Over 20% of residential real estate transactions are in-house transactions, for which buyers and sellers are represented by the same brokerage. To investigate the underlying mechanisms that generate these in-house transactions, we first construct a search model that predicts two types of in-house transactions with different implications for market efficiency. The first is strategic promotion in...

In the past, full-service stock brokerage firms had a strategic advantage over discount brokers because of the control full-service brokers had over the information provided to the customer. Full-service stockbrokers acted as information intermediaries in that they were able to capture residual value from the transfer of information to make a profit. Strategic vulnerability occurs, in this case...

This study aims to compare customer perceptions about service quality of real estate brokerage firms in Thailand and Taiwan by using Parasuraman’s SERVQUAL scale. The results indicated that: (1) all five dimensions of SERVQUAL scale have significant impacts on consumer perception in both countries; (2) the five dimensions’ weight ranking order is not the same in both countries; and (3) There wa...

This paper investigates whether the business relations between mutual funds and brokerage firms influence sell-side analyst recommendations. Using a unique data set that discloses brokerage firms’ commission income derived from each mutual fund client as well as the share holdings of these mutual funds, we find that an analyst’s recommendation on a stock relative to consensus is significantly h...

Received: 10 February 2012 Revised: 12 November 2013 Accepted: 5 December 2013 Online publication date: 23 January 2014 Abstract Partner selection is a critical issue in building international joint ventures (IJVs). We argue that foreign firms are more likely to select local firms with unique network structural advantages within a local alliance network. We frame structural advantages as two ne...

T he Internet is changing how information is delivered to investors and the ways in which investors can act on that information. It has lowered both the fixed and marginal costs of producing financial services, thus enabling newer, smaller companies to challenge established providers of these services. On-line brokerage firms, such as E*Trade and Ameritrade, are among the most vivid and success...

This paper investigates the knowledge antecedents of strategic alliances whose firms face convergence in their sector, i.e. photographic imaging where disparate technologies are coming together. Taking a structural viewpoint, we investigate their brokerage and status around their research and development activities manifested in their collective intellectual property right filings that we const...

We use linguistic algorithms to measure the extraversion of company executives based on their speech patterns during conference calls. We find extraverted executives earn significantly higher salaries. Extraverted CFOs are more often promoted to CEO, and extraverted CEOs are more likely to serve on outside boards. Analyzing executive transitions, we find that firms with extraverted CEOs garner ...

The authors exploit the duality between the directional output price distance function and the maximal revenue function to estimate the price efficiency of Japanese securities firms during 2000 to 2007, a period in which securities firms faced greater competitive pressures. The directional output price distance function gives the maximum feasible addition to output prices, given inputs and a re...