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Women are scaredy-cats and men are conquerors?

Jürg Hari (), Elisabeth Pirsch () and Heike Rawitzer ()
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Jürg Hari: Zurich University of Applied Sciences
Elisabeth Pirsch: Zurich University of Applied Sciences
Heike Rawitzer: Zurich University of Applied Sciences

Journal of Financial Services Marketing, 2018, vol. 23, issue 2, 128-139

Abstract: Abstract The European legal framework requires that financial consultants assess their clients’ risk tolerance before advising them on investments. The study aims at further testing an alternative measure to quantify the risk attitudes of investors: The Implicit Association Test (IAT). This study examines differences in implicit, unconscious, and explicit cognitive attitudes of men and women. The results of the IAT are compared with their answers from a risk tolerance questionnaire used by practitioners and self-selected asset allocation (portfolio). The data show that implicit attitude, and, thus, unconscious and uncontrolled thinking, can differ from conscious processes. Furthermore, in this study, there is no gender gap in risk attitude and risk tolerance. The findings suggest that experience and financial knowledge are likely the most important determinants of risk attitudes with no significant difference between men and women.

Keywords: Risk profiling; Financial industry; Implicit Association Test; Risk attitudes; Gender; Unconscious thinking (search for similar items in EconPapers)
Date: 2018
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