Meet Up: Gender Bias through Recategorization of Financial Analysts
featuring Scott Stewart, PhD, CFA
We present senior investment professionals with a scenario that manipulates whether an
analyst persists in pitching a stock 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 predominant focus in performance evaluations of women, while for men focus
was mostly restricted to matters of competence. Semi-structured interviews with 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.
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.
Please note, attendees are asked to bring their own lunches.
There is no charge for Members for this event, however registration is required since space is limited to the first 50 registrants.
Please note online registration is closed as building security requires all names in advance. Walk-ins may not be accommodated due to building security.
Wells Fargo Connections
125 High Street
Boston, MA 02110
Description:Registration is complimentary for members.
CE CreditCFA Boston has determined that this event qualifies for 1 CE credit hour under the guidelines of CFA Institute's Continuing Education Program.Ê If you are a CFA Institute member, CE credit for your participation in this event will be automatically recorded in your CE tracking tool.