The Bright Side of Risk-Taking: Evidence From Financial Analysts
研究发现分析师的面部宽高比（fWHR）与其预测大胆程度相关，高fWHR的分析师在晋升和预测准确性上表现更好，且拥有更多公司特定私有信息。
This study investigates the relationship between analysts’ facial width-to-height ratio (fWHR) and their selected forecast boldness under different conditions (e.g., tournament condition and skill levels). The aim is to determine if fWHR captures innate or calculated risk-taking preferences. Supplementary tests reveal that high-fWHR analysts issuing bold forecasts achieve more favorable outcomes in terms of job promotion and forecast accuracy compared with their low-fWHR peers, providing supporting evidence that fWHR is associated with calculated risk-taking. In addition, tests conducted on stock price non-synchronicity and market reaction to bold forecasts for high- versus low-fWHR analysts suggest that high-fWHR analysts possess more firm-specific private information.