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Authors: Cheikh Niang and Alois Kanyinda-Kasanda

Affiliation: Department of Finance, Neoma Business School, 59 Rue Pierre Taittinger, Reims, France

Keyword(s): MiFID, Tracking Error, Market Quality, Market Efficiency, Benchmark.

Abstract: Using a new methodology based on the decomposition of tracking error, we show that the implementation of MiFID improved the quality of European equity markets. The latter was favorable to the European equity investors’ ability to reach their investment objectives as measured by the systemic downside tracking error. In other words, after the implementation of the MiFID directive, investors were less likely to underperform due to unfavorable market characteristics. The results were statistically significant at the 95% significance level.

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Paper citation in several formats:
Niang, C. and Kanyinda-Kasanda, A. (2020). How Did MiFID Affect Systemic Underperformance in the European Equity Market? A Tracking Error based Approach. In Proceedings of the 2nd International Conference on Finance, Economics, Management and IT Business - FEMIB; ISBN 978-989-758-422-0, SciTePress, pages 57-62. DOI: 10.5220/0008772000570062

@conference{femib20,
author={Cheikh Niang. and Alois Kanyinda{-}Kasanda.},
title={How Did MiFID Affect Systemic Underperformance in the European Equity Market? A Tracking Error based Approach},
booktitle={Proceedings of the 2nd International Conference on Finance, Economics, Management and IT Business - FEMIB},
year={2020},
pages={57-62},
publisher={SciTePress},
organization={INSTICC},
doi={10.5220/0008772000570062},
isbn={978-989-758-422-0},
}

TY - CONF

JO - Proceedings of the 2nd International Conference on Finance, Economics, Management and IT Business - FEMIB
TI - How Did MiFID Affect Systemic Underperformance in the European Equity Market? A Tracking Error based Approach
SN - 978-989-758-422-0
AU - Niang, C.
AU - Kanyinda-Kasanda, A.
PY - 2020
SP - 57
EP - 62
DO - 10.5220/0008772000570062
PB - SciTePress

- Science and Technology Publications, Lda.
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