Analyst Specialization and Conglomerate Stock Breakups

By Stuart C. Gilson, Paul M. Healy, Christopher F. Noe, K. Palepu. 2001

233 citations recorded by the source corpus.

Subfields: Accounting, Strategy and Management

View Paper: https://www.semanticscholar.org/paper/39ccd18bde6ee36ed56540588dbc86504c463b84

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Citations in the corpus

Political contributions and analyst behavior (2015, unknown): “The coefficients of the control variables are broadly consistent with the previous literature (Mikhail et al. 1997; Clement 1999; Gilson et al. 2001; Kini et al. 2009).30 Overall, the accuracy regression results indicate that these analysts on average produce more accurate earnings forecasts.”
The choice among acquisitions, alliances, and divestitures (2005, background): “Gilson et al. (2001) show that conglomerate stock break-ups through spin-offs, equity carveouts , and tracking stock offerings generate a significant increase in coverage by specialized analysts and a 30–50 percent improvement in analyst forecast accuracy for parent and subsidiary firms.”
Before an Analyst Becomes an Analyst: Does Industry Experience Matter? (2015, unknown): “Characteristics like brokerage house prestige, portfolio complexity, and political views have all been linked to analyst performance (Mikhail, Walther, and Willis, 1997; Clement, 1999; Gilson et al., 2001; Clement and Tse, 2003; Clement, Rees, and Swanson, 2003; Jiang, Kumar, and Law, 2013).”
Do sell-side analysts exhibit differential target price forecasting ability? (2012, unknown): “Also, in an examination of changes in analyst coverage around firm breakups, Gilson et al. (2001) report that a detailed analysis revealed less than 8% of firm years with multiple”
Analyst Coverage and Earnings Management (2008, unknown): “Gilson et al.’s (2001) field interviews with bankers reveal that brokers usually assign one analyst to one stock, and that the presence of multiple analysts within the same brokerage house is driven almost exclusively by analyst turnover.”
What Does it Take to Become a Superstar? Evidence from Institutional Investor Rankings of Financial Analysts (2007, unknown): “Similar evidence is obtained by Gilson et al. (2001), who also report that multiple analyst coverage is almost exclusively driven by analyst turnover.”
Analyst following along the supply chain (2011, unknown): “Prior research shows that analysts tend to specialize in a few industries/sectors (e.g., Gilson et al. 2001; Piotroski and Roulstone 2004; Chan and Hameed 2006).”
THE IMPACT OF CORPORATE SOCIAL RESPONSIBILITY ON INVESTMENT RECOMMENDATIONS. (2010, background): “security analysts as crucial information intermediaries in public equity markets (Healy and Palepu, 2001; Gilson et al. 2001; Gleason and Lee, 2003) as well as b) their ability to substantially affect the price and the trading volume of a firm’s stock (Stickel 1995; Womack, 1996; Francis and Soffer,”