DO WOMEN PAY MORE FOR CREDIT? EVIDENCE FROM ITALY

By using a unique and large data set on loan contracts between banks and microfirms, we find robust evidence that women in Italy pay more for credit than men, although we do not find any evidence that women borrowers are riskier than men. The male/female differential remains even after controlling for a large number of characteristics of the type of business, the borrower, and the structure of the credit market. The result is not driven by lack of credit history, nor by women using a different type of bank than men, since the same bank charges different rates to male and female borrowers.     

Qualitative differences in men and women police officers' experience of occupational stress

Gender differences in exposure to sources of occupational stress and experience of adverse consequences are explored in a study of 358 male and 139 female police constables engaged in uniformed patrol or detective duties from one large provincial English police force. Stressors were divided into those arising tiom police operational duties and those deriving tioni organizational and management issues. Women uniformed constables are less likely to be exposed to police operational stresson involving the potential for violence, but ifexposed they report more severe adverse reactions than uniformed policemen. Women unifomied officers and women detectives are more likely to be involved with victims ofviolence or sexual offences and the former report higher levels ofassociated self-perceived stress than their male counterparts. There are relatively few differences in exposure to organizational stressors except that women detectives and uniformed officers report higher rates of sex discrimination and prejudice than policemen. Multivariate analyses show gender and occupational role differences in qualitative features that contribute to reported psychologal distress. Results are discussed in terms of possible explanations for gender differences.     

Women on the boards of listed companies: Evidence from Finland

This paper investigates gender differences on the corporate boards of Finnish listed companies. The personal characteristics, careers, and boardroom roles of female and male directors on boards were analyzed on the basis of empirical data collected by questionnaire. An analysis of the findings revealed only minor differences between the women and men in personal characteristics such as their marital status, number of children and education, or in their careers. However, female board members were on average younger than their male counterparts and considered themselves to be more protean, took more active roles on the board, and enjoyed power more than men did. They also felt a need for more women on the board. The goal of this study is to contribute to the existing research in two ways. Firstly, it provides empirical evidence on women??s representation on boards from Finland, where women??s and men??s rights are regarded as more equal than in many other countries. Secondly, the study aims to increase our knowledge of gender differences, careers and roles of women in top positions in Finnish business.     

Does the Stock Market Gender Stereotype Corporate Boards? Evidence from the Market's Reaction to Directors' Trades

Attitudes towards male and female managers within organizations are well documented, but how the stock market perceives their relative capabilities is less studied. Recent evidence documents a negative short‐run market reaction to the appointment of female chief executive officers and suggests that female executives are less informed than their male counterparts about future corporate performance. These results appear to dispute the stock market value of having women on corporate boards. However, such short‐run market reactions may retain a ‘gender bias’, reflecting the prevalence of negative stereotypes, where the market reacts to ‘beliefs’ rather than ‘performance’. This study tests for such bias by examining the stock market reaction to directors' trades in their own companies' shares, by measuring both the short‐run and longer‐term returns after the directors' trades. Allowing for firm and trade effects, some evidence is found that, in the longer term, markets recognize that female executives' trades are informative about future corporate performance, although initially markets underestimate these effects. This has important implications for research that has attempted to assess the value of board diversity by examining only short‐run stock market responses.     

Gender stereotypes explain different mental prototypes of male and female leaders

Previous research has demonstrated that social stereotypes associated with women's gender can preclude them from leadership positions. It remains unclear whether these stereotypes affect how people perceive male and female leaders, however. To examine people's stereotypes, we extracted their mental representations of male and female leaders and typical men/women (referred to as nonleaders) using reverse correlation. We then asked perceivers to rate these prototypes’ apparent leadership ability and traits related to power and warmth across contexts that represented typically masculine, feminine, or neutral domains. Leaders in a feminine context appeared more leaderlike than nonleaders, but as equally leaderlike in neutral and masculine contexts. Moreover, female leader faces appeared more powerful than female nonleader faces but male leader and nonleader faces appeared equally powerful. Male leaders were perceived as warmer than male nonleaders, however, whereas female leaders and nonleaders were perceived as equally warm. Thus, people’s gender, social stereotypes, and the context in which leaders are judged influence how people conceive of male and female leaders, with counterstereotypical attributes distinguishing leaders within their gender.     

Experiences of Women Elite Leaders Doing Gender: Intra‐gender Micro‐violence between Women

This paper responds to the dearth of research into women's negative intra‐gender relations and lack of understanding as to why and how these relations manifest. Through a qualitative study of women elite leaders' experiences in UK organizations, the research considers how gendered contexts, women doing gender well and differently simultaneously, intra‐gender competition and female misogyny may explain negative intra‐gender social relations between women. We consider micro‐aggression research and women's abjection and offer a unique conceptualization of intra‐gender micro‐violence with themes of disassociating, suppression of opportunity and abject appearance. The themes illustrate how the masculine symbolic order shapes and constrains women elite leaders' social relations with other women. We conclude that raising consciousness to intra‐gender micro‐violence between women is important as a means of disruption; to facilitate women and men's acceptance of intra‐gender differences between women; and to open up opportunities and possibilities for women in organizations.     

以民间商会为信用中介的中小企业投融资模式研究

本文是在调研的基础上所做的实证研究.作者用了一年的时间,在天津温州商会的支持下,与银行合作,对近500家天津温籍企业进行了调查走访.通过调研分析,力图探讨在新的形势下解决中小企业投融资困难以及银行对中小企业信贷不畅、风险较大等问题的方法和途径,尝试以商会或行业协会作为信用中间人和担保人实现银行对中小企业的信贷,提出了以民间商会作为信用服务中介的中小企业信贷新模式.     

The Newsvendor Problem and Price‐Only Contract When Bankruptcy Costs Exist

We study a supply chain of a supplier selling via a wholesale price contract to a financially constrained retailer who faces stochastic demand. The retailer might need to borrow money from a bank to execute his order. The bank offers a fairly priced loan for relevant risks. Failure of loan repayment leads to a costly bankruptcy (fixed administrative costs, costs proportional to sales, and a depressed collateral value). We identify the retailer's optimal order quantity as a function of the wholesale price and his total wealth (working capital and collateral). The analysis of the supplier's optimal wholesale price problem as a Stackelberg game, with the supplier the leader and the retailer the follower, leads to unique equilibrium solutions in wholesale price and order quantity, with the equilibrium order quantity smaller than the traditional newsvendor one. Furthermore, in the presence of the retailer's bankruptcy risks, increases in the retailer's wealth lead to increased supplier's wholesale prices, but without the retailer's bankruptcy risks the supplier's wholesale prices stay the same or decrease in retailer's wealth.     

基于公平偏好的存货质押融资3PL激励机制研究

本文聚焦存货质押模式下银行与第三方物流(3PL)间的委托代理关系,将3PL公平偏好和能力信息不对称作为重要因素纳入委托监管契约机制设计中,探究二者对银行和3PL决策行为及效用的影响。结果表明：(1)相较于完全理性,3PL的公平偏好提高了物流企业承担的损失比例和付出的努力水平,且均随公平偏好程度的提高而不断增加;(2)相较于能力信息对称,3PL能力信息的不对称降低了物流企业承担的损失比例和付出的努力水平;(3)忽视3PL的公平偏好行为会损害银行的利益,特别是在3PL能力信息不对称情况下,银行提供的合同菜单将无法实现有效的信息甄别;(4)当银行考虑3PL公平偏好,则无论其是否存在公平偏好,能力信息对称时3PL只能获得保留效用;而当能力信息不对称时,3PL能够获得信息租金,且随3PL公平偏好程度和能力水平的提高而增加;(5)当3PL能力信息不对称且行业公平收益水平较低时,公平偏好的存在能够同时增加3PL和银行的期望效用,实现“双赢”。研究结果可为存货质押模式下3PL的激励机制设计问题提供理论依据和决策参考。     

David v. Goliath: A Brief Assessment of the U.S. Supreme Court's 2011 Ruling Denying Class Certification in Dukes v. Wal‐Mart

In 2001, Betty Dukes, then a 54‐year‐old African American, filed suit against her employer, Wal‐Mart, alleging that she had been the victim of gender discrimination. Ms. Dukes alleged that Wal‐Mart, the nation's largest private employer, routinely paid women less than men for comparable work and arbitrarily favored men over women in promotion decisions. In 2004, a U.S. District Court entered an order granting class certification, potentially extending the retailer's financial liability to thousands of current and past Wal‐Mart employees. At that time, the Wal‐Mart suit was the largest class action lawsuit ever approved in the United States. In 2011, the U.S. Supreme Court reversed the lower court's ruling. Writing for the majority, Justice Scalia cited Wal‐Mart's long‐standing explicit gender‐neutral employment policy and the decentralized manner in which local managers have discretion to adjust salaries and recommend applicants for promotion—factors that led the majority to question “the glue” binding the class together. Proponents of the Court's decision hailed the ruling as a victory for business and a step in the direction of needed legal reform. Critics viewed the decision as another in a series of defeats for minority interests by a pro‐business, ideologically divided Court. Did the Court get it right, or is this yet another example of might defeating right?     

Does valuing androgyny and femininity lead to a female advantage? The relationship between gender-role,transformational leadership and identification

The notion of ‘think manager–think male’ has been demonstrated in many studies. The current study examines whether leaders are perceived as more effective when they have ‘feminine’, ‘masculine’ or ‘androgynous’ characteristics, and how this relates to the leader's and followers' sex. Using carefully matched samples of 930 employees of 76 bank managers, we studied the relationship between managers' gender-role identity (perceived ‘femininity’, ‘masculinity’ and ‘androgyny’) and how this relates to leadership effectiveness in terms of transformational leadership and personal identification with the leader. Our findings show that among both male and female leaders, ‘androgyny’ was more strongly related to transformational leadership and followers' identification than ‘non-androgyny’, and that leaders' ‘femininity’ was more strongly related to leadership effectiveness than ‘masculinity’. Furthermore, the results show that women paid a higher penalty for not being perceived as ‘androgynous’ (mixing ‘femininity’ and ‘masculinity’), in comparison to men with regard to personal identification. When examining same- versus cross-sex relationships, we found that ‘non-androgynous’ male managers were rated higher by their male employees than by their female employees. Our findings suggest that women and men who are interested in being perceived as effective leaders may be well advised to blend ‘feminine’ and ‘masculine’ behaviors, and even more so when they are in situations of non-congruency (i.e., women in leadership roles and leading in cross-sex relationships). We discuss the implications of these findings for both theory and practice.     

Gender differences in entrepreneurial intentions: A TPB multi-group analysis at factor and indicator level

Previous research suggests that diverse factors predict gender differences in entrepreneurial intent. Our paper integrates and expands on previous findings using the Theory of Planned Behavior (TPB), including the deeper-level measurement model, allowing for a better understanding of the origin of differences. The results of a survey with business students indicate that the effect of gender on entrepreneurial intentions is mediated via personal attitudes and perceived behavioral control but not social norms. More precisely, vis-à-vis their male counterparts, women are more driven toward entrepreneurship by motives to ‘get organized’ (balance) that are less dominant in predicting personal attitude. Moreover, female students are somewhat less driven toward entrepreneurship by beliefs of internal control that are more dominant in predicting perceived control. Finally, while female students are also more motivated to comply with normative role models, this did not influence their entrepreneurial intentions over and above perceived behavioral control and personal attitude. We discuss both practical and theoretical implications of our findings.     

Love of life and death distress: two separate factors

The objectives of the current investigation were threefold: a) to explore the gender differences on love of life (a new construct in the well-being domain) and death distress (death anxiety, death depression, and death obsession); b) to explore the relationship between the scales of these constructs; and c) to examine the factorial structure of these scales. The sample was 245 volunteer Kuwaiti college students (53.5% women). Their mean age was 21.9 (SD = 2.3). They responded to the Love of Life Scale, the Death Anxiety Scale, the Arabic Scale of Death Anxiety, the Death Depression Scale-Revised, and the Death Obsession Scale. Gender differences on love of life were not significant. However, women had significantly higher mean scores for the four death distress scales than did their male counterparts. All the correlations between love of life and the death distress scales were not significant except one pertaining to love of life and death depression (negative) in women. Two oblique factors were extracted: death distress and love of life. It was concluded that these constructs represent two distinct and independent factors. Counselors and clinicians dealing with death distress would find that it is not associated with love of life.     

Contingent capital makes credit crunches less likely: but do banks want to have it?

We analyze whether the use of CoCo bonds as a financing instrument improves credit supply and therefore reduces the likelihood of a credit crunch. In our simple model, banks decide about granting an additional loan. In case of the bank violating the regulatory constraint, it needs to issue equity associated with adjustment costs. The contribution of the paper is threefold: First, this simple model explains credit crunches in the sense that the loan decision does not only depend on loan characteristics but also on the bank’s prospects. Second, CoCo bonds can always be designed such that all loans with non-negative net present value are granted, which prevents the danger of a credit crunch. Third, banks might not want to issue CoCo bonds even though these instruments help to improve credit supply. This problem primarily concerns banks with favorable prospects, thereby challenging the notion that CoCo bonds should be issued in good times as a protection during bad times.     

Investor response to appointment of female CEOs and CFOs

We study the impact of appointing women to top executive positions from an investor perspective. We analyze whether shareholders value announcement of appointment of women to top positions differently than they do appointment of men. This study uses an international sample of 100 announcements of top executive appointments of women who replace men and investigates how shareholders respond to such appointments. This research combines an event study with a matched pair analysis to compare the response from investors regarding appointment of female versus male CEOs and CFOs. We establish that investors do not seem to value appointment of women significantly differently from that of men. This finding suggests that, from the investor perspective, there appears to be no business case for a particular gender when it comes to appointing a CEO or CFO.     

Gender differences in the effects of coping assistance on the reduction of burnout in academic staff

This study examined gender differences in the effectiveness of five sources of coping assistance to reduce dissatisfaction and emotional exhaustion among 403 female and 664 male academic staff of a Dutch university. It was hypothesized that support at work ((1) socio-emotional aid from the supervisor and colleagues, (2) a supportive climate in the department, and (3) practical assistance in the department) and support at home ((4) socio-emotional aid from the spouse, and (5) practical assistance from the spouse) would reduce dissatisfaction and burnout, and that women especially would benefit from these coping assistance measures. Using moderated regression analyses, the results showed that coping assistance from a supervisor and colleagues is an important measure to reduce both dissatisfaction and emotional exhaustion. Further, a supportive departmental climate and practical assistance in the department reduced emotional exhaustion and especially female academic staff benefited from these types of coping assistance at the aggregate level. However, contrary to expectations, such beneficial effects were not found for both socio-emotional aid and practical assistance from the spouse.     

GENDER DIFFERENCES IN RESPONSE TO BIG STAKES

It is commonly perceived that increasing incentives improves performance. However, the reaction to increased incentives might differ between men and women, leading to gender differences in performance. In a natural experiment, we study the gender difference in performance resulting from changes in stakes. We use detailed information on the performance of high‐school students and exploit the variation in the stakes of tests, which range from 5% to 27% of the final grade. We find that female students outperform male students in all tests—but to a relatively larger degree when the stakes are low. The gender gap disappears in tests taken at the end of high school, which count for 50% of the university entry grade. (JEL: D03, J16, I21, C30)     

银行风险控制下的供应链订单融资策略研究

本文研究了银行风险上限控制下,供应链订单融资模式的最优运作策略,分析了银行风险上限对供应商和零售商最优决策的影响。研究表明银行风险上限等价于银行贷款上限,且随着零售商预订量的增加,银行设置的贷款上限会提高;通过银行上调风险上限或零售商提高预订量,供应商可以实现经典最优生产量;零售商提供预订订单来自于两种动机,即增加销售动机和增加贷款动机,在一定条件下这两种动机可以相互转化。最后,通过数值分析验证了文章的结论。研究结论能为银行设计合适的订单融资产品以及企业选择合适的银行申请订单融资服务提供指导。     

Leadership and Effectiveness in the Context of Gender: The Role of Leaders' Verbal Behaviour*

This field study focuses on verbal consideration, which is a leadership behaviour that expresses esteem for the follower and her or his work, knowledge and opinion. It was assumed that the relationship between verbal consideration and various outcomes is moderated by the leader's gender. One‐hundred‐and‐forty leaders and 455 of their direct followers were surveyed in a one‐wave questionnaire study in Germany. Male and female leaders showed the same degree of verbal consideration as rated by their followers. Verbal consideration is related to three out of four outcome variables for both sexes. One unexpected moderating effect of leaders' gender was found: followers of male leaders displaying verbal consideration report less ‘irritation’ (a state of exhaustion considered a threat to good task fulfilment). One explanation may be that male leaders get ‘extra credit’ for showing verbal consideration as it may be thought to entail special effort, whereas for female leaders it may be seen as normal and routine. This assumption should be examined in further studies in order to get more information about the different mechanisms by which female and male leaders reach the same quality of outcomes.