The Gender Effects of COVID-19 on Equity Analysts

48 Pages Posted: 10 Jun 2021 Last revised: 26 Oct 2021

See all articles by Frank Weikai Li

Frank Weikai Li

Singapore Management University - Lee Kong Chian School of Business

Baolian Wang

University of Florida - Department of Finance, Insurance and Real Estate

Date Written: October 26, 2021

Abstract

We use COVID-19 as an experiment to study the effects of childcare and household duties on sell-side analysts. We find that female analysts' forecast accuracy declined more than male analysts, especially when schools were closed and among analysts who were more likely to have young children, inexperienced, busier, and lived in southern states. Relative to male analysts, females also reduced forecast timeliness and resorted to more heuristic forecasts but did not reduce coverage or updating frequency. Overall, our results show that the pandemic impacted female analysts more than males through the quality of their forecasts but not the quantity.

Keywords: COVID-19; pandemic; financial analysts; gender gap; decision heuristics

JEL Classification: G14, G20, J16, J24, J32, J44

Suggested Citation

Li, Frank Weikai and Wang, Baolian, The Gender Effects of COVID-19 on Equity Analysts (October 26, 2021). Available at SSRN: https://ssrn.com/abstract=3857376 or http://dx.doi.org/10.2139/ssrn.3857376

Frank Weikai Li

Singapore Management University - Lee Kong Chian School of Business ( email )

469 Bukit Timah Road
Singapore 912409
Singapore

Baolian Wang (Contact Author)

University of Florida - Department of Finance, Insurance and Real Estate ( email )

314 Stuzin Hall
Gainesville, FL 32611
United States

HOME PAGE: http://www.wangbaolian.com

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