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- Title
GENDER INFLUENCE IN STOCK RECOMMENDATIONS BY EQUITY RESEARCH ANALYSTS.
- Authors
Martinez El Ghossain, Amanda; Sampaio Navarro Vieira, Anna De Abreu; Strommer Godoi, Alexandra; Corrêa Mirapalheta, Gustavo
- Abstract
This study empirically tests the hypothesis in the literature that women, in their investment decisions, tend to show greater risk aversion and/or a lower degree of optimism than their male counterparts by analyzing investment recommendations by Equity Research analysts in Brazil. Based on a sample of 7496 recommendations for the main companies listed on the B3 between 2009-2021, a statistically significant effect was found in the opposite direction to that predicted: recommendations made by women tended to be more optimistic. We found that the difference is specific to sell recommendations, issued more frequently by men and that the effect disappears when controlling for the coverage sector and institution, which suggests that the difference is due to the fact of women, who account for only 12.8% of all recommendations, focus on covering specific sectors, such as consumption.
- Subjects
BRAZIL; SECURITIES analysts; GENDER; RISK aversion
- Publication
RAE: Revista de Administração de Empresas, 2024, Vol 64, Issue 4, p1
- ISSN
0034-7590
- Publication type
Article
- DOI
10.1590/S0034-759020240403x