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bachelor_Virtanen_Joona-Paavali_2025.pdf (571.08 KB)

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Volume Title

School of Business | Bachelor's thesis
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Date

2025

Department

Rahoituksen laitos

Major/Subject

Mcode

Degree programme

Rahoitus

Language

en

Pages

31+3

Series

Abstract

I investigate whether men and women differ in portfolio level shifts during the 2008 financial crisis. I do not find significant evidence for gender differences in overall portfolio shifts. However, I find the crisis prompts women to exit equity markets at a higher rate than men, while for women who stay invested, their shift in the value-weighted share of risky assets of total financial assets might be slightly different from men. I use data from the Italian Survey of Household Income and Wealth to construct a measure of the share of a household's portfolio exposed to market risk and use an OLS regression to see whether a shift in this measure over the 2008 financial crisis shows gender disparities. As a secondary regression, I use a logistic regression to see if women are more likely to exit risky markets completely.

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Thesis advisor

Keloharju, Matti

Keywords

2008 financial crisis, gender, portfolio, risk perceptions

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https://urn.fi/URN:NBN:fi:aalto-202505183744

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[kand] Kauppakorkeakoulu / BIZ (Open Access)