The color value determines income? Ugly people pay 9% lower than the average person?2017-01-12 00:36:19 41 ℃
Daniel Hammermas, a famous economist and professor at the University of Texas, published a study on the value and labor market in the American economic review.
He found that people who looked better than the average person to get a salary of 5% or more, and ugly people earn less than the average person is less than 9%?
So, in securities analysts, Yan value rule was established? Will the advantages of the value of the financial analysts bring a career leap? Look at data.
Text: Lu Hai, Chen Yongqian
Macro Capital Global Investment (ID:China_HK_STock_Link)
By the impact of Internet media and film and television, the public is that beautiful people who always seems to be the fate of the favor. Daniel Hammermas, a famous economist at the University of Texas, was in the American Economic ReviewA study on the value and labor market.
He found that people who looked better than the average person to get a salary of 5% or more, while the ugly people earn less than the average person is less than $9%. The more beautiful women can be more stable economic and social life, there is a difference between the beauty of women".
Banks and professional service industries are becoming more and more 'face value', they prefer beautiful people. And the ugly people, even if they are very talented, often overlooked. The bank and the big four accounting firms tend to judge "".
So, in securities analysts, such as the law of value is also set up? Will the advantages of the value of the financial analysts bring a career leap?
1, the value of the decision income
Study on Daniel Hamermesh and Jeff Biddle economists suggest that a face is lower than the average person to earn 9% less per hour salary, and the appearance is higher than the average person per hour is fetched 5%, the 14% is to enlarge the life, you may make the difference between their incomes of $230 thousand (1 million 500 thousand yuan) of.
In Chinese, who also has a "Chinese labor market" beauty economy ": an important figure? The paper has become popular on the Internet, the paper said: Women's weight increased by 1 kg each, its wage income will decline by up to an increase of more than 1 centimeters per height, women's wages will increase by up to 2.2%.
According to the survey,Figure has little effect on men's employment and income, but has a significant impact on women. The greatest impact is the middle income class women, low income, high income class fat women, no major impact on wages, but the middle income class fat women, wages will decline by about 10%.
Researchers through statistics, fitting out the appearance and income curve. Men and women curve shape is different: for women, looks and income is a straight line relationship; for men, it is a curve relationship, Yan - income relationship is more complex. At the same time, the data show that women's self evaluation and evaluation of others is close to.
Have to admit that the above look at the face of money phenomenon does exist. But Timothy, a professor of management at Florida, in the United States, Judge, made it clear that the advantages of appearance would enhance the individual's sense of identity, which in turn would make it easier for him to get a high salary.
In other words, Americans are more confident, confident that they can take the initiative to seek the opportunity to play a higher ability in the competition, so the salary is easier.
2, big brokerage firms prefer high Yan analyst
In order to demonstrate this point of view, we conducted a sample survey and systematic analysis, respectively, the selection process of Chinese and American star analysts to verify whether the Yan value rule is established.
First of all, we get a photo of 1427 U.S. financial analysts from the professional social networking site LinkedIn, but also from the new wealth to get a photo of the 521 candidates for the star analyst. Then the side of the Amazon artificial intelligence services to invite users to randomly sampled photos of analysts scoring, while the other side invited a Canadian University of more than and 700 business students on these photos. The average analyst's photos were scored by more than 20 users and more than 30 students, and finally each analyst's color score was the average of these data.
Using these values for Yan scoring results, combined with the company size, profitability, analysts work experience, business performance, the company covers the number of other factors, we conducted regression analysis of the data, in order to answer the two questions: first, whether the high yen value of star analysts selection help; second, "Dumb-blonde" the real existence and influence of prejudice star analysts selection.
In response to the above two questions, an interesting finding is that the statistics show that the value of female analysts generally higher than men, and this phenomenon exists in the United States and china. The average score of American male and female analysts was 48.48 and 61.08 (out of the range of $100),Chinese male and female analyst Yan values mean score were 46.05 and 62.52 (with photos).
In view of the general high value of female analysts, we classified the male and female analysts, and ranked the average value of the u.s.. Interestingly, the big brokerage seems to prefer the high value analyst. For example, men have an average analyst Yan's highest value. For women, Merrill Lynch has the highest average value. Goldman Sachs analyst Yan Yan values are ranked in the top three.
Similar phenomenon also appears in the distribution of Chinese analysts Yan, but the degree of light. For example, although the anonymous students according to the assessment results, men and women were born in value analyst Yan champion Guotai Junan Securities and Haitong Securities, but according to the users of the evaluation results, and value respectively by the analyst Yan champion Guolian securities and Societe Generale Securities won. The total assets of the data in 2015 the Commission published rankings show that the League of nations and the industrial are not ranked in top ten.
|United States Securities analyst gender value ranking|
|Male first five institutions||Women's top five institutions|
|Paget (Piper Jaffray)||Merrill Lynch (BofA Merrill Lynch)|
|Robert Baird (Robert W. Baird & Co.)||Stiefel Nicholas (Stifel Nicolaus)|
|Goldman Sachs (Sachs Goldman)||Goldman Sachs|
|Citi (Citigroup)||UBS USA|
|UBS USA (U.S. UBS)||Barclays Capital (Barclays Capit)|
3, the investment bank which posts the highest value?
Xenia Tchoumitcheva, worked as a sales intern at J.P.Morgan
Net red prosperous era, ugly is really more and more difficult to mix, all walks of life have to look at the value of Yan, especially sales positions. The financial industry is no exception, eFinancialCareers recently published a survey report on the financial industry employees in different positions face value.
You don't have to be pretty to be involved in the financial world, but beauty can be helpful, especially when you want to do the front desk, where people are above average.
What are some of the people in the bank who are highly valued? One possibility is the stock capital market, it is also possible to sell, or mergers and acquisitions. However, traders and the Ministry of technology is not much (have heard too high Yan value technology ape? IT men have been crying in the toilet.
The above statement is valid, and the conclusion is obtained by a "experiment". The "experiment" randomly selected the occupation in 60 men and women resume photos, not seen by some members of the original group to edit as color value evaluation. This is also mixed with 10 teachers in the photos for comparison.
If the members of the editorial group are sufficiently aesthetic, then some financial practitioners are more attractive than others, and the average value of the financial sector is higher than that of teachers.
Is this conclusion important? Of course。
As the financial times Lucy Kellaway pointed out last year, banks and professional services industry is becoming more and more "face value", they prefer beautiful people. And a little ugly, even if they are very talented, is often overlooked.
Don't be anxious to speak for women, this is the same for men and women, absolutely equal. Chinese brokerages have begun to sell live stocks with beautiful female analysts, which shows that the value of the yen is worth. Xenia Tchoumitcheva, a model and blog blogger, has done sales internship at J.P.Morgan, Bank of America also hired a player America's Next Top Model "as stock derivatives sales director, this is not a coincidence.
"There are a lot of good looking sales staff in the city, both men and women," one of the bankers from London said, "sales is a sweet trap." He added: "fitness, health and nutrition are becoming more and more important."
"Sales men also usually grow handsome. They often go to the gym and are more likely to be self centred."
"They are not strictly chosen. This is a kind of unconscious prejudice. The bank will not only look - they want to hire someone who will do a good job."
J.P.Morgan, a former banker, said that the capital market was attractive because the job of the capital markets department was simple and many of them had to deal with clients. "In the capital market of a typical mix of people are very pleasant, they are very sociable, and not smarter than ordinary people."
However, there is also a stock researcher warned of the dangers of building a value. "It doesn't do you good. People will think you're just being taken because they look good." What's more, those with high values are not going to be long and lack of "toughness", "sales is a very demanding job, need to take a lot of pressure, need to get up very early. You can't keep your beauty in that environment for a long time. Finally they will choose to leave.
4, Yan Zhicheng worth more valuable.
If we are familiar with the big firms favor high value analyst Yan, the reader will naturally think of the United States, "institutional investors" (Institutional Investor) all star selection and China analyst's new wealth selection of the best analysts is whether the final value of the competition. Fortunately, the results of the data analysis show that this is not the case.
Through regression analysis, we found that in both the United States and China, high color value for the selection of star analysts did not significantly help. On the contrary, really hard work is the right way to success in this industry, related factors including frequency, analysts report where the broker's popularity, and the number of analysts covering company.
The best analyst selection is a very intense process, voters can easily obtain candidates occupation background, performance records directly related to the ability of information, without the need to appeal to the value of indirect signal. However, further data analysis found that, for a small number of analysts with fewer, relatively weak competitive industries, high color value analysts are more likely to be judged.
Overall, the value of the yen has no direct impact on the selection of star analysts, but the U.S. data analysis shows that compared with men, women are more likely to be elected as a star analyst analyst. Of course, this can be attributed to the self selection in a male dominated industry, to enter the industry and participate in the selection of the female star analysts have natural extraordinary work ability. However, Chinese men and women have the same opportunity to be elected star analysts. This shows that China's financial analysis industry more fair, more emphasis on equality between men and women.
So, if the female analyst will be particularly beautiful reaction? For us and Chinese analysts, we have also found a completely different conclusion. Data from the United States found that high values have a negative impact on female analysts. This is exactly the same as the "dumb-blonde" bias in Western culture.
But similar rules do not exist in china. Our analysis of Chinese data shows that the value of the yen for female analysts have no significant impact on star analysts. This shows that China's fund managers in the selection of star analysts for women with no bias.
The two question by answering proposed before, we can see that although the value of Yan in the idea of people is very important, but for the selection of the best analysts such a professional event, "Yan value rule" lost utility. The data show that female analyst Yan values may have a negative effect on the probability of being named star analyst, in a completely different conclusion: China China female star analyst selection from the candidate appearance effect. This also reflects the fairness and reliability of the new wealth of the best analyst selection activities on the other hand, as well as the rationality of fund managers vote.
It seems that the high yen 2016 hit TV series "Ode to joy" in Andy's career success and value of positive correlation exists only on the screen as well as part of the idea of people. In real life, you want to be successful in a highly specialized and highly competitive industry in the analysis of securities, but also rely on the outstanding ability to work and extraordinary performance records.
5, the analyst's eyes, Yan value play
So, the seller is how to look at the face of the value of this problem?
Originally, net red, Yan value, these labels have nothing to do with the capital market. Whether the seller analysts or institutional investors, on formal occasions, they are selling is professional in Western dress and leather shoes, and logic and analysis ability, professional always is the first impression they give people.
However, in the fierce market competition, the seller analysts try to go down, in order to service customers, this is clearly on the "research value" food industry also joined the ranks of the value development of Yan ".
Domestic brokerage Research Institute, most of the initial service in the parent company's internal decision-making, since then with institutional investors, especially the growth and maturity of public funds, brokerage opened the seller's research model. With the improvement and development of the capital market, the scarcity of the seller's service has gradually disappeared, and the competition is becoming more and more fierce. Under this background, some seller analysts from behind the stage, using the current hot video broadcast, also be not at all surprising.
However, analysts "network anchor" part-time "soon disappeared just flower briefly as the broad-leaved epiphyllum, in rivers and lakes. Because the Commission Supervision Bureau issued a document required in Beijing and Shanghai brokerage Research Report regulate business behavior, the Internet communication platform and instant communication software is important to mention that the requirements within the jurisdiction of institutions to improve the research report published in the management of such a platform. By 2015 some stunned and Bo of the Securities Research Report by the authority of the punishment, when analysts act similar warning.
This year's best new wealth analyst award season, Societe Generale Securities computer team and launched a micro film "starring female members of my overbearing Hong Yizhen goddess". Hong Yizhen after graduation this year to join Societe Generale Securities, currently do not have the qualifications.
Although when a return to the heroine, but she said, as analysts, the most important thing is to provide valuable research results for the customer's investment to make a reasonable reference. "Professional is the first consideration, Yan values like adding leverage on their level of research, people will have a good performance than expected and feeling, it might be positioned as a specious vase, later want to gain trust is undoubtedly difficult".
In the past three years, the new wealth of the best analyst selection of the telecommunications industry to get the first CITIC Securities analyst Wu Chao, can be described as a high value and high research value in a representative. In her view, the core of the analyst is to have a solid and continuous research, reliable recommendation will be recognized by institutional investors. Wu Chao believes that with the expansion of the analyst team, some of the high values of the young analyst Yan for faster access to the buyer, to participate in a variety of funny, film, video broadcast etc., but these are more concerned about the market gimmick, really want to win the attention of buyers, but also the final is to return to the study itself.
There are unnamed seller analysts on small throws analyst Yan value problem, direct answer is given, "relying on professional to create value for investors is the kingly way". It seems that in the financial analysis of this highly specialized and highly competitive industries in the face of the value of Wai Wai, far from so simple.
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