Gender and Connections among Wall Street Analysts

Posted: 28 Nov 2011 Last revised: 4 Jul 2018

Lily H. Fang

INSEAD - Finance

Sterling Huang

Singapore Management University - School of Accountancy

Date Written: January 25, 2017

Abstract

We examine how alumni ties with corporate boards differentially affect male and female analysts’ job performance and career outcomes. Connections improve analysts’ forecasting accuracy and recommendation impact, but the effect is two to three times as large for men as for women. Connections also contribute to analysts’ likelihood of being voted by institutional investors as “star” analysts, but act as a partial substitute to performance for men while a complement to performance for women. Our evidence indicates that men reap higher benefits from connections than women in both job performance and the subjective evaluation by others.

Keywords: analyst research, gender, connections, social network

JEL Classification: G24, J16, J21, J44

Suggested Citation

Fang, Lily H. and Huang, Sterling, Gender and Connections among Wall Street Analysts (January 25, 2017). Forthcoming, Review of Financial Studies; Singapore Management University School of Accountancy Research Paper No. 2018-78. Available at SSRN: https://ssrn.com/abstract=1965452 or http://dx.doi.org/10.2139/ssrn.1965452

Lily H. Fang (Contact Author)

INSEAD - Finance ( email )

Boulevard de Constance
F-77305 Fontainebleau Cedex
France

Sterling Huang

Singapore Management University - School of Accountancy ( email )

60 Stamford Road
Singapore 178900
Singapore
6808 7929 (Phone)

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