Workshop with Marcela Carvalho (London Business School)

We were delighted to host Marcela Carvalho from London Business School for a workshop at AccSus.

Marcela presented her paper “Who Gets the Benefit of the Doubt? CEO Gender and News about Firm Performance”, which examines how analysts and investors react asymmetrically to bad news depending on whether it is delivered by male or female CEOs. The paper shows that markets underreact more strongly to negative news from male-led firms and explores how these differences are reflected not only in analyst forecasts and stock returns, but also in the tone adopted by analysts during earnings conference calls.