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Analyst coverage: does the listing location really matter?

Hassan, Omaima A.G.; Skinner, Frank S.


Frank S. Skinner


Using a count panel regression method, we find that the listing location really does matter as stocks listed on the main board (FTSE350) rather than the junior market (AIM) attract more analyst coverage than can be explained by existing factors, even when we control for listing requirements and the type of cross-listing. We also find that listing requirements have a significantly greater impact on the number of analysts following AIM companies rather than their FTSE350 counterparts. Moreover, pooling stocks from different listing locations can conceal additional differences in the determinates of analyst services for the main board and junior markets. For example, cross-listing on a stock exchange increases analysts coverage for FTSE350 stocks but not AIM stocks and listing on less transparent trading venues such as over the counter and alternative trading systems (dark pools) decreases analyst coverage, especially for AIM stocks.


HASSAN, O.A.G. and SKINNER, F.S. 2016. Analyst coverage: does the listing location really matter? International review of financial analysis [online], 46, pages 227-236. Available from:

Journal Article Type Article
Acceptance Date May 21, 2016
Online Publication Date May 25, 2016
Publication Date Jul 31, 2016
Deposit Date Feb 2, 2017
Publicly Available Date Feb 2, 2017
Journal International review of financial analysis
Print ISSN 1057-5219
Publisher Elsevier
Peer Reviewed Peer Reviewed
Volume 46
Pages 227-236
Keywords Analyst coverage; Analysts following; Security analyst; FTSE350; AIM; Alternative trading systems
Public URL


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