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%
1
0% 5% 10% 15% 20% 25% Student Members at AFA Submitters to AFA Co‐authors of accepted papers Discussants Keynotes
% Women Representation of women declines, as one progresses from entry student level to higher levels of profession
0% 5% 10% 15% 20% 25%
Student Members at AFA Submitters to AFA Authors in 14 Finance Journals Authors in Top 3 Finance Journals Co‐authors of accepted papers Discussants Keynotes
Representation of women based on publications % Women
journals
0% 5% 10% 15% 20% 1980 1985 1990 1995 2000 2005 2010 2015
Percent of Female Authors
14 Finance Journals Top 3 Finance Journals
finance authors
% finance authors that are women
0% 5% 10% 15% 20% 25% 1980 1985 1990 1995 2000 2005 2010 2015 % publications by Women
Solo‐authored: %women 2‐authors: % first authors who are women No evidence that women are significantly more or less likely to solo‐author Confirmed through regression analysis
0% 20% 40% 60% 80% Female‐Female Female‐Male Male‐Male
2% 21% 76% Data:
finance journals, by finance authors
2+ papers in one of these 14 journals over 1947 – 2017
% of Publications in 14 finance journals
30% 40% 50% 60% 70% 80% Female‐Female Male‐Male
Data
level within 6 yrs of each other Suggests social networking effects may be particularly important, among female co‐authorships Less evidence of strong mentoring effects Across Female ‐ Female papers, 75% are among author‐pairs at same level Across Male ‐ Male papers, 59% are among author‐pairs at same level
finance journals, by finance authors
2+ papers in one of these 14 journals over 1947 – 2017
% of co‐author teams with similar seniority levels
Probability of having a female teammate (1) (2) Characteristics of first author Female 0.0368** 0.0385** (0.0168) (0.0190) Publications in Top 3 0.0007 (0.0012) Female*Publications in Top 3 ‐0.0003 (0.0041) Year Fixed Effects Y Y Journal Fixed Effects Y Y Observations 4,717 4,717 R‐squared 0.027 0.027
Women are 3 – 4% more likely than men to co‐author with another women This effect is unrelated to person’s productivity
finance authors, 1980 ‐ 2017
in one of these 14 journals over 1947 – 2017
‐2% ‐1% 0% 1% 2% 3% 4% 5%
Person at Same Level Person at Different Level
finance authors
Magnitudes based on regression analyses Same level = co‐authors with seniority difference <= 6 yrs Women’s propensity to co‐ author with other women is strongly concentrated within author pairs at the same level Social networking seems impt Less evidence of mentoring
Propensity of women (relative to men) to co‐author with 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
Based on Boschini and Sjogren (2007)
Fewer women publishing in top finance journals, compared to top economics journals
0% 2% 4% 6% 8% 10% 12% 14% Top 3 Econ Journals Top 3 Finance Journals AER, JPE, QJE Boschini et al data JF, JFE, RFS AFFECT data
1991 ‐ 2002 In finance: Lower female representation potentially contributes to lower tendency of women to co‐author with other women
journals, by finance authors
2+ papers in one of these 14 journals
% of publications in which first author is a woman
0% 1% 2% 3% 4% 5% 6% 1980 ‐ 2017 2000 ‐ 2017
Entire Sample More Recent Sub‐period Women’s propensity to co‐ author with other women
profession has increased
Propensity of women (relative to men) to co‐author with women
‐2% 0% 2% 4% 6% 8% 10%
Different Level, defined as seniority difference of 7+ yrs Same Level, defined as seniority difference of <= 6 yrs Same Level 2000 ‐ 2017 Women are 9% more likely than men to co‐author with a woman
Propensity of women (relative to men) to co‐author with women