Girls will be girls: The impact of gender on Active Share

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dc.contributor Aalto-yliopisto fi
dc.contributor Aalto University en Leusko, Laura 2016-06-14T06:01:05Z 2016-06-14T06:01:05Z 2016
dc.description.abstract I study the impact of gender on active management by looking at the difference in the Active Share of mutual funds managed by female and male managers. My sample consists of 682 U.S. equity mutual funds that were single-managed by 72 female and 616 male managers from January 2001 to December 2014. I use a combination of random effects panel and logit regressions with controls for fund characteristics, investment style and year effects. I find that on average, female-managed funds have an Active Share 2.87 percentage points lower than their male counterparts. Sorting managers into different active management categories by Active Share and Tracking Error further reveals that women are somewhat more likely to closet index on the margin than men, however, the result is not robust after controlling for fund characteristics or using alternative specifications. Looking at the other extreme of active management, I find that both genders are equally likely to be active stock pickers. Overall, even though female-managed funds on average have lower Active Share, gender does not affect active management in terms of closet indexing and stock picking. en
dc.format.extent 40
dc.language.iso en en
dc.title Girls will be girls: The impact of gender on Active Share en
dc.type G2 Pro gradu, diplomityö fi Kauppakorkeakoulu fi School of Business en
dc.contributor.department Rahoituksen laitos fi
dc.contributor.department Department of Finance en
dc.subject.keyword active management
dc.subject.keyword Active Share
dc.subject.keyword gender
dc.subject.keyword mutual funds
dc.subject.keyword fund managers
dc.subject.keyword asset management
dc.identifier.urn URN:NBN:fi:aalto-201609083422
dc.type.dcmitype text en
dc.programme.major Rahoitus fi
dc.programme.major Finance en
dc.type.ontasot Pro gradu tutkielma fi
dc.type.ontasot Master's thesis en
dc.subject.helecon johtaminen
dc.subject.helecon management
dc.subject.helecon johtajat
dc.subject.helecon managers
dc.subject.helecon sukupuoli
dc.subject.helecon gender
dc.subject.helecon sijoitusrahastot
dc.subject.helecon investment funds
dc.subject.helecon mittarit
dc.subject.helecon ratings
dc.subject.helecon arviointi
dc.subject.helecon evaluation
dc.ethesisid 14387 2016-05-18
dc.location P1 I

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