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Beauty premium? Evidence from institutional investors’ voting for all-star analysts
Abstract
This study examines whether institutional investors’ voting for All-Star financial analysts is affected by analyst beauty. Using a sample of 1,135 U.S. analysts and controlling for analyst performance, we document that beauty, on average, does not affect the outcome of All-Star analyst voting. However, a beauty premium emerges in those sectors where there is high information asymmetry on analyst performance between analysts and fund managers. …
Authors
Li C; Lin A-P; Lu H; Veenstra K; Michael L-CFIFSBS
Publication Date
September 2017