In late August, the UK’s Cass Business School published a research paper looking at the effects of Mifid II on sell-side analysts, buy-side analysts and firms themselves.
Unsurprisingly, the authors – Bingxu Fang and Ole-Kristian Hope of the Rotman School of Management, Zhongwei Huang of the Cass Business School and Rucsandra Moldovan of the John Molson School of Business – found that the number of sell-side analysts covering European firms have fallen post-Mifid II and that buy-side firms have turned more to in-house research to replace this coverage.
The academics took a sample construction of all public firms headquartered in the 31 European Economic Area (EEA) countries, from 2015 to February 2019.
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