Fiction or Fact: Systematic Gender Differences in Financial Investments?

14 Pages Posted: 30 Nov 2006 Last revised: 8 Nov 2017

See all articles by Charlotte Christiansen

Charlotte Christiansen

Aarhus University - CREATES

Jesper Rangvid

Copenhagen Business School

Juanna Schrøter Joensen

University of Chicago; Institute for the Study of Labor (IZA)

Date Written: April 12, 2010

Abstract

We investigate whether there are systematic gender differences in financial investment decisions. We use an exceptionally comprehensive register based panel data set including a wide range of socioeconomic and financial background characteristics of both investors who do and do not hold stocks. This allows us to (i) evaluate systematic gender differences in stock market participation and to (ii) investigate if portfolio choice varies systematically across gender. Statistically, males make more risky financial investments, but in economic terms, the differences are almost negligible. The apparently large gender differences in financial investment decisions are artifacts of previous studies based on non-comprehensive and selective data.

Keywords: Stock market participation, Bond market participation, Gender, Portfolio Choice

JEL Classification: G11, J16

Suggested Citation

Christiansen, Charlotte and Rangvid, Jesper and Joensen, Juanna Schrøter, Fiction or Fact: Systematic Gender Differences in Financial Investments? (April 12, 2010). EFA 2007 Ljubljana Meetings Paper, Available at SSRN: https://ssrn.com/abstract=948164 or http://dx.doi.org/10.2139/ssrn.948164

Charlotte Christiansen (Contact Author)

Aarhus University - CREATES ( email )

Fuglesangs Alle 4
Aarhus V, DK 8210
Denmark

Jesper Rangvid

Copenhagen Business School ( email )

Solbjerg Plads 3
Frederiksberg C, DK - 2000
DENMARK

Juanna Schrøter Joensen

University of Chicago ( email )

1101 East 58th Street
Chicago, IL 60637
United States

Institute for the Study of Labor (IZA) ( email )

P.O. Box 7240
Bonn, D-53072
Germany

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