株式調査の独立性 − ブローカーランキング

Abstract

This Financial Insights study - based on a survey of Asia/Pacific investment management firms - unveils the perceptions of money managers in the region of the relative independence of the broker research they receive. Because of the controversy in the West over disaggregating payments for research and execution, this survey also investigated the buy-side stance on soft-dollar arrangements in this region.

Survey respondents further shed light on the degree of correlation between research independence and research usability and, toward that front, which brokers in the region are adding real substance to their investment processes.

"Independent research is not always tantamount to usable research. Survival for research outfits in todays competitive climate will boil down to superior performance," notes Li-May Chew, CFA, senior research manager for Financial Insights Asia/Pacific Capital Markets Advisory Service. Analyzing the ranking of brokers, she commented, "With their wider breadth and depth of coverage, finer specialist expertise, and economies of scale, the global brokers will continue to dominate the ranks for the most usable and accurate stock recommendations."

Table of Contents

• Table of Contents
• Financial Insights Opinion
• In This Study
  • Methodology
• Situation Overview
  • The Stance on Soft Dollars
  • Figure: Utilization of Soft Dollars by Country
  • Pressure on the Sell Side to Unbundle
  • The Value Placed on Analysts Independence
  • Figure: Importance of Broker Research Independence by Country
  • Figure: Perceived Independence of Broker Research by Country
  • Figure: Importance of Broker Research Independence Versus Perceived Independence of Broker Research by Country
  • Figure: Influence of Broker Research on Investment Decision Making by Country
  • Figure: Increased Influence of Broker Research Deemed to Be More Independent by Country
  • Figure: Top 3 Brokers Perceived as Providing the Most Independent Research: Hong Kong
  • Figure: Top 3 Brokers Perceived as Providing the Most Independent Research: Korea
  • Figure: Top 3 Brokers Perceived as Providing the Most Independent Research: Singapore
  • Figure: Top 3 Brokers Perceived as Providing the Most Independent Research: Taiwan
  • Usability - The Overriding Factor
  • Figure: Importance of Factors Used to Determine Broker Commissions
  • Figure: Top 3 Brokers Perceived as Providing the Most Usable Research: Hong Kong
  • Figure: Top 3 Brokers Perceived as Providing the Most Usable Research: Korea
  • Figure: Top 3 Brokers Perceived as Providing the Most Usable Research: Singapore
  • Figure: Top 3 Brokers Perceived as Providing the Most Usable Research: Taiwan
  • Figure: Importance of Factors Used to Determine Broker Research Quality
  • Figure: Top 3 Brokers Perceived as Providing the Most Accurate Stock Recommendations: Hong Kong
  • Figure: Top 3 Brokers Perceived as Providing the Most Accurate Stock Recommendations: Korea
  • Figure: Top 3 Brokers Perceived as Providing the Most Accurate Stock Recommendations: Singapore
  • Figure: Top 3 Brokers Perceived as Providing the Most Accurate Stock Recommendations: Taiwan
• Future Outlook
• Essential Guidance
• Learn More
  • Related Research
  • Appendix: Respondents Background Information
  • Figure: Size of Portfolio Under Management by Country
  • Figure: Share of Portfolio Invested in Equities by Country
  • Figure: Average Number of Brokerage Firms Utilized by Country
  • Figure: Number of Brokerage Firms Utilized by Country
  • Figure: Change in Number of Brokerage Firms Utilized over the Last 12 Months by Country
  • Figure: Total Commission Payments Made to Equity Brokers Annually by Country
  • Figure: Share of Commission Payments for Trade Execution Only by Country
  • Figure: Average Number of In-House Analysts per Team by Country
  • Figure: Competency of In-House Analysts Versus the Sell Side: Buy/Sell/Hold Recommendations
  • Figure: Competency of In-House Analysts Versus the Sell Side: Detailed Company Analysis
  • Figure: Competency of In-House Analysts Versus the Sell Side: Sector-Based Analysis
  • Figure: Competency of In-House Analysts Versus the Sell Side: Country-Based Analysis
  • Figure: Competency of In-House Analysts Versus the Sell Side: Strategy/Economics
  • Figure: Competency of In-House Analysts Versus the Sell Side: Investment Ideas
  • Synopsis