Sell-Side Analysts and Gender: A Comparison of Performance, Behavior, and Career Outcomes

Abstract

Using a comprehensive sample of investment recommendations, the authors investigated differences in the performance, behavior, and career outcomes of male and female sell-side analysts. They found that the recommendations of female analysts, compared with those of their male counterparts, produce similar abnormal returns but with lower idiosyncratic risks. Further, gender does not seem to negatively affect female analysts’ career outcomes as defined by their “star” rankings and job mobility among brokerage firms.