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| Author: | Keim, D. B. Madhavan, A. |
| Title: | Transactions costs and investment style: an inter-exchange analysis of institutional equity trades. |
| Journal: | Journal of Financial Economics
1997 : DEC, VOL. 46:3 p. 265-292 |
| Index terms: | INSTITUTIONAL INVESTORS TRANSACTION COSTS STOCK EXCHANGES EQUITY PORTFOLIOS |
| Language: | eng |
| Abstract: | The authors examine the magnitude and determinants of transactions costs for a sample of institutional traders with different investment styles. Using order-level data for recent equity transactions totaling $83 billion, they find that trading costs are economically significant and increase with trade difficulty. In addition, costs vary with trader-specific factors such as investment style and order submission strategy, as well as stock-specific factors such as exchange listing. They find evidence that institutional trades in exchange-listed stocks have lower costs than in comparable Nasdaq stocks. |
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