What's My Line? A Comparison of Industry Classification Schemes for Capital Market Research

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Subfields: Finance

How researchers see this paper

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Discretionary Disclosure in Financial Reporting: An Examination Comparing Internal Firm Data to Externally Reported Segment Data (2011, background): “For example, Harris (1998) and Botosan and Harris (2000) evaluate only multisegment firms.”
Accounting restatements and information risk (2010, unknown): “Bhojraj et al. (2003) find that GICS codes have better explanatory power than SIC codes in several different scenarios.”
Analysts, Industries, and Price Momentum (2006, background): “…do not The superiority of using the GICS classification scheme for various financial and accounting research applications has been documented by Bhojraj, Lee, and Oler (2003).6 We will show that the GICS industry classification also provides a good partition defining industries as analysts…”
Industry Classifications and Return Comovement (2007, unknown): “Fur example, Bhojraj et al. (2003) compared the ability of different industry classification schemes to account for the variability in the cross-section of returns, valuation multiples, earnings growth, and financial ratios.”
Analysts’ Industry Expertise (2012, background): “These classifications are highly intuitive, and have been shown to better explain stock comovements compared to other popular industry classifications (Bhojraj et al., 2003).”