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Gender and Job Performance: Evidence from Wall Street

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  • T. Clifton Green
  • Narasimhan Jegadeesh
  • Yue Tang
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    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.

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    File URL: http://www.nber.org/papers/w12897.pdf
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    Bibliographic Info

    Paper provided by National Bureau of Economic Research, Inc in its series NBER Working Papers with number 12897.

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    Date of creation: Feb 2007
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    Handle: RePEc:nbr:nberwo:12897

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    1. Becker, Gary S, 1985. "Human Capital, Effort, and the Sexual Division of Labor," Journal of Labor Economics, University of Chicago Press, vol. 3(1), pages S33-58, January.
    2. David Neumark & Roy J. Bank & Kyle D. Van Nort, 1995. "Sex Discrimination in Restaurant Hiring: An Audit Study," NBER Working Papers 5024, National Bureau of Economic Research, Inc.
    3. Richard Breen & Cecilia Garcia-Penalosa, 2002. "Bayesian Learning and Gender Segregation," Journal of Labor Economics, University of Chicago Press, vol. 20(4), pages 899-922, October.
    4. Muriel Niederle & Lise Vesterlund, 2005. "Do Women Shy Away From Competition? Do Men Compete Too Much?," NBER Working Papers 11474, National Bureau of Economic Research, Inc.
    5. Ivkovic, Zoran & Jegadeesh, Narasimhan, 2004. "The timing and value of forecast and recommendation revisions," Journal of Financial Economics, Elsevier, vol. 73(3), pages 433-463, September.
    6. Clement, Michael B., 1999. "Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?," Journal of Accounting and Economics, Elsevier, vol. 27(3), pages 285-303, July.
    7. Harrison Hong & Jeffrey D. Kubik, 2003. "Analyzing the Analysts: Career Concerns and Biased Earnings Forecasts," Journal of Finance, American Finance Association, vol. 58(1), pages 313-351, 02.
    8. Harry Holzer & David Neumark, 1996. "Are Affirmative Action Hires Less Qualified? Evidence from Employer-Employee Data on New Hires," NBER Working Papers 5603, National Bureau of Economic Research, Inc.
    9. Stickel, Scott E, 1992. " Reputation and Performance among Security Analysts," Journal of Finance, American Finance Association, vol. 47(5), pages 1811-36, December.
    10. M. Melinda Pitts, 2002. "Why choose women's work if it pays less? A structural model of occupational choice," Working Paper 2002-30, Federal Reserve Bank of Atlanta.
    11. Polachek, Solomon William, 1981. "Occupational Self-Selection: A Human Capital Approach to Sex Differences in Occupational Structure," The Review of Economics and Statistics, MIT Press, vol. 63(1), pages 60-69, February.
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    Cited by:
    1. Paul A. Grout & In-Uck Park & Silvia Sonderegger, 2007. "An Economic Theory of the Glass Ceiling," The Centre for Market and Public Organisation 07/183, Department of Economics, University of Bristol, UK.
    2. Daniela Beckmann & Lukas Menkhoff, 2008. "Will Women Be Women? Analyzing the Gender Difference among Financial Experts," Kyklos, Wiley Blackwell, vol. 61(3), pages 364-384, 08.

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