Are Women Blamed More for Giving Incorrect Financial Advice?

Martin Abel, Emma Bomfim, Izzy Cisneros, Jackson Coyle, Song Eraou, Martha Gebeyehu, Gerardo Hernandez, Julian Juantorena, Lizzy Kaplan, Danielle Marquez, Jack Mullen, Peyton Mulhern, Ayana Opong-Nyantekyi, Rin Osathanugrah, Joe Paul, Austin Philie, Luke Tingley and Jingyi Wang
Additional contact information
Emma Bomfim: Bowdoin College
Izzy Cisneros: Bowdoin College
Jackson Coyle: Bowdoin College
Song Eraou: Bowdoin College
Martha Gebeyehu: Bowdoin College
Gerardo Hernandez: Bowdoin College
Julian Juantorena: Bowdoin College
Lizzy Kaplan: Bowdoin College
Danielle Marquez: Bowdoin College
Jack Mullen: Bowdoin College
Peyton Mulhern: Bowdoin College
Ayana Opong-Nyantekyi: Bowdoin College
Rin Osathanugrah: Bowdoin College
Joe Paul: Bowdoin College
Austin Philie: Bowdoin College
Luke Tingley: Bowdoin College
Jingyi Wang: Bowdoin College

No 17537, IZA Discussion Papers from Institute of Labor Economics (IZA)

Abstract: We conduct an incentivized experiment with a nationally representative sample to investigate gender discrimination among people receiving advice on risky investments. Participants learn about actual start-up firms they can invest in. Before deciding how much of their endowment to invest, they receive recommendations from either female or male professionals. We find that before outcomes are revealed, participants are equally likely to follow recommendations of female and male advisors. Likewise, we observe no gender discrimination following advice that proves correct. However, for advice that turns out to be incorrect, advisor gender significantly impacts the decisions made by male participants. They invest 47% less in the direction of this advice compared to situations where male advisors were incorrect. These differences are not explained by participants' stated views on gender roles and advisors' ability as well as the level of attention towards female advisors.

Keywords: gender discrimination; investment decisions; financial advising (search for similar items in EconPapers)
JEL-codes: G11 J70 (search for similar items in EconPapers)
Pages: 47 pages
Date: 2024-12
New Economics Papers: this item is included in nep-exp, nep-gen and nep-lma
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Journal Article: Are women blamed more for giving incorrect financial advice? (2024)
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