Sex matters: Gender bias in the mutual fund industry

Ruenzi, Stefan ; Niessen-Ruenzi, Alexandra

Document Type: Working paper
Year of publication: 2017
The title of a journal, publication series: SSRN Working Paper Series
Place of publication: Rochester, NY
Publication language: English
Institution: Business School > ABWL u. Corporate Governance (Niessen-Ruenzi 2012-)
Business School > Internat. Finanzierung (Ruenzi)
Subject: 330 Economics
Abstract: We document significantly lower inflows in female-managed funds than in male-managed funds. This result is obtained with field data and with data from a laboratory experiment. We find no gender differences in performance. Thus, rational statistical discrimination is unlikely to explain the fund flow effect. We conduct an implicit association test and find that subjects with stronger gender bias according to this test invest significantly less in female-managed funds. Our results suggest that gender bias affects investment decisions and thus offer a new potential explanation for the low fraction of women in the mutual fund industry.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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