Sell-Side Analysts and Gender: A Comparison of Performance, Behavior, and Career Outcomes
Hong Kong University of Science & Technology (HKUST)
Rodney N Sullivan
AQR Capital Management
Chicago Equity Partners
December 20, 2012
Financial Analysts Journal 69 (2), 83-94, March/April 2013.
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
Date posted: March 18, 2011 ; Last revised: October 19, 2014