Underlying risk preferences and analyst risk‐taking behavior
研究分析师的面部宽高比（fWHR）这一先天特征是否影响其股票覆盖决策及盈利预测和股票推荐的激进程度，发现高fWHR的分析师更倾向于覆盖盈利可预测性低的公司并发布更激进的预测和推荐。
Abstract We investigate the relationship between underlying risk preferences on analysts’ work‐related decisions. Specifically, we examine whether facial width‐to‐height ratio (fWHR), an innate personal characteristic that has been linked to financial risk tolerance, is associated with analysts’ stock coverage decisions and the boldness of their earnings forecasts and stock recommendations. We find that high‐fWHR analysts cover firms with lower earnings predictability, and issue bolder forecasts and recommendations. Our findings shed new light on the black box of analyst decision making, assisting investment practitioners in evaluating the information content produced by different types of analysts and understanding the observed dispersion in analyst forecasts.