BROKERAGE COMMISSION SCHEDULES

被引：24

作者：

BRENNAN, MJ ^{[1
]}

CHORDIA, T ^{[1
]}

机构：

[1] LONDON GRAD SCH BUSINESS STUDIES,LONDON,ENGLAND

来源：

JOURNAL OF FINANCE | 1993年 / 48卷 / 04期

关键词：

D O I：

10.2307/2329042

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

It is generally optimal for risk-sharing reasons to base a charge for information on the signal realization. When this is not possible, a charge based on the amount of trading, a brokerage commission, may be a good alternative. The optimal brokerage commission schedule is derived for a risk-neutral information seller faced with risk-averse purchasers who may differ in their risk aversion. Revenues from the brokerage commission are compared with those from a fixed charge for information and the optimal mutual fund management fee.

引用

页码：1379 / 1402

页数：24

共 14 条

[1] A MONOPOLISTIC MARKET FOR INFORMATION [J].