We analyze 6,400 letters of recommendation from more than 2,200 economics and finance Ph.D. graduates from 2018 to 2021. The text of the book varies widely by field of interest, with very small positive and short letters for students of Macroeconomics and Finance. Letters for female and black or Hispanic candidates are weak in some measures, while letters for Asian candidates have a significantly negative impression overall. We are introducing a new letter quality measure that captures recommended candidates for “top” departments. Female, Asian, and Black or Hispanic students are all less likely to be recommended to higher education departments, even after controlling for other demographic factors. Finally, we examine early career outcomes and find that character traits, especially “high” recommendation have significant effects on early career submissions and journal publication.
That’s according to a new paper by Beverly Hirtle and Anna Kovner. By using the excellent Kevin Lewis.
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