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Next Boston QWAFAFEW Meeting: 16 Apr 2019

April 16, 2019 @ 6:00 pm - 8:00 pm

| $30

Gender and Performance Evaluation of Equity Research Analysts

A QWAFAFEW discussion led by:

Scott D. Stewart, CFA, PhD

We present 179 senior investment professionals with a scenario that manipulates whether an analyst persists in pitching a stock pick after it has been narrowly voted down in a meeting, and whether the analyst is male or female. Respondents evaluate analysts as less promotable when they do not persist, but only if the analyst is female. Results are consistent with a theory of categorization (Feldman 1981), according to which evaluators tend to shift their categorization of non-persistent women closer to the category of “woman”, and away from the category of “analyst”, while continuing to see non-persistent men as “analysts” whose behavior is explained by context. Analysis of free-response post-experimental questions confirm that the unexpected behavior was a redominant focus in performance evaluations of women, while for men focus was mostly restricted to matters of competence. We find no treatment effects among senior nonfinancial managers, who are less likely to possess the institutional knowledge required for keeping or changing categorizations. Semi-structured interviews with 13 senior investment professionals provide additional support for our assumptions about how analysts are expected to
behave. Our findings suggest that categorization heuristics are important in promotions among investment professionals and may contribute to the industry’s “leaky pipeline” for women.

Download: Gender Bias QWAFAFEW


Scott D. Stewart, PhD, CFA

Boston, Massachusetts and Ithaca, New York

Scott D. Stewart has been an investment practitioner and educator for more than 30 years.  He currently is a Clinical Professor of Finance and Accounting and Faculty Co-Director of the Parker Center for Investment Research at the SC Johnson College of Business, Cornell University.

Between 2002 and 2012, he was a research associate professor at Boston University’s School of Management and the faculty director of the school’s graduate program in investment management.  Prior to his academic career, Dr. Stewart was a portfolio manager of global long and long-short equity, fixed-income, and asset allocation strategies. His investment career included 14 years at Fidelity Investments, where he was founder and equity group leader of the $45 billion Structured Investments Group. Dr. Stewart was also senior adviser to equity research at Fidelity and a portfolio manager at State Street Bank Asset Management Division (now State Street Global Advisors).

His research interests include portfolio management, the behavior of institutional investors and management education. He is a board member of the CFA Society Boston, associate editor of the Journal of Risk Finance, coauthor of Portfolio Management: Theory and Practice and author of Manager Selection. He remains active in investments, having managed an endowment, served on a hedge fund board, consulted to an investment firm and developed several investment strategies. He earned an MBA and a PhD in finance at Cornell University. 

Time: 6:15 PM sharpe
3rd Floor of the Tennis & Racquet Club
939 Boylston Street
RSVP to hugh@QWAFAFEW.org
Mailing List and Payment Link: https://boston.qwafafew.org/

All annual dues ($150) should be paid to Boston QWAFAFEW by credit card, Bitcoin or check.

By credit card (PayPal)

By Bitcoin
Send us Bitcoin, our address is:
Please send a separate email identifying your anonymous payment.

By check:
Executive Management Associates
12 Academy Avenue
Atkinson, NH  03811

Please RSVP for all meetings you plan to attend: hugh@QWAFAFEW.org
Guests who do not RSVP may have to wait to enter the meeting, due to space constraints (capacity=100, BFD).

Guest fees ($30) can be paid through EMA (check or PayPal, bring receipt) or bitcoin (at address above).  The $30 guest fee can be paid by bitcoin, cash or check at the door, no credit cards at the meeting.

Please bring exact change (eg: two twenties = $40 Guest Fee).

As always, if you have names or discussion topics, please forward them to any member of the Steerage Committee

Questions, comments:

Steerage Committee:
Hugh Crowther
Dan diBartolomeo
Mike Dunn
Steve Gaudette
Sri Krishnamurthy
Mark Kritzman
John Minahan
Donna Cool Murphy (Dinners)
Larry Pohlman
Dan Potter
Dan Rie
Evan Schulman
Michael Schwartzman
Michael Wilcox

The members of the Steerage Committee are responsible for coordinating the program content.

Program suggestions from members are always welcome.

RSVP to: hugh@QWAFAFEW.org

Mailing List and Payment Link: https://boston.qwafafew.org/









April 16, 2019
6:00 pm - 8:00 pm


Tennis & Racquet Club
3rd Floor of the Tennis & Racquet Club, 939 Boylston Street
Boston, MA,
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