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ARTÍCULO
TITULO

The impact of stock market variables on brokerage firms' financial performance

Leonardo Anversi Ukita    
Rodolfo Leandro de Faria Olivo    
Leandro José Morilhas    
Flávia Angeli Ghisi Nielsen    

Resumen

The 21st Century has seen important innovations in stock markets, particularly the widespread adoption of automatic trading systems, which, allied to high-speed information systems, have increased efficiency and competition among stock brokers. In this context, we investigate the impacts of these changes on independent Brazilian brokerage firms. Results based on a 52-month sample period suggest a small effect of the Bovespa index, market volatility and traded volumeon brokers firms financial performance, indicating a still-limited impact of new technologies of automatic trading and high-speed information on the Brazilian market.

PÁGINAS
pp. 19 - 34
MATERIAS
ECONOMÍA

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