In-Group Bias in Financial Markets

• 成果类型: Article; Early Access
• 署名作者: Jannati, Sima; Kumar, Alok; Niessen-Ruenzi, Alexandra; Wolfers, Justin
• 署名单位: University of Texas System; University of Texas Arlington; University of Miami; University of Mannheim; University of Michigan System; University of Michigan
• 刊物名称: MANAGEMENT SCIENCE
• ISSN/ISSBN: 0025-1909
• DOI: 10.1287/mnsc.2023.01467
• 发表日期: 2025
• 关键词: In-group bias; female analysts; EARNINGS FORECASTS; stock recommendations; FORECAST ACCURACY

摘要

Using gender to identify analyst groups, we examine whether in-group bias affects the behavior of sell-side equity analysts and the information dissemination process. We find that analysts hold more optimistic and less accurate earnings expectations for firms with same-gender CEOs, where in-group bias is stronger among men. Greater exposure to out-of-group individuals weakens in-group bias, and the bias is also weaker among analysts located in U.S. states with greater gender equality. Group definitions based on race/ethnicity and name similarity yield similar results. These findings are robust and unlikely to reflect selective information access or various selection effects.