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Does Soft Dollar Brokerage Benefit Portfolio Investors? (PDF)
Stephen M. Horan of St. Bonaventure University, D. Bruce Johnsen of Mason UniversityLink to more items from this source
Aug. 2, 2004
36 pages; draft dated March 2004. Excerpt: Using a database of institutional money managers, we find that premium commission payments are positively related to risk-adjusted performance, suggesting that soft dollar brokerage is a solution to agency problems. Moreover, premium commissions are positively related to management fees, suggesting that labor market competition does not punish managers for using soft dollars.

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