The effects of social bias against female analysts on markets |
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| Institution: | 1. Department of Finance and Insurance, Miller College of Business, Ball State University, Muncie, IN 47306, United States of America;2. Department of Accounting, Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai, China;3. Department of Accounting, Finance, & Business Law, The University of Texas at Tyler, Tyler, TX 75799, United States of America;4. Department of Finance, Muma College of Business, BSN3403, University of South Florida, Tampa, FL 33620, United States of America;1. School of Management, Hainan University, China;2. School of Accounting, Guangdong University of Foreign Studies, China;3. Macquarie Business School, Macquarie University, Australia;4. School of Management, Jinan University, China |
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| Abstract: | I provide evidence for the effects of social bias on markets by studying female analysts. I find that the market reaction to female analysts' forecasts is weaker and slower than that to male analysts' forecasts. I also find that female analysts' forecasts are more accurate and timely than those of male analysts. Taken together, these findings imply that female analysts are underestimated even if they have better forecasting ability than male analysts. This effect decreases when female analysts are attractive, increases when the covered firm's CEO is male and is mediated by analysts' self-confidence. These results emphasize three sources of social bias against female analysts: incompetence bias, immorality bias, and credit bias. I also employ two exogenous shocks to rule out alternative explanations and conduct robustness tests to further support my results. My findings thus highlight that social bias against females remains an issue that significantly affects the capital market. |
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