Using data from a national survey of nearly 2000 mutual fund investors, we investigate whether investor gender is related to risk taking as revealed in mutual fund investment decisions. Consonant with the received literature, we find that women exhibit less risk-taking than men in their most recent, largest, and riskiest mutual fund investment decisions. More importantly, we find that the impact of gender on risk taking is significantly weakened when investor knowledge of financial markets and investments is controlled in the regression equation. This result suggests that the greater level of risk aversion among women that is frequently documented in the literature can be substantially, but not completely, explained by knowledge disparities.

Although auctions have been examined extensively in economics, and to some degree in marketing, on-line auctions are only beginning to receive research attention. Further, in both economics and marketing the research on auctions has relied primarily on rational, economic theories. This article investigates how particular on-line auction features impact two important outcomes: auction success and final closing price. Traditional economic theories as well as theories from marketing and psychology are employed to provide a broader picture of on-line auctions. Specifically, several key factors related to auction success and closing price for four types of sterling flatware in an on-line auction site (eBay) are examined. The findings show that, across all four piece types, a reserve auction format, the relative opening price, and the number of bids unexplained by a low or high opening price are associated with both auction success and final closing price. ᭧ 2003 Wiley Periodicals, Inc.Until recently, auctions were of interest to mostly economists and perhaps the very wealthy. The proliferation of on-line auctions has altered this situation considerably (Bazerman, 2001). To date there are several auction sites available on the Internet. Conceptually, auctions are tailor-made for an on-line format. Both sellers and bidders prefer high 538 GILKESON AND REYNOLDS volume -sellers want many potential bidders, and bidders want a large selection of whatever type of item they seek (Wilcox, 2000).The purpose of the research project described in this article is to examine several factors related to pricing in one on-line environmentan auction site. The specific focus is on what influences auction success (whether the auction results in a sale) and actual closing price. Several possible factors are considered, such as seller reputation, buyer experience, shipping and handling charges, and damage. The investigation also explores whether sellers obtain greater success and higher prices using reserves, higher opening bids, and longer auction length. The examination not only relies on rational, economic theories, but also employs broader theories from marketing and psychology.This article discusses preliminary results of an ongoing, exploratory research project that examines the results of auctions for sterling silver flatware conducted on eBay. Although the results discussed herein are based on 2628 auctions completed over the period October 28, 1999 through January 1, 2001, the collection of auction results continues.This article is organized as follows. First there is a brief review of the literature relating to auctions in general and on-line auctions. Next there is a discussion of the types of auction results that were collected and the process used. The next section contains research hypotheses based on theories from economics, marketing, and psychology. The data collected for the study are then summarized. This is followed by a description of the series of tests that were conducted to examine the factors that influenced...

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