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Gender and beauty in the financial analyst profession: evidence from the United States and China

Author

Listed:
  • Congcong Li

    (Duquesne University)

  • An-Ping Lin

    (Singapore Management University)

  • Hai Lu

    (University of Toronto
    Peking University)

  • Kevin Veenstra

    (McMaster University)

Abstract

We examine how gender and beauty affect the likelihood of being voted as an All-Star in the financial analyst profession in both the United States and China. We find that female analysts are more likely to be voted as All-Star analysts in the United States, but good-looking female U.S. analysts are less likely to be voted as All-Stars. The conclusion is the opposite for Chinese analysts. We find that female analysts in China are less likely to be voted as All-Stars, but the likelihood increases with their facial attractiveness. These findings implicate a beauty penalty for female analysts in the United States and gender discrimination against female analysts in China. This career path evidence from a competitive financial industry suggests that gender and beauty biases may be rooted deeply in culture and the legal environment and should not be treated homogenously.

Suggested Citation

  • Congcong Li & An-Ping Lin & Hai Lu & Kevin Veenstra, 2020. "Gender and beauty in the financial analyst profession: evidence from the United States and China," Review of Accounting Studies, Springer, vol. 25(4), pages 1230-1262, December.
    • Handle: RePEc:spr:reaccs:v:25:y:2020:i:4:d:10.1007_s11142-020-09542-z
    DOI: 10.1007/s11142-020-09542-z
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    5. David Ong, 2022. "The college admissions contribution to the labor market beauty premium," Contemporary Economic Policy, Western Economic Association International, vol. 40(3), pages 491-512, July.
    6. Ling, Leng & Luo, Danglun & Li, Xiaoxia & Pan, Xintong, 2022. "Looking good by doing good: CEO attractiveness and corporate philanthropy11We thank the co-editor (Suqin Ge) and the referees for many valuable comments and suggestions. We thank Huimin Li and Jing Sh," China Economic Review, Elsevier, vol. 76(C).
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    8. Lin Peng & Siew Hong Teoh & Yakun Wang & Jiawen Yan, 2022. "Face Value: Trait Impressions, Performance Characteristics, and Market Outcomes for Financial Analysts," Journal of Accounting Research, Wiley Blackwell, vol. 60(2), pages 653-705, May.
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    More about this item

    Keywords

    Analysts; Gender; Beauty; Labor market;
    All these keywords.

    JEL classification:

    • D83 - Microeconomics - - Information, Knowledge, and Uncertainty - - - Search; Learning; Information and Knowledge; Communication; Belief; Unawareness
    • G11 - Financial Economics - - General Financial Markets - - - Portfolio Choice; Investment Decisions
    • G24 - Financial Economics - - Financial Institutions and Services - - - Investment Banking; Venture Capital; Brokerage
    • J24 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Human Capital; Skills; Occupational Choice; Labor Productivity
    • J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations
    • M41 - Business Administration and Business Economics; Marketing; Accounting; Personnel Economics - - Accounting - - - Accounting

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