Can economic rationality explain the feminization of shareholding? Evidence from female shareholders in Spain (1918-1948)

Laura Lopez-Gomez and Susana Martinez-Rodrigue
Authors registered in the RePEc Author Service: Susana Martinez-Rodriguez

MPRA Paper from University Library of Munich, Germany

Abstract: Our results reinforce the thesis that the presence of women investors was not only pioneering by developed economies but was rather a reflection of a deeper phenomenon associated with institutions and modernization. We examine the feminization of shareholding employing data from Spanish commercial banks (1918-1948). We build a unique dataset of more than 30.000 women shareholders who took the opportunity to invest in stocks in well-established banks, drawn by the potential economic profitability. Family ties played a crucial role in explaining the presence of women and – specially – men shareholders. The profile of women differs from that of men in terms of their portfolio size, and volatility. Evidence indicates that the feminization of shareholding was a sing of modernization, not a cycle derived from a sternal shock. This paper aims to contribute to the current debate on gender financial gap, tracing women investors in assets and their rational behavior.

Keywords: women shareholders; feminization of shareholding; commercial banks (search for similar items in EconPapers)
JEL-codes: G21 J16 N24 (search for similar items in EconPapers)
Date: 2023-12-02
New Economics Papers: this item is included in nep-ban and nep-eur
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