Emerging Tech

Gender, Testosterone And Financial Risk

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Executive Summary

The battle of the sexes rages on, this time from the trading floor. While there has long been debate about the social and biological differences between men and women, new research by Kellogg School Associate Professor Paola Sapienza and University of Chicago co-researchers explores how testosterone plays an important role in gender differences in financial risk aversion and career choice. Prior research has shown that testosterone enhances competitiveness and dominance, reduces fear, and is associated with risky behaviors like gambling and alcohol use. However, until now, the impact of testosterone on gender differences in financial risk-taking has not been explored.

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