Facial Structure and Achievement Drive: Evidence from Financial Analysts

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Date: Sept. 2019
From: Journal of Accounting Research(Vol. 57, Issue 4)
Publisher: Wiley Subscription Services, Inc.
Document Type: Article
Length: 322 words

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Abstract :

Byline: XIANJIE HE, HUIFANG YIN,YACHANG ZENG, HUAI ZHANG, HAILONG ZHAO Keywords: M20; M40; M41; M50; facial structure; achievement drive; financial analysts ABSTRACT We use a large pictorial sample of Chinese financial analysts to test the association between facial width-to-height ratio (fWHR) and performance in men. Financial analysts offer an ideal setting for our investigation because we can objectively track individual analysts' behaviors and performance. We find that high-fWHR analysts are more likely to conduct corporate site visits and they exhibit better performance. The positive fWHR-performance association survives a battery of robustness checks and the association is more pronounced for analysts with lower status, for firms with higher uncertainty, and for analysts facing more intense competition. Our results suggest that the dominant trait predicted by fWHR is achievement drive. Article Note: Accepted by Christian Leuz. We are grateful for the constructive comments by two anonymous reviewers. We also appreciate helpful comments from Margaret Abernethy, Jing He, Xue Jia, Yuping Jia, Igor Kadach, Flora Kuang, Cheryl McCormick, Laurence van Lent, Viktoria Mileva, Bo Qin, Mohan Venkatachalam, Jin Zhang, and seminar participants at Nanyang Technological University and the University of Melbourne. We thank Jiahui Fan, Jingyi Wu, Xue Lai for their help in collecting the data. A previous draft of this paper was titled "Achievement drive and analysts' performance." He and Yin acknowledge the financial support from the MOE project of Key Research Institute of Humanities and Social Science in University (No. 16JJD790037). Yin also acknowledges the financial support from the National Natural Science Foundation of China (Grant No. 71302076). Zeng acknowledges financial support from Singapore Ministry of Education and NTU Start-Up Grant (RG59/17 and M4081654). Zhang acknowledges the financial support from Singapore Ministry of Education for providing research funding (RG75/16 and RG163/17). Zhao acknowledges the financial support from the National Natural Science Foundation of China (Grant No. 71790591). All errors are our own. An online appendix to this paper can be downloaded at http://research.chicagobooth.edu/arc/journal-of-accounting-research/online-supplements.

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Gale Document Number: GALE|A594941211