Management Forecasts, Analyst Revisions, and Investor Reactions: The Effect of CEO Gender

dc.contributor.author Cook, Alison
dc.contributor.author Esplin, Adam
dc.contributor.author Glass, Christy
dc.contributor.author Judd, J. Scott
dc.contributor.author Olsen, Kari
dc.date.accessioned 2019-12-06T18:33:57Z
dc.date.available 2019-12-06T18:33:57Z
dc.date.issued 2019-08-28
dc.description.abstract In this study, we examine whether CEO gender affects the likelihood of management forecast issuance, forecast properties, and subsequent reactions from analysts and investors. We use a panel data set of CEO transitions between 2000 and 2015 to test our hypotheses. We find that while women CEOs are more likely to issue earnings forecasts after a CEO transition, the characteristics of forecasts issued by women and men CEOs do not differ. Furthermore, we find that CEO gender significantly affects analyst and investor reactions. In particular, we find that analysts and investors demonstrate a more tempered reaction to good news forecasts issued by women CEOs compared to men CEOs. Overall, our findings suggest that analysts and investors find management forecasts issued by women CEOs to be less credible than forecasts issued by men CEOs despite no apparent differences in their forecast properties.
dc.identifier.uri http://hdl.handle.net/10125/64854
dc.subject CEO Gender
dc.subject Management Forecasts
dc.subject Analyst Revisions
dc.title Management Forecasts, Analyst Revisions, and Investor Reactions: The Effect of CEO Gender
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