Management Forecasts and Reactions by Analysts and Investors: The Effect of CEO Gender

Alison Cook, Adam Esplin, Christy Glass, J. Scott Judd and Kari Olsen

Journal of Business Finance & Accounting, 2025, vol. 52, issue 4, 1840-1867

Abstract: We examine whether CEO gender is associated with management forecast properties and analysts’ and investors’ reactions to those management forecasts. Using a dataset of CEO transitions, we find that while women CEOs are more likely to issue management earnings forecasts, the properties of those forecasts issued by women and men CEOs do not exhibit differences in the likelihood of missing the forecast, forecast bias, and forecast precision. We find that analysts and investors react less to forecasts issued by women CEOs than men CEOs. Additional analyses suggest that this result is attributable to internally hired rather than externally hired women CEOs. Our results are generally consistent with analysts and investors treating management forecasts issued by women CEOs to be less credible than forecasts issued by men CEOs, despite no apparent differences in their forecast properties.

Date: 2025
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