超越“老男孩俱乐部”：金融分析师对职业人脉的利用 Beyond Old Boys’ Clubs: Financial Analysts' Utilization of Professional Connections

光华讲坛——社会名流与企业家论坛第6662期

主题：超越“老男孩俱乐部”：金融分析师对职业人脉的利用 Beyond Old Boys’ Clubs: Financial Analysts' Utilization of Professional Connections

主讲人：新加坡国立大学助理教授 杜梦乔

主持人：西南财经大学金融研究院副教授 牛子龙

时间：11月11日14:00-15:30

地点：光华校区35栋金融研究院202会议室

主办单位：金融研究院 科研处

主讲人简介：

杜梦乔于2022年加入新加坡国立大学，担任助理教授。她在德国曼海姆大学获得博士学位，并在攻读博士期间曾访问加州大学伯克利分校和迈阿密大学。她的研究主要集中在资本市场、财务分析师和劳动力市场，尤其关注与性别相关的课题，她的研究成果已发表在顶级期刊上，包括Journal of Accounting and Economics、the Review of Finance和the Journal of Economic Behavior & Organization。

内容提要：

女性往往缺乏进入专属社交俱乐部的机会,从而从社交网络中获得的收益较少。我们研究了在拥有与专业环境中合适人士互动机会的前提下,女性是否能比男性更好地利用人脉来提升职业表现和晋升。本文使用一个独特的数据集,该数据集记录了金融分析师在投资者会议上与何人、何时、何地互动。我们发现女性分析师在与公司高管建立联系后,其盈利预测比男性同行更为准确。进一步的证据表明,女性分析师克服了与高管互动中的同质性偏好,并将会议互动转化为长期人脉,从而提高了长达三年的预测准确性。此外,资本市场和劳动力市场都认可了她们利用人脉的卓越能力。研究结果表明,女性能够充分利用专业人脉为自己谋求利益,突显了在专业环境中为女性提供结构化社交机会的益处。

Women often lack the opportunity to enter exclusive social clubs, reaping fewer benefits from their social networks. We investigate, conditioning on having the opportunity to interact with the right people in a professional setting, whether women can better utilize connections for career performance and advancement than men. Using a unique dataset that documents when, where, and with whom a financial analyst interacts at investor conferences, we find that female analysts issue more accurate earnings forecasts than their male counterparts after establishing connections with the firm's executives. Further evidence suggests that female analysts overcome homophilly in interactions with executives and transform conference interactions into long-term relationships, enhancing forecast accuracy for up to three years. In addition, both the capital and labor markets recognize their superior ability to utilize connections. Our findings suggest that women capitalize on professional connections to their advantage, highlighting the benefits of promoting structured networking opportunities for women in professional environments.