The Effects of MiFID II on Voluntary Disclosure

References

• Amihud Y (2002) Illiquidity and stock returns: Cross-section and time-series effects. J. Financial Markets 5(1):31–56.Crossref, Google Scholar
• Anantharaman D, Zhang Y (2011) Cover me: Managers’ responses to changes in analyst coverage in the post-regulation FD period. Accounting Rev. 86(6):1851–1885.Crossref, Google Scholar
• Balakrishnan K, Billings MB, Kelly B, Ljungqvist A (2014) Shaping liquidity: On the causal effects of voluntary disclosure. J. Finance 69(5):2237–2278.Crossref, Google Scholar
• Bazhutov D, Betzer A, Brochet F, Doumet M, Limbach P (2023) The supply and effectiveness of investor relations in insider- vs. outsider-oriented markets. Management Sci. 69(1):660–683.Link, Google Scholar
• Beyer A, Cohen DA, Lys TZ, Walther BR (2010) The financial reporting environment: Review of the recent literature. J. Accounting Econom. 50(2–3):296–343.Crossref, Google Scholar
• Blankespoor E, deHaan E, Marinovic I (2020) Disclosure processing costs, investors’ information choice, and equity market outcomes: A review. J. Accounting Econom. 70(2–3):101344.Crossref, Google Scholar
• Botosan CA (1997) Disclosure level and the cost of equity capital. Accounting Rev. 72(3):323–349.Google Scholar
• Bradshaw MT (2011) Analysts’ forecasts: What do we know after decades of work? Working paper, Boston College, Boston.Google Scholar
• Brennan M, Huh SW, Subrahmanyam A (2013) An analysis of the Amihud illiquidity premium. Rev. Asset Pricing Stud. 3(1):133–176.Crossref, Google Scholar
• Brogaard J, Pan J (2022) Dark pool trading and information acquisition. Rev. Financial Stud. 35(5):2625–2666.Crossref, Google Scholar
• Brown LD, Higgins HN (2005) Managers’ forecast guidance of analysts: International evidence. J. Accounting Public Policy 24(4):280–299.Crossref, Google Scholar
• Brown LD, Call AC, Clement MB, Sharp NY (2016) The activities of buy-side analysts and the determinants of their stock recommendations. J. Accounting Econom. 62(1):139–156.Crossref, Google Scholar
• Brush S, Spezzati S (2017) How do you put a price on investment research? Bloomberg Businessweek (October 18). https://www.bloomberg.com/professional/insights/trading/put-price-investment-research-2/.Google Scholar
• Burgstahler DC, Hail L, Leuz C (2006) The importance of reporting incentives: Earnings management in European private and public firms. Accounting Rev. 81(5):983–1016.Crossref, Google Scholar
• Cao Y, Myers LA, Tsang A, Yang YG (2017) Management forecasts and the cost of equity capital: International evidence. Rev. Accounting Stud. 22:791–838.Crossref, Google Scholar
• Chen CW, Hepfer BF, Quinn PJ, Wilson RJ (2018) The effect of tax-motivated income shifting on information asymmetry. Rev. Accounting Stud. 23:958–1004.Crossref, Google Scholar
• Citigate Dewe Rogerson (2019) 11th annual investor relations survey. Accessed August 11, 2020, https://irsociety.org.uk/files/CDR_IR_SURVEY_2019.pdf.Google Scholar
• Coller M, Yohn TL (1997) Management forecasts and information asymmetry: An examination of bid-ask spreads. J. Accounting Res. 35(2):181–191.Crossref, Google Scholar
• Daske H, Hail L, Leuz C, Verdi R (2008) Mandatory IFRS reporting around the world: Early evidence on the economic consequences. J. Accounting Res. 46(5):1085–1142.Crossref, Google Scholar
• Deloitte (2021) Three roads to MiFID III: What lies ahead for the upcoming regulatory review? Accessed August 11, 2020, https://www2.deloitte.com/lu/en/pages/investment-management/articles/three-roads-midif-iii.html.Google Scholar
• Diamond DW (1985) Optimal release of information by firms. J. Finance 40(4):1071–1094.Crossref, Google Scholar
• Diamond DW, Verrecchia RE (1991) Disclosure, liquidity, and the cost of capital. J. Finance 46(4):1325–1359.Crossref, Google Scholar
• Dye RA (1985) Disclosure of nonproprietary information. J. Accounting Res. 23(1):123–145.Crossref, Google Scholar
• Eli-Namer J, Giami T (2020) Reviving research in the wake of MiFID II: Observations, issues and recommendations. Accessed August 11, 2020, https://www.amf-france.org/sites/institutionnel/files/2020-02/20200124-rapport-mission-recherche-projet-va-pm.pdf.Google Scholar
• Ertimur Y, Mayew WJ, Stubben SR (2011) Analyst reputation and the issuance of disaggregated earnings forecasts to I/B/E/S. Rev. Accounting Stud. 16:29–58.Crossref, Google Scholar
• Fang B, Hope OK, Huang Z, Moldovan R (2020) The effects of MiFID II on sell-side analysts, buy-side analysts, and firms. Rev. Accounting Stud. 25:855–902.Crossref, Google Scholar
• Financial Conduct Authority (2019) Implementing MiFID II—Multi-firm review of research unbundling reforms. Accessed June 8, 2021, https://www.fca.org.uk/publications/multi-firm-reviews/implementing-mifid-ii-multi-firm-review-research-unbundling-reforms.Google Scholar
• Financial Times (2019) MiFID II: Research, reductions and revolution. Accessed August 11, 2020, https://www.ft.com/content/053d31f5-27ad-3a01-ae91-48b41e44cb42.Google Scholar
• Graham JR, Harvey CR, Rajgopal S (2005) The economic implications of corporate financial reporting. J. Accounting Econom. 40(1–3):3–73.Crossref, Google Scholar
• Guan Y, Lobo GJ, Tsang A, Xin X (2020) Societal trust and management earnings forecasts. Accounting Rev. 95(5):149–184.Crossref, Google Scholar
• Guay W, Samuels D, Taylor D (2016) Guiding through the fog: Financial statement complexity and voluntary disclosure. J. Accounting Econom. 62(2–3):234–269.Crossref, Google Scholar
• Guo Y, Mota L (2021) Should information be sold separately? Evidence from MiFID II. J. Financial Econom. 142(1):97–126.Crossref, Google Scholar
• Hagenberg TC, Miller BP, Sharma A, Yohn TL (2021) The impact of an SEC-induced increase to stock liquidity on voluntary disclosure. Working paper, Northwestern University, Chicago.Google Scholar
• Hong H, Kacperczyk M (2010) Competition and bias. Quart. J. Econom. 125(4):1683–1725.Crossref, Google Scholar
• Hong H, Kubik JD (2003) Analyzing the analysts: Career concerns and biased earnings forecasts. J. Finance 58(1):313–351.Crossref, Google Scholar
• Hope O-K (2003) Disclosure practices, enforcement of accounting standards, and analysts’ forecast accuracy: An international study. J. Accounting Res. 41(2):235‐–272.Crossref, Google Scholar
• Jackson HE, Zhang J (2022) The economics of soft dollars: A review of the literature and new evidence from the implementation of MiFID II. Working paper, Harvard University, Boston.Google Scholar
• Jefferies (2017) Unintended consequences: Questions on the eve of MiFID II implementation. Accessed February 29, 2020, https://www.jefferies.com/CMSFiles/Jefferies.com/Files/PrimeServices/JEFMiFIDIIUnintendedConsequences.pdf.Google Scholar
• Lang MH, Lundholm RJ (1996) Corporate disclosure policy and analyst behavior. Accounting Rev. 71(4):467–492.Google Scholar
• Lang MH, Pinto J, Sul E (2024) MiFID II unbundling and sell-side analyst research. J. Accounting Econom. 77(1):101617.Crossref, Google Scholar
• Li F (2008) Annual report readability, current earnings, and earnings persistence. J. Accounting Econom. 45(2):221–247.Crossref, Google Scholar
• Li W, Ng J, Tsang A, Urcan O (2019) Country-level institutions and management earnings forecasts. J. Internat. Bus. Stud. 50(1):48–82.Crossref, Google Scholar
• Li X, Yang HI (2016) Mandatory financial reporting and voluntary disclosure: The effect of mandatory IFRS adoption on management forecasts. Accounting Rev. 91(3):933–953.Crossref, Google Scholar
• Liberti JM, Petersen MA (2019) Information: Hard and soft. Rev. Corporate Finance Stud. 8(1):1–41.Crossref, Google Scholar
• Lourie B, Shanthikumar DM, Yoo IS (2023) MiFID II and the unbundling of analyst research from trading execution. Contemporary Accounting Res. 40:2340–2372.Crossref, Google Scholar
• Lundholm RJ, Rogo R, Zhang JL (2014) Restoring the tower of Babel: How foreign firms communicate with U.S. investors. Accounting Rev. 89(4):1453–1485.Crossref, Google Scholar
• Merkley K, Michaely R, Pacelli J (2017) Does the scope of the sell-side analyst industry matter? An examination of bias, accuracy, and information content of analyst reports. J. Finance 72(3):1285–1334.Crossref, Google Scholar
• Nagar V, Schoenfeld J, Wellman L (2019) The effect of economic policy uncertainty on investor information asymmetry and management disclosures. J. Accounting Econom. 67(1):36–57.Crossref, Google Scholar
• Park J, Sani J, Shroff N, White H (2019) Disclosure incentives when competing firms have common ownership. J. Accounting Econom. 67(2–3):387–415.Crossref, Google Scholar
• Radhakrishnan S, Tsang A, Yang G (2012) Management forecasts around the world. Working paper, University of Texas at Dallas, Dallas.Google Scholar
• Securities and Exchange Commission (2019) Staff letter (No-action relief under section 202(a)(11) of the Investment Advisers Act of 1940). Accessed June 8, 2021, https://www.sec.gov/investment/sifma-110419.Google Scholar
• Steinberg J, Davies PJ (2020) Less research? No problem, hedge funds say. Wall Street J. (January 13) https://www.wsj.com/articles/less-research-is-no-problem-for-investors-11578918394.Google Scholar
• Stephan A (2019) The effect of algorithmic trading on voluntary disclosure. Working paper, University of Colorado Boulder, Boulder, CO.Google Scholar
• Stunda R (2019) Differences in US versus European voluntary earnings forecasts. J. Accounting Finance 19(3):142–151.Google Scholar
• Verrecchia RE (1983) Discretionary disclosure. J. Accounting Econom. 5:179–194.Crossref, Google Scholar
• Verrecchia RE (1990) Information quality and discretionary disclosure. J. Accounting Econom. 12(4):365–380.Crossref, Google Scholar
• Waymire G (1984) Additional evidence on the information content of management earnings forecasts. J. Accounting Res. 22(2):703–718.Crossref, Google Scholar
• Zhao J, Zhao W (2023) Sell-side research and buy-side agency issues. Working paper, University of London, London.Google Scholar