|
查看汇总： The economics of equity research 股票研究经济学 Analyse this 分析分析 The old model of stockmarket research is changing 股市研究的旧模式正在改变。 Sep 21st 2013 |From the print edition EQUITY research is meant to benefit both providers and recipients. It ought to help investors to allocate money more profitably. And the banks that give their clients free access to research hope that it will help them generate revenues from equity trading. But neither party is much satisfied by the conventional model. 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 research less attractive. Between 2009 and 2013, total equity-trading commissions paid to brokers fell from $13.9 billion to $9.3 billion in America, and from euros 4.2 billion to euros 3 billion in Europe, according to Greenwich Associates, a consultancy. The rise of passive investing and the spread of algorithmic trading have both reduced margins and dampened demand for research produced by and for humans. | 
