Research
Research
Gender Socialization and Stock Market Participation
Abstract: This paper examines the impact of childhood gender socialization on the gender gap in stock market participation. We find that individuals raised in male-dominated households — where fathers have higher incomes or education levels than mothers — are more likely to participate in the stock market and allocate more wealth to equities in adulthood. This relationship is stronger for men than for women, indicating that childhood gender socialization within the household may constrain women to traditionally feminine tasks, thus limiting the opportunity for girls to learn about investing. We provide evidence that the primary mechanism driving this behavior is the internalization of masculine characteristics rather than financial literacy or risk tolerance. Our findings shed light on the source of gender differences that perpetuate gender disparities in financial markets, underscoring the persistent role of gender norms in shaping economic behaviors.
Presentations: 2025 AEA Poster (scheduled); 2024 CTFM; 2024 EasternFA; 2024 SWFA; 2023 FMA; 2023 CFRI & CIRF
Gender Imbalance during Childhood and Entrepreneurship
Abstract: This study investigates how traditional gender norms learned during childhood affect adult entrepreneurship. Analyzing data from the Panel Study of Income Dynamics (PSID), we find that individuals raised in more traditional households---where the father has higher income or more education than the mother---are more likely to own businesses and achieve better entrepreneurial performance in adulthood. This positive association is stronger for men than women, thereby contributing to the gender gap in entrepreneurship
Abstract: This paper explores the relationship between pension liabilities and corporate social responsibility (CSR). Our analysis reveals that long-term, short-term, and total pension liabilities all positively impact CSR scores. When CSR is further divided into employee and non-employee satisfaction components, we find that pension liabilities positively influence both. After controlling for endogeneity, the positive effect of pension liabilities on CSR scores remains significant. However, pension funding status moderates this relationship; firms that meet their pension obligations might experience resource constraints, which could limit their ability to invest in CSR activities, ultimately leading to lower CSR scores.