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Team Gender Diversity and Investment Decision Making Behavior

Review of Behavioral Finance, Vol. 5, No. 2, 2013

28 Pages Posted: 13 Jul 2010 Last revised: 11 Sep 2014

Vicki L. Bogan

Cornell University

David R. Just

Cornell University - Dyson School of Applied Economics and Management

Chekitan Dev

Cornell University - School of Hotel Administration

Date Written: February 1, 2013

Abstract

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.

Keywords: Investment decision making, group composition

JEL Classification: G11

Suggested Citation

Bogan, Vicki L. and Just, David R. and Dev, Chekitan, Team Gender Diversity and Investment Decision Making Behavior (February 1, 2013). Review of Behavioral Finance, Vol. 5, No. 2, 2013. Available at SSRN: https://ssrn.com/abstract=1638971 or http://dx.doi.org/10.2139/ssrn.1638971

Vicki L. Bogan (Contact Author)

Cornell University ( email )

454 Warren Hall
Ithaca, NY 14853
United States
607-254-7219 (Phone)

David R. Just

Cornell University - Dyson School of Applied Economics and Management ( email )

Ithaca, NY
United States
607-255-2086 (Phone)
607-255-9984 (Fax)

Chekitan Dev

Cornell University - School of Hotel Administration ( email )

435B Statler Hall
Ithaca, NY 14853-6902
United States

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