Research unbundling and market liquidity: Evidence from MiFID II

被引：1

作者：

Fu, Anqi ^{[1
]}

Jenkinson, Tim ^{[2
]}

Newton, David ^{[1
]}

Xie, Ru ^{[1
]}

机构：

[1] Univ Bath, Sch Management, Bath, England

[2] Univ Oxford, Said Business Sch, Oxford, England

来源：

EUROPEAN FINANCIAL MANAGEMENT | 2024年 / 30卷 / 04期

关键词：

analyst coverage; MiFID II; stock liquidity; unbundling; INFORMATION; ANALYSTS; INVESTORS;

D O I：

10.1111/eufm.12460

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

The second Markets in Financial Instruments Directive (MiFID II) mandated the unbundling of payments for research and trading. This research explores whether the impact of MiFID II differs between large and small firms in terms of analyst coverage and stock liquidity. Focusing on the UK stock markets we find a significant drop in analyst coverage on the Main Market, which leads to a deterioration in market liquidity. In contrast, the requirement of AIM firms to retain a Nominated Adviser, who often provides research coverage, has mitigated the impact of MiFID II.

引用

页码：1759 / 1786

页数：28

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