Working Paper: NBER ID: w12897
Authors: T. Clifton Green; Narasimhan Jegadeesh; Yue Tang
Abstract: We study the relation between gender and job performance among brokerage firm equity analysts. Women's representation in analyst positions drops from 16% in 1995 to 13% in 2005. We find women cover roughly 9 stocks on average compared to 10 for men. Women's earnings estimates tend to be less accurate. After controlling for forecast characteristics, the difference in accuracy is roughly equivalent to four years of experience. Despite reduced coverage and lower forecast accuracy, we find women are significantly more likely to be designated as All-Stars, which suggests they outperform at other aspects of the job such as client service.
Keywords: gender; job performance; equity analysts; Wall Street
JEL Codes: G14; G29; J44; J7
Edges that are evidenced by causal inference methods are in orange, and the rest are in light blue.
| Cause | Effect |
|---|---|
| gender (J16) | stock coverage (G52) |
| gender (J16) | forecast accuracy (C53) |
| gender (J16) | all-star designation (Z22) |
| stock coverage (G52) | forecast accuracy (C53) |
| forecast accuracy (C53) | all-star designation (Z22) |