Gender and mutual fund liquidity
Gender and mutual fund liquidity
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.
gender, mutual fund liquidity, mutual funds
Sehrish, Saba
7e489795-950d-462a-9e0c-4c35c75ad171
Naeem, Muhammad Abubakr
959d6cc4-53d1-47dc-8c3c-0354a08633d7
Karim, Sitara
1f712808-acf8-4b84-b157-0464f326704c
Yarovaya, Larisa
2bd189e8-3bad-48b0-9d09-5d96a4132889
1 May 2023
Sehrish, Saba
7e489795-950d-462a-9e0c-4c35c75ad171
Naeem, Muhammad Abubakr
959d6cc4-53d1-47dc-8c3c-0354a08633d7
Karim, Sitara
1f712808-acf8-4b84-b157-0464f326704c
Yarovaya, Larisa
2bd189e8-3bad-48b0-9d09-5d96a4132889
Sehrish, Saba, Naeem, Muhammad Abubakr, Karim, Sitara and Yarovaya, Larisa
(2023)
Gender and mutual fund liquidity.
British Journal of Management.
(doi:10.1111/1467-8551.12727).
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.
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- Accepted Manuscript
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British J of Management - 2023 - Sehrish - Gender and Mutual Fund Liquidity
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Accepted/In Press date: 4 April 2023
e-pub ahead of print date: 1 May 2023
Published date: 1 May 2023
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Publisher Copyright:
© 2023 The Author. British Journal of Management published by John Wiley & Sons Ltd on behalf of British Academy of Management.
Keywords:
gender, mutual fund liquidity, mutual funds
Identifiers
Local EPrints ID: 476911
URI: http://eprints.soton.ac.uk/id/eprint/476911
ISSN: 1045-3172
PURE UUID: b8736fc9-238a-416e-8494-698f4588172e
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Date deposited: 19 May 2023 16:33
Last modified: 17 Mar 2024 03:54
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Contributors
Author:
Saba Sehrish
Author:
Muhammad Abubakr Naeem
Author:
Sitara Karim
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