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Session Chair: Sjoerd van Bekkum, Erasmus University
Location:Room "Create"
Presentations
Gender, performance, and promotion in the labor market for commercial bankers
Marco Ceccarelli1, Christoph Herpfer2, Steven Ongena3,4,5,6,7
1Maastricht University, Germany; 2Emory University, Goizueta Business School; 3SFI; 4University of Zurich, Switzerland; 5KU Leuven, Belgium; 6Norwegian University of Science and Technology NTNU; 7CEPR
Discussant: Tse-Chun Lin (University of Hong Kong)
Using data from the U.S. syndicated loan market, we find women under-represented among senior commercial bankers. This gap persists due to unequal promotion rates for men and women at the same institution in the same year and cannot be explained by different individual or managerial performance. The gap is more influenced by individuals than institutions, with senior bankers showing assortative matching when changing jobs and perpetuating the promotion gap from their previous workplace. Our findings suggest that the gender gap may be partially attributed to women taking on more family care responsibilities. Hard credentials or female leadership at the top of banks do not alleviate the gender gap, but targeted gender discrimination lawsuits have resulted in increased promotion of women.