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The Economics of Soft Dollars: A Review of the Literature and New Evidence from the Implementation of MiFID II
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no DOI — not checkedA company's decision to list is complex and is influenced by a multitude of factors, many of which are outside the reach of regulators and therefore cannot be addressed directly by legislation
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no DOI — not checkedwith an 11% drop in both mid-cap and large cap coverage
no DOI — not checkedon file with authors); see also Steve thoroughly outperformed their European counterparts in 2018. 222 In fact, the margin of victory by U.S. winners was, on average, a staggering 250 basis points. 223 Other industry studies provide similar supporting evidence. Oxera released a brief report on the reduction in research coverage of SMEs. 224 The report first provided an overview of the environment SMEs are facing and the role of equity research. It then referenced the findings of Fang et al., 225 the FCA survey, 226 and other industry surveys that show a reduction in the number of analysts covering European SMEs
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no DOI — not checkedThis discrepancy seems unbelievable. If the value of sell-side bundled research were anywhere near the levels suggested by this study, then buy-side firms would undoubtedly be willing to pay for such research with hard dollars and their clients willing to shoulder any increase in asset manager fees to support such research services
no DOI — not checkedRecent market developments indicate that the new unbundling rules may indeed deter brokers from providing research coverage on SMEs
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no DOI — not checkedAnother Year of Unintended Consequences
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no DOI — not checkedMiFID II/MiFIR entered into force on 3
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