Perceived Leadership Behaviors And Workplace Motivation: The Predictive Role Of Generational Cohorts In The U.S. Construction Industry, Leslie D. Klinegardner

Electronic Theses and Dissertations

The purpose of this study was to examine the extent to which perceived leadership behaviors predicted workplace motivation among construction workers across generational cohorts in the Greater Houston, Texas area. Grounded in self-determination theory, the research explored how transformational, transactional, and passive-avoidant leadership behaviors predicted the satisfaction and frustration of psychological needs for autonomy, competence, and relatedness. The analysis also considered whether leadership behaviors and generational cohort served as significant predictors of workplace motivation outcomes. The study followed a quantitative, predictive, cross-sectional design using survey methodology. Data were collected using the Multifactor Leadership Questionnaire (MLQ) and the Basic Psychological Need …


Would Order-By-Order Auctions Be Competitive?, Thomas Ernst, Chester Spatt, Jian Sun Aug 2025

Would Order-By-Order Auctions Be Competitive?, Thomas Ernst, Chester Spatt, Jian Sun

Research Collection Lee Kong Chian School Of Business

We model two methods of executing segregated retail orders: brokers’ routing,whereby brokers allocate orders using the market maker’s overall performance, andorder-by-order auctions, where market makers bid on individual orders, a recent U.S.Securities and Exchange Commission proposal. Order-by-order auctions improve al-locative efficiency, but face a winner’s curse reducing retail investor welfare, partic-ularly when liquidity is limited. Additional market participants competing for retailorders fail to improve total efficiency and investor welfare when entrants possess in-formation superior to incumbent wholesalers. Our results hold when new entrants are less informed or the information structure differs. We also examine the cross-subsidization of brokers’ routing.