Experience wears the trousers: Exploring gender and attitude to financial risk
Experience wears the trousers: Exploring gender and attitude to financial risk
复制标题
DOI：
10.1016/j.jebo.2019.04.026
复制
发表时间：
2019-07-01
影响因子：
2.2
通讯作者：
Money, Kevin
中科院分区：
文献类型：
--
作者：
Brooks, Chris;Sangiorgi, Ivan;Money, Kevin
男性比女性更能承受投资风险吗？如果是，为什么？在本文中，我们使用一个非常大的数据库的问卷调查完成的背景下，真实的投资决策的金融风险的态度研究性别差异。我们发现，男性比女性更能承受财务风险，但这种差异不能用年龄、就业模式或在职与失业的影响来解释。然而，我们确实发现，以前的投资经验起着重要的解释作用。我们还观察到，在与财务顾问讨论后，女性选择的投资产品的风险比男性更大程度地受到其风险偏好的影响。我们还发现，当妻子和丈夫一起拜访顾问时，他们的风险承受能力不同，当妻子比丈夫更能承受风险时，当她的工作地位较低时，或者当她的金融经验较少时，男人的偏好对最终选择的联合产品有更强的影响。我们的研究提供了新的证据，说明为什么女性比男性承担更少的财务风险，以及男性和女性在决策过程中互动时产生的结果。(C)2019爱思唯尔B.V.保留所有权利。
Are men more tolerant of investment risk than women, and if so, why? In this paper we examine gender differences in attitudes to financial risk using a very large database of questionnaires completed in the context of real investment decisions. We find that men are more financially risk tolerant than women, but this difference cannot be explained by differences in age, employment patterns or by the effect of being in- versus out-of-work. We do, however, find that previous investment experience plays a significant explanatory role. We also observe that, following discussion with a financial advisor, the riskiness of the investment products selected by women are modified to a greater extent from their revealed risk preferences than those of men. We also find that where the risk tolerances of wives and husbands differ when they visit an advisor together, the preferences of the man have a stronger effect on the finally selected joint product when the wife is more risk tolerant than her husband, where she has a lower status job, or where she has less financial experience. Our research provides new evidence on the reasons why women take less financial risk than men and on the outcomes that result when men and women interact in a decision-making process. (C) 2019 Elsevier B.V. All rights reserved.