Gender heterogeneity in the sell-side analyst recommendation issuing process

K. Bosquet, P.C. de Goeij, K. Smedts

Research output: Contribution to journalArticleScientificpeer-review

9 Citations (Scopus)


Using analyst stock recommendations issued between January 1996 and December 2006 we show that the odds for female financial analysts to issue optimistic investment advice is 40% lower than for male analysts. Although 17% of our sample of analysts is female, 48% is employed by a top financial institution and for them the odds to issue optimistic recommendations are 16% lower than their male colleagues. The odds are even 30% lower than their female counterparts at non-top institutions. The observed gender heterogeneity cannot be attributed to differences in the risk characteristics of recommended stocks, experience or task complexity.
Original languageEnglish
Pages (from-to)104-111
JournalFinance research letters
Issue number2
Publication statusPublished - Jun 2014


  • financial analysts
  • recommendation issuing process
  • gender heterogeneity

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