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The economics of equity research 股票研究经济学 EQUITY research is meant to benefit bothproviders and recipients. It ought to help investors to allocate money more profitably. Andthe banks that give their clients free access to research hope that it will help them generaterevenues from equity trading. But neither party is much satisfied by the conventionalmodel. 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。 Start with the banks. A fall in trading revenues makes the economics of providing researchless attractive. Between 2009 and 2013, total equity-trading commissions paid to brokersfell from $13.9 billion to $9.3 billion in America, and from euros 4.2 billion toeuros 3 billion in Europe, according to Greenwich Associates, a consultancy. The rise ofpassive investing and the spread of algorithmic trading have both reduced margins anddampened demand for research produced by and for humans. 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Greenwich Associates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。 | 
