Gender and Mutual Fund Liquidity
研究发现美国女性基金经理管理的基金组合流动性比男性高8-25%，且从男性换为女性经理后流动性增加，支持女性风险规避和保守决策行为。
Abstract 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.