Gender and beauty in the financial analyst profession: evidence from the United States and China
Review of Accounting Studies, Forthcoming
53 Pages Posted: 31 Mar 2019 Last revised: 13 Jul 2020
Date Written: June 1, 2020
We examine how gender and beauty affect the likelihood of being voted as an All-Star in the financial analyst profession in both the United States and China. We find that female analysts are more likely to be voted as All-Star analysts in the United States, but good-looking female U.S. analysts are less likely to be voted as All-Stars. The conclusion is the opposite for Chinese analysts. We find that female analysts in China are less likely to be voted as All-Stars, but the likelihood increases with their facial attractiveness. These findings implicate a beauty penalty for female analysts in the United States and gender discrimination against female analysts in China. This career path evidence from a competitive financial industry suggests that gender and beauty biases may be rooted deeply in culture and the legal environment and should not be treated homogenously.
Keywords: Analysts, Gender, Beauty, Labor Market
JEL Classification: D83, G11, G24, J24, J44, M41
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