Gender Discrimination as a Consequence of Team Failure

57 Pages Posted: 30 Jul 2018 Last revised: 14 Dec 2020

See all articles by Renee B. Adams

Renee B. Adams

University of Oxford; ABFER

Min S. Kim

Michigan State University - Department of Finance; Financial Research Network (FIRN)

Date Written: December 10, 2020


Although women are hired at similar rates as men in the mutual fund industry, the fraction of female fund managers declined by 30% between 1999 and 2015. We connect this startling fact to the ubiquity of team management in the industry. We show that following fund closures, female team managers are more likely to exit the profession than male team managers. This gender gap in exit is most prominent among new hires. Gender gaps in experience or skill do not drive this result. Our results suggest that the absence of individual performance signals in teams leads to discrimination against women.

Keywords: gender, discrimination, mutual fund, team

JEL Classification: J71, J16, J21, G23.

Suggested Citation

Adams, Renée B. and Kim, Min S., Gender Discrimination as a Consequence of Team Failure (December 10, 2020). Available at SSRN: or

Renée B. Adams

University of Oxford ( email )

Park End Street
Oxford, OX1 1HP
Great Britain


BIZ 2 Storey 4, 04-05
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Singapore, 117592

Min S. Kim (Contact Author)

Michigan State University - Department of Finance ( email )

315 Eppley Center
East Lansing, MI 48824-1122
United States

Financial Research Network (FIRN) ( email )

C/- University of Queensland Business School
St Lucia, 4071 Brisbane


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