| Tekijä: | Schmidt, H. Schleef, M. |
| Otsikko: | Schlägt sich die Prinzipal-Agent-Beziehung zwischen Anlageinstitution und Bank in überhöhten Transaktionskosten nieder? Eine empirische Untersuchung interessewahrend erteilter Aufträge |
| Lehti: | Schmalenbachs Zeitschrift für Betriebswirtschaftliche Forschung
2001 : NOV, VOL. 53:7, p. 663-689 |
| Asiasana: | Transaction costs Banking |
| Kieli: | ger |
| Tiivistelmä: | Discretionary orders to buy or sell stocks constitute a principal-agent relationship. Consequently, a residual loss is expected by abnormal transaction costs associated with the execution of these orders. To test this hypothesis, a series of trading strategies is defined to simulate the execution of 335 institutional orders for which execution data were obtained. |
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