Gender heterogeneity in the sell-side analyst recommendation issuing process

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

Research output: Contribution to journalArticleScientificpeer-review

15 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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