Career Imprinting: The Influence of Coworkers in Early Career

51 Pages Posted: 16 Dec 2011 Last revised: 15 Oct 2013

See all articles by Kelvin Law

Kelvin Law

Nanyang Business School, Nanyang Technological University

Date Written: October 14, 2013

Abstract

This study examines whether individuals' early-career experience influences their subsequent job behavior. I find that sell-side analysts who worked with more optimistic coworkers in their early career issue more strong buy recommendations, more large upgrades, higher earnings forecasts, and higher price targets. Various tests — exploiting the ex post characteristics of early-career experience based on job span and newcomers, using instruments based on the gender composition and network size of early-career coworkers, and implementing a series of falsification and robustness tests — consistently suggest that these systematic patterns are driven by analysts' early-career coworker experience rather than by their self-selection.

Keywords: Early-Career Experience, Career Imprinting, Coworkers, Analysts

JEL Classification: D83, G12, G24, J24, J44

Suggested Citation

Law, Kelvin, Career Imprinting: The Influence of Coworkers in Early Career (October 14, 2013). Available at SSRN: https://ssrn.com/abstract=1972352 or http://dx.doi.org/10.2139/ssrn.1972352

Kelvin Law (Contact Author)

Nanyang Business School, Nanyang Technological University ( email )

Singapore, 639798
Singapore

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