Gender and Connections among Wall Street Analysts

• 成果类型: Article
• 署名作者: Fang, Lily Hua; Huang, Sterling
• 署名单位: INSEAD Business School; Singapore Management University
• 刊物名称: REVIEW OF FINANCIAL STUDIES
• ISSN/ISSBN: 0893-9454
• DOI: 10.1093/rfs/hhx040
• 发表日期: 2017
• 页码: 3305
• 关键词: earnings; women; COMPETITION; reputation; career; gap

摘要

We examine how alumni ties with corporate boards differentially affect male and female analysts' job performance and career outcomes. Connections improve analysts' forecasting accuracy and recommendation impact, but the effect is two to three times as large for men as for women. Connections also contribute to analysts' likelihood of being voted by institutional investors as star analysts, but act as a partial substitute to performance for men, while a complement to performance for women. Our evidence indicates that men benefit more than women from connections in both job performance and the subjective evaluation by others. (JEL G24, J16, J24)