中文摘要
我们考察《金融工具市场指令》(MiFID) II 中备受争议的拆分规定对企业自愿披露的影响。尽管已有研究在很大程度上聚焦于 MiFID II 实施后卖方研究的变化，但自愿披露的变化及其对信息环境的影响则较少为人所知。我们发现，MiFID II 颁布后，欧盟(EU)企业显著提高了发布管理层盈余指引的倾向和频率。这一效应在卖方研究数量下降或分析师报告的消费与传播减少的企业中更为明显，而在研究质量有所改善的企业中则较为微弱。此外，我们发现，MiFID 实施后欧盟企业的盈余指引变得更加详尽，并引发更强的市场反应。我们还进一步表明，指引的增加有效缓解了 MiFID II 的负面流动性效应。总体而言，我们提供的证据表明，自愿披露在缓解该监管对信息环境造成的非预期净负面后果方面发挥了关键作用，从而为关于 MiFID II 拆分规定有效性的持续争论作出了贡献。
Abstract
We examine the effect of the Markets in Financial Instruments Directive (MiFID) II’s controversial unbundling provision on corporate voluntary disclosure. Although prior research has largely focused on changes in sell-side research post-MiFID II, changes in voluntary disclosure and their effects on the information environment are less known. We find that European Union (EU) firms significantly increased the propensity and frequency of management earnings guidance issuance after MiFID II enactment. This effect is more pronounced among firms experiencing a decline in the quantity of sell-side research or a reduction in the consumption and dissemination of analyst reports and is more muted among firms witnessing improvements in research quality. Furthermore, we find that post-MiFID earnings guidance by EU firms becomes more thorough and elicits stronger market reactions. Moreover, we demonstrate that the increased guidance effectively alleviates the negative liquidity effects of MiFID II. Collectively, we contribute to the ongoing debate on the efficacy of MiFID II’s unbundling provision by providing evidence that voluntary disclosure plays a key role in mitigating the unintended net negative consequences on the information environment following the regulation.