The effects of MiFID II on sell-side analysts, buy-side analysts, and firms

• Main Authors: FANG, Bingxu, HOPE, Ole-Kristian, HUANG, Zhongwei, MOLDOVAN, Rucsandra
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 2020
• Subjects: MiFID II; Financial services; Sell-side analysts; Buy-side research; Unbundling; Hard dollar; Europe; Accounting; Finance and Financial Management; Portfolio and Security Analysis
• Online Access: https://ink.library.smu.edu.sg/soa_research/1920; https://ink.library.smu.edu.sg/context/soa_research/article/2947/viewcontent/MiFID_2020_av.pdf
• Institution: Singapore Management University

This paper provides early but broad empirical evidence on MiFID II, which requires investment firms to unbundle investment research from other costs they charge to clients. Employing difference-in-differences matched-sample research designs with firm fixed effects, we find a decrease in the number o...