交易收入的下降使得经济学研究逐渐丧失吸引力。这从银行开始。根据咨询机构Greenwich Associates的数据,在2009年到2013年之间,在美国总股本交易中支付给经纪人的佣金从139亿美元跌到了93亿美元,欧洲则从42亿欧元跌到了30亿欧元。被动投资的兴起以及算法交易的扩张都使得研究资料的利润率下降,需求也有所放缓。
Nomura recently slashed its equity-research division to focus on its electronic-trading business, Instinet. Other banks are also cutting back. Global sell-side research budgets fell from a 2007 peak of $8.2 billion to just $4.8 billion in 2013, according to Frost Consulting. Sector coverage has contracted: banks now concentrate on large-cap sectors like oil, where trading volumes and revenue potential are higher.
野村最近缩减了其股票研究部门,将注意力集中于电子交易公司Instinet。其他银行也正在削减研究部门。根据弗罗斯特咨询公司的数据,全球出售方的研究经费已经从2007年峰值的82亿美元降到了2013年的48亿美元。研究数据的行业覆盖率叶缩减了,银行现在集中在像原油等大宗商品行业,这些行业的交易量和收益潜力较高。
Work has been shovelled to cheaper places to save cash. Much of Citigroups American equity coverage is now produced in Buffalo, New York. Deutsche Bank and J.P. Morgan have sent research work as far afield as India. Low-value-added tasks like data-crunching are not the only jobs being shipped out, claims Marc Vollenweider at Evalueserve, an outsourcing specialist. This process has its limits, however: client meetings still wholly happen face to face.
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