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Gender and Job Performance: Evidence from Wall Street

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Author Info
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.

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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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Find related papers by JEL classification:
G14 - Financial Economics - - General Financial Markets - - - Information and Market Efficiency; Event Studies
G29 - Financial Economics - - Financial Institutions and Services - - - Other
J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations
J7 - Labor and Demographic Economics - - Labor Discrimination

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Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.:
  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. [Downloadable!] (restricted)
  2. Holzer, Harry & Neumark, David, 1999. "Are Affirmative Action Hires Less Qualified? Evidence from Employer-Employee Data on New Hires," Journal of Labor Economics, University of Chicago Press, vol. 17(3), pages 534-69, July. [Downloadable!] (restricted)
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  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. [Downloadable!]
  4. 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. [Downloadable!] (restricted)
  5. 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. [Downloadable!] (restricted)
  6. Neumark, David, 1996. "Sex Discrimination in Restaurant Hiring: An Audit Study," The Quarterly Journal of Economics, MIT Press, vol. 111(3), pages 915-41, August. [Downloadable!] (restricted)
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  7. 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. [Downloadable!]
  8. 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. [Downloadable!] (restricted)
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  9. Stickel, Scott E, 1992. " Reputation and Performance among Security Analysts," Journal of Finance, American Finance Association, vol. 47(5), pages 1811-36, December. [Downloadable!] (restricted)
  10. 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. [Downloadable!] (restricted)
  11. Kenneth Arrow, 1971. "The Theory of Discrimination," Working Papers 403, Princeton University, Department of Economics, Industrial Relations Section.. [Downloadable!]
  12. 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. [Downloadable!] (restricted)
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Cited by:
(explanations, Please report citation or reference errors to , or , if you are the registered author of the cited work, log in to your RePEc Author Service profile, click on "citations" and make appropriate adjustments.)

  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. [Downloadable!]
  2. Beckmann, Daniela & Menkhoff, Lukas, 2008. "Will Women Be Women? Analyzing the Gender Difference among Financial Experts," Diskussionspapiere der Wirtschaftswissenschaftlichen Fakultät der Universität Hannover dp-391, Universität Hannover, Wirtschaftswissenschaftliche Fakultät. [Downloadable!]
    Other versions:
  3. Adams, Renﾃｩe B. & Ferreira, Daniel, 2008. "Women in the Boardroom and Their Impact on Governance and Performance," CEI Working Paper Series 2008-7, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University. [Downloadable!]
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