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Do Women Manage Smaller Funds?

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  • Olaf Hübler
  • Lukas Menkhoff

Abstract

Based on a sample of 467 asset managers from four countries we robustly find that women manage smaller funds than men, despite tough competition in this industry. Interestingly, the gender gap exists only for managers of smaller funds, i.e. at the lower end of the hierarchy, as quantile regressions show. This is inconsistent with the glass ceiling hypothesis. Going further, this gender gap is limited to large firms. Explanations may refer to large firms using market power in the area of smaller funds or to ‘visibility’ among top asset managers protecting against unequal treatment of the sexes.

Suggested Citation

  • Olaf Hübler & Lukas Menkhoff, 2011. "Do Women Manage Smaller Funds?," Scottish Journal of Political Economy, Scottish Economic Society, vol. 58(1), pages 107-126, February.
    • Handle: RePEc:bla:scotjp:v:58:y:2011:i:1:p:107-126
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    File URL: http://hdl.handle.net/10.1111/j.1467-9485.2010.00537.x
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    More about this item

    JEL classification:

    • J16 - Labor and Demographic Economics - - Demographic Economics - - - Economics of Gender; Non-labor Discrimination
    • J44 - Labor and Demographic Economics - - Particular Labor Markets - - - Professional Labor Markets and Occupations
    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors

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