Stuart C. Gilson

6 Results


Cashing Out: The Rise of M&A in Bankruptcy

One consequence of the 2008 financial crisis was the virtual disappearance of traditional mergers and acquisitions activity. The years following the onset of the financial crisis have demonstrated, however, that M&A deal making is alive and well—in Chapter 11. In this study of a large sample of Chapter 11 cases, the authors examine how and why M&A has become a significant part of the process, arguing that the rise of M&A has blurred the usual distinctions between reorganization and liquidation. Read More

How Chapter 11 Saved the US Economy

In a relatively short time, much of the corporate debt that defaulted during the US financial crisis has been managed down and corporate profits have rebounded. Stuart C. Gilson reviews the power of Chapter 11 bankruptcy Closed for comment; 5 Comments posted.

Big Deal: Reflections on the Megamerger of American and US Airways

The proposed marriage between American Airlines and US Airways would create the nation's largest airline. Professors Rosabeth Moss Kanter and Stuart Gilson reflect on a megamerger. Open for comment; 0 Comments posted.

When Do Analysts Add Value? Evidence from Corporate Spinoffs

The impact of financial analysts on capital market efficiency has been much debated in academia and in practice. A large body of academic research finds that analysts act as important information intermediaries who contribute to the overall efficiency of capital markets. Other research, however, has identified contexts in which the value of analyst coverage may be relatively more limited, such as when analysts face possible conflicts of interest, or when the company or situation they are presented with is especially complex. Still other research questions the informativeness of analyst recommendations in light of regulatory changes. In this paper, HBS doctoral graduate Emilie Rose Feldman and professors Stuart C. Gilson and BelÚn Villalonga examine 1,793 analyst reports written at the time of corporate spinoffs to determine how much value analysts create as information intermediaries in this setting. Spinoffs provide an interesting context for this purpose because the degree of information asymmetry between corporate insiders and investors is especially high. The paper is one of the first to provide very fine-grained detail on the quantity and types of analyses included in analyst reports. Read More

How To Make Restructuring Work for Your Company

A bungled corporate restructuring can turn a good idea into disaster. In an excerpt from his new book, HBS professor Stuart Gilson outlines the keys for a successful corporate makeover. Plus: Gilson Q&A. Read More