Performance in stock transactions by gender: an application with quantile regression models

Abstract

Our study tries to identify if there are performance differences between men and women in stock investment decisions. We use experimental methodology and count on the participation of 1,050 volunteers who took decisions in virtual environment, similar to a real online home broker for stock trading. Through quantile regression models, we have found evidence that women get results lower than men when decisions involve gains when decisions involve losses, women lose as much as men. These results demonstrate behavioural biases associated with disposition and endowment effects, as well as aspects related to loss aversion. As a result, we present a contribution on the field of behavioural finance, especially on the literature of gender diversity, which presents a controversial debate in several studies.