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SUMMARY:Research Unbundling and Market Liquidity: Evidence from MiFID II -
  Ru Xie (University of Bath)
DTSTART:20230126T130000Z
DTEND:20230126T141500Z
UID:TALK175184@talks.cam.ac.uk
CONTACT:Daniel Simmons
DESCRIPTION:The second Markets in Financial Instruments Directive (MiFID I
 I) mandated the unbundling of payments for research and trading. This rese
 arch explores whether the impact of MiFID II differs between large and sma
 ll firms in terms of analyst coverage and stock liquidity. I n p articular
 \, we focus on the London Stock Exchange with its more regulated Official 
 List (Main Market) and less regulated Alternative Investment Market (AIM).
  We find a significant drop in analyst coverage on the Main Market\, which
  leads to a deterioration in market liquidity. In contrast\, the requireme
 nt of AIM firms to retain a Nominated Adviser (NOMAD)\, who often provides
  research coverage\, has mitigated the impact of MiFID II. AIM firms have 
 experienced marginally higher research coverage and liquidity\, consistent
  with NOMADs facilitating the dissemination of firm-specific information.
LOCATION:CJBS\, room W201
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