報告：The Effects of Social Bias Against Female Analysts on Markets
摘要：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.
古樸，清華大學經濟管理學院會計學博士研究生，獲國家留學基金委資助赴新加坡管理大學訪學資格。研究方向包括分析師預測，資本市場監管，公司信息披露，以及技術創新等。研究成果被Journal of Corporate Finance以及《管理世界》、《中國工業經濟》等期刊發表或錄用，擔任Journal of Corporate Finance期刊的匿名審稿人。博士在校期間兩次獲得國家獎學金。