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Unbundling financial services: The case of brokerage and investment research

Author

Listed:
  • Sébastien Galanti

    (LEO - Laboratoire d'Économie d'Orleans [FRE2014] - UO - Université d'Orléans - UT - Université de Tours - CNRS - Centre National de la Recherche Scientifique)

  • Anne-Gael Vaubourg

    (CRIEF [Poitiers] - Centre de recherche sur l'intégration économique et financière [EA 2249] - UP - Université de Poitiers = University of Poitiers, Axe 2 (2017-2021) : "Vulnérabilités et risques" (MSHS Poitiers) - MSHS de Poitiers [Maison des sciences de l'homme et de la société de Poitiers] - Maison des sciences humaines et sociales de Poitiers [USR 3565] - UP - Université de Poitiers = University of Poitiers - CNRS - Centre National de la Recherche Scientifique)

Abstract

Brokers were previously allowed to provide brokerage and financial research as a single package, but unbundling rules recently introduced in Europe now oblige them to charge separately for the two services. To analyze the effect of this regulation, we consider a theoretical duopoly model between a broker who offers a brokerage service and an investment research service and an independent analyst who offers a second investment research service. We show that unbundling rules increase the profitability and market share of the independent analyst and improve social welfare. These findings suggest that unbundling rules are relevant to the sustainability of the independent research industry.
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Suggested Citation

  • Sébastien Galanti & Anne-Gael Vaubourg, 2020. "Unbundling financial services: The case of brokerage and investment research," Post-Print hal-03554514, HAL.
    • Handle: RePEc:hal:journl:hal-03554514
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    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • L1 - Industrial Organization - - Market Structure, Firm Strategy, and Market Performance

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