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Will Women Be Women? Analyzing the Gender Difference among Financial Experts

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  • Beckmann, Daniela
  • Menkhoff, Lukas

Abstract

There are robust gender differences in the domains of risk taking, overconfidence and competition behavior. However, as expertise tends to level these differences, we ask whether financial experts still show gender dissimilarities in their domains of decision making? We analyze survey responses of 649 fund managers in the U.S., Germany, Italy and Thailand, and find that female fund managers tend to behave as expected from gender studies: they are more risk averse and shy away from competition in the tournament scenario. The expected lower degree of overconfidence by women is yet so small that it becomes insignificant in fund management.

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Bibliographic Info

Paper provided by Leibniz Universität Hannover, Wirtschaftswissenschaftliche Fakultät in its series Hannover Economic Papers (HEP) with number dp-391.

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Length: 24 pages
Date of creation: Feb 2008
Date of revision:
Handle: RePEc:han:dpaper:dp-391

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Keywords: fund managers; gender differences; risk; overconfidence; tournament behavior;

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Blog mentions

As found by EconAcademics.org, the blog aggregator for Economics research:
  1. Comportamento econômico das mulheres
    by Roberto Ushisima in Empresas e Mercados on 2009-09-08 18:06:00
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Cited by:
  1. van Staveren, I.P., 2012. "The Lehman Sisters Hypothesis: an exploration of literature and bankers," ISS Working Papers - General Series, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague 545, International Institute of Social Studies of Erasmus University Rotterdam (ISS), The Hague.
  2. Urs Fischbacher & Gerson Hoffmann & Simeon Schudy, 2014. "The Causal Effect of Stop-Loss and Take-Gain Orders on the Disposition Effect," Working Paper Series of the Department of Economics, University of Konstanz 2014-01, Department of Economics, University of Konstanz.
  3. Thomas P. Gehrig & Torben Lütje & Lukas Menkhoff, 2009. "Bonus Payments and Fund Managers' Behavior: Transatlantic Evidence," CESifo Economic Studies, CESifo, CESifo, vol. 55(3-4), pages 569-594.
  4. Julie A. Nelson, 2012. "Are Women Really More Risk-Averse than Men?," GDAE Working Papers 12-05, GDAE, Tufts University.
  5. Julie A. Nelson, 2011. "11-03 "Would Women Leaders Have Prevented the Global Financial Crisis? Implications for Teaching about Gender, Behavior, and Economics"," GDAE Working Papers 11-03, GDAE, Tufts University.
  6. Eiji Yamamura & Yoshiro Tsutsui & Chisako Yamane & Shoko Yamane, 2014. "Effect of major disasters on geographical mobility intentions: the case of the Fukushima nuclear accident," ISER Discussion Paper 0903, Institute of Social and Economic Research, Osaka University.

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