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Career Imprinting: The Influence of Coworkers in Early Career

This study examines whether individuals' early-career experience influences their subsequent job behavior. I find that sell-side analysts who worked with more optimistic coworkers in their early career issue more strong buy recommendations, more large upgrades, higher earnings forecasts, and higher price targets. Various tests — exploiting the ex post characteristics of early-career experience based on job span and newcomers, using instruments based on the gender composition and network size of early-career coworkers, and implementing a series of falsification and robustness tests — consistently suggest that these systematic patterns are driven by analysts' early-career coworker experience rather than by their self-selection.