Hardman Monthly - April 2017: Portrait of the new research landscape
After much heralding, MIFID II is finally beginning to have an impact on the business of investment research, though its true ramifications might take years to be seen.The role of analyst research is widely misunderstood. It is not all about the conclusion: the rating and price target. The real content of research is about what is discounted in the current share price and what assumptions would produce different outcomes.
â–º Maintenance research is worthwhile
► “Research†without proper discussion of the numbers and forecasts is not research
â–º There will be less research and what there is will be more narrowly distributed
► There will be little or no incentive to cover non “house†smaller stocks
â–º The future is murky
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