Do Women Receive Worse Financial Advice?
通过在香港65家金融咨询公司安排卧底客户，发现女性在理财规划公司比男性更可能被建议购买单一或本地证券，尤其是表现出高自信、高风险承受力或国内投资倾向的女性。
ABSTRACT We arranged for trained undercover men and women to pose as potential clients and visit all 65 local financial advisory firms in Hong Kong. At financial planning firms, but not at securities firms, women were more likely than men to receive advice to buy only individual or only local securities. Female clients who signaled high confidence, high risk tolerance, or a domestic outlook were especially likely to receive this suboptimal advice. Our theoretical model explains these patterns as a result of statistical discrimination interacting with advisors’ incentives. Taste‐based discrimination is unlikely to explain the results.