オガワ　タカユキ   OGAWA Takayuki
  小川　貴之
   所属   大阪経済大学  経済学部 経済学科
   職種   教授
言語種別 英語
発行・発表の年月 2026/05/14
形態種別 その他
標題 Endogenous Broker Choice, Investor Heterogeneity, and Stock Prices
執筆形態 共著
掲載誌名 SSRN Working Paper
掲載区分国外
出版社・発行元 SSRN (Social Science Research Network)
総ページ数 43
著者・共著者 Takayuki Ogawa, Jun Sakamoto, and Makoto Shimoshimizu
概要 This paper develops a general-equilibrium model in which investors with high and low initial stock endowments endogenously choose between brokers offering proportional and quadratic transaction-cost schedules. Because the quadratic schedule has a lower marginal cost for small trades whereas the proportional schedule becomes more attractive for large trades, broker choice is determined by investors' portfolio-rebalancing needs. We show that, when stock-rich investors are a minority, a larger endowment gap, higher payoff risk, or greater efficiency of the proportional-cost broker induces a regime shift that lowers the stock price. Our analysis identifies endogenous broker choice as a novel mechanism through which investor heterogeneity and commission structures affect stock prices.
DOI https://ssrn.com/abstract=6763258