Sex Matters: Gender Bias in the Mutual Fund Industry

Published Online:https://doi.org/10.1287/mnsc.2017.2939

References

  • Adams RB, Ferreira D (2009) Women in the boardroom and their impact on governance and performance. J. Financial Econom. 94(2):291–309.CrossrefGoogle Scholar
  • Adams RB, Funk P (2012) Beyond the glass ceiling: Does gender matter? Management Sci. 58(2):219–235.LinkGoogle Scholar
  • Adams RB, Kirchmaier T (2016) Women on boards in finance and STEM industries. Amer. Econom. Rev. 106(5):277–281.CrossrefGoogle Scholar
  • Adams RB, Ragunathan V (2017) Lehman Sisters. Working paper, University of New South Wales, Sydney, NSW, Australia.Google Scholar
  • Agnew J, Balduzzi P, Sunden A (2003) Portfolio choice and trading in a large 401(k) plan. Amer. Econom. Rev. 93(1):193–215.CrossrefGoogle Scholar
  • Ahern K, Dittmar A (2012) The changing of the boards: The impact on firm valuation of mandated female board representation. Quart. J. Econom. 127(1):137–197.CrossrefGoogle Scholar
  • Atkinson SM, Baird SB, Frye MB (2003) Do female mutual fund managers manage differently? J. Financial Res. 26(1):1–18.CrossrefGoogle Scholar
  • Baer M, Kempf A, Ruenzi S (2011) Is a team different from the sum of its parts? Team management in the mutual fund industry. Rev. Finance 15(2):359–396.CrossrefGoogle Scholar
  • Bailey W, Kumar A, Ng D (2011) Behavioral biases of mutual fund investors. J. Financial Econom. 102(1):1–27.CrossrefGoogle Scholar
  • Baks KP (2003) On the performance of mutual fund managers. Working paper, Emory University, Atlanta.Google Scholar
  • Banaji MR, Greenwald AG (1995) Implicit gender stereotyping in judgements of fame. J. Personality Soc. Psych. 68(2):181–198.CrossrefGoogle Scholar
  • Barber BM, Odean T (2001) Boys will be boys: Gender, overconfidence, and common stock investment. Quart. J. Econom. 116(1): 261–292.CrossrefGoogle Scholar
  • Beaman L, Chattopadhyay R, Duflo E, Pande R, Topalova P (2009) Powerful women: Does exposure reduce bias? Quart. J. Econom. 124(4):1497–1540.CrossrefGoogle Scholar
  • Becker GS (1971) The Economics of Discrimination, 2nd ed. (University of Chicago Press, Chicago).CrossrefGoogle Scholar
  • Berk JB, Green RC (2004) Mutual fund flows and performance in rational markets. J. Political Econom. 112(6):1269–1295.CrossrefGoogle Scholar
  • Bertrand M, Hallock KF (2001) The gender gap in top corporate jobs. Indust. Labor Relations Rev. 55(1):3–21.CrossrefGoogle Scholar
  • Bertrand M, Chugh D, Mullainathan S (2005) Implicit discrimination. Amer. Econom. Rev. 95(2):94–98.CrossrefGoogle Scholar
  • Bertrand M, Goldin C, Katz LF (2010) Dynamics of the gender gap for young professionals in the financial and corporate sectors. Amer. Econom. J.: Appl. Econom. 2(3):228–255.CrossrefGoogle Scholar
  • Bigelow L, Lundmark L, Parks JM, Wuebker R (2014) Skirting the issues: Experimental evidence of gender bias in IPO prospectus evaluations. J. Management 40(6):1732–1759.CrossrefGoogle Scholar
  • Blair IV, Banaji MR (1996) Automatic and controlled processes in stereotype priming. J. Personality Soc. Psych. 70(6):1142–1163.CrossrefGoogle Scholar
  • Byrnes JP, Miller DC, Schafer WD (1999) Gender differences in risk taking: A meta-analysis. Psych. Bull. 125(3):367–383.CrossrefGoogle Scholar
  • Carhart MM (1997) On persistence in mutual fund performance. J. Finance 52(1):57–82.CrossrefGoogle Scholar
  • Carney DR, Nosek BA, Greenwald AG, Banaji MR (2007) Implicit Association Test (IAT). Baumeister RF, Vohs KD, eds. Encyclopedia of Social Psychology (Sage, Thousand Oaks, CA), 463–464.CrossrefGoogle Scholar
  • Chen J, Hong H, Huang M, Kubik JD (2004) Does fund size erode performance? Liquidity, organizational diseconomies and active money management. Amer. Econom. Rev. 94(5):1276–1302.CrossrefGoogle Scholar
  • Chevalier J, Ellison G (1999) Career concerns of mutual fund managers. Quart. J. Econom. 114(2):389–432.CrossrefGoogle Scholar
  • Choi JJ, Laibson D, Madrian BC (2011) Why does the law of one price fail? An experiment on index mutual funds. Rev. Financial Stud. 23(4):1405–1432.CrossrefGoogle Scholar
  • Christoffersen S, Evans R, Musto D (2013) What do consumers’ fund flows maximize? Evidence from their brokers’ incentives. J. Finance 68(1):201–235.CrossrefGoogle Scholar
  • Cronqvist H (2006) Advertising and portfolio choice. Working paper, University of Miami, Coral Gables, FL.Google Scholar
  • Cunningham WA, Preacher KJ, Banaji MR (2001) Implicit attitude measures: Consistency, stability, and convergent validity. Psych. Sci. 12(2):163–170.CrossrefGoogle Scholar
  • Daniel K, Grinblatt M, Titman S, Wermers R (1997) Measuring mutual fund performance with characteristic-based benchmarks. J. Finance 52(3):1035–1058.CrossrefGoogle Scholar
  • Dunleavey MP (2017) A trillion-dollar question: Why don’t more women run mutual funds? New York Times (January 13), https://www.nytimes.com/2017/01/13/business/mutfund/a-trillion-dollar-question-why-dont-more-women-run-mutual-funds.html.Google Scholar
  • Fama EF, French KR (1993) Common risk factors in the return on bonds and stocks. J. Financial Econom. 33(1):3–53.CrossrefGoogle Scholar
  • Folkard S (1976) Time of day and level of processing. Memory Cognition 7(4):247–252.CrossrefGoogle Scholar
  • Gallaher S, Kaniel R, Starks LT (2015) Advertising and mutual funds: From families to individual funds. CEPR Discussion Paper 10329, Centre for Economic Policy Research, London.Google Scholar
  • Goldin C, Rouse C (2000) Orchestrating impartiality: The impact of “blind” auditions on female musicians. Amer. Econom. Rev. 90(4):715–741.CrossrefGoogle Scholar
  • Graham JR, Harvey CR, Puri M (2013) Managerial attitudes and corporate actions. J. Financial Econom. 109(1):103–121.CrossrefGoogle Scholar
  • Greenwald AG, McGhee DE, Schwartz JLK (1998) Measuring individual differences in implicit cognition: The Implicit Association Test. J. Personality Soc. Psych. 74(6):1464–1480.CrossrefGoogle Scholar
  • Greenwald AG, Poehlman TA, Uhlmann EL, Banaji MR (2009) Understanding and using the Implicit Association Test: III. Meta-analysis of predictive validity. J. Personality Soc. Psych. 97(1):17–41.CrossrefGoogle Scholar
  • Greenwald AG, Banaji MR, Rudman LA, Farnham SD, Nosek BA, Mellott DS (2002) A unified theory of implicit attitudes, stereotypes, self-esteem, and self-concept. Psych. Rev. 109(1):3–25.CrossrefGoogle Scholar
  • Jain PC, Wu JS (2000) Truth in mutual fund advertising: Evidence on future performance and fund flows. J. Finance 55(2):937–958.CrossrefGoogle Scholar
  • Jensen MC (1968) The performance of mutual funds in the period 1955–1964. J. Finance 23(2):389–416.CrossrefGoogle Scholar
  • Kaniel R, Starks L, Vasudevan V (2007) Headlines and bottom lines: Attention and learning effects from media coverage and mutual funds. Working paper, University of Rochester, Rochester, NY.Google Scholar
  • Kumar A, Niessen-Ruenzi A, Spalt O (2015) What is in a name? Mutual fund flows when managers have foreign-sounding names. Rev. Financial Stud. 28(8):2281–2321.CrossrefGoogle Scholar
  • Lane KA, Banaji MA, Nosek BA, Greenwald AG (2007) Understanding and using the Implicit Association Test: What we know (so far) about the method. Wittenbrink B, Schwarz N, eds. Implicit Measures of Attitudes (Guilford Press, New York), 59–102.Google Scholar
  • Lutton LP, Davis E (2015) Morningstar research report: Fund managers by gender. Research report, Morningstar, Chicago. https://www.ft.com/content/6bc474d6-b578-11e6-961e-a1acd97f622d.Google Scholar
  • Massa M, Reuter J, Zitzewitz E (2010) When should firms share credit with employees? Evidence from anonymously managed mutual funds. J. Financial Econom. 95(3):400–424.CrossrefGoogle Scholar
  • National Council for Research on Women (2009) Women in fund management. Report, National Council for Research on Women, New York.Google Scholar
  • Neumark D (1996) Sex discrimination in restaurant hiring: An audit study. Quart. J. Econom. 111(3):915–942.CrossrefGoogle Scholar
  • Newlands C, Ram A (2016) Number of women in asset management flatlines. Financial Times (November 28), https://www.ft.com/content/6bc474d6-b578-11e6-961e-a1acd97f622d.Google Scholar
  • Newton D, Simutin M (2014) Of age, sex, and money: Insights from corporate officer compensation on the wage inequality between genders. Management Sci. 61(10):2355–2375.LinkGoogle Scholar
  • Niederle M, Vesterlund L (2007) Do women shy away from competition? Quart. J. Econom. 122(3):1067–1101.CrossrefGoogle Scholar
  • Oswald FL, Mitchell G, Jaccard J, Tetlock PE (2013) Predicting ethnic and racial discrimination: A meta-analysis of IAT criterion studies. J. Personality Soc. Psych. 105(2):171–192.CrossrefGoogle Scholar
  • Patel J, Zeckhauser R, Hendricks D (1991) The rationality struggle: Illustrations from financial markets. Amer. Econom. Rev. 81(2): 232–236.Google Scholar
  • Paulus PB, Annis AB, Seta JJ, Schkade JK, Matthews RW (1976) Density does affect task performance. J. Personality Soc. Psych. 34(2): 248–253.CrossrefGoogle Scholar
  • Phelps E (1972) The statistical theory of racism and sexism. Amer. Econom. Rev. 62(4):659–661.Google Scholar
  • Polachek SW (1981) Occupational self-selection: A human capital approach to sex differences in occupational structure. Rev. Econom. Statist. 63(1):60–69.CrossrefGoogle Scholar
  • Reuter J, Zitzewitz E (2015) How much does size erode mutual fund performance? A regression discontinuity approach. Working paper, Boston College, Chestnut Hill, MA.Google Scholar
  • Sialm C, Tham TM (2015) Spillover effects in mutual fund companies. Management Sci. 62(5):1472–1486.LinkGoogle Scholar
  • Sirri ER, Tufano P (1998) Costly search and mutual fund flows. J. Finance 53(5):1589–1622.CrossrefGoogle Scholar
  • Sutter M, Gätzle-Rützler D (2014) Gender differences in the willingness to compete emerge early in life and persist. Management Sci. 61(10):2339–2354.LinkGoogle Scholar
  • Tajfel H (1970) Experiments in intergroup discrimination. Scientific Amer. 223(5):96–103.CrossrefGoogle Scholar
  • Wang P (1994) Brokers still treat men better than women. Money 23(6):108–110.Google Scholar
INFORMS site uses cookies to store information on your computer. Some are essential to make our site work; Others help us improve the user experience. By using this site, you consent to the placement of these cookies. Please read our Privacy Statement to learn more.