The Unbundling of Mutual Funds’ Trading and Research Commissions: Have Investors Benefited?

Fröberg, Emelie; Halling, Michael

doi:10.2139/ssrn.3892441

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Repositories Of Code and Data1

Information Intermediaries and Regulatory Change1

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2024

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Cited by 2 publications

(2 citation statements)

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“…Code and data-when allowed-are available through the Open Science Framework (Fröberg and Halling, 2021) The cumulative log monthly fund net returns in excess of the benchmark net returns in the last 12 months, in %.…”

Section: Repositories Of Code and Datamentioning

confidence: 99%

Do investors benefit from MiFID II unbundling?

Fröberg,

Halling

2024

Journal of Corporate Finance

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Section: Repositories Of Code and Datamentioning

confidence: 99%

Do investors benefit from MiFID II unbundling?

Fröberg,

Halling

2024

Journal of Corporate Finance

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“…While it was found that research quality has increased, the quantity of sell-side analyst research has decreased (e.g., B. Fang et al 2020). Evidence also suggests that mutual fund investors do not profit from the new payment regime introduced by MiFID II, as it does not offer the increased transparency for which it was designed (Fröberg and Halling 2021). The impact of MiFID II on the quality of analysts' (textual) reports is assessed in Bankamp et al (2022, paper II.2).…”

Section: Information Intermediaries and Regulatory Changementioning

confidence: 99%

Information Asymmetries and the Role of Information Intermediaries on Capital Markets

Bankamp¹

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As part of their digital transformation, firms increasingly appoint Chief Digital Officers (CDOs). Existing research suggests that CDOs are appointed to drive and coordinate digital transformation activities and communicate digital transformation-related topics to stakeholders. However, the specific role of the CDO as a mediator between a firm and its external stakeholders, such as investors, remains unclear. Relying on signaling theory, we investigate whether CDO presence impacts digital transformation-related signaling in firms external communication tools. Indeed, our results show a strong positive association between CDO presence and the volume of digital transformation-related signals. Therefore, it can be assumed that CDO presence has the potential to contribute to reducing digital transformation-related information asymmetries between firms and external stakeholders. However, since our results show that less regulated communication tools are more likely to be used for digital transformation-related signaling than highly regulated ones, the reliability of such signals remains questionable.

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The Unbundling of Mutual Funds’ Trading and Research Commissions: Have Investors Benefited?

Cited by 2 publications

References 40 publications

Do investors benefit from MiFID II unbundling?

Do investors benefit from MiFID II unbundling?

Information Asymmetries and the Role of Information Intermediaries on Capital Markets

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