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E3b The Impact of Gender and Advice on Financial Decision-Making
Key Words
overconfidence, investment, gender, advice, financial decision-making
Short Description
Gender is an omnipresent demographic variable in studies that examine financial decision-making. Knowing about its impact on excessively confident investment choices is important in order to understand what drives investor overconfidence. However, the perceived roles of femininity and masculinity in this process are largely based on stylized facts or insufficient empirical evidence. The presented results suggest that lone decision-makers of both sexes who do not seek advice from others are equally likely to make reckless financial decisions. Among this group, female investors show more excessive confidence in their financial knowledge and are more likely to negatively impact their long-term return by paying multiple types of investment fees. The findings can help consumers, financial institutions, and stakeholders to contest stereotypical gender associations.
First & Corresponding Author
Dominik Piehlmaier, University of Wisconsin
Authors in the order to be printed
Dominik Piehlmaier