R. B. Adams and D. Ferreira, Women in the boardroom and their impact on governance and performance, Journal of Financial Economics, vol.94, issue.2, p.31, 2009.

R. B. Adams and P. Funk, Beyond the Glass Ceiling: Does Gender Matter?, Management Science, vol.58, issue.2, pp.219-235, 2012.

R. Aeberhardt and L. Davezies, Practical guidelines for the estimation and inference of a dynamic logistic model with fixed-effects, Economics Letters, vol.115, issue.2, pp.300-304, 2012.

A. H. Eagly and B. T. , Gender and Leadership Style: A Meta-Analysis, Psychological Bulletin, vol.108, issue.2, pp.233-256, 1990.

K. Bae, R. M. Stulz, and H. Tan, Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts, Journal of Financial Economics, vol.88, issue.3, p.97, 2008.

B. M. Barber, R. Lehavy, and B. Trueman, Comparing the stock recommendation performance of investment banks and independent research firms". The economics of conflicts of interest financial institutions, Journal of Financial Economics, vol.85, issue.2, pp.490-517, 2007.

B. M. Barber and T. Odean, Boys will be boys: Gender, overconfidence, and common stock investment, The quarterly journal of economics, vol.116, issue.1, pp.261-292, 2001.

T. Beck, P. Behr, and A. Guettler, Gender and banking: Are women better loan officers?, Review of Finance, vol.17, issue.4, pp.1279-1321, 2013.

C. Bengtsson, M. Persson, and P. Willenhag, Gender and overconfidence, Economics letters, vol.86, issue.2, p.139, 2005.

K. Bosquet, P. De-goeij, and K. Smedts, Gender heterogeneity in the sell-side analyst recommendation issuing process, Finance Research Letters, vol.11, issue.2, pp.104-111, 2014.

D. J. Bradley, B. D. Jordan, and J. R. Ritter, Analyst Behavior Following IPOs: The "Bubble Period" Evidence, Review of Financial Studies, vol.21, issue.1, p.139, 2008.

G. Charness and U. Gneezy, Strong evidence for gender differences in risk taking, Journal of Economic Behavior & Organization, vol.83, issue.1, pp.50-58, 2012.

J. Clarke, Independents' day? Analyst behavior surrounding the Global Settlement, Annals of Finance, vol.7, issue.4, pp.529-547, 2011.

M. B. Clement and S. Y. Tse, Financial Analyst Characteristics and Herding Behavior in Forecasting, Journal of Finance, vol.60, issue.1, pp.307-341, 2005.

R. A. Cooper, T. E. Day, and C. M. Lewis, Following the leader: a study of individual analysts' earnings forecasts, Journal of Financial Economics, vol.61, issue.3, p.89, 2001.

L. Dahlbom, Gender and overconfidence: are girls really overconfident, Applied Economics Letters, vol.18, issue.4, p.139, 2011.

S. Das, R. Guo, and H. Zhang, Analysts' selective coverage and subsequent performance of newly public firms, The Journal of Finance, vol.61, issue.3, pp.1159-1185, 2006.

M. Dubois and P. Dumontier, Regulating the Financial Analysis Industry: Is the European Directive Effective, Finance International Meeting AFFI-EUROFIDAI, vol.98, 2008.
URL : https://hal.archives-ouvertes.fr/halshs-00533084

A. H. Eagly, M. C. Johannesen-schmidt, and M. L. Van-engen, Transformational, transactional, and laissez-faire leadership styles: a meta-analysis comparing women and men, Psychological bulletin, vol.129, issue.4, p.569, 2003.

C. C. Eckel and P. J. Grossman, Chapter 113 Men, Women and Risk Aversion: Experimental Evidence, Handbook of Experimental Economics Results, vol.1, pp.1061-1073, 2008.

J. Francis and L. Soffer, The relative informativeness of analysts' stock recommendations and earnings forecast revisions, Journal of Accounting Research, vol.35, issue.2, pp.193-211, 1997.

A. Galasso and T. S. Simcoe, CEO overconfidence and innovation, Management Science, vol.57, issue.8, p.139, 2011.

C. A. Gleason and C. M. Lee, Analyst Forecast Revisions and Market Price Discovery, Accounting Review, vol.78, issue.1, p.147, 2003.

U. Gneezy, M. Niederle, and A. Rustichini, Performance in competitive environments: Gender differences, The Quarterly Journal of Economics, vol.118, issue.3, pp.1049-1074, 2003.

C. Green, N. Jegadeesh, and Y. Tang, Gender and job performance: Evidence from Wall Street, Financial Analysts Journal, vol.65, issue.6, p.140, 2009.

D. Griffin and A. Tversky, The weighing of evidence and the determinants of confidence, Cognitive psychology, vol.24, issue.3, pp.411-435, 1992.

J. J. Heckman, Sample Selection Bias as a Specification Error, Econometrica, vol.47, issue.1, pp.153-161, 1979.

G. Hilary and L. Menzly, Does past success lead analysts to become overconfident?, Management science, vol.52, issue.4, 2006.
URL : https://hal.archives-ouvertes.fr/hal-00482318

D. Hirshleifer, A. Low, and S. H. Teoh, Are overconfident CEOs better innovators?, The Journal of Finance, vol.67, issue.4, p.139, 2012.

H. Hong, T. Lim, and J. C. Stein, Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies, The Journal of Finance, vol.55, issue.1, pp.265-295, 2000.

J. Huang and D. J. Kisgen, Gender and corporate finance: Are male executives overconfident relative to female executives?, Journal of Financial Economics, vol.108, issue.3, pp.144-146, 2013.

J. Jacob, T. Z. Lys, and M. A. Neale, Expertise in forecasting performance of security analysts, Journal of Accounting and Economics, vol.28, issue.1, pp.51-82, 1999.

A. Kecskés, R. Michaely, and K. L. Womack, Do earnings estimates add value to sell-side analysts' investment recommendations?, Management science, vol.63, issue.6, pp.1855-1871, 2016.

A. Kumar, Self-Selection and the Forecasting Abilities of Female Equity Analysts, Journal of Accounting Research, vol.48, issue.2, p.167, 2010.

C. S. Lennox, J. R. Francis, and Z. Wang, Selection models in accounting research, The Accounting Review, vol.87, issue.2, pp.589-616, 2011.

X. Li, Sell-side analysts and gender: A comparison of performance, behavior, and career outcomes, Financial Analysts Journal, vol.69, issue.2, p.0, 2013.

H. Lin and M. F. Mcnichols, Underwriting relationships, analysts' earnings forecasts and investment recommendations, Journal of Accounting and Economics, vol.25, issue.1, pp.101-127, 1998.

R. K. Loh and R. M. Stulz, When Are Analyst Recommendation Changes Influential?, Review of Financial Studies, vol.24, issue.2, p.148, 2011.

C. J. Malloy, The geography of equity analysis, Pages 97, vol.60, pp.719-755, 2005.

M. Mcnichols and P. C. O'brien, Self-Selection and Analyst Coverage". Journal of Accounting Research, vol.35, p.96, 1997.

J. Neyman and E. L. Scott, Consistent estimates based on partially consistent observations, Econometrica: Journal of the Econometric Society, vol.97, pp.1-32, 1948.

M. A. Petersen, Estimating standard errors in finance panel data sets: Comparing approaches, Review of financial studies, vol.22, issue.1, p.97, 2009.

H. Shefrin, Behavioral corporate finance: Decisions that create value, Pages, vol.90, 2007.

F. Sonney, Financial analysts' performance: Sector versus country specialization, The Review of Financial Studies, vol.22, issue.5, pp.2087-2131, 2007.

S. Sorescu and A. Subrahmanyam, The Cross Section of Analyst Recommendations, Journal of Financial and Quantitative Analysis, vol.41, issue.01, p.142, 2006.

S. E. Stickel, Predicting individual analyst earnings forecasts, Journal of Accounting Re, vol.90, 1990.

K. L. Womack, Do brokerage analysts' recommendations have investment value?, The journal of finance, vol.51, issue.1, pp.137-167, 1996.

J. M. Wooldridge, Econometric analysis of cross section and panel data, 2002.

A. Agrawal and M. A. Chen, Do Analyst Conflicts Matter? Evidence from Stock Recommendations, The Journal of Law & Economics, vol.51, issue.3, pp.503-537, 2008.

K. Bae, R. M. Stulz, and H. Tan, Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts, Journal of Financial Economics, vol.88, issue.3, p.97, 2008.

B. M. Barber, R. Lehavy, and B. Trueman, Comparing the stock recommendation performance of investment banks and independent research firms". The economics of conflicts of interest financial institutions, Journal of Financial Economics, vol.85, issue.2, pp.490-517, 2007.

B. M. Barber and T. Odean, Boys will be boys: Gender, overconfidence, and common stock investment, The quarterly journal of economics, vol.116, issue.1, pp.261-292, 2001.

C. Bengtsson, M. Persson, and P. Willenhag, Gender and overconfidence, Economics letters, vol.86, issue.2, p.139, 2005.

K. Bosquet, P. De-goeij, and K. Smedts, Gender heterogeneity in the sell-side analyst recommendation issuing process, Finance Research Letters, vol.11, issue.2, pp.104-111, 2014.

D. J. Bradley, B. D. Jordan, and J. R. Ritter, Analyst Behavior Following IPOs: The "Bubble Period" Evidence, Review of Financial Studies, vol.21, issue.1, p.139, 2008.

M. B. Clement, Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?, Journal of Accounting and Economics, vol.27, issue.3, pp.285-303, 1999.

R. A. Cooper, T. E. Day, and C. M. Lewis, Following the leader: a study of individual analysts' earnings forecasts, Journal of Financial Economics, vol.61, issue.3, p.89, 2001.

A. Cowen, B. Groysberg, and P. Healy, Which types of analyst firms are more optimistic?, Journal of Accounting and Economics, vol.41, issue.1-2, p.139, 2006.

L. Dahlbom, Gender and overconfidence: are girls really overconfident, Applied Economics Letters, vol.18, issue.4, p.139, 2011.

M. Dubois and P. Dumontier, Regulating the Financial Analysis Industry: Is the European Directive Effective, Finance International Meeting AFFI-EUROFIDAI, vol.98, 2008.
URL : https://hal.archives-ouvertes.fr/halshs-00533084

E. F. Fama and K. R. French, Common risk factors in the returns on stocks and bonds, Journal of financial economics, vol.33, issue.1, pp.3-56, 1993.

J. Francis and L. Soffer, The relative informativeness of analysts' stock recommendations and earnings forecast revisions, Journal of Accounting Research, vol.35, issue.2, pp.193-211, 1997.

G. Friesen and P. A. Weller, Quantifying cognitive biases in analyst earnings forecasts, Journal of financial Markets, vol.9, issue.4, pp.333-365, 2006.

A. Galasso and T. S. Simcoe, CEO overconfidence and innovation, Management Science, vol.57, issue.8, p.139, 2011.

C. A. Gleason and C. M. Lee, Analyst Forecast Revisions and Market Price Discovery, Accounting Review, vol.78, issue.1, p.147, 2003.

C. Green, N. Jegadeesh, and Y. Tang, Gender and job performance: Evidence from Wall Street, Financial Analysts Journal, vol.65, issue.6, p.140, 2009.

D. Griffin and A. Tversky, The weighing of evidence and the determinants of confidence, Cognitive psychology, vol.24, issue.3, pp.411-435, 1992.

J. J. Heckman, Sample Selection Bias as a Specification Error, Econometrica, vol.47, issue.1, pp.153-161, 1979.

G. Hilary and L. Menzly, Does past success lead analysts to become overconfident?, Management science, vol.52, issue.4, 2006.
URL : https://hal.archives-ouvertes.fr/hal-00482318

D. Hirshleifer, A. Low, and S. H. Teoh, Are overconfident CEOs better innovators?, The Journal of Finance, vol.67, issue.4, p.139, 2012.

D. E. Hirst, L. Koonce, and P. J. Simko, Investor reactions to financial analysts' research reports, Journal of Accounting Research, pp.335-351, 1995.

J. Huang and D. J. Kisgen, Gender and corporate finance: Are male executives overconfident relative to female executives?, Journal of Financial Economics, vol.108, issue.3, pp.144-146, 2013.

P. J. Irvine, The incremental impact of analyst initiation of coverage, Journal of Corporate Finance, vol.9, issue.4, pp.431-451, 2003.

J. Jacob, T. Z. Lys, and M. A. Neale, Expertise in forecasting performance of security analysts, Journal of Accounting and Economics, vol.28, issue.1, pp.51-82, 1999.

N. Jegadeesh and W. Kim, Do analysts herd? An analysis of recommendations and market reactions, Review of Financial Studies, vol.23, issue.2, pp.901-937, 2010.

, Value of analyst recommendations: International evidence, Journal of Financial Markets, vol.9, issue.3, pp.274-309, 2006.

O. Kadan, Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations, Review of Financial Studies, vol.22, issue.10, pp.4189-4217, 2009.

A. Kecskés, R. Michaely, and K. L. Womack, Do earnings estimates add value to sell-side analysts' investment recommendations?, Management science, vol.63, issue.6, pp.1855-1871, 2016.

O. Kini, On the Structure of Analyst Research Portfolios and Forecast Accuracy, Journal of Accounting Research, vol.47, issue.4, p.867, 2009.

C. Kraemer, M. Nöth, and M. Weber, Information aggregation with costly information and random ordering: Experimental evidence, Journal of Economic Behavior & Organization, vol.59, issue.3, pp.423-432, 2006.

A. Kumar, Self-Selection and the Forecasting Abilities of Female Equity Analysts, Journal of Accounting Research, vol.48, issue.2, p.167, 2010.

C. S. Lennox, J. R. Francis, and Z. Wang, Selection models in accounting research, The Accounting Review, vol.87, issue.2, pp.589-616, 2011.

K. K. Li and H. You, What is the value of sell-side analysts? Evidence from coverage initiations and terminations, Journal of Accounting and Economics, vol.60, issue.2, pp.141-160, 2015.

X. Li, Sell-side analysts and gender: A comparison of performance, behavior, and career outcomes, Financial Analysts Journal, vol.69, issue.2, p.0, 2013.

R. K. Loh and R. M. Stulz, When Are Analyst Recommendation Changes Influential?, Review of Financial Studies, vol.24, issue.2, p.148, 2011.

C. J. Malloy, The geography of equity analysis, Pages 97, vol.60, pp.719-755, 2005.

U. Malmendier and G. Tate, Who makes acquisitions? CEO overconfidence and the market's reaction, Journal of financial Economics, vol.89, issue.1, pp.20-43, 2008.

M. Mcnichols and P. C. O'brien, Self-Selection and Analyst Coverage". Journal of Accounting Research, vol.35, p.96, 1997.

R. Michaely and K. L. Womack, Conflict of interest and the credibility of underwriter analyst recommendations, The Review of Financial Studies, vol.12, issue.4, pp.653-686, 1999.

T. Odean, Volume, volatility, price, and profit when all traders are above average, The Journal of Finance, vol.53, issue.6, p.143, 1998.

H. Shefrin, Behavioral corporate finance: Decisions that create value, Pages, vol.90, 2007.

F. Sonney, Financial analysts' performance: Sector versus country specialization, The Review of Financial Studies, vol.22, issue.5, pp.2087-2131, 2007.

S. Sorescu and A. Subrahmanyam, The Cross Section of Analyst Recommendations, Journal of Financial and Quantitative Analysis, vol.41, issue.01, p.142, 2006.

S. E. Stickel, Predicting individual analyst earnings forecasts, Journal of Accounting Re, vol.90, 1990.

, The anatomy of the performance of buy and sell recommendations, Financial Analysts Journal, vol.51, issue.5, pp.150-152, 1995.

A. Tables-bibliography-goetzmann, W. N. , and A. Kumar, Equity portfolio diversification, Review of Finance, vol.12, issue.3, pp.433-463, 2008.

C. Green, N. Jegadeesh, and Y. Tang, Gender and job performance: Evidence from Wall Street, Financial Analysts Journal, vol.65, issue.6, p.140, 2009.

G. Hilary and L. Menzly, Does past success lead analysts to become overconfident?, Management science, vol.52, issue.4, 2006.
URL : https://hal.archives-ouvertes.fr/hal-00482318

G. Hofstede, Culture's Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations, vol.16, p.76, 2001.

A. Kumar, Self-Selection and the Forecasting Abilities of Female Equity Analysts, Journal of Accounting Research, vol.48, issue.2, p.167, 2010.

R. B. Adams and D. Ferreira, Women in the boardroom and their impact on governance and performance, Journal of Financial Economics, vol.94, issue.2, p.31, 2009.

R. B. Adams and P. Funk, Beyond the Glass Ceiling: Does Gender Matter?, Management Science, vol.58, issue.2, pp.219-235, 2012.

R. Aeberhardt and L. Davezies, Practical guidelines for the estimation and inference of a dynamic logistic model with fixed-effects, Economics Letters, vol.115, issue.2, pp.300-304, 2012.

R. Aggarwal and J. W. Goodell, National cultural dimensions in finance and accounting scholarship: An important gap in the literatures?, Journal of Behavioral and Experimental Finance, vol.1, pp.1-12, 2014.

A. Agrawal and M. A. Chen, Do Analyst Conflicts Matter? Evidence from Stock Recommendations, The Journal of Law & Economics, vol.51, issue.3, pp.503-537, 2008.

A. H. Eagly and B. T. , Gender and Leadership Style: A Meta-Analysis, Psychological Bulletin, vol.108, issue.2, pp.233-256, 1990.

K. Bae, R. M. Stulz, and H. Tan, Do local analysts know more? A cross-country study of the performance of local analysts and foreign analysts, Journal of Financial Economics, vol.88, issue.3, p.97, 2008.

B. M. Barber, R. Lehavy, and B. Trueman, Comparing the stock recommendation performance of investment banks and independent research firms". The economics of conflicts of interest financial institutions, Journal of Financial Economics, vol.85, issue.2, pp.490-517, 2007.

B. M. Barber and T. Odean, Boys will be boys: Gender, overconfidence, and common stock investment, The quarterly journal of economics, vol.116, issue.1, pp.261-292, 2001.

T. Beck, P. Behr, and A. Guettler, Gender and banking: Are women better loan officers?, Review of Finance, vol.17, issue.4, pp.1279-1321, 2013.

C. Bengtsson, M. Persson, and P. Willenhag, Gender and overconfidence, Economics letters, vol.86, issue.2, p.139, 2005.

K. Bosquet, P. De-goeij, and K. Smedts, Gender heterogeneity in the sell-side analyst recommendation issuing process, Finance Research Letters, vol.11, issue.2, pp.104-111, 2014.

D. J. Bradley, B. D. Jordan, and J. R. Ritter, Analyst Behavior Following IPOs: The "Bubble Period" Evidence, Review of Financial Studies, vol.21, issue.1, p.139, 2008.

Z. Burgess and P. Tharenou, Women Board Directors: Characteristics of the Few". Apr2002 Part, vol.2, pp.39-49, 2002.

K. Campbell and A. Mínguez-vera, Gender diversity in the boardroom and firm financial performance, Journal of Business Ethics, vol.83, issue.3, pp.435-451, 2008.

G. Charness and U. Gneezy, Strong evidence for gender differences in risk taking, Journal of Economic Behavior & Organization, vol.83, issue.1, pp.50-58, 2012.

J. Clarke, Independents' day? Analyst behavior surrounding the Global Settlement, Annals of Finance, vol.7, issue.4, pp.529-547, 2011.

M. B. Clement, Analyst forecast accuracy: Do ability, resources, and portfolio complexity matter?, Journal of Accounting and Economics, vol.27, issue.3, pp.285-303, 1999.

M. B. Clement and S. Y. Tse, Financial Analyst Characteristics and Herding Behavior in Forecasting, Journal of Finance, vol.60, issue.1, pp.307-341, 2005.

R. A. Cooper, T. E. Day, and C. M. Lewis, Following the leader: a study of individual analysts' earnings forecasts, Journal of Financial Economics, vol.61, issue.3, p.89, 2001.

A. Cowen, B. Groysberg, and P. Healy, Which types of analyst firms are more optimistic?, Journal of Accounting and Economics, vol.41, issue.1-2, p.139, 2006.

L. Dahlbom, Gender and overconfidence: are girls really overconfident, Applied Economics Letters, vol.18, issue.4, p.139, 2011.

S. Das, R. Guo, and H. Zhang, Analysts' selective coverage and subsequent performance of newly public firms, The Journal of Finance, vol.61, issue.3, pp.1159-1185, 2006.

M. Dubois and P. Dumontier, Regulating the Financial Analysis Industry: Is the European Directive Effective, Finance International Meeting AFFI-EUROFIDAI, vol.98, 2008.
URL : https://hal.archives-ouvertes.fr/halshs-00533084

M. Dubois, L. Fresard, and P. Dumontier, Regulating Conflicts of Interest: The Effect of Sanctions and Enforcement, Review of Finance, vol.18, issue.2, pp.489-526, 2014.
URL : https://hal.archives-ouvertes.fr/halshs-01025922

A. H. Eagly, M. C. Johannesen-schmidt, and M. L. Van-engen, Transformational, transactional, and laissez-faire leadership styles: a meta-analysis comparing women and men, Psychological bulletin, vol.129, issue.4, p.569, 2003.

C. C. Eckel and P. J. Grossman, Chapter 113 Men, Women and Risk Aversion: Experimental Evidence, Handbook of Experimental Economics Results, vol.1, pp.1061-1073, 2008.

E. F. Fama and K. R. French, Common risk factors in the returns on stocks and bonds, Journal of financial economics, vol.33, issue.1, pp.3-56, 1993.

E. F. Fama and K. R. French, Industry costs of equity, Journal of Financial Economics, vol.43, issue.2, pp.153-193, 1997.

L. H. Fang and S. Huang, Gender and connections among Wall Street analysts, The Review of Financial Studies, vol.30, issue.9, pp.3305-3335, 2017.

K. A. Farrell and P. L. Hersch, Additions to corporate boards: the effect of gender, Journal of Corporate Finance, vol.11, issue.1-2, pp.85-106, 2005.

J. Francis and L. Soffer, The relative informativeness of analysts' stock recommendations and earnings forecast revisions, Journal of Accounting Research, vol.35, issue.2, pp.193-211, 1997.

G. Friesen and P. A. Weller, Quantifying cognitive biases in analyst earnings forecasts, Journal of financial Markets, vol.9, issue.4, pp.333-365, 2006.

A. Galasso and T. S. Simcoe, CEO overconfidence and innovation, Management Science, vol.57, issue.8, p.139, 2011.

C. A. Gleason and C. M. Lee, Analyst Forecast Revisions and Market Price Discovery, Accounting Review, vol.78, issue.1, p.147, 2003.

U. Gneezy, M. Niederle, and A. Rustichini, Performance in competitive environments: Gender differences, The Quarterly Journal of Economics, vol.118, issue.3, pp.1049-1074, 2003.

W. N. Goetzmann and A. Kumar, Equity portfolio diversification, Review of Finance, vol.12, issue.3, pp.433-463, 2008.

C. Green, N. Jegadeesh, and Y. Tang, Gender and job performance: Evidence from Wall Street, Financial Analysts Journal, vol.65, issue.6, p.140, 2009.

D. Griffin and A. Tversky, The weighing of evidence and the determinants of confidence, Cognitive psychology, vol.24, issue.3, pp.411-435, 1992.

S. Han, A cross-country study on the effects of national culture on earnings management, Journal of International Business Studies, vol.41, issue.1, p.33, 2010.

J. J. Heckman, Sample Selection Bias as a Specification Error, Econometrica, vol.47, issue.1, pp.153-161, 1979.

G. Hilary and L. Menzly, Does past success lead analysts to become overconfident?, Management science, vol.52, issue.4, 2006.
URL : https://hal.archives-ouvertes.fr/hal-00482318

D. Hirshleifer, A. Low, and S. H. Teoh, Are overconfident CEOs better innovators?, The Journal of Finance, vol.67, issue.4, p.139, 2012.

D. E. Hirst, L. Koonce, and P. J. Simko, Investor reactions to financial analysts' research reports, Journal of Accounting Research, pp.335-351, 1995.

G. Hofstede, Culture's Consequences: Comparing Values, Behaviors, Institutions, and Organizations Across Nations, vol.16, p.76, 2001.

H. Hong, T. Lim, and J. C. Stein, Bad news travels slowly: Size, analyst coverage, and the profitability of momentum strategies, The Journal of Finance, vol.55, issue.1, pp.265-295, 2000.

J. Huang and D. J. Kisgen, Gender and corporate finance: Are male executives overconfident relative to female executives?, Journal of Financial Economics, vol.108, issue.3, pp.144-146, 2013.

P. J. Irvine, The incremental impact of analyst initiation of coverage, Journal of Corporate Finance, vol.9, issue.4, pp.431-451, 2003.

K. Ittonen and E. Peni, Auditor's Gender and Audit Fees, International Journal of Auditing, vol.16, issue.1, pp.1-18, 2012.

J. Jacob, T. Z. Lys, and M. A. Neale, Expertise in forecasting performance of security analysts, Journal of Accounting and Economics, vol.28, issue.1, pp.51-82, 1999.

N. Jegadeesh and W. Kim, Do analysts herd? An analysis of recommendations and market reactions, Review of Financial Studies, vol.23, issue.2, pp.901-937, 2010.

, Value of analyst recommendations: International evidence, Journal of Financial Markets, vol.9, issue.3, pp.274-309, 2006.

O. Kadan, Conflicts of Interest and Stock Recommendations: The Effects of the Global Settlement and Related Regulations, Review of Financial Studies, vol.22, issue.10, pp.4189-4217, 2009.

K. Kanagaretnam, C. Y. Lim, and G. J. Lobo, Effects of national culture on earnings quality of banks, Journal of International Business Studies, vol.42, issue.6, pp.853-874, 2011.

A. Kecskés, R. Michaely, and K. L. Womack, Do earnings estimates add value to sell-side analysts' investment recommendations?, Management science, vol.63, issue.6, pp.1855-1871, 2016.

O. Kini, On the Structure of Analyst Research Portfolios and Forecast Accuracy, Journal of Accounting Research, vol.47, issue.4, p.867, 2009.

C. Kraemer, M. Nöth, and M. Weber, Information aggregation with costly information and random ordering: Experimental evidence, Journal of Economic Behavior & Organization, vol.59, issue.3, pp.423-432, 2006.

G. V. Krishnan and L. M. Parsons, Getting to the bottom line: An exploration of gender and earnings quality, Journal of Business Ethics, vol.78, issue.1-2, pp.65-76, 2008.

A. Kumar, Self-Selection and the Forecasting Abilities of Female Equity Analysts, Journal of Accounting Research, vol.48, issue.2, p.167, 2010.

C. S. Lennox, J. R. Francis, and Z. Wang, Selection models in accounting research, The Accounting Review, vol.87, issue.2, pp.589-616, 2011.

K. K. Li and H. You, What is the value of sell-side analysts? Evidence from coverage initiations and terminations, Journal of Accounting and Economics, vol.60, issue.2, pp.141-160, 2015.

X. Li, Sell-side analysts and gender: A comparison of performance, behavior, and career outcomes, Financial Analysts Journal, vol.69, issue.2, p.0, 2013.

H. Lin and M. F. Mcnichols, Underwriting relationships, analysts' earnings forecasts and investment recommendations, Journal of Accounting and Economics, vol.25, issue.1, pp.101-127, 1998.

R. K. Loh and R. M. Stulz, When Are Analyst Recommendation Changes Influential?, Review of Financial Studies, vol.24, issue.2, p.148, 2011.

B. G. Malkiel and E. F. Fama, Efficient capital markets: A review of theory and empirical work, The journal of Finance, vol.25, issue.2, pp.383-417, 1970.

C. J. Malloy, The geography of equity analysis, Pages 97, vol.60, pp.719-755, 2005.

U. Malmendier and G. Tate, Who makes acquisitions? CEO overconfidence and the market's reaction, Journal of financial Economics, vol.89, issue.1, pp.20-43, 2008.

M. Mcnichols and P. C. O'brien, Self-Selection and Analyst Coverage". Journal of Accounting Research, vol.35, p.96, 1997.

R. Michaely and K. L. Womack, Conflict of interest and the credibility of underwriter analyst recommendations, The Review of Financial Studies, vol.12, issue.4, pp.653-686, 1999.

J. Neyman and E. L. Scott, Consistent estimates based on partially consistent observations, Econometrica: Journal of the Econometric Society, vol.97, pp.1-32, 1948.

T. Odean, Volume, volatility, price, and profit when all traders are above average, The Journal of Finance, vol.53, issue.6, p.143, 1998.

M. A. Petersen, Estimating standard errors in finance panel data sets: Comparing approaches, Review of financial studies, vol.22, issue.1, p.97, 2009.

S. Ramnath, S. Rock, and P. B. Shane, Financial analysts' forecasts and stock recommendations: A review of the research, Foundations and Trends R in Finance, vol.2, issue.4, pp.311-421, 2008.

C. Salva and F. Sonney, The value of analysts' recommendations and the organization of financial research, Review of Finance, vol.15, issue.2, pp.397-440, 2010.

L. Shao, C. C. Kwok, and R. Zhang, National culture and corporate investment, Journal of International Business Studies, vol.44, issue.7, pp.745-763, 2013.

H. Shefrin, Behavioral corporate finance: Decisions that create value, Pages, vol.90, 2007.

R. J. Shiller, From efficient markets theory to behavioral finance, Journal of economic perspectives, vol.17, issue.1, pp.83-104, 2003.

F. Sonney, Financial analysts' performance: Sector versus country specialization, The Review of Financial Studies, vol.22, issue.5, pp.2087-2131, 2007.

S. Sorescu and A. Subrahmanyam, The Cross Section of Analyst Recommendations, Journal of Financial and Quantitative Analysis, vol.41, issue.01, p.142, 2006.

S. E. Stickel, Predicting individual analyst earnings forecasts, Journal of Accounting Re, vol.90, 1990.

, The anatomy of the performance of buy and sell recommendations, Financial Analysts Journal, vol.51, issue.5, pp.150-152, 1995.

K. L. Womack, Do brokerage analysts' recommendations have investment value?, The journal of finance, vol.51, issue.1, pp.137-167, 1996.

J. M. Wooldridge, Econometric analysis of cross section and panel data, 2002.