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

28 Pages Posted: 18 Mar 2011 Last revised: 19 Oct 2014

Xi Li

Hong Kong University of Science & Technology (HKUST)

Rodney N Sullivan

AQR Capital Management

Danielle Xu

Gonzaga University

Guodong Gao

Chicago Equity Partners

Date Written: December 20, 2012

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.

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

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

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 69 (2), 83-94, March/April 2013.. Available at SSRN: https://ssrn.com/abstract=1784531 or http://dx.doi.org/10.2139/ssrn.1784531

Xi Li (Contact Author)

Hong Kong University of Science & Technology (HKUST) ( email )

Clearwater Bay
Kowloon, 999999
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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