The Speed of Information and the Sell-Side Research Industry
研究发现，2009至2013年间，Fly on the Wall泄露了58%的分析师推荐修订，中位延迟27分钟，这加速了价格发现，但削弱了券商通过交易提供价格改善的能力，并导致卖方研究行业规模缩小。
Between 2009 and 2013, the Fly on the Wall (FLY) leaked 58% of recommendation revisions with a median delay of 27 minutes relative to the IBES announcement time. We show that FLY improves price discovery, but leaked recommendations hamper brokers’ ability to offer price improvement on trades routed through them. Three major brokers sued FLY; using key court dates, we show significant wealth and real effects to the brokerage industry. Overall, the speed with which analyst recommendations are disseminated has led to more rapid price discovery at the expense of a decline in the scope of the sell-side research industry.