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Gender role asymmetry and stock market participation – evidence from four European household surveys
Deutsche Bundesbank, Frankfurt, Germany.
Jönköping University, Jönköping International Business School, JIBS, Economics. German Institute for Economic Research DIW Berlin, Berlin, Germany.ORCID iD: 0000-0003-3879-7361
2018 (English)In: European Journal of Finance, ISSN 1351-847X, E-ISSN 1466-4364, Vol. 24, no 12, p. 1026-1046Article in journal (Refereed) Published
Abstract [en]

This study investigates the importance of social norms for shaping women's and men's decision to participate in the stock market, aiming to disentangle the different channels playing a role in this decision. Gender role asymmetry is indicated by the country's rank in the gender equality index of the World Economic Forum. Using data from four national household surveys, we find that in Italy – the country with highly asymmetric gender role prescriptions – women's risk-taking behavior responds to this non-supportive environment. Consistent with the theory of social identity, Italian women refrain from stock market participation more than their self-reported risk tolerance levels would suggest. In contrast, in the three countries with a lower asymmetry in gender role prescriptions, no exaggerated female backing off from investing in stocks is observable. The result is robust to separately analyzing sub-samples of singles and couples. However, women who self-select into stock market participation invest the same portfolio share in stocks as do their male peers – independent of the society's degree of gender role divergence. 

Place, publisher, year, edition, pages
Routledge, 2018. Vol. 24, no 12, p. 1026-1046
Keywords [en]
gender, risk tolerance, self-selection, social norms, stock market participation
National Category
Economics Gender Studies
Identifiers
URN: urn:nbn:se:hj:diva-38339DOI: 10.1080/1351847X.2017.1371622ISI: 000432659600002Scopus ID: 2-s2.0-85029434636Local ID: IHHÖvrigtISOAI: oai:DiVA.org:hj-38339DiVA, id: diva2:1170763
Available from: 2018-01-04 Created: 2018-01-04 Last updated: 2018-09-19Bibliographically approved

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The full text will be freely available from 2019-03-11 00:00
Available from 2019-03-11 00:00

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Schäfer, Dorothea

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CiteExportLink to record
Permanent link

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Cite
Citation style
  • apa
  • harvard1
  • ieee
  • modern-language-association-8th-edition
  • vancouver
  • Other style
More styles
Language
  • de-DE
  • en-GB
  • en-US
  • fi-FI
  • nn-NO
  • nn-NB
  • sv-SE
  • Other locale
More languages
Output format
  • html
  • text
  • asciidoc
  • rtf