Browsing: Market Conditions

The Cautionary Tale of Equity Research

The following is a guest article by Marc Rubinstein, who was a bank analyst at Credit Suisse and Barclays de Zoete Wedd before becoming a senior analyst and portfolio manager ...

2021 Euro IRP Member Survey: Unanimous Support for FCA Plans to Exempt Independent Research from MiFID II Inducement Rules

The recently released Euro IRP Member Study revealed a number of key findings, including unanimous support for the FCA’s proposal to exempt independent research providers from MiFID II inducement rules. Top ...
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US Cash Equities Volumes Remain at Stratospheric Levels

US cash equity trading volumes, consolidated across all US equity exchanges, fell 25% in the second quarter from record first quarter levels, but remain 50% ahead of pre-pandemic volumes.  The ...
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Wall Street Layoffs Surge in June

The Wall Street employment picture worsened in June 2021 as layoffs exceeded hiring for the second straight month.  Layoffs surged more than 306% from the same month last year, while ...
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Academic Study Confirms Greater Reliance on Sell-Side Research During Pandemic

Analysts increased their research output and the impact of their research grew as Covid-19 spread during the first quarter of 2020 according to a study from the University of London.  ...

Quantifying Research ‘Juniorization’: Over 78 Centuries of Knowhow Lost

Asset managers gripe that senior sell-side analysts are increasingly replaced with less experienced staff, a phenomenon measured by a recent Substantive Research study which calculated a net loss in analyst ...

Shrinking Holding Periods Add to Stock Picker Challenges

The average length of time an investor owns a stock has hit new lows during the recent COVID-19 market turmoil, according to NYSE data.  As holding periods collapse, pressures on ...
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Bad News for Stock Pickers: Stock Correlations Remain High as VIX Eases

Stocks are moving in lockstep to a degree not seen since the aftermath of the Great Recession, creating a more hostile environment for fundamental equity research providers and their active ...

Thoughts on the Corona Virus and its Effects on the Stock Market and Independent Research

The following is excerpted from a recent briefing by Will Richards of the Research Alliance, a leading business development agency for independent research (  This is the third major market correction I ...

2019 Bulge Research Analyst Headcount Shrinks 8%

Based on data published by consulting firm Coalition Development, research analyst headcount at the twelve largest investment banks dropped 8% to 3,500 by the middle of 2019 across 12 of ...
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