Sell-Side Analysts and Gender: A Comparison of Performance, Behavior, and Career Outcomes

Using a comprehensive sample of investment recommendations, the authors investigated differences in the performance, behavior, and career outcomes of male and female sell-side analysts. They found that the recommendations of female analysts, compared with those of their male counterparts, produce si...

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Bibliographic Details
Published in:Financial analysts journal 2013-03, Vol.69 (2), p.83-94
Main Authors: Li, Xi, Sullivan, Rodney N., Xu, Danielle, Gao, Guodong
Format: Article
Language:English
Subjects:
Abnormal returns
Analysts
Analytical forecasting
Bias
Brokerages
Careers
Comparative studies
Compensation
Earnings
Earnings forecasting
Employment discrimination
Equity Investments
Females
Financial analysis
Gender
Gender differences
Gender discrimination
Gender performativity
Gender studies
Investment analysis
Investment banking
Investors
Job performance
Males
Occupational achievement
Occupational mobility
Recommendations
Risk aversion
Stock brokers
Stock exchanges
Stockbrokers
Wall Street
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Summary:Using a comprehensive sample of investment recommendations, the authors investigated differences in the performance, behavior, and career outcomes of male and female sell-side analysts. They found that the recommendations of female analysts, compared with those of their male counterparts, produce similar abnormal returns but with lower idiosyncratic risks. Further, gender does not seem to negatively affect female analysts' career outcomes as defined by their "star" rankings and job mobility among brokerage firms.
ISSN:0015-198X
1938-3312
DOI:10.2469/faj.v69.n2.4