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Risk Attitudes and Investment Decisions across European Countries: Are Women More Conservative Investors than Men?

Oleg Badunenko, Nataliya Barasinska and Dorothea Schäfer ()

No 928, Discussion Papers of DIW Berlin from DIW Berlin, German Institute for Economic Research

Abstract: This study questions the popular stereotype that women are more risk averse than men in their financial investment decisions. The analysis is based on micro-level data from large-scale surveys of private households in five European countries. In our analysis of investment decisions, we directly account for individuals' self-perceived willingness to take financial risks. The empirical evidence we provide only weakly supports the gender differences argument. We find that women are less likely to invest in risky financial assets. However, when the probability of investing is controlled for, males and females are found to allocate equal shares of their wealth to risky assets.

Keywords: Gender; risk aversion; financial behavior (search for similar items in EconPapers)
JEL-codes: G11 J16 (search for similar items in EconPapers)
Pages: 43 p.
Date: 2009
New Economics Papers: this item is included in nep-cbe, nep-cfn, nep-eec and nep-upt
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http://www.diw.de/documents/publikationen/73/diw_01.c.341838.de/dp928.pdf (application/pdf)

Related works:
Working Paper: Risk Attitudes and Investment Decisions across European Countries: Are Women More Conservative Investors than Men? (2009) Downloads
Working Paper: Risk Attitudes and Investment Decisions across European Countries: Are Women More Conservative Investors than Men? (2009) Downloads
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