The gender effects of COVID: evidence from equity analysts

• 成果类型: Article
• 署名作者: Li, Frank Weikai; Wang, Baolian
• 署名单位: Singapore Management University; State University System of Florida; University of Florida
• 刊物名称: REVIEW OF ACCOUNTING STUDIES
• ISSN/ISSBN: 1380-6653
• DOI: 10.1007/s11142-024-09852-6
• 发表日期: 2025
• 页码: 1683-1715
• 关键词: FORECAST REVISIONS; stock returns; WAGE PENALTY; earnings; performance

摘要

We use COVID-19 and sell-side analysts as an experiment to study the effects of gender on labor productivity. We find that the forecast accuracy of female analysts declined more than that of male analysts, especially when schools were closed and among analysts who were more likely to have young children, were inexperienced, were busier, or lived in southern states of the US. Relative to male analysts, females also reduced their forecast timeliness and resorted to more heuristic forecasts but did not reduce coverage or updating frequency. Relative to pre pandemic, female analysts' careers were more negatively affected than male analysts'. Overall, our results show that the pandemic impacted female analysts more than males through the quality of their forecasts but not the quantity.