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Marknaden för aktieanalyser: I en post MiFid värld
Linköping University, Department of Management and Engineering, Business Administration. Linköping University, Faculty of Arts and Sciences.
Linköping University, Department of Management and Engineering, Business Administration.
2019 (Swedish)Independent thesis Advanced level (degree of Master (One Year)), 20 credits / 30 HE creditsStudent thesisAlternative title
The market for equity research : In a post MiFid world (English)
Abstract [en]

Background: In January 2018 the new MiFid II directive entered into force in Sweden through the Swedish Securities Market Act (2007: 528). The purpose of the directive is to increase transparency towards investors on the financial market. This has led to major changes for those operating in the market, where among other things, asset managers now have to separate costs for analysis and execution. There has thus been a change in the payment model regarding the distribution of equity research.

Purpose: The purpose of this study is to examine and obtain in-depth knowledge about how assets managers experiencing the changes in the payment model that has occurred as a consequence of MiFid II.

Completion: This qualitative study has been conducted using five semi-structured interviews. The respondents comprised four asset managers and one producer of commission research. The material from the interviews has been processed and analysed using a thematic coding to identify the respondents' view of the changed payment model.

Conclusion: The result of this study shows that the consequences of MiFid II and the changed payment model differ depending on the size of the investment company. All managers report that they have reduced the number of counterparties that provide analysis information. On the other hand, it emerges from the result that the large investment firms have reduced the costs of analysis, while the smaller companies have increased their costs as a consequence of MiFid II.

Abstract [sv]

Bakgrund: I januari 2018 trädde det nya direktivet MiFid II i kraft i Sverige genom Lagen (2007:528) om Värdepappersmarknaden. Syftet med direktivet är att öka transparensen gentemot investerare på den finansiella marknaden. Detta har inneburit stora förändringar för de aktörer som verkar på dessa marknader där bland annat kapitalförvaltare numera måste separera kostnader för analys respektive exekvering. Det har således skett en förändring i betalningsmodellen gällande distribuering av aktieanalyser.

Syfte: Syftet med denna studie är att undersöka och erhålla fördjupad kunskap i hur kapitalförvaltare resonerar kring den förändrade betalningsmodellen som uppstått som en konsekvens av MiFid II.

Genomförande: Denna kvalitativa studie har genomförts med hjälp av fem stycken semistrukturerade intervjuer. Respondenterna bestod av fyra stycken kapitalförvaltare samt en producent av betalanalyser. Materialet från intervjuerna har bearbetats och analyserats med hjälp av en tematisk kodning för att identifiera respondenternas syn på den förändrade betalningsmodellen.

Slutsats: Resultatet av denna studie visar att konsekvenserna av MiFid II och den förändrade betalningsmodellen skiljer sig åt beroende på storleken av fondbolaget. Samtliga förvaltare berättar att de dragit ned på antalet motparter som tillhandahåller analysinformation. Däremot framkommer det av resultatet att de stora förvaltarfirmorna dragit ned på analyskostnaderna samtidigt som de mindre firmorna fått ökade kostnader som en konsekvens av MiFid II.

Place, publisher, year, edition, pages
2019. , p. 86
Keywords [sv]
MiFid II, Kapitalförvaltare, Aktieanalys, Betalningsmodell
National Category
Business Administration
Identifiers
URN: urn:nbn:se:liu:diva-158010ISRN: LIU-IEI-FIL-A--19/03034--SEOAI: oai:DiVA.org:liu-158010DiVA, id: diva2:1328848
Subject / course
Master Thesis in Business and Economics Programme (Business Administration)
Supervisors
Examiners
Available from: 2019-09-03 Created: 2019-06-23 Last updated: 2019-09-03Bibliographically approved

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