We investigate the role of gender on the aggressiveness of sell-side analysts’ questions during earnings conference calls. Our tests reveal that the verbal aggressiveness of analysts’ questions is significantly associated with both the gender of the analyst asking the question and the gender of the CEO fielding the question. First, we find that male analysts are more verbally aggressive than female analysts. Specifically, male analysts’ questions are more direct and more likely to be followed with further questions, to have a preface statement, and to be negative, all of which are consistent with verbal aggressiveness. Second, male analysts’ questions to female CEOs are more aggressive than their questions to male CEOs. Gender-based verbal aggressiveness appears to be associated with analysts’ career trajectories: Female analysts who ask aggressive questions have a higher likelihood of becoming “star” analysts, whereas we fail to find such evidence for male analysts.

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在财报电话会议期间，性别在 CEO 积极提问中的作用

我们调查了性别对收益电话会议期间卖方分析师提问的积极性的影响。我们的测试表明，分析师提问的言语攻击性与提问的分析师的性别和回答问题的 CEO 的性别显着相关。首先，我们发现男性分析师比女性分析师在言语上更具攻击性。具体来说，男性分析师的问题更直接，更有可能被进一步提问，有一个前言陈述，并且是否定的，所有这些都与言语攻击性一致。其次，男性分析师对女性 CEO 的提问比对男性 CEO 的提问更具侵略性。基于性别的言语攻击性似乎与分析师的职业轨迹有关：