Gender and mutual fund liquidity
Gender and mutual fund liquidity
We examine whether the female-managed U.S. mutual funds have higher portfolio liquidity than their male counterparts. Single female managers’ holdings are 8% to 25% more liquid than those of single male managed funds. When there is a transition from male to female manager, fund holdings liquidity increases compared to a male-to-male transition fund. The findings are consistent with the risk-averse and conservation decision-making behavior of female managers. We do not find evidence to support the excessive trading hypothesis that predicts higher portfolio liquidity of overconfident male fund managers. Our findings add to growing evidence that gender affects professionals’ investment choices.
mutual funds, gender, mutual fund liquidity
Sehrish, Saba
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Naeem, Muhammad Abubakr
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Karim, Sitara
1f712808-acf8-4b84-b157-0464f326704c
Yarovaya, Larisa
2bd189e8-3bad-48b0-9d09-5d96a4132889
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 the female-managed U.S. mutual funds have higher portfolio liquidity than their male counterparts. Single female managers’ holdings are 8% to 25% more liquid than those of single male managed funds. When there is a transition from male to female manager, fund holdings liquidity increases compared to a male-to-male transition fund. The findings are consistent with the risk-averse and conservation decision-making behavior of female managers. We do not find evidence to support the excessive trading hypothesis that predicts higher portfolio liquidity of overconfident male fund managers. Our findings add to growing evidence that gender affects professionals’ investment choices.
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Accepted manuscript
- 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
Keywords:
mutual funds, gender, mutual fund liquidity
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: 20 May 2023 01:52
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Contributors
Author:
Saba Sehrish
Author:
Muhammad Abubakr Naeem
Author:
Sitara Karim
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