We examine how alumni ties with corporate boards differentially affect male and female analysts’ job performance and career outcomes. Connection improves men’s job performance — forecasting accuracy and recommendation impact — significantly more than women’s. Controlling for performance, connection further contributes to men’s, but not women’s, likelihood of being voted by institutional investors as “star” analysts, a marker of career success. These asymmetric effects are stronger in more opaque firms and among younger analysts, but is absent from a placebo test. Our evidence indicates that men reap higher benefits from social networks than women in both job performance and subjective evaluation.
analyst research, gender, connections, social network
Accounting | Corporate Finance
Corporate Reporting and Disclosure
Review of Financial Studies
Oxford University Press
FANG, Lily Hua and HUANG, Sterling.
Gender and connections among Wall Street analysts. (2017). Review of Financial Studies. 30, (9), 3305-3335. Research Collection School Of Accountancy.
Available at: http://ink.library.smu.edu.sg/soa_research/1323
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