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The effects of MiFID II on sell-side analysts, buy-side analysts, and firms
Review of Accounting Studies ( IF 4.8 ) Pub Date : 2020-08-17 , DOI: 10.1007/s11142-020-09545-w
Bingxu Fang , Ole-Kristian Hope , Zhongwei Huang , Rucsandra Moldovan

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 of sell-side analysts covering European firms after MiFID II implementation, particularly for firms that are less important to the sell-side. However, research quality improves; specifically, individual analyst forecasts are more accurate and stock recommendations garner greater market reactions. In addition, sell-side analysts seem to cater more to the buy-side after MiFID II by providing industry recommendations along with stock recommendations. Importantly, we predict and find evidence that buy-side investment firms turn to more in-house research after MiFID II implementation. Equally interesting, buy-side analysts increase their participation and engagement in earnings conference calls, compared to the control group. We find some evidence that stock-market liquidity decreases post MiFID II.

中文翻译:

MiFID II对卖方分析师,买方分析师和公司的影响

本文提供了有关MiFID II的早期但广泛的经验证据,这要求投资公司将投资研究与他们收取给客户的其他费用分开。通过采用具有企业固定效应的差异差异匹配样本研究设计,我们发现在实施MiFID II之后,涵盖欧洲公司的卖方分析师的数量有所减少,尤其是对于那些对卖方而言重要性不高的公司。但是,研究质量提高了。具体来说,个别分析师的预测更为准确,而股票推荐则能引起更大的市场反应。此外,MiFID II之后,卖方分析师似乎通过提供行业建议和股票建议来迎合买方的需求。重要的,我们预测并发现有证据表明,在实施MiFID II之后,买方投资公司会进行更多内部研究。同样有趣的是,与对照组相比,买方分析师增加了对收益电话会议的参与和参与。我们发现一些证据表明,在MiFID II之后,股票市场的流动性下降。
更新日期:2020-08-17
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