2015考研英语阅读股票研究经济学
<p> <span word="The">The</span> <span word="economics">economics</span> <span word="of">of</span> <span word="equity">equity</span> <span word="research">research</span></p><p> 股票研究经济学</p><p> <span word="EQUITY">EQUITY</span> <span word="research">research</span> <span word="is">is</span> <span word="meant">meant</span> <span word="to">to</span> <span word="benefit">benefit</span> <span word="bothproviders">bothproviders</span> <span word="and">and</span> <span word="recipients">recipients</span>. <span word="It">It</span> <span word="ought">ought</span> <span word="to">to</span> <span word="help">help</span> <span word="investors">investors</span> <span word="to">to</span> <span word="allocate">allocate</span> <span word="money">money</span> <span word="more">more</span> <span word="profitably">profitably</span>. <span word="Andthe">Andthe</span> <span word="banks">banks</span> <span word="that">that</span> <span word="give">give</span> <span word="their">their</span> <span word="clients">clients</span> <span word="free">free</span> <span word="access">access</span> <span word="to">to</span> <span word="research">research</span> <span word="hope">hope</span> <span word="that">that</span> <span word="it">it</span> <span word="will">will</span> <span word="help">help</span> <span word="them">them</span> <span word="generaterevenues">generaterevenues</span> <span word="from">from</span> <span word="equity">equity</span> <span word="trading">trading</span>. <span word="But">But</span> <span word="neither">neither</span> <span word="party">party</span> <span word="is">is</span> <span word="much">much</span> <span word="satisfied">satisfied</span> <span word="by">by</span> <span word="the">the</span> <span word="conventionalmodel">conventionalmodel</span>.</p><p> 股票研究本应发行者和股东双双受益。应该帮助投资者更有利润的分配资金。为客户提供免费研究报告的银行希望这会帮助客户从股权交易中去的收益。但是双方对常规的模式都不满意。</p><p> <span word="Start">Start</span> <span word="with">with</span> <span word="the">the</span> <span word="banks">banks</span>. <span word="A">A</span> <span word="fall">fall</span> <span word="in">in</span> <span word="trading">trading</span> <span word="revenues">revenues</span> <span word="makes">makes</span> <span word="the">the</span> <span word="economics">economics</span> <span word="of">of</span> <span word="providing">providing</span> <span word="researchless">researchless</span> <span word="attractive">attractive</span>. <span word="Between">Between</span> 2009 <span word="and">and</span> 2013, <span word="total">total</span> <span word="equity">equity</span>-<span word="trading">trading</span> <span word="commissions">commissions</span> <span word="paid">paid</span> <span word="to">to</span> <span word="brokersfell">brokersfell</span> <span word="from">from</span> $13.9 <span word="billion">billion</span> <span word="to">to</span> $9.3 <span word="billion">billion</span> <span word="in">in</span> <span word="America">America</span>, <span word="and">and</span> <span word="from">from</span> <span word="euros">euros</span> 4.2 <span word="billion">billion</span> <span word="toeuros">toeuros</span> 3 <span word="billion">billion</span> <span word="in">in</span> <span word="Europe">Europe</span>, <span word="according">according</span> <span word="to">to</span> <span word="Greenwich">Greenwich</span> <span word="Associates">Associates</span>, <span word="a">a</span> <span word="consultancy">consultancy</span>. <span word="The">The</span> <span word="rise">rise</span> <span word="ofpassive">ofpassive</span> <span word="investing">investing</span> <span word="and">and</span> <span word="the">the</span> <span word="spread">spread</span> <span word="of">of</span> <span word="algorithmic">algorithmic</span> <span word="trading">trading</span> <span word="have">have</span> <span word="both">both</span> <span word="reduced">reduced</span> <span word="margins">margins</span> <span word="anddampened">anddampened</span> <span word="demand">demand</span> <span word="for">for</span> <span word="research">research</span> <span word="produced">produced</span> <span word="by">by</span> <span word="and">and</span> <span word="for">for</span> <span word="humans">humans</span>.</p><p> 交易收入的下降使得经济学研究逐渐丧失吸引力。这从银行开始。根据咨询机构<span word="Greenwich">Greenwich</span> <span word="Associates">Associates</span>的数据，在2009年到2013年之间，在美国总股本交易中支付给经纪人的佣金从139亿美元跌到了93亿美元，欧洲则从42亿欧元跌到了30亿欧元。被动投资的兴起以及算法交易的扩张都使得研究资料的利润率下降，需求也有所放缓。</p>
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