{"status":"ok","message-type":"work","message-version":"1.0.0","message":{"indexed":{"date-parts":[[2026,3,6]],"date-time":"2026-03-06T22:48:05Z","timestamp":1772837285216,"version":"3.50.1"},"reference-count":73,"publisher":"Institute for Operations Research and the Management Sciences (INFORMS)","issue":"12","content-domain":{"domain":[],"crossmark-restriction":false},"short-container-title":["Management Science"],"published-print":{"date-parts":[[2025,12]]},"abstract":"<jats:p>Using gender to identify analyst groups, we examine whether in-group bias affects the behavior of sell-side equity analysts and the information dissemination process. We find that analysts hold more optimistic and less accurate earnings expectations for firms with same-gender CEOs, where in-group bias is stronger among men. Greater exposure to out-of-group individuals weakens in-group bias, and the bias is also weaker among analysts located in U.S. states with greater gender equality. Group definitions based on race\/ethnicity and name similarity yield similar results. These findings are robust and unlikely to reflect selective information access or various selection effects.<\/jats:p>\n                  <jats:p>This paper was accepted by Eric So, accounting.<\/jats:p>\n                  <jats:p>Supplemental Material: The online appendix and data files are available at https:\/\/doi.org\/10.1287\/mnsc.2023.01467 .<\/jats:p>","DOI":"10.1287\/mnsc.2023.01467","type":"journal-article","created":{"date-parts":[[2025,4,28]],"date-time":"2025-04-28T12:25:31Z","timestamp":1745843131000},"page":"9869-9897","source":"Crossref","is-referenced-by-count":4,"title":["In-Group Bias in Financial Markets"],"prefix":"10.1287","volume":"71","author":[{"ORCID":"https:\/\/orcid.org\/0000-0002-0138-446X","authenticated-orcid":false,"given":"Sima","family":"Jannati","sequence":"first","affiliation":[{"name":"University of Texas at Arlington, Arlington, Texas 76019"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-7350-1397","authenticated-orcid":false,"given":"Alok","family":"Kumar","sequence":"additional","affiliation":[{"name":"University of Miami, Coral Gables, Florida 33146"}]},{"ORCID":"https:\/\/orcid.org\/0000-0002-9493-8280","authenticated-orcid":false,"given":"Alexandra","family":"Niessen-Ruenzi","sequence":"additional","affiliation":[{"name":"University of Mannheim, 68161 Mannheim, Germany"}]},{"ORCID":"https:\/\/orcid.org\/0000-0001-7939-103X","authenticated-orcid":false,"given":"Justin","family":"Wolfers","sequence":"additional","affiliation":[{"name":"University of Michigan, Ann Arbor, Michigan 48109"}]}],"member":"109","reference":[{"key":"B1","doi-asserted-by":"publisher","DOI":"10.1016\/j.leaqua.2015.11.001"},{"key":"B2","doi-asserted-by":"publisher","DOI":"10.1086\/508000"},{"key":"B3","doi-asserted-by":"publisher","DOI":"10.1016\/j.ssresearch.2012.10.007"},{"key":"B4","doi-asserted-by":"publisher","DOI":"10.1086\/705331"},{"key":"B5","doi-asserted-by":"publisher","DOI":"10.1111\/jofi.12897"},{"key":"B7","doi-asserted-by":"publisher","DOI":"10.1016\/0165-4101(89)90008-6"},{"key":"B8","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1991.tb04639.x"},{"key":"B9","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.66.2.268"},{"key":"B10","doi-asserted-by":"publisher","DOI":"10.3368\/jhr.50.2.317"},{"key":"B11","doi-asserted-by":"publisher","DOI":"10.1017\/S0022109012000609"},{"key":"B12","doi-asserted-by":"crossref","unstructured":"Chhaochharia V, Kumar A, Zhang S (2023) Gender-performance relation in competitive but supportive work environments: Evidence from Wall Street. Preprint, submitted June 21, https:\/\/dx.doi.org\/10.2139\/ssrn.4478781.","DOI":"10.2139\/ssrn.4478781"},{"key":"B13","doi-asserted-by":"publisher","DOI":"10.2308\/accr.2003.78.1.227"},{"key":"B14","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.2005.00731.x"},{"key":"B15","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2161"},{"key":"B16","doi-asserted-by":"publisher","DOI":"10.1016\/S0304-405X(01)00067-8"},{"key":"B17","doi-asserted-by":"publisher","DOI":"10.1002\/ejsp.31"},{"key":"B18","doi-asserted-by":"crossref","unstructured":"D\u2019Acunto F, Ghosh P, Jain R, Rossi AG (2021) How costly are cultural biases? Evidence from fintech. Preprint, submitted January 8, https:\/\/dx.doi.org\/10.2139\/ssrn.3736117.","DOI":"10.2139\/ssrn.3736117"},{"key":"B19","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.1110.1487"},{"key":"B20","doi-asserted-by":"publisher","DOI":"10.1177\/0148558X18793267"},{"key":"B21","doi-asserted-by":"publisher","DOI":"10.5465\/amj.2015.1238"},{"key":"B22","doi-asserted-by":"publisher","DOI":"10.1111\/j.1540-6261.1992.tb04398.x"},{"key":"B23","doi-asserted-by":"publisher","DOI":"10.1287\/orsc.1080.0407"},{"key":"B24","doi-asserted-by":"publisher","DOI":"10.1002\/smj.2192"},{"key":"B25","doi-asserted-by":"publisher","DOI":"10.2307\/2491360"},{"key":"B26","first-page":"1721","author":"Francoeur C","year":"2022","journal-title":"Rev. Accounting Stud."},{"key":"B27","doi-asserted-by":"publisher","DOI":"10.1111\/j.1740-1461.2010.01183.x"},{"key":"B28","doi-asserted-by":"publisher","DOI":"10.1111\/0022-1082.00355"},{"key":"B29","doi-asserted-by":"publisher","DOI":"10.1093\/pan\/mpr025"},{"key":"B30","doi-asserted-by":"publisher","DOI":"10.5465\/amj.2018.0626"},{"key":"B31","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.psych.53.100901.135109"},{"key":"B32","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2019.01.005"},{"key":"B33","doi-asserted-by":"publisher","DOI":"10.1111\/1540-6261.00526"},{"key":"B34","doi-asserted-by":"publisher","DOI":"10.2308\/accr-50833"},{"key":"B35","doi-asserted-by":"publisher","DOI":"10.1023\/B:REQU.0000006184.02165.c5"},{"key":"B36","doi-asserted-by":"publisher","DOI":"10.1007\/s11142-015-9344-9"},{"key":"B37","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.87.5.665"},{"key":"B38","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2019.02.002"},{"key":"B39","volume-title":"Men and Women of the Corporation","author":"Kanter RM","year":"1977"},{"key":"B40","doi-asserted-by":"publisher","DOI":"10.1016\/j.jacceco.2011.11.004"},{"key":"B41","doi-asserted-by":"publisher","DOI":"10.1111\/j.1475-679X.2009.00362.x"},{"key":"B42","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhv017"},{"key":"B43","doi-asserted-by":"publisher","DOI":"10.1006\/jesp.2001.1475"},{"key":"B44","doi-asserted-by":"publisher","DOI":"10.1016\/j.jfineco.2008.05.004"},{"key":"B45","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhu009"},{"key":"B46","doi-asserted-by":"publisher","DOI":"10.1086\/209808"},{"key":"B47","first-page":"147","volume-title":"Self-Concept: Advances in Theory and Research","volume":"23","author":"McGuire WJ","year":"1981"},{"key":"B48","doi-asserted-by":"publisher","DOI":"10.2308\/accr.1999.74.2.185"},{"key":"B49","doi-asserted-by":"publisher","DOI":"10.1111\/j.1468-5957.2009.02125.x"},{"key":"B50","doi-asserted-by":"publisher","DOI":"10.1016\/j.finmar.2010.10.006"},{"key":"B51","doi-asserted-by":"publisher","DOI":"10.19030\/jabr.v33i2.9902"},{"key":"B52","doi-asserted-by":"publisher","DOI":"10.1287\/mnsc.2017.2939"},{"key":"B53","doi-asserted-by":"publisher","DOI":"10.1007\/s10551-014-2288-3"},{"key":"B54","doi-asserted-by":"publisher","DOI":"10.1111\/j.0963-7214.2005.00344.x"},{"key":"B55","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.82.4.469"},{"key":"B56","doi-asserted-by":"publisher","DOI":"10.1108\/03074351011050343"},{"key":"B57","doi-asserted-by":"publisher","DOI":"10.1093\/rfs\/hhn053"},{"key":"B58","doi-asserted-by":"publisher","DOI":"10.1111\/j.1744-6570.2012.01253.x"},{"key":"B59","doi-asserted-by":"publisher","DOI":"10.1162\/qjec.2010.125.4.1859"},{"key":"B60","doi-asserted-by":"publisher","DOI":"10.1046\/j.1467-9221.2003.00355.x"},{"key":"B61","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.87.4.494"},{"key":"B62","doi-asserted-by":"publisher","DOI":"10.1111\/j.1467-8551.2005.00433.x"},{"key":"B63","doi-asserted-by":"publisher","DOI":"10.1093\/qje\/qjr022"},{"key":"B64","doi-asserted-by":"publisher","DOI":"10.1111\/1911-3846.12021"},{"key":"B65","doi-asserted-by":"publisher","DOI":"10.1037\/0022-3514.66.4.699"},{"key":"B66","doi-asserted-by":"publisher","DOI":"10.1111\/1475-679X.12037"},{"key":"B67","doi-asserted-by":"publisher","DOI":"10.1177\/01461672972312004"},{"key":"B68","doi-asserted-by":"publisher","DOI":"10.1146\/annurev.ps.33.020182.000245"},{"key":"B69","first-page":"33","volume-title":"Psychology of Inter-Group Relations","author":"Tajfel H","year":"1979"},{"key":"B70","volume-title":"Rediscovering the Social Group: A Self-Categorization Theory","author":"Turner JC","year":"1987"},{"key":"B71","doi-asserted-by":"publisher","DOI":"10.2307\/1389491"},{"key":"B72","doi-asserted-by":"publisher","DOI":"10.1111\/peps.12140"},{"key":"B73","doi-asserted-by":"publisher","DOI":"10.1016\/j.frl.2016.12.026"},{"key":"B74","doi-asserted-by":"crossref","unstructured":"Zitzewitz E (2002) Regulation fair disclosure and the private information of analysts. Preprint, submitted April 14, https:\/\/dx.doi.org\/10.2139\/ssrn.305219.","DOI":"10.2139\/ssrn.305219"}],"container-title":["Management Science"],"original-title":[],"language":"en","link":[{"URL":"https:\/\/pubsonline.informs.org\/doi\/pdf\/10.1287\/mnsc.2023.01467","content-type":"unspecified","content-version":"vor","intended-application":"similarity-checking"}],"deposited":{"date-parts":[[2025,12,5]],"date-time":"2025-12-05T09:40:53Z","timestamp":1764927653000},"score":1,"resource":{"primary":{"URL":"https:\/\/pubsonline.informs.org\/doi\/10.1287\/mnsc.2023.01467"}},"subtitle":[],"short-title":[],"issued":{"date-parts":[[2025,12]]},"references-count":73,"journal-issue":{"issue":"12","published-print":{"date-parts":[[2025,12]]}},"alternative-id":["10.1287\/mnsc.2023.01467"],"URL":"https:\/\/doi.org\/10.1287\/mnsc.2023.01467","relation":{},"ISSN":["0025-1909","1526-5501"],"issn-type":[{"value":"0025-1909","type":"print"},{"value":"1526-5501","type":"electronic"}],"subject":[],"published":{"date-parts":[[2025,12]]}}}