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The purpose of this study was to assess equity investors satisfaction with stockbroker services. Four components emerged from a factor analysis of 14 variables of retail equity investors’ satisfaction with stockbroker services. According to the findings, these elements have a substantial impact on investors’ trust and confidence in stockbrokers.

By physically visiting stockbrokers’ offices in Punjab, including Amritsar, Jalandhar, Ludhiana and Mohali, 1,000 questionnaires were distributed to retail equities investors. Stockbrokers were chosen using a simple random selection process due to their large number. Questionnaires were filled out by personally visiting stockbrokers’ offices and handing over surveys, instructing them to fill them out with information from their clients and personally visiting stockbrokers’ offices and instructing their clients to complete the questionnaires. The respondents completed 373 surveys. A total of 45 surveys were determined to be incomplete and were removed from the study. The remaining 328 surveys were used to conduct the analysis. The study uses ordinal regression to assess investors’ trust and confidence in stockbrokers’ services.

The findings of the study highlighted the importance of variables evaluated by respondents when seeking stockbroker services. These criteria included the accuracy of stockbrokers’ information, the speed with which accounts are settled and the brokers’ willingness to give valuable service to investors. These 14 variables, which measure investor satisfaction with stockbroker services, were subjected to factor analysis. With the use of component analysis, four factors were identified: satisfaction with stockbroker services, stockbroker regulations, stockbroker transactional services and stockbrokers’ image in the eyes of investors, which explained 72.55% of the variation in the data. With the use of ordinal regression analysis, it was discovered that these four criteria have a considerable impact on investors’ trust and confidence in stockbrokers.

The current study, which is being conducted at the state level, might be expanded to include the entire country. It might be possible to look into the impact of retail capital market investment on rural investors. The research might be expanded to include a look at how reforms affect the functioning of stock markets. A study on the awareness of retail investment trends among women investors could be conducted. It is possible to investigate the ramifications of internet stock trading in India. It is possible to investigate the impact of technical innovation on capital markets. In this study, a survey has been conducted, in the future, the behavior of the investors can be observed to analyze whether they are satisfied with the services of stockbrokers or not.

This research would be extremely beneficial to investors who make investment decisions and employ stockbrokers to help them make those selections. Because with the aid of the factors revealed investors can match the service quality of their own intermediary and only if they will be satisfied they will trust their intermediary.

This research will aid stockbrokers in providing investors with efficient and effective services. As they will have knowledge about the needs and aspirations of their clients, they will try to render their services as per their expectations. This will ultimately lead to the satisfaction of the retail equity investors, and they will have trust and confidence in the services provided by the stockbrokers. The present study helps the stockbrokers in understanding the fact that the qualitative aspects of their services are crucial for building investors’ trust and confidence otherwise investors will not be satisfied with their services. This study is extremely important for government as well. They can also take cues from witnessed the positive impact of their regulations on the quality of the stockbrokers’ services. This improvement in the quality of stockbroker services has further enhanced the trust and confidence of investors. Regulations are essential for improving the quality of stockbrokers’ services.

This paper reveals that a variety of factors, i.e. satisfaction with stockbroker services, stockbroker regulations, stockbroker transactional services and stockbrokers’ image in the eyes of investors influence retail equities investors’ trust and faith in brokerage services.

The purpose of this paper is to examine how investors and stockbrokers in Nigeria value shares and whether their approach to share valuation differs from that documented in other countries. In particular, the paper investigates whether the investors and stockbrokers use fundamental, technical and/or risk analysis differently to appraise investments. The information which investors and stockbrokers employ for share valuation purposes is also considered to see whether differences from developed market countries exist.

A series of semi‐structured interviews was conducted with eight stockbrokers and ten investors from Nigeria.

The main approach to share valuation employed by the Nigerian interviewees was fundamental analysis; investors and brokers forecast earnings for a company and multiplied this prediction by a P/E ratio to estimate the intrinsic worth of a share. This intrinsic value was then compared with the current share price to see if the equity was under‐ or over‐valued. Thus, Nigerian investors are similar to their counterparts in other countries in terms of the main approach to share valuation employed. Other company fundamentals considered in the valuation process included cash flows and dividend information. Technical and risk analyses were also undertaken to supplement any initial conclusions reached. Indeed, the findings suggest that there was a greater use of risk analysis by Nigerian investors in comparison to the results documented for other countries. Company financial statements and stockbroker reports were the main sources of information used by investors although qualitative information, such as that obtained from meetings with company executives, was also important. However, access to senior executives was not uniform across all interviewees.

Investors and stockbrokers in Nigeria behave in a similar fashion to their counterparts in developed countries. However, political risk assumes a greater prominence in the equity valuation process within Nigeria; a reduction in this risk might help Nigerian equity values to increase.

The paper reports the views of senior stockbrokers and investors in Nigeria. To date, most work in this area has focused on developed markets; the current paper considers the case for an emerging market which is important in Africa. This market plays an important role in furthering the economic aims of the Government via their privitisation programmes. In addition, the market is attracting the attention of foreign investors who wish to invest in Nigerian equities.

This paper aims to present a study which uses an innovative two‐stage data envelopment analysis (DEA) model that separates efficiency and effectiveness to evaluate the performance of 28 online stockbrokers in Taiwan from 2003 to 2005.

The approach is based on two‐stage DEA.

The results show that seven companies are CCR‐efficient in their operating efficiency; five companies are CCR‐efficient operating effectiveness and only two companies are CCR‐efficient both in operating efficiency and effectiveness. There is no apparent correlation between efficiency and effectiveness.

This paper presents a two‐stage DEA study to investigate the efficiency and effectiveness in the online stockbroking sector. The online stockbroking business is a development from the integration of the internet and the stock trading. As the stock brokerage industry is undergoing a rapid change due to the proliferation of the internet, analyzing the relative efficiency and effectiveness of online stockbrokers is important for management to understand, monitor and sustain performance.

The originality of this paper is in the use of a new conceptual framework to assess the performance of online stockbrokers in Taiwan. This study uses the two‐stage DEA in conjunction with return on assets ratio, which is widely used in financial analysis, to define and assess performance in the framework.

This investigation examined the consequences of several threats to job security in an organisation under siege. Data were collected from 73 stockbrokers in a financial institution about four months after Black Monday. Five threats to job security were considered: stock market volatility, merger threat, retrenchment and cutbacks, job loss threat, and job future ambiguity. In general, stockbrokers reporting greater threats to job security also reported less satisfaction and poorer emotional wellbeing.

The purpose of this paper is to offer theoretical and methodological guidance for ethnographers of finance and financialization. It critiques the notion of financialization as a macro process and argues for more in-depth ethnographic studies of professional financial actors.

The author analyzes existing ethnographies of financial “elites” and “non-elites” and draws on his years of employment at two contrasting British retail stockbroking firms. The concepts of “identity” and “self” are used to analyze the ways in which professional financial actors are shaped by their activities and working cultures.

The processes through which financial actors are constructed and the consequent ways in which they come to understand their professional selves are influenced by a variety of dynamics: occupational and organizational cultures and practices, the nature of the work itself, technological development, and social interactions with colleagues.

The paper demonstrates the situated nature of financial action and suggests that future research grapples with these dimensions.

The application of an ethnographic perspective to British retail stockbroking and the method of “ethnographic reflection” evoked to achieve this are new contributions. The broad analysis of ethnographies of finance through the lens of identity offers a fresh view of the literature. The paper may be of interest to those wishing to study stockbrokers, financial actors, and financial organizations, as well as those in the social sciences, more generally, who are interested in the micro-dynamics of organizations, financialization, and capital circulation.

Stockbrokers’ frauds in India frequently occur, causing investors significant financial loss. This study aims to unfold the various dubious practices adopted by stock brokers in the recent past to defraud investors and the necessary corrective regulations passed by the market regulator to prevent and detect fraud.

The authors conduct exploratory research using a collective model of literature review, case studies and regulatory changes.

The authors find tightening the system’s loopholes and strengthening the regulatory system using technology helps in the early detection and prevention of fraud. Media activism and investors’ awareness play a role in reducing incidences of fraud.

This study unfolds the practices followed by stock brokers to defraud investors, indicative of regulatory gaps and enforcement lapses. Regulators are evolving a robust system to curb these practices and make them on par with international standards. But, it has a long way to go.

Robust fraud detection and prevention mechanism is desirable to restore investors’ confidence in the stock market. Regulators should focus on investors’ protection and education and whistleblowers’ protection. Compared to the market regulators worldwide, the Securities and Exchange Board of India has less power to identify, detect and punish fraudulent brokers and needs to be empowered.

Besides the regulatory changes, strict enforcement and investor campaigns are required to increase public awareness and restore trust in the stock market to combat the recurrence of fraud.

This paper can be helpful to regulators, investors and financial intermediaries like stock brokers and aid in strengthening the reliability of capital markets and restoring investors’ confidence.

Customs take a knock as stockbrokers try to meet investors' demands for a better service. Anthony Thorncroft looks at changes ranging from mergers to advertising, and a greater need for the computer and the graduate.

UK clearing banks are well placed to compete successfully for any increased volume of share‐dealing business which may occur. They are taking steps towards establishing national retail share‐dealing networks for the first time. A large and growing number of customers now have attitudes to savings and investment which are consistent with share ownership. Customers prefer banks over competitors as sources of information, advice and places to carry out share dealings. The attitude of bank branch managers must be changed through the internal marketing task of motivation. At present they have a neutral or negative attitude to share marketing. In time the success of share shops will be dependent on large numbers of people actively trading their shares. However most shareholders are encouraged to hold on to their shares for some time. Encouraging customers to trade their shares frequently may be the biggest obstacle to success.

Reports on the results of a survey of various groups of annual report users as to the importance, or “materiality”, of environmental information to decisions they may wish to make. Also investigates how environmental information is ranked in importance relative to various other items of social and financial information. The user groups surveyed comprise shareholders, accounting academics, stockbrokers and financial analysts, financial institutions, environmental lobby groups, industry associations and other groups performing a review or oversight function. Reports the results which indicate that the majority of the annual report users surveyed believe environmental information to be material to their decisions, and that they seek the disclosure of this information in corporate annual reports. Although the results show that the users typically believe that environmental information is material, they further indicate that the majority of the user groups rank environmental information behind traditional financial information such as profits, net assets, cash flows, and dividend payments.

Stockbroking firms have openly adopted information and communication technology to improve their competitiveness and responsiveness in market conditions. Changes in business practices have resulted from the widespread adoption and diffusion of information and communication technology. Changes experienced by a firm can be viewed as a process of individual adaptations running parallel to the evolution of the business environment. To examine the diffusion of information and communication technology an ecological approach is used. This paper therefore develops a conceptual framework to explore the ICT diffusion in the stockbroking industry in the context of environmental evolution and selection. It is argued that the acceptance of an innovation is affected as much by the complexity of the interactions between the stockbroking firms and technology. The proposed framework can be used to provide an ameliorated understanding about the way in which ICT‐enabled innovation is diffused within a technology‐oriented industry.