Sex Matters : Gender and Prejudice in the Mutual Fund Industy

Niessen-Ruenzi, Alexandra ; Ruenzi, Stefan

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Document Type: Working paper
Year of publication: 2012
The title of a journal, publication series: SSRN Working Paper Series
Place of publication: Rochester, NY
Publication language: English
Institution: Business School > Internat. Finanzierung (Ruenzi)
Business School > Banken u. Finanzierung (Juniorprofessur) (Niessen-Ruenzi -2012)
Subject: 330 Economics
Abstract: We suggest investor prejudice against women in finance as one potential explanation for the low fraction of women in the U.S. mutual fund industry. Our empirical results show that female-managed funds experience lower inflows than male-managed funds. This finding cannot be explained by rational statistical discrimination. Results are confirmed in a lab experiment where subjects choose between index funds. To test directly for prejudice against women in finance we conduct an implicit association test (IAT). Subjects with higher prejudice scores invest significantly less into female-managed funds in the experiment. Thus, our results suggest that social biases can affect investment decisions.

Dieser Eintrag ist Teil der Universitätsbibliographie.

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