The Influence of Manager Characteristics on Mutual Fund Performance: Does Gender Play a Role?

We investigate the impact of manager characteristics, particularly gender, on mutual fund performance. We find that controlling for only such attributes suggests the underperformance of female managers. However, accounting also for fund-specific variables reveals no statistically significant difference in mutual fund excess returns across genders. Our analysis shows that having a graduate degree from an Ivy League university and possessing an MBA both imply enhanced mutual fund performance. Furthermore, we provide evidence on how the performance of female fund managers compares to their male counterparts during the four recent recession periods and amid various market conditions, as well as an analysis of their risk-taking behavior and investment styles.