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.
Professor of Finance/FIRN director, Commonwealth Bank Chair in Finance
University of New South Wales
Scientia Professor in Finance, University of New South Wales