Czy płeć osoby zarządzającej ma wpływ na styl funduszu inwestycyjnego oraz stopę zwrotu?

• Autorzy: Iwona Białomazur

Warianty tytułu

Does the Sex of Fund Manager Influence the Fund's Style And Rate of Return?

• Języki publikacji: PL

Abstrakty

Pomimo licznych doniesień dokumentujących większą awersję do ryzyka wśród kobiet niż mężczyzn, osoby zarządzające funduszami inwestycyjnymi obydwu płci podejmują podobne ryzyko. Nadmierna pewność siebie, stereotypowo przypisywana mężczyznom, powoduje wyższy poziom obrotów lecz nie wpływa na różnice w uzyskiwanych stopach zwrotu. Kobiety i mężczyźni osiągają podobne rezultaty stosując odmienne style inwestowania, jednak negatywne stereotypy na temat finansowych kompetencji kobiet powodują, że udział kobiet w zarządzaniu aktywami jest niewielki na świecie i wręcz znikomy w Polsce. (abstrakt oryginalny)

EN

Despite numerous articles that evidence greater risk aversion among women than men, the managers of both sexes alike take a similar amount of risk while managing mutual funds. Optimism bias, stereotypically attributed to men, does not seem to have negative influence on the funds' returns, however is apparently contributing to different levels of trading volume. Women and men achieve similar results using different styles. Companies that manage mutual funds should educate their participants that female managers are not outperformed by their male colleagues; moreover, women offer more consistent, less variable returns. (original abstract)

Słowa kluczowe

PL

Fundusze inwestycyjne; Ryzyko; Stopa zwrotu; Płeć; Wolumen obrotu

EN

Investment funds; Risk; Rate of return; Gender; Trading volume

• Czasopismo: Finanse, Rynki Finansowe, Ubezpieczenia
• Rocznik: 2016
• Numer: nr 1 (79) Rynek kapitałowy i zarządzanie wartością
• Strony: 535--543

Twórcy

autor

Iwona Białomazur

• Szkoła Główna Handlowa w Warszawie

Bibliografia

• Atkinson S.M., Baird Boyce S., Frye M.B. (2003), Do Female Mutual Fund Manage Differently?, "Journal of Financial Research" vol. XXVI, no. 1, s.1-18.
• Baer M., Kempf A., Ruenzi S. (2005), Determinants and Consequences of Team Management in the Mutual Fund Industry, CRF Working Paper.
• Barber B.M., Odean T. (2001), Boys Will be Boys: Gender, Overconfidence, and Common Stock Investment, "The Quarterly Journal of Economics" vol. 116, no. 1, s. 261-292.
• Barber B.M., Odean T. (2000), Trading Is Hazardous to Your Wealth: The Common Stock Investment Performance of Individual Investors, "The Journal of Finance" vol. 55, no. 2, s. 773-806.
• Bliss R., Potter M. (2002), Mutual Fund Managers: Does Gender Matter?, "The Journal of Business and Economic Studies" vol. 8, no. 1, s. 1-15.
• Brown K.C., Harlow W. (2004), Staying the Course: Performance Persistence and the Role of Investment Style Consistency in Professional Asset Management, University of Texas at Austin Working Paper.
• Byrnes J.P., Miller D.C., Schafer W.D. (1999), Gender Differences in Risk Taking: A meta-analysis, "Psychological Bulletin" vol. 125, no. 3, s. 367-383.
• Cadsby C.B., Maynes E. (2005), Gender, Risk Aversion, and the Drawing Power of Equilibrium in an Experimental Corporate Takeover Game, "Journal of Economic Behavior and Organization",vol. 56, s. 39-59.
• Carhart M.M. (1997), On Persistence in Mutual Fund Performance, "The Journal of Finance" vol. 52, no. 1, s. 57- 82.
• Estes R., Hosseini J. (1988), The Gender Gap on Wall Street: An Empirical Analysis of Confidence in Investment Decision Making, "The Journal of Psychology: Interdisciplinary and Applied" vol. 122, no. 6, s. 577-590.
• Heilman M., Martell R., Simon M. (1989), Has Anything Changed? Current Characterizations of Men, Women, and Managers, "Journal of Applied Psychology" vol. 74, s. 935-942.
• Jianakoplos N., Bernasek A. (1998), Are Women More Risk Averse?, "Economic Inquiry", vol. XXXVI, s. 620-630.
• Johnson J., Powell P. (1994), Decision Making, Risk and Gender: Are Managers Different, "British Journal of Management" vol. 5. no. 2, s. 123-138.
• Lenny E. (1977), Women's self-confidence in Achievement Settings, "Psychological Bulletin" vol. 84, s. 1-13.
• Lewellen A., Lease R., Schlarbaum G. (1977), Patterns of Investment Strategy and Behavior Among Individual Investors, "The Journal of Business" vol. 50, s. 296-333.
• Niessen A., Ruenzi S. (2005), Sex Matters: Gender and Mutual Funds, CRF Working Paper.
• Oakley J. (2000), Gender-Based Barriers to Senior Management Positions: Understanding the Scarcity of Female CEOs, "Journal of Business Ethics" vol. 27, s. 321-334.
• Odean T. (1998), Volume, Volatility, Price, and Profit When All Traders Are Above Average, "The Journal of Finance" vol. 89, no. 6, s. 1887-1934.
• Powell M., Ansic D. (1997), Gender differences in risk behaviour in financial decision - making: An experimental analysis, "Journal of Economic Psychology" vol. 18, s. 605-628.
• Shefrin H., Statman M. (1985), The Disposition to Sell Winners Too Early and Ride Losers Too Long: Theory and Evidence, "The Journal of Finance" vol. 40, no. 3, s. 777-790.
• Sunden A.E., Surette B.J. (1998), Gender Differences in the Allocation of Assets in Retirement Savings Plans, "American Economic Review" vol. 88, s. 207-221.

Identyfikatory

DOI

10.18276/frfu.2016.79-42