What's Good for Women Is Good for Science: Evidence from the American Finance Association

Review of Corporate Finance Studies, forthcoming

76 Pages Posted: 5 Nov 2021 Last revised: 4 Mar 2022

See all articles by Renee B. Adams

Renee B. Adams

University of Oxford; ABFER

Michelle Lowry

Drexel University; European Corporate Governance Institute (ECGI)

Date Written: March 2, 2022


Motivated by evidence that the largest gender differences in career outcomes arise within occupations, we examine a single occupation. With the support of the American Finance Association (AFA), we surveyed AFA members on the professional culture within finance. Individual experiences vary substantially, especially across men and women. Contrary to conventional narratives, differences in preferences play little role in explaining why women experience worse outcomes. Bias and discrimination have the largest effect. The consequences of non-inclusiveness extend beyond the personal to the entire field. Our findings suggest that institutions could potentially do more than they recognize to improve both diversity and science.

Keywords: Gender, diversity, preferences, structure of work, bias

JEL Classification: M14, J16

Suggested Citation

Adams, Renée B. and Lowry, Michelle B., What's Good for Women Is Good for Science: Evidence from the American Finance Association (March 2, 2022). Review of Corporate Finance Studies, forthcoming, Available at SSRN: https://ssrn.com/abstract=3936062 or http://dx.doi.org/10.2139/ssrn.3936062

Renée B. Adams

University of Oxford ( email )

Park End Street
Oxford, OX1 1HP
Great Britain


BIZ 2 Storey 4, 04-05
1 Business Link
Singapore, 117592

Michelle B. Lowry (Contact Author)

Drexel University ( email )

3141 Chestnut St
Philadelphia, PA 19104
United States

European Corporate Governance Institute (ECGI) ( email )

c/o the Royal Academies of Belgium
Rue Ducale 1 Hertogsstraat
1000 Brussels

Do you have a job opening that you would like to promote on SSRN?

Paper statistics

Abstract Views
PlumX Metrics