Risk and gender: measuring risk tolerance and gender differences
DOI:
https://doi.org/10.5007/2175-8069.2008v10n20p114Abstract
In recent years there has been a growing interest among researchers and fund managers in understanding investor’s behavior towards risk. The lack of a standard model leads financial professionals to develop and use simplified methods, usually limited to simple conversations with clients about their level of well being in a variety of scenarios (GRABLE; LYTTON, 2001). The present article has two main objectives. The first objective is to develop and to verify the validity of a research instrument for the classification of investors according to their risk tolerance. The second objective is to verify if gender has an influence on risk tolerance. A total of 544 questionnaires were applied to undergraduate and post-graduate students of seven Brazilian universities. A Factor Analysis established that there are three different risk factors in this research. When compared to the SCF question, the correlation analysis showed that the research questionnaire is able to determine other factors. The segmentation of the sample according to gender showed that women are more risk-averse than men, as documented by other studies. documented by other studies.
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