Unbundling: No More Analysts at a Discount

Posted: 28 Jun 2017

Date Written: January 15, 1975


An efficient market is thought to be desirable by many legislators, regulators, and academicians. At the same time, they seem adamant that the investment industry unbundle. These two positions are at odds unless it is proposed that investment research be subsidized. Regulators who insist on efficient markets should recognize the dangerous consequences of also insisting on negotiable commission rates.

Keywords: commissions, efficient markets, unbundling, fundamental research

JEL Classification: G10, G11, G12, G14

Suggested Citation

Ferguson, Robert, Unbundling: No More Analysts at a Discount (January 15, 1975). Journa lof Portfolio Management, Vol. 1, No. 3, 1975. Available at SSRN: https://ssrn.com/abstract=2992348

Robert Ferguson (Contact Author)

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