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Trading on Gender Heterogeneity in Analyst Recommendations: A Profitable Investment Strategy?Katrien BosquetKU Leuven - Faculty of Business and Economics (FBE) Peter De GoeijCentER, Tilburg Law and Economics Center (TILEC), Tilburg University Kristien SmedtsKU Leuven - Faculty of Business and Economics (FBE) October 19, 2011 Abstract: Using analysts' stock recommendations this paper shows gender heterogeneity in investment advice. The odds for female financial analysts to issue optimistic recommendations are much lower than the odds for male analysts. However, an investor cannot profit from the observed gender differences. Comparing monthly rebalanced portfolios of stocks recommended by female analysts and by male analysts, we conclude that the investor can not convert the observed gender differences in recommendations into a profitable investment strategy.
Number of Pages in PDF File: 26 Keywords: financial analysts, recommendations, gender, portfolio investment JEL Classification: G11, G14, G24, J44 working papers seriesDate posted: October 19, 2011Suggested CitationContact Information
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