3 - Harvard University

Nor is the relative optimism of brokerage firms fully explained by the types of clients they serve (retail or institutional). ... Syndicate firms 75 556 1,628 7,669 Brokerage firms 24 121 544 1,428 Pure research firms 5 28 76 117 Total non- underwriter banksa 102 701 1,842 9,214 Totala 192 3,954 3,637 91,994 a Total non-underwriter banks and ... ................
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