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Why Do Female Traders Outperform? Evidence from the Japanese Retail FX Market
https://doi.org/10.24789/0002003191
https://doi.org/10.24789/000200319126d0fbfa-1dae-49b5-9770-f2995917e397
| 名前 / ファイル | ライセンス | アクション |
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dp412.pdf (861.0 KB)
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| Item type | 紀要論文 / Departmental Bulletin Paper(1) | |||||||||||
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| 公開日 | 2025-07-01 | |||||||||||
| タイトル | ||||||||||||
| タイトル | Why Do Female Traders Outperform? Evidence from the Japanese Retail FX Market | |||||||||||
| 言語 | en | |||||||||||
| 言語 | ||||||||||||
| 言語 | eng | |||||||||||
| キーワード | ||||||||||||
| 言語 | en | |||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | Foreign exchange | |||||||||||
| キーワード | ||||||||||||
| 言語 | en | |||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | Retail trading | |||||||||||
| キーワード | ||||||||||||
| 言語 | en | |||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | Behavioral bias | |||||||||||
| キーワード | ||||||||||||
| 言語 | en | |||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | Female traders | |||||||||||
| キーワード | ||||||||||||
| 言語 | en | |||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | Learning | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | JEL Classification: F31 | |||||||||||
| キーワード | ||||||||||||
| 主題Scheme | Other | |||||||||||
| 主題 | JEL Classification: G40 | |||||||||||
| 資源タイプ | ||||||||||||
| 資源タイプ識別子 | http://purl.org/coar/resource_type/c_6501 | |||||||||||
| 資源タイプ | departmental bulletin paper | |||||||||||
| ID登録 | ||||||||||||
| ID登録 | 10.24789/0002003191 | |||||||||||
| ID登録タイプ | JaLC | |||||||||||
| 著者 |
吉見, 太洋
× 吉見, 太洋
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| 抄録 | ||||||||||||
| 内容記述タイプ | Abstract | |||||||||||
| 内容記述 | Using account-level daily data provided by SBI FXTRADE Co., Ltd. from 2021 to 2023, I find that female traders outperform male traders in the retail foreign exchange (FX) market across two profitability metrics: a likelihood of gaining positive profit per day and daily profit relative to order amounts. For instance, women have approximately a 5%-point higher probability of achieving positive profit and about 0.01%-point higher profit-to-order ratios than men. The gender gap in those profitability measures remains robust across different levels of personal assets. In the estimation by income bracket, a significant gender difference is observed except for the highest income tier. Three empirical facts help explain this gender gap. First, limit orders are positively associated with profitability, whereas stop orders are negatively associated. Women tend to use more limit and fewer stop orders than men, contributing to superior performance. Second, the decline in profitability associated with increased trading experience is larger for men than for women. This fact suggest that women exhibit a less substantial overconfidence bias than men. Third, the likelihood of exiting the market declines with successful trading experience, and this decline is more pronounced among women, suggesting a more effective self-selection process favoring skilled female traders. | |||||||||||
| 言語 | en | |||||||||||
| 書誌情報 |
ja : 経済研究所 Discussion Paper en : IERCU Discussion Paper 巻 412, p. 1-39, 発行日 2025-07-01 |
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| 出版者 | ||||||||||||
| 出版者 | 中央大学経済研究所 | |||||||||||
| 言語 | ja | |||||||||||
| ISSN | ||||||||||||
| 収録物識別子タイプ | ISSN | |||||||||||
| 権利 | ||||||||||||
| 言語 | ja | |||||||||||
| 権利情報 | この資料の著作権は、資料の著作者または学校法人中央大学に帰属します。著作権法が定める私的利用・引用を超える使用を希望される場合には、掲載誌発行部局へお問い合わせください。 | |||||||||||
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| 内容記述タイプ | Other | |||||||||||
| 内容記述 | application/pdf | |||||||||||
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| 出版タイプ | VoR | |||||||||||
| 出版タイプResource | http://purl.org/coar/version/c_970fb48d4fbd8a85 | |||||||||||
