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
• 格式: text
• 語言: English
• 出版: Institutional Knowledge at Singapore Management University 2020
• 主題: MiFID II; Financial services; Sell-side analysts; Buy-side research; Unbundling; Hard dollar; Europe; Accounting; Finance and Financial Management; Portfolio and Security Analysis
• 在線閱讀: 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

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...