Team Gender Diversity and Investment Decision Making Behavior
Vicki L. Bogan
David R. Just
Cornell University - Dyson School of Applied Economics and Management
Cornell University - School of Hotel Administration
Review of Behavioral Finance, Forthcoming
We investigate whether the gender composition of a fund management team influences investment decision making behavior. Using an experimental economics approach, we examine the relationship between gender diversity and investment decisions. We find evidence that a male presence increases the probability of selecting a higher risk investment. However, the all male teams are not the most risk seeking. Moreover, having a male presence increases loss aversion. In the context of workforce composition, these results could have important implications for team investment decisions driven by the assessment of risk and return trade-offs.
Number of Pages in PDF File: 28
Keywords: Investment decision making, group composition
JEL Classification: G11Accepted Paper Series
Date posted: July 13, 2010 ; Last revised: May 3, 2013
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