Research unbundling and market liquidity: Evidence from MiFID II
研究了MiFID II强制研究支付与交易支付解绑对英国股市的影响，发现主板市场分析师覆盖下降导致流动性恶化，而AIM市场因保留指定顾问而影响较小。
Abstract 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.