Gender and Analyst Reports

51 Pages Posted: 11 Jul 2024

See all articles by Bill B. Francis

Bill B. Francis

Rensselaer Polytechnic Institute (RPI) - Lally School of Management

Gilna Samuel

University of Portland

Thomas Shohfi

Wayne State University - Mike Ilitch School of Business

Kate Suslava

Bucknell University Freeman College of Management

Daqi Xin

Nankai University

Date Written: July 04, 2024

Abstract

We examine gender differences in characteristics of sell-side analyst reports. We find that female analyst reports are shorter and more readable. Consistent with an “ethical standard” explanation, the textual sentiment of female analyst reports is less optimistic. Moreover, female analyst reports contain less financially oriented content, are more long-term oriented, and are less likely to be issued in response to coverage firm earnings announcements. Readability, length, and sentiment of female analysts’ reports induce different market reactions than their male counterparts, yet female analysts improve report readability and increase objectivity over their career more than male analysts do. Our results provide evidence of gender stereotyping in the analyst profession.

Keywords: earnings announcements, gender, qualitative information, readability, sell-side analyst, analyst reports

JEL Classification: G10, G14, J16, M14, M41

Suggested Citation

Francis, Bill B. and Samuel, Gilna and Shohfi, Thomas and Suslava, Kate and Xin, Daqi, Gender and Analyst Reports (July 04, 2024). Available at SSRN: https://ssrn.com/abstract=4886175 or http://dx.doi.org/10.2139/ssrn.4886175

Bill B. Francis

Rensselaer Polytechnic Institute (RPI) - Lally School of Management ( email )

Troy, NY 12180
United States

Gilna Samuel

University of Portland ( email )

Portland, OR 97203
United States

Thomas Shohfi (Contact Author)

Wayne State University - Mike Ilitch School of Business ( email )

5201 Cass Avenue
Detroit, MI 48202

Kate Suslava

Bucknell University Freeman College of Management ( email )

701 Moore Ave
Lewisburg, PA 18837
United States

Daqi Xin

Nankai University ( email )

Tianjin
China

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Downloads
273
Abstract Views
877
Rank
238,422
PlumX Metrics