Conference 2019

2nd Business School and CeFARR conference

13th September 2019

Location: 200 Aldersgate, The Business School Executive Education, London, UK

“What role do analysts play in today’s financial markets?”

The Centre for Financial Analysis and Reporting Research (CeFARR) at the Business School invited practitioners and academics for a one-day conference on the role analysts play in today’s financial markets. The conference took place on 13th September 2019.

The conference featured presentations by practitioners and academics on the changing landscape of sell-side analyst research. The sessions emphasized the impact MiFID II and a keynote speech by Stephen Hanks from the Financial Conduct Authority illustrated expected regulatory changes going forward.

Conference programme

Programme’s pdf version

Session 1 (Practitioners’ Presentation) Session Chair: Dr Pawel Bilinski


“Structural changes in the broker market as a result of Mifid II

Charles Combe (Director of European Sales, Edison Group)


“Thoughts on the changes to equity research over the past decade”

Helen Rambaut (Portfolio Strategies, Prospect Wealth Management)


“Research commerciality from an analyst’s point of view”

Gareth Evans (Managing Director, Progressive Equity Research)


Coffee break

Session 2 (Practitioners’ Presentation & Keynote Speech) Session Chair: Dr Ivana Raonic


“The changes Mifid II had on equity research: the case of contrarian analyst”

Giasone Salati (Head of European Media Research, Macquarie Group)


Keynote: Stephen Hanks (Head of Markets Policy, UK Financial Conduct Authority)


“New directions for analyst research”

Keynote: Stan Markov (Ashbel Smith Professor, University of Texas at Dallas)


Coffee break

Session 3 (Academic Presentations) Session Chair: Dr Art Kraft


“Selective Information Channels for Investment Research”

Mark Bradshaw (Boston College), Da Amiram (Tel Aviv), Zahn Bozanic (Ohio State) and Oded Rozenbaum (George Washington)

Discussion: James Ryans (London Business School)


“How does increased reputational capital affect professional behavior?”

Michael Jung (Delaware), Yiqing Lu (NYU, Shanghai) and Hong Wu (Hong Kong PolyU)

Discussion: Jay Jung (Bayes)


Lunch and coffee

Session 4 (Academic Presentations) Session Chair: Dr Andrew Yim


“Broker Trading Volume: A Conflict of Interest?”

Devin Shanthikumar (UC Irvine), Ben Lourie (UC Irvine) and Tiana Lehmer (UC Irvine)

Discussion: Alastair Lawrence (LBS)


“Why do firms Disclose their Analyst Following on their Corporate Websites?”

Irene Karamanou (Cyprus) and Afshad Irani (Washington and Lee)

Discussion: Aneesh Raghunandan (London School of Economics)


“Is there investment value in soft dollar arrangement? Evidence from mutual funds”

Fei Xie (Delaware), Sinan Gokkaya (Ohio), Xi Liu (Miami), Veronika Krepely Pool (Indiana), and Jinfan Zhang (Chinese U of Hong Kong)

Discussion: Stefano Cascino (LSE)


Coffee break

Session 5 (Academic Presentations) Session Chair: Dr Jay Jung


“The impact of separating research payments from dealing commissions: Evidence from Sweden”

Yang Wang (Lancaster), Peter Pope (Bocconi), and Ane Tamayo (LSE)

Discussion: Tim Martens (Bayes)


“The Effects of MiFID II on Sell-Side Analysts, Buy-Side Analysts, and Firms”

Ole-Kristian Hope (Toronto), Zhongwei Huang (Bayes), Bingxu Fang (Toronto), and Rucsandra Moldovan (Concordia)

Discussion: Xi Li (LSE)


Concluding remarks, Jay Jung, Bayes Business School


Drinks and snacks

Conference Gallery

For photos, visit our flickr gallery


Dr Pawel Bilinski

J Jung

Dr Jay Jung

Contact the CeFARR team for any queries.