IDEAS home Printed from
   My bibliography  Save this paper

Sex matters: Gender differences in a professional setting


  • Niessen, Alexandra
  • Ruenzi, Stefan


This paper shows that gender di®erences exist in a professional setting where man-agers have a similar educational background and work experience. Using data from the U.S. mutual fund industry we find that female managers are more risk averse, follow less extreme and more consistent investment styles and trade less than male managers. Although female and male managers do not differ in average performance, female man-agers receive significantly lower inflows. This suggests that they might be stereotyped as less skilled. Furthermore, they mainly work in companies that are large, well established and that are located in less conservative states of the U.S.

Suggested Citation

  • Niessen, Alexandra & Ruenzi, Stefan, 2007. "Sex matters: Gender differences in a professional setting," CFR Working Papers 06-01, University of Cologne, Centre for Financial Research (CFR).
  • Handle: RePEc:zbw:cfrwps:0601

    Download full text from publisher

    File URL:
    Download Restriction: no

    References listed on IDEAS

    1. Daniel Dorn & Gur Huberman, 2005. "Talk and Action: What Individual Investors Say and What They Do," Review of Finance, Springer, vol. 9(4), pages 437-481, December.
    2. Nicolosi, Gina & Peng, Liang & Zhu, Ning, 2009. "Do individual investors learn from their trading experience?," Journal of Financial Markets, Elsevier, vol. 12(2), pages 317-336, May.
    3. Bram Cadsby, C. & Maynes, Elizabeth, 2005. "Gender, risk aversion, and the drawing power of equilibrium in an experimental corporate takeover game," Journal of Economic Behavior & Organization, Elsevier, vol. 56(1), pages 39-59, January.
    4. Renate Schubert, 1999. "Financial Decision-Making: Are Women Really More Risk-Averse?," American Economic Review, American Economic Association, vol. 89(2), pages 381-385, May.
    5. Winter-Ebmer, Rudolf, 2001. "Firm Size, Earnings, and Displacement Risk," Economic Inquiry, Western Economic Association International, vol. 39(3), pages 474-486, July.
    6. Dora L. Costa & Matthew E. Kahn, 2008. "Learning from the Past," NBER Chapters,in: Heroes and Cowards: The Social Face of War National Bureau of Economic Research, Inc.
    Full references (including those not matched with items on IDEAS)


    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.

    Cited by:

    1. Kulich, C. & Trojanowski, G. & Ryan, M. & Haslam, S.A. & Renneboog, L.D.R., 2010. "Who gets the Carrot and Who gets the Stick? Evidence of Gender Disparities in Executive Remuneration," Discussion Paper 2010-02, Tilburg University, Center for Economic Research.
    2. repec:diw:diwfin:diwfin06010 is not listed on IDEAS
    3. Oleg Badunenko & Nataliya Barasinska & Dorothea Schäfer, 2009. "Risk Attitudes and Investment Decisions across European Countries: Are Women More Conservative Investors than Men?," SOEPpapers on Multidisciplinary Panel Data Research 224, DIW Berlin, The German Socio-Economic Panel (SOEP).
    4. Amparo Soler Domínguez & Juan Carlos Matallín Sáez & Emili Tortosa-Ausina, 2013. "Does active management add value? New evidence from a quantile regression approach," Working Papers. Serie EC 2013-02, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    5. Berger, Allen N. & Kick, Thomas & Schaeck, Klaus, 2014. "Executive board composition and bank risk taking," Journal of Corporate Finance, Elsevier, vol. 28(C), pages 48-65.
    6. Adams, Renée B. & Ferreira, Daniel, 2009. "Women in the boardroom and their impact on governance and performance," Journal of Financial Economics, Elsevier, vol. 94(2), pages 291-309, November.
    7. Bär, Michaela & Niessen, Alexandra & Ruenzi, Stefan, 2007. "The impact of work group diversity on performance: Large sample evidence from the mutual fund industry," CFR Working Papers 07-16, University of Cologne, Centre for Financial Research (CFR).
    8. Vassilios Babalos & Guglielmo Maria Caporale & Nikolaos Philippas, 2013. "Measuring Alpha in the Fund Management Industry: Do Female Managers Perform Better?," Discussion Papers of DIW Berlin 1300, DIW Berlin, German Institute for Economic Research.
    9. El-Masry, Ahmed A. & de Mingo-López, Diego Víctor & Matallín-Sáez, Juan Carlos & Tortosa-Ausina, Emili, 2016. "Environmental conditions, fund characteristics, and Islamic orientation: An analysis of mutual fund performance for the MENA region," Journal of Economic Behavior & Organization, Elsevier, vol. 132(S), pages 174-197.
    10. Francis, Bill & Hasan, Iftekhar & Wu, Qiang & Park, Jong Chool, 2014. "Gender differences in financial reporting decision-making: Evidence from accounting conservatism," Research Discussion Papers 1/2014, Bank of Finland.
    11. Michela Rancan, 2013. "The Value of Social Networks in Financial Markets," RSCAS Working Papers 2013/21, European University Institute.
    12. J. Carlos Matallín-Sáez & Amparo Soler-Domínguez & Emili Tortosa-Ausina, 2013. "Does active management add value? New evidence from a quantile regression," Working Papers 2013/01, Economics Department, Universitat Jaume I, Castellón (Spain).

    More about this item


    Gender Di®erences; Mutual Funds; Risk Aversion; Stereotyping;

    JEL classification:

    • G23 - Financial Economics - - Financial Institutions and Services - - - Non-bank Financial Institutions; Financial Instruments; Institutional Investors
    • J2 - Labor and Demographic Economics - - Demand and Supply of Labor
    • J71 - Labor and Demographic Economics - - Labor Discrimination - - - Hiring and Firing


    Access and download statistics


    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:zbw:cfrwps:0601. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (ZBW - German National Library of Economics). General contact details of provider: .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.