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Do Female Mutual Fund Managers Manage Differently?
Author(s) -
Atkinson Stanley M.,
Baird Samantha Boyce,
Frye Melissa B.
Publication year - 2003
Publication title -
journal of financial research
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.319
H-Index - 49
eISSN - 1475-6803
pISSN - 0270-2592
DOI - 10.1111/1475-6803.00041
Subject(s) - mutual fund , manager of managers fund , fund administration , target date fund , business , closed end fund , open end fund , income fund , investment (military) , asset (computer security) , investment management , finance , female entrepreneurs , demographic economics , fund of funds , economics , institutional investor , corporate governance , political science , entrepreneurship , computer security , politics , market liquidity , computer science , law
We examine the performance and investment behavior of female fixed‐income mutual fund managers compared with male fixed‐income mutual fund managers. We find that male‐ and female‐managed funds do not differ significantly in terms of performance, risk, and other fund characteristics. Our results suggest that differences in investment behavior often attributed to gender may be related to investment knowledge and wealth constraints. Despite the similarities between male and female managers, we find evidence that gender influences the decision making of mutual fund investors. We find that the net asset flows into funds managed by females are lower than for males, especially for the manager's initial year managing the fund.