Rachel Borges Cyrino De Sá, Mathias Schneid Tessmann, Alex Cerqueira Cerqueira
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Are women more risk averse in investments? Brazilian evidence
Purpose
This paper seeks to investigate whether women exhibit greater risk-aversion behavior than men in investments by estimating the influence of gender on portfolio volatility.
Design/methodology/approach
Data on the volatility observed in the portfolio in the last six months, last twelve months and since the individual became a client at one of the largest financial institutions in Brazil – and in Latin America – that operates in the capital markets are used. In addition to the gender explanatory variable, socioeconomic variables such as age, marital status, suitability, residence in capitals and declared assets are controlled, and multiple linear regression models are controlled.
Findings
The results show that gender is statistically significant in all models estimated to explain the volatility of investment portfolios, saying that women are more risk averse than men.
Originality/value
These findings are useful for the scientific literature that investigates behavioral finance by bringing empirical evidence for Brazil.
期刊介绍：
Review of Behavioral Finance publishes high quality original peer-reviewed articles in the area of behavioural finance. The RBF focus is on Behavioural Finance but with a very broad lens looking at how the behavioural attributes of the decision makers influence the financial structure of a company, investors’ portfolios, and the functioning of financial markets. High quality empirical, experimental and/or theoretical research articles as well as well executed literature review articles are considered for publication in the journal.
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