COVID-19对股票分析师的性别影响

F. Li, Baolian Wang
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引用次数: 5

摘要

我们使用COVID-19大流行作为自然实验来研究儿童保育和家庭责任对卖方分析师的影响。这种设置的丰富性使我们能够在要求女性和男性分析师执行相同任务的同时,对他们进行比较。我们发现,女性分析师的预测准确性下降幅度大于男性分析师,尤其是在学校关闭、更有可能有年幼孩子、经验不足、可能在大流行前更忙、居住在南部各州的分析师中。女性分析师还降低了预测的及时性,更多地采用启发式预测。股市意识到了这一点,对女性分析师的预测反应减弱。然而,相对于男性分析师,女性分析师并没有减少他们的覆盖范围或更新频率。我们还发现,上述不断扩大的性别差距是暂时的,到2020年5月/ 6月,性别差距在统计上不显著。总的来说,我们的结果表明,大流行对女性分析师的影响比男性分析师更大,主要是通过预测的质量,而不是数量。
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The Gender Effects of COVID-19 on Equity Analysts
We use the COVID-19 pandemic as a natural experiment to study the effects of childcare and household duties on sell-side analysts. The richness of this setting allows us to compare female and male analysts while requiring them to perform the same tasks. We find that female analysts' forecast accuracy declined more than male analysts, especially when schools were closed and among analysts who were more likely to have young children, inexperienced, were likely busier before the pandemic, and lived in southern states. Female analysts also reduced the timeliness of their forecasts and resorted to more heuristic forecasts. The stock market was aware of this and became less responsive to female analysts' forecasts. However, female analysts did not reduce their coverage or updating frequency relative to male analysts. We also find the above widening gender gap was temporary and became statistically insignificant by May/June 2020. Overall, our results show that the pandemic impacted female analysts more than males through the quality of their forecasts but not the quantity.
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