Bridge over ocean
1 March 2013 Financial Analysts Journal Volume 69, Issue 2

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

  1. Xi Li
  2. Rodney N. Sullivan, CFA
  3. Danielle Xu
  4. Guodong Gao

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.

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