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
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页数：30
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