Abstract

http://ssrn.com/abstract=1784531
 
 

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


Xi Li


Hong Kong University of Science & Technology

Rodney N Sullivan


AQR Capital Management

Danielle Xu


Gonzaga University

Guodong Gao


Chicago Equity Partners

December 20, 2012

Financial Analysts Journal, Vol. 69, No. 2, 2013

Abstract:     
Using a comprehensive sample of investment recommendations, we investigate differences in the performance, behavior, and career outcomes of male and female sell-side analysts. Compared to their male counterparts, we find that the recommendations of female analysts produce similar abnormal returns but with lower idiosyncratic risks. Further, gender does not seem to negatively influence female analysts’ career outcomes as defined by their star rankings and job mobility among brokerage firms. In fact, being a female analyst seems to increase the likelihood of being listed among the prestigious Institutional Investor and WSJ star analysts.

Number of Pages in PDF File: 28

Keywords: gender, sell-side analyst, investment recommendations, performance, behavior, career outcomes

JEL Classification: J24, J15, J16, G14, G24, G28

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Date posted: March 18, 2011 ; Last revised: August 19, 2013

Suggested Citation

Li, Xi and Sullivan, Rodney N and Xu, Danielle and Gao, Guodong, Sell-Side Analysts and Gender: A Comparison of Performance, Behavior, and Career Outcomes (December 20, 2012). Financial Analysts Journal, Vol. 69, No. 2, 2013. Available at SSRN: http://ssrn.com/abstract=1784531 or http://dx.doi.org/10.2139/ssrn.1784531

Contact Information

Xi Li (Contact Author)
Hong Kong University of Science & Technology ( email )
Clearwater Bay
Kowloon
Hong Kong
Rodney N Sullivan
AQR Capital Management ( email )
Two Greenwich Plza
Greenwich, CT 06830
United States
HOME PAGE: http://www.aqr.com/Home.aspx
Danielle Xu
Gonzaga University ( email )
Spokane, WA 99258
United States
Guodong Gao
Chicago Equity Partners ( email )
United States
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