Investor Preference for Director Characteristics: Portfolio Choice with Gender Bias
研究利用非美国基金在美国持股的数据，发现来自性别不平等更严重国家的基金更少投资于女性董事多的公司，从而揭示投资者对董事特征的偏好如何影响投资组合选择。
ABSTRACT This study examines whether investor-level preferences for director characteristics influence portfolio choices, using data on the U.S. holdings of non-U.S. funds. Consistent with bias-based preferences influencing portfolio allocations, funds from countries with greater gender inequality invest less and hold smaller stakes in firms with more female directors. Since variation in funds' home country gender biases are plausibly unrelated to the selection and performance of female directors in U.S. firms, the empirical strategy mitigates endogeneity concerns arising from estimates based on associations between market performance and gender demographics. The study contributes by linking investments to measured gender biases and by providing evidence, through additional analysis, of potential channels through which gender bias may affect portfolio choice. JEL Classifications: G11; J16; M10.