This study suggests that a beard can make a man appear more attractive, if it separates him from the crowd.

A man who is clean shaven may appear more attractive among a group of bearded men. Or a man with a beard among clean shaven men can appear more attractive.

Zinnia J. Janif, Robert C. Brooks, Barnaby J. Dixson “Negative frequency-dependent preferences and variation in male facial hair” Biology Letters, April 2014

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