Gender and beauty in the financial analyst profession: evidence from the United States and China

53 Pages Posted: 31 Mar 2019 Last revised: 13 Jul 2020

See all articles by Congcong Li

Congcong Li

Duquesne University - A.J. Palumbo School of Business Administration

An-Ping Lin

Singapore Management University - School of Accountancy

Hai Lu

University of Toronto - Rotman School of Management

Kevin J. Veenstra

McMaster University - DeGroote School of Business

Date Written: June 1, 2020

Abstract

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

Suggested Citation

Li, Congcong and Lin, An-Ping and Lu, Hai and Veenstra, Kevin J., Gender and beauty in the financial analyst profession: evidence from the United States and China (June 1, 2020). Review of Accounting Studies, Forthcoming, Singapore Management University School of Accountancy Research Paper No. 2020-114, Available at SSRN: https://ssrn.com/abstract=3347968 or http://dx.doi.org/10.2139/ssrn.3347968

Congcong Li

Duquesne University - A.J. Palumbo School of Business Administration ( email )

Pittsburgh, PA 15282
United States

An-Ping Lin

Singapore Management University - School of Accountancy ( email )

60 Stamford Road
Singapore 178900
Singapore

Hai Lu (Contact Author)

University of Toronto - Rotman School of Management ( email )

105 St. George Street
Toronto, Ontario M5S 3E6 M5S1S4
Canada

Kevin J. Veenstra

McMaster University - DeGroote School of Business ( email )

1280 Main Street West
Hamilton, Ontario L8S 4M4
Canada

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