We find that forecast revisions by analysts with more favorable surnames elicit stronger market reactions. The effect is stronger among firms with lower institutional ownership and for analysts with non-American first names. Following the 9/11 terrorist attacks, and France and Germany's...

Using the economic setting of sell-side equity analysts, we demonstrate that racial/ethnic diversity does not always help minority groups. Race/ethnicity of analysts influences their forecasting style and accuracy, where these accuracy differences primarily reflect the effects of brokerage...