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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.

About the Author(s)

Xi Li

Xi Li is an associate professor of finance at the University of Arkansas, Fayetteville.

Rodney Sullivan
Rodney N. Sullivan CFA

As executive director of the Richard A. Mayo Center for Asset Management, Rodney Sullivan has primary leadership and managerial responsibility for the administration and oversight of all of the center’s activities. Sullivan joined the Darden School from AQR Capital Management, the Greenwich, Connecticut, based investment management firm where he served as vice president and head of investment content. An investment industry publishing leader with an extensive track record of developing and communicating innovative research and ideas, Sullivan helped establish and led the firm’s editorial board and also was a founding member of the AQR Asset Management Institute at London Business School. Prior to joining AQR, Sullivan worked as head of publications and editor of the Financial Analysts Journal at the CFA Institute for more than 10 years, including oversight responsibilities for a suite of publication services aimed at the investment community. A Chartered Financial Analyst, Sullivan holds a bachelor’s and master’s degree in economics from Virginia Commonwealth University. He lives in Charlottesville with his family and currently serves on the editorial board of the Journal of Alternative Investments.

Danielle Xu
Guodong Gao