Stock Markets and Female Participation in the Labor Force

33 Pages Posted: 15 Jan 2020 Last revised: 18 May 2020

See all articles by Menachem (Meni) Abudy

Menachem (Meni) Abudy

Bar-Ilan University - Graduate School of Business Administration

Yevgeny Mugerman

Bar Ilan University

Zvi Wiener

Hebrew University of Jerusalem - Jerusalem School of Business Administration

Date Written: May 15, 2020

Abstract

This paper examines the relation between female participation in the labor force and stock market trading volume. We focus on the first teaching day of the year at kindergartens and primary schools, treating it as an event with characteristics that resemble an exogenous event, and verify this using a web-based survey. We find that the first day of school has lower trading volume than the average daily trading volume during the rest of the year. Moreover, we document that female workforce participation is negatively associated with the trading volume on this day, and that in societies which have legislated gender nondiscrimination laws that govern hiring, this negative effect is even more pronounced. Our main findings document a significant societal phenomenon with a profound impact on stock markets, and specifically on the quality of information environment, and therefore merit further attention.

Keywords: trading volume, female participation in labor force, cross-country variation

JEL Classification: G12, G15, G41

Suggested Citation

Abudy, Menachem (Meni) and Mugerman, Yevgeny and Wiener, Zvi, Stock Markets and Female Participation in the Labor Force (May 15, 2020). Available at SSRN: https://ssrn.com/abstract=3509228 or http://dx.doi.org/10.2139/ssrn.3509228

Menachem (Meni) Abudy

Bar-Ilan University - Graduate School of Business Administration ( email )

Ramat Gan
Israel

Yevgeny Mugerman (Contact Author)

Bar Ilan University ( email )

Ramat Gan
5290002
Israel

Zvi Wiener

Hebrew University of Jerusalem - Jerusalem School of Business Administration ( email )

Mount Scopus
Jerusalem, 91905
Israel
(972)-2-588-3049 (Phone)
(972)-2-588-3105 (Fax)

HOME PAGE: http://pluto.mscc.huji.ac.il/~mswiener/zvi.html

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