Does Soft Dollar Brokerage Benefit Portfolio Investors? (PDF)

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8/2/2004: Does Soft Dollar Brokerage Benefit Portfolio Investors? (PDF) (Stephen M. Horan of St. Bonaventure University, D. Bruce Johnsen of Mason University)

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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