Publication Patterns of Women in the Finance Profession - PowerPoint PPT Presentation

Publication Patterns of Women in the Finance Profession Preliminary data from the AFFECT Board 2018 AFA, Philadelphia 1

Representation of women in profession based on conference participation 2013 – 2015 25% 20% 15% % Women 10% 5% 0% Student Members Submitters to AFA Co‐authors of Discussants Keynotes at AFA accepted papers Representation of women declines, as one progresses from entry student level to higher levels of profession

Key objectives of data presented this evening (as shown on following slides) 1. Representation of women authors 2. Longer time series of women’s representation in finance 3. Women’s co‐author networks

Representation of women in profession: 2013 – 2015 25% Representation of women based on publications 20% 15% % Women 10% 5% 0% Student Submitters to Authors in 14 Authors in Top Co‐authors of Discussants Keynotes Members at AFA Finance 3 Finance accepted AFA Journals Journals papers

Representation of women based on publication rates A longer time series Percent of Female Authors 20% % finance authors that are women • Representation of women has been increasing 15% • Representation is slightly lower in Top 3 Journals • Compared to broader measure of 14 finance 10% journals 5% 0% 1980 1985 1990 1995 2000 2005 2010 2015 14 Finance Journals Top 3 Finance Journals • Data = papers published in 14 finance journals, by finance authors • Finance author = a person that published 2+ papers in one of these 14 journals over 1947 – 2017

Women’s propensity to solo‐author vs co‐author 25% 2‐authors: % first authors who are women 20% % publications by Women 15% Solo‐authored: %women 10% 5% 0% 1980 1985 1990 1995 2000 2005 2010 2015 No evidence that women are significantly more or less likely to solo‐author Confirmed through regression analysis

Gender composition of co‐author pairs 76% 80% Data: • Papers with exactly 2 authors • 14 finance journals • 1980‐2017 60% % of Publications in 14 finance journals • 4,717 papers 40% 21% 20% 2% • Data = 2‐author papers published in 14 0% finance journals, by finance authors Female‐Female Female‐Male Male‐Male • Finance author = a person that published 2+ papers in one of these 14 journals over 1947 – 2017

Propensity of co‐author teams to be among people of same seniority level Conditional on gender Data % of co‐author teams with similar seniority levels • 14 Finance journals 80% • 1980 ‐ 2017 • Papers with 2 co‐authors 70% • Same level = co‐authors seniority level within 6 yrs of each other 60% Suggests social networking effects 50% may be particularly important, among female co‐authorships 40% Less evidence of strong mentoring 30% effects Female‐Female Male‐Male Across Female ‐ Female Across Male ‐ Male papers, 75% are among papers, 59% are among • Data = 2‐author papers published in 14 finance journals, by finance authors author‐pairs at same level author‐pairs at same level • Finance author = a person that published 2+ papers in one of these 14 journals over 1947 – 2017

Whom do women choose to co‐author with? Are they particularly likely to co‐author with other women? • Social networks • Women may be more likely to have common interests and to develop connections • Homophily • People work better with people that are more similar to themselves • Regression analysis to examine this more precisely

Whom do women prefer to co‐author with? Probability of having a female teammate (1) (2) Characteristics of first author Women are 3 – 4% more likely than men to co‐author with another women Female 0.0368** 0.0385** (0.0168) (0.0190) Publications in Top 3 0.0007 (0.0012) Female*Publications in Top 3 ‐0.0003 This effect is unrelated to person’s (0.0041) productivity Year Fixed Effects Y Y Journal Fixed Effects Y Y Observations 4,717 4,717 • Data = papers published in 14 finance journals, by R‐squared 0.027 0.027 finance authors, 1980 ‐ 2017 • Finance author = person that published 2+ papers in one of these 14 journals over 1947 – 2017

Is women’s propensity to co‐author with other women concentrated within Same seniority (networking) or senior‐junior (mentoring) Propensity of women (relative to men) to co‐author with women Person at Same Level 5% 4% Women’s propensity to co‐ 3% author with other women is strongly concentrated within 2% author pairs at the same level 1% Social networking seems impt 0% Less evidence of mentoring ‐1% Person at Different Level ‐2% Magnitudes based on regression analyses • Data = papers published in 14 finance journals, by finance authors Same level = co‐authors with seniority difference <= 6 yrs • Finance author = person that published 2+ papers in one of these 14 journals over 1947 – 2017

Women’s propensity to co‐author with other women: Finance vs economics In Finance In Economics Women are Women are 4 ‐ 5% 13% Based on Boschini and Sjogren (2007) More likely then men More likely than men to co‐author with other to co‐author with other women women WHY is this tendency so much larger in economics? Possible explanation: Boschini et al find that this tendency is positively related to percent of women in the field 1. Are there more women in economics? 2. Has this effect increased over time in finance, as representation of women has increased?

Factor #1: Lower representation of women in finance, compared to economics Fewer women publishing in top 14% finance journals, compared to % of publications in which first author is a woman top economics journals 12% In finance: Lower female 10% representation potentially contributes to lower tendency of 8% women to co‐author with other women 6% • Compared to economics 4% 2% 0% Top 3 Econ Journals Top 3 Finance Journals AER, JPE, QJE JF, JFE, RFS • Data = papers published in Top 3 finance Boschini et al data AFFECT data journals, by finance authors • Finance author = a person that published 2+ papers in one of these 14 journals 1991 ‐ 2002

Factor #2: Women’s propensity to co‐author with other women over different time periods Propensity of women (relative to men) to co‐author with women 6% More Recent Sub‐period 5% Entire Sample 4% Women’s propensity to co‐ author with other women 3% • Has increased over time • As women’s participation in profession has increased 2% 1% 0% 1980 ‐ 2017 2000 ‐ 2017

Summary: Women’s propensity to co‐author with other women By time period, and by similarity of authors’ level in profession 10% Same Level Propensity of women (relative to men) to co‐author with women 2000 ‐ 2017 8% Same Level, 6% Women are 9% more likely than men defined as seniority difference of <= 6 yrs to co‐author with a woman • 2000 – 17 time period 4% • Author pair of similar seniority level 2% Different Level, defined as seniority difference of 7+ yrs 0% ‐2%

Conclusion 1. Women’s representation has increased over time • Publications in broad set of 14 Finance journals • Publications in Top 3 Finance journals 2. Women are significantly more likely to co‐author with other women • This pattern is stronger in more recent years, when there are more women in profession • This pattern is concentrated among co‐author pairs that are at similar seniority levels