Alexandra  Niessen Ruenzi







Prof. Dr. Alexandra Niessen-Ruenzi


Profession / Affiliation
Associate Professor of Finance

University of Mannheim

Areas of Expertise
Corporate Finance, Asset Management, Experimental Economics

Curriculum Vitae
2009: Dr. rer. pol., University of Cologne, Cologne
2005: Diplom Kauffrau, University of Cologne, Cologne
Visiting researcher at Kellog School of Management, Northwestern University; UT Austin; Georgia State University; Australian School of Business, University of New South Wales

We suggest investor prejudice against women in finance as one potential explanation for the low fraction of women in the U.S. mutual fund industry. Our empirical results show that female-managed funds experience lower inflows than male-managed funds. This finding cannot be explained by rational statistical discrimination. Results are confirmed in a lab experiment where subjects choose between index funds. To test directly for prejudice against women in finance we conduct an implicit association test (IAT). Subjects with higher prejudice scores invest significantly less into female-managed funds in the experiment. Thus, our results suggest that social biases can affect investment decisions.