Gender differences in revealed risk taking: evidence from mutual fund investors

Dwyer, Peggy D.; Gilkeson, James H.; List, John A.

doi:10.1016/s0165-1765(02)00045-9

Cited by 469 publications

(302 citation statements)

References 3 publications

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“…A large experimental literature that compares how men and women value risky gambles or choose between gambles, documents systematic differences in risk preferences, with women being more risk-averse than men (see Croson and Gneezy (2009) and Eckel and Grossman (2008) for an extensive review of this literature). Higher risk-aversion of women is also reflected in financial decisions (Barber and Odean, 2001;Sapienza et al, 2009;Neelakantan, 2010), decisions made by financial professionals (Dwyer et al, 2002;Beckmann and Menkhoff, 2008) and even by top executives (Bandiera et al, 2015;Belenzon et al, 2016;Faccio et al, 2016). Higher risk-aversion of women is often explained by their relatively lower overconfidence (Lundeberg et al, 1994;Barber and Odean, 2001).…”

Section: H1mentioning

confidence: 99%

Firm Efficiency, Foreign Ownership and CEO Gender in Corrupt Environments

Hanousek¹,

Shamshur²,

Trešl³

2017

SSRN Journal

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We study the effects of corruption on firm efficiency using a unique dataset of private firms from 14 Central and Eastern European countries from 2000 to 2013. We find that an environment characterized by a high level of corruption has an adverse effect on firm efficiency. This effect is stronger for firms with a lower propensity to behave corruptly, such as foreign-controlled firms and firms managed by female CEOs, while local firms and firms with male CEOs are not disadvantaged. We also find that an environment characterized by considerable heterogeneity in the perception of corruption is associated with an increase in firm efficiency. This effect is particularly strong for foreign-controlled firms from low corruption countries, while no effect is observed for firms managed by a female CEO.

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Section: H1mentioning

confidence: 99%

Firm Efficiency, Foreign Ownership and CEO Gender in Corrupt Environments

Hanousek¹,

Shamshur²,

Trešl³

2017

SSRN Journal

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“…In general, there is a consensus among researchers that women are less inclined towards risk taking than men [38,39] and that men behave less carefully and undertake more risky strategies than women in their fund's investment decisions [40,41]. Research conducted by Olsen and Cox [42] among professional investors also revealed that women are more interested in steady returns from investments while men are strongly focused on increasing profits.…”

Section: Esg and Protection Against The Riskmentioning

confidence: 99%

ESG Issues among Fund Managers—Factors and Motives

Przychodzeń¹,

Gómez‐Bezares

Przychodzeń

et al. 2016

Sustainability

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This paper investigates the motives, behavior, and characteristics shaping mutual fund managers' willingness to incorporate Environmental, Social and Governance (ESG) issues into investment decision making. Using survey evidence from fund managers from five different countries, we demonstrate that this predisposition is the stronger, the shorter their average forecasting horizon and the higher their level of reliance on business risk in portfolio management is. We also find that the propensity to incorporate ESG factors is positively related to an increasing level of risk aversion, an increasing importance of salary change and senior management approval/disapproval as motivating factors as well as length of professional experience in current fund and increasing significance of assessment by superiors in remuneration. Overall, our evidence suggests that ESG diligence among fund managers serves mainly as a method for mitigating risk and is typically motivated by herding; it is much less important as a tool for additional value creation. The prevalent use of ESG criteria in mitigating risk is in contrast with traditional approach, but it is in line with behavioral finance theory. Additionally, our results also show a strong difference in the length of the forecasting horizon between continental European and Anglo-Saxon fund managers.

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“…Sundén and Surette, 1998;Barber and Odean, 2001;Dwyer, Gilkeson, and List, 2002;Agnew, Balduzzi, and Sundén, 2003). Compared to men, women are more risk-averse (e.g., Barsky et al, 1997; for reviews see Eckel and Grossman, 2008;Croson and Gneezy, 2009) and score lower in financial literacy tests (Chen and Volpe, 2002;Lusardi and Mitchell, 2008).…”

Section: Introductionmentioning

confidence: 99%