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  1. The Distribution of IPO Holdings Across Institutional Mutual Funds.William C. Johnson & Jennifer Marietta-Westberg - 2009 - Journal of Business Ethics 90 (S2):119 - 128.
    We examine initial public offering (IPO) holdings in the mutual funds of four large investment banks and five large non-investment banks during the period 1997 through 2002. Investment banks hold IPOs with different characteristics than IPOs held by noninvestment banks, and they also tend to hold IPOs in different types of funds than non-investment banks. We classify holdings as to whether the IPO lies outside or inside the fund's objective. Investment banks hold IPOs outside the fund objective in 27% of (...)
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  • Does Payment For Order Flow To Your Broker Help Or Hurt You?Robert H. Battalio & Tim Loughran - 2008 - Journal of Business Ethics 80 (1):37-44.
    The presumption is that a broker executing a stock trade for a retail investor will get the investor the best possible price execution for the transaction. In fact, the broker often sells the retail investor’s trade to an intermediary for cash payment. The broker’s motivation to generate dealer profits seems to overcome the broker’s fiduciary responsibility to obtain the best execution price for the customer, raising ethical questions. Purchasers and internalizers of order flow in the market may cause prices quoted (...)
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