We examine whether the consequences of failed teamwork are shared equally. In the mutual fund industry, labor market outcomes for members of mixed-gender teams are asymmetric. Following fund closures, female team-managers are more likely to exit the fund family and the industry than male team-managers. This gender gap in exit does not seem to be driven by a gender gap in skill. Our evidence suggests that employers engage in attributional rationalization they allocate more blame for unsuccessful teamwork to females. Our results provide an explanation for the 3.8% decline in the fraction of female fund managers between 1999 and 2015.
William J. Friedman and Alicia Townsend Friedman Professor of Law, Economics, and Finance
Harvard Law School
Professor of Finance
NYU Stern Business School
Professor of Finance/FIRN director, Commonwealth Bank Chair in Finance
University of New South Wales