A Diversidade de Gênero Pode Afetar a Liquidez e o Risco de Companhias?

Sonza, Igor Bernardi; Valcanover, Vanessa Martins

doi:10.4013/base.2019.164.05

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2023

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“…The association of female fund manager and Amihud portfolio liquidity (Port_Liq_Amhd) is positive and significant (at the 1% level of significance) until the 50th quantile. The results are inconsistent with our main findings and show a significantly negative relationship between female fund manager and bid/ask spread portfolio liquidity (Port_Liq_Sprd) for the 5th and 10th quantile (Sonza and Valcanover, 2019).…”

Section: Empirical Results and Discussioncontrasting

confidence: 99%

Gender and Mutual Fund Liquidity

Sehrish

Naeem

Karim

et al. 2023

British J of Management

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We examine whether US mutual funds managed by females have a higher portfolio liquidity than those of their male counterparts. Single female managers’ holdings are 8–25% more liquid than those of single‐male‐managed funds. When there is a transition from a male to a female manager, fund holdings liquidity increases compared with a male to male transition. The findings are consistent with the risk‐averse and conservative decision‐making behaviour of female managers. We do not find evidence to support the excessive trading hypothesis that predicts a higher portfolio liquidity for overconfident male fund managers. Our findings add to growing evidence that gender affects professionals’ investment choices.

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Section: Empirical Results and Discussioncontrasting

confidence: 99%