The Bright Side of Risk-Taking: Evidence From Financial Analysts

被引：1

作者：

Jiang, Jinglin ^{[1
]}

Liu, Bo ^{[2
,3
]}

机构：

[1] Sonoma State Univ, Accounting, Rohnert Pk, CA USA

[2] Dongbei Univ Finance & Econ, Sch Accounting, Dalian, Peoples R China

[3] Dongbei Univ Finance & Econ, 217 Jianshan St, Dalian 116025, Peoples R China

来源：

JOURNAL OF ACCOUNTING AUDITING AND FINANCE | 2024年

基金：

中国国家自然科学基金;

关键词：

analysts' fWHRs; analyst forecasts; calculated risk-taking; analyst performance; career outcome; FIRM-SPECIFIC INFORMATION; FACIAL STRUCTURE; TOURNAMENT INCENTIVES; CAREER CONCERNS; FORECASTS; BEHAVIOR; MARKET; FACE; SYNCHRONICITY; TESTOSTERONE;

D O I：

10.1177/0148558X231208733

中图分类号：

F8 [财政、金融];

学科分类号：

0202 ;

摘要：

This study investigates the relationship between analysts' facial width-to-height ratio (fWHR) and their selected forecast boldness under different conditions (e.g., tournament condition and skill levels). The aim is to determine if fWHR captures innate or calculated risk-taking preferences. Supplementary tests reveal that high-fWHR analysts issuing bold forecasts achieve more favorable outcomes in terms of job promotion and forecast accuracy compared with their low-fWHR peers, providing supporting evidence that fWHR is associated with calculated risk-taking. In addition, tests conducted on stock price non-synchronicity and market reaction to bold forecasts for high- versus low-fWHR analysts suggest that high-fWHR analysts possess more firm-specific private information.JEL Codes: M20, M40, M41, G24

引用

页数：30

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