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Do Female Mutual Fund Managers Manage Differently?



We examine the performance and investment behavior of female fixed-income mutual fund managers compared with male fixed-income mutual fund managers. We find that male- and female-managed funds do not differ significantly in terms of performance, risk, and other fund characteristics. Our results suggest that differences in investment behavior often attributed to gender may be related to investment knowledge and wealth constraints. Despite the similarities between male and female managers, we find evidence that gender influences the decision making of mutual fund investors. We find that the net asset flows into funds managed by females are lower than for males, especially for the manager's initial year managing the fund.