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.

中文翻译：

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研究分拆和市场流动性：来自 MiFID II 的证据

第二个金融工具市场指令 (MiFID II) 要求将研究和交易的付款分开。本研究探讨了 MiFID II 对大公司和小公司的影响在分析师覆盖范围和股票流动性方面是否存在差异。关注英国股市，我们发现分析师对主要市场的覆盖率大幅下降，这导致市场流动性恶化。相比之下，另类投资市场公司要求保留一名经常提供研究报道的指定顾问，这减轻了 MiFID II 的影响。