We investigate ethnic minority and nonminority sell-side analysts’ participation in public earnings conference calls. We find that minority analysts are underrepresented in conference call Q&A sessions, and minority analysts who do participate on the calls experience lower levels of prioritization than do nonminority analysts. Minority analysts’ lower participation rates are partially but not fully mediated by characteristics such as experience, work environment, and stock rating favorability. Additionally, firm and conference call fixed effects mediate approximately half the magnitude of lower minority participation rates. Extroverted minority analysts participate at higher rates, but the negative association between minority status and conference call participation is exacerbated when calls are more time constrained, when executive teams are less diverse, and when analysts are from less prestigious brokerage houses. Overall, we document the underrepresentation of minority analysts on earnings conference calls and provide evidence suggesting both analysts’ and managers’ choices influence minority analysts’ participation rates.

中文翻译：

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少数族裔分析师参与公开财报电话会议的情况

我们调查少数族裔和非少数族裔卖方分析师参加公开收益电话会议的情况。我们发现，少数派分析师在电话会议问答环节中的代表性不足，而参加电话会议的少数派分析师的优先级比非少数派分析师要低。少数派分析师的较低参与率部分但不完全是由经验、工作环境和股票评级好感度等特征调节的。此外，公司和电话会议的固定效应调节了少数族裔参与率较低程度的大约一半。外向的少数族裔分析师的参与率较高，但当电话会议的时间更加有限、执行团队的多元化程度较低以及分析师来自不太知名的经纪公司时，少数族裔身份与电话会议参与率之间的负相关就会加剧。总体而言，我们记录了少数分析师在财报电话会议上代表性不足的情况，并提供了证据表明分析师和经理的选择都会影响少数分析师的参与率。