Do Women Manage Smaller Funds?
University of Hannover; Institute for the Study of Labor (IZA)
Leibniz Universitaet Hannover - Department of Economics; CESifo (Center for Economic Studies and Ifo Institute for Economic Research)
IZA Discussion Paper No. 4771
Based on a sample of 467 asset managers from four countries we robustly find that women manage smaller funds than men, despite tough competition in this industry. Interestingly, the gender gap exists only for managers of smaller funds, i.e. at the lower end of the hierarchy, as quantile regressions show. This is inconsistent with the glass ceiling hypothesis. Going further, this gender gap is limited to large firms. Explanations may refer to large firms using market power in the area of smaller funds or to "visibility" among top asset managers protecting against unequal treatment of the sexes.
Number of Pages in PDF File: 31
Keywords: asset managers, gender, qualification, segregation, attitudes
JEL Classification: J16, J44, G23working papers series
Date posted: February 22, 2010
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