IDEAS home Printed from https://ideas.repec.org/a/bla/jbfnac/v52y2025i4p1840-1867.html
   My bibliography  Save this article

Management Forecasts and Reactions by Analysts and Investors: The Effect of CEO Gender

Author

Listed:
  • Alison Cook
  • Adam Esplin
  • Christy Glass
  • J. Scott Judd
  • Kari Olsen

Abstract

We examine whether CEO gender is associated with management forecast properties and analysts’ and investors’ reactions to those management forecasts. Using a dataset of CEO transitions, we find that while women CEOs are more likely to issue management earnings forecasts, the properties of those forecasts issued by women and men CEOs do not exhibit differences in the likelihood of missing the forecast, forecast bias, and forecast precision. We find that analysts and investors react less to forecasts issued by women CEOs than men CEOs. Additional analyses suggest that this result is attributable to internally hired rather than externally hired women CEOs. Our results are generally consistent with analysts and investors treating management forecasts issued by women CEOs to be less credible than forecasts issued by men CEOs, despite no apparent differences in their forecast properties.

Suggested Citation

  • Alison Cook & Adam Esplin & Christy Glass & J. Scott Judd & Kari Olsen, 2025. "Management Forecasts and Reactions by Analysts and Investors: The Effect of CEO Gender," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 52(4), pages 1840-1867, August.
    • Handle: RePEc:bla:jbfnac:v:52:y:2025:i:4:p:1840-1867
    DOI: 10.1111/jbfa.12869
    as

    Download full text from publisher

    File URL: https://doi.org/10.1111/jbfa.12869
    Download Restriction: no
    File URL: https://libkey.io/10.1111/jbfa.12869?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:bla:jbfnac:v:52:y:2025:i:4:p:1840-1867. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Wiley Content Delivery (email available below). General contact details of provider: http://www.blackwellpublishing.com/journal.asp?ref=0306-686X .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.