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

Journal of Economic Behavior & Organization, 2024, vol. 228, issue C

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)
Date: 2024
References: Add references at CitEc
Citations:

Downloads: (external link)
http://www.sciencedirect.com/science/article/pii/S0167268124003950
Full text for ScienceDirect subscribers only

Related works:
Working Paper: Are Women Blamed More for Giving Incorrect Financial Advice? (2024)
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:eee:jeborg:v:228:y:2024:i:c:s0167268124003950

DOI: 10.1016/j.jebo.2024.106781

Access Statistics for this article

Journal of Economic Behavior & Organization is currently edited by Houser, D. and Puzzello, D.

More articles in Journal of Economic Behavior & Organization from Elsevier
Bibliographic data for series maintained by Catherine Liu ().