Facial Structure and Achievement Drive: Evidence from Financial Analysts

Posted: 6 Oct 2019

See all articles by Xianjie He

Xianjie He

Shanghai University of Finance and Economics - School of Accountancy

Huifang Yin

Shanghai University of Finance and Economics

Yachang Zeng

Nanyang Technological University

Huai Zhang

Nanyang Technological University (NTU)

Hailong Zhao

Southwestern University of Finance and Economics

Multiple version iconThere are 2 versions of this paper

Date Written: September 1, 2019

Abstract

We use a large pictorial sample of Chinese financial analysts to test the association between facial width-to-height ratio (fWHR) and performance in men. Financial analysts offer an ideal setting for our investigation because we can objectively track individual analysts’ behaviors and performance. We find that high-fWHR analysts are more likely to conduct corporate site visits and they exhibit better performance. The positive fWHR–performance association survives a battery of robustness checks and the association is more pronounced for analysts with lower status, for firms with higher uncertainty, and for analysts facing more intense competition. Our results suggest that the dominant trait predicted by fWHR is achievement drive.

Keywords: facial structure; achievement drive; financial analysts

JEL Classification: M20; M40; M41; M50

Suggested Citation

He, Xianjie and Yin, Huifang and Zeng, Yachang and Zhang, Huai and Zhao, Hailong, Facial Structure and Achievement Drive: Evidence from Financial Analysts (September 1, 2019). Journal of Accounting Research, Vol. 57, No. 4, 2019. Available at SSRN: https://ssrn.com/abstract=3463821

Xianjie He

Shanghai University of Finance and Economics - School of Accountancy ( email )

No. 777 Guoding Road, Shanghai
Shanghai, 200433
China

Huifang Yin

Shanghai University of Finance and Economics ( email )

777 Guoding Road
Shanghai, AK Shanghai 200433
China

Yachang Zeng (Contact Author)

Nanyang Technological University ( email )

Singapore, 639798
Singapore

Huai Zhang

Nanyang Technological University (NTU) ( email )

Nanyang Business School
50 Nanyang Ave.
Singapore, 639798
Singapore
+65-6790-4097 (Phone)

Hailong Zhao

Southwestern University of Finance and Economics ( email )

55 Guanghuacun St,
Chengdu, Sichuan 610074
China

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