Gender heterogeneity in the sell-side analyst recommendation issuing process

Katrien Bosquet, Peter de Goeij and Kristien Smedts

Finance Research Letters, 2014, vol. 11, issue 2, 104-111

Abstract: Using analyst stock recommendations issued between January 1996 and December 2006 we show that the odds for female financial analysts to issue optimistic investment advice is 40% lower than for male analysts. Although 17% of our sample of analysts is female, 48% is employed by a top financial institution and for them the odds to issue optimistic recommendations are 16% lower than their male colleagues. The odds are even 30% lower than their female counterparts at non-top institutions. The observed gender heterogeneity cannot be attributed to differences in the risk characteristics of recommended stocks, experience or task complexity.

Keywords: Financial analysts; Recommendation issuing process; Gender heterogeneity (search for similar items in EconPapers)
JEL-codes: G11 G14 G24 J44 (search for similar items in EconPapers)
Date: 2014
References: View references in EconPapers View complete reference list from CitEc
Citations: View citations in EconPapers (10)

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S1544612313000640
Full text for ScienceDirect subscribers only

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:finlet:v:11:y:2014:i:2:p:104-111

DOI: 10.1016/j.frl.2013.11.004

Access Statistics for this article

Finance Research Letters is currently edited by R. Gençay

More articles in Finance Research Letters from Elsevier
Bibliographic data for series maintained by Catherine Liu ().