Information sharing and spillovers: Evidence from financial analysts

Byoung Hyoun Hwang, José María Liberti, Jason Sturgess

Research output: Contribution to journalArticlepeer-review

19 Scopus citations


We study how information sharing within an organization affects individual performance. We look at situations in which the same analyst, while working at the same broker, covers multiple mergers and acquisitions (M&As), in particular the acquirer prior to the M&A and the merged firmthereafter.We find that earnings forecasts for the merged firm are significantly more accurate when the analyst has a colleague (working at the same broker) covering the target prior to the M&A. This holds particularly true if acquirer analysts and target analysts reside in the same locale, if they are part of a smaller team, and if the target analyst is of higher quality. Our findings highlight the importance of information spillovers on individual performance in knowledge-based industries.

Original languageEnglish (US)
Pages (from-to)3624-3636
Number of pages13
JournalManagement Science
Issue number8
StatePublished - Aug 1 2019


  • Analyst performance
  • Information spillovers
  • Knowledge-based industries

ASJC Scopus subject areas

  • Strategy and Management
  • Management Science and Operations Research


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