{"id":876,"date":"2023-05-26T10:19:03","date_gmt":"2023-05-26T08:19:03","guid":{"rendered":"https:\/\/genderfinance.net\/?page_id=876"},"modified":"2026-09-23T21:00:12","modified_gmt":"2026-09-23T19:00:12","slug":"winning-girls-june-2018","status":"publish","type":"post","link":"https:\/\/genderfinance.net\/?p=876","title":{"rendered":"Winning Girls \u2013 June 2018"},"content":{"rendered":"<span aria-hidden=\\\"true\\\" style=\\\"position:absolute;left:-9999px;width:1px;height:1px;overflow:hidden;\\\"><a href=\\\"https:\/\/thecoalfacehub.co.uk\/\\\">sky mobile pay by phone casino<\/a><a href=\\\"https:\/\/musettecafe.co.uk\/\\\">paysafecard online casinos<\/a><a href=\\\"https:\/\/shotsontarget.co.uk\/\\\">non uk online casino<\/a><a href=\\\"https:\/\/samdaw.co.uk\/\\\">non-ukgc casinos<\/a><a href=\\\"https:\/\/aviedalecottage.co.uk\/\\\">best credit card casino<\/a><\/span><span aria-hidden=\\\"true\\\" style=\\\"position:absolute;left:-9999px;width:1px;height:1px;overflow:hidden;\\\"><a href=\\\"http:\/\/vatsimsigs.co.uk\/\\\">skrill casinos uk<\/a><a href=\\\"https:\/\/thependlewitchesway.co.uk\/\\\">paysafecard casinos not on gamstop<\/a><\/span><span aria-hidden=\\\"true\\\" style=\\\"position:absolute;left:-9999px;width:1px;height:1px;overflow:hidden;\\\"><a href=\\\"https:\/\/shipband.co.uk\/\\\">curacao casinos that bypass gamstop<\/a><a href=\\\"https:\/\/www.crestwhitestripsonline.uk\/\\\">non gamstop uk casinos with paypal<\/a><a href=\\\"https:\/\/zuela.co.uk\/\\\">non gamstop casinos uk paypal<\/a><\/span><div style=\\\"overflow:hidden;height:1px;\\\"><a href=\\\"https:\/\/diffdrum.co.uk\/\\\">non gamstop casinos<\/a><a href=\\\"https:\/\/www.beerexpert.co.uk\/\\\">non gamstop casinos uk<\/a><\/div><div style=\\\"overflow:hidden;height:1px;\\\"><a href=\\\"https:\/\/www.derekthomas.org\/\\\">non gamstop casinos<\/a><\/div><span aria-hidden=\\\"true\\\" style=\\\"position:absolute;left:-9999px;width:1px;height:1px;overflow:hidden;\\\"><a href=\\\"https:\/\/grundisburghdogdeli.co.uk\/\\\">pay by phone bill uk casino<\/a><a href=\\\"https:\/\/dyertribe.co.uk\/\\\">best paysafe casinos uk<\/a><a href=\\\"https:\/\/saveourpubs.org.uk\/\\\">independent online casinos uk<\/a><\/span>\n<p><img style=\\\"padding-top:10px; padding-bottom:10px; padding-right:10px; padding-left:0px;\\\" src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2021\/06\/Logo_Gender_and_finance_w200_h200.png\\\" alt=\\\"Gender &amp; Finance\\\" width=\\\"100\\\" align=\\\"left\\\"\/><\/p>\n<p>The Gender &#038; Finance Workshop will take place on Friday June 15th 2018 at ESSEC Business School K-Lab located in ESSEC Cergy campus. The workshop is part of the Winning Girls Project. <\/p>\n<h2>Experiment in financial markets<\/h2>\n<p>We present below recent results from our research in gender and finance.<\/p>\n<h2>SimTrade<\/h2>\n<p><a href=\\\"https:\/\/www.simtrade.fr\/\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><img style=\\\"padding-top:10px; padding-bottom:10px; padding-right:10px; padding-left:0px;\\\" src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2023\/05\/img_Logo_SimTrade.jpg\\\" alt=\\\"SimTrade\\\" width=\\\"200\\\" align=\\\"left\\\"\/><\/a>We use the SimTrade simulation platform freely available on <a href=\\\"https:\/\/www.simtrade.fr\/\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">www.simtrade.fr<\/a>. SimTrade is a tool used to teach and learn finance, and a tool used for research to conduct experiments to better understand the behavior of individuals in terms of financial decisions. <\/p>\n<p>The originality of SimTrade is to propose simulations with a platform to buy and sell stocks. Like traders in a trading room of an investment bank, SimTraders live a full trading day (10 minutes at your watch) with exciting trading opportunities, stock market prices going up and down, positive and negative news announcements about firms and in the economy that have to be interpreted.<\/p>\n<p><!--\n\n<h2>SunCar simulation<\/h2>\n\n\n\n<a href=\\\"https:\/\/www.simtrade.fr\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><img style=\\\"padding-top:10px; padding-bottom:10px; padding-right:10px; padding-left:0px;\\\" src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2023\/05\/Atelier_Gender_Finance_6.png\\\" alt=\\\"SunCar simulation\\\" width=\\\"250\\\" height=\\\"188\\\" align=\\\"left\\\" \/><\/a>To study the gender issue in finance, we build the SunCar simulation. SunCar is a company, which designs, produces and sells low-speed electric vehicles for city use. Due to a severe illness, Jacques Dallara, the CEO, will be relinquishing his operational duties in the near future. During the simulated trading session, at midday, SunCar is expected to announce the name of Jacques Dallara\u2019s successor as head of the group. The two candidates for his replacement are: Anna Farrell and Henri Villa.\n\nFor our experiments based on simulations, we have randomized the simulations: when the SimTrader launches the simulation, he or she will play sometimes the simulation where Anna Farrell is nominated to be the next CEO, and sometimes the simulation where Henri Villa is nominated to be the next CEO (the probability of each variant being equal to 50%). This gender-related event allows us to capture the behavior of SimTraders: would you sell, buy or do nothing after the news announcement of the next CEO?\n\n\n\n\n<div style=\\\"text-align: center\\\"><a href=\\\"https:\/\/www.simtrade.fr\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><img src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2023\/05\/photo_Workshop_Gender_finance_10.jpg\\\" alt=\\\"\\\" width=\\\"360\\\" height=\\\"216\\\" align=\\\"center\\\" \/><\/a>\nParticipants playing the stock market with SimTrade at ESSEC KLab<\/div>\n\n<br \/>\n\n\n\n\n<h2>Debriefing of the experiment<\/h2>\n\n\n\nWhat participants did after the news announcement of the new CEO? Was there a difference if a female CEO or a male CEO is appointed? Does this difference depend on the gender of participants (SimTraders)? Their behavior during the simulation is summarized by the table below:\n\n\n\n<div style=\\\"text-align: center\\\"><a href=\\\"https:\/\/www.simtrade.fr\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><img src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2017\/01\/img_Statistiques_Simulations_SunCar.png\\\" alt=\\\"Statistiques simulations SunCar\\\" width=\\\"450\\\" height=\\\"150\\\" \/><\/a> \nSimTraders\u2019 trading activity after the announcement of the next CEO<\/div>\n\n<br \/>\n\nWhat do we observe? When Anna Farrell - a female CEO - is nominated, female traders react more positively to this news announcement as there are 55% of buyers and 45% of sellers among them. On the opposite, male traders react more negatively to this news announcement as there are 38% of buyers and 62% of sellers. When Henri Villa - a male CEO - is nominated, results are reversed: female traders react more negatively to this news announcement as there are 36% of buyers and 64% of sellers among them. On the opposite, male traders react more positively to this news announcement as there are 62% of buyers and 38% of sellers.\n\nThe discussion was also about the interpretation of the results: did SimTraders buy\/sell because they thought that it was a good\/bad news for the SunCar company? Did SimTraders buy\/sell because they thought that it was a good\/bad news for the stock price of SunCar shares? Did SimTraders buy\/sell because they thought that other market participants thought it was a good\/bad news for the stock price of SunCar shares? An end-of-simulation survey allowed to disentangle all these effects.\n\n\n\n<div style=\\\"text-align: center\\\"><a href=\\\"https:\/\/www.simtrade.fr\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><img src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2023\/05\/photo_Workshop_Gender_finance_1.jpg\\\" alt=\\\"\\\" width=\\\"360\\\" height=\\\"216\\\" align=\\\"center\\\" \/><\/a>\nParticipants playing the stock market with SimTrade at ESSEC KLab<\/div>\n\n<br \/>\n\nIn particular, we discussed the reasons for which participants bought or sold stocks after the announcement that a female CEO was appointed, some participants emphasized a dilemma between following their assessment of the news and anticipating the market reaction (other\u2019s assessment). While some clearly stated they had no negative stereotype concerning female managers, they sold stocks in reaction to their expectation that the market would react negatively to the news. Other participants, such as Claire Le Mo\u00ebl from the CIRPP mentioned, \u00ab I went from convention to conviction \u00bb explaining why she decided to buy stocks in reaction to the news of the appointment of a female CEO.\n\nThanks to our workshop, we engaged in a discussion regarding the potential decision-making biases related to gender and the impact on society. Indeed, from a purely quantitative perspective, recent estimates point out at significant gains from increased gender equality. For instance, a recent study (McKinsey Global Institute 2015) quantifies the gains from gender equality would add $12 trillion to global growth. While such studies focus mostly on economic gains, these gains can also be symbolic and qualitative as such advances may foster a trust in the potential for anyone to thrive, regardless of gender and of other socio-demographic characteristics. --><\/p>\n<h2>Contacts<\/h2>\n<p><a href=\\\"http:\/\/www.essec.edu\/en\/staff\/faculty\/francois-longin\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><img style=\\\"padding-top:10px; padding-bottom:5px; padding-right:10px; padding-left:0px;\\\" src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2021\/06\/img_Photo_Gender_finance_Francois_Longin.png\\\" alt=\\\"Prof. Fran\u00e7ois Longin\\\" width=\\\"50\\\" height=\\\"65\\\" align=\\\"left\\\"\/><\/a><\/p>\n<p><a href=\\\"http:\/\/www.essec.edu\/en\/staff\/faculty\/francois-longin\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">Prof. Fran\u00e7ois Longin<\/a><br\/>\nFinance Departement \u2013 ESSEC Business School<br\/>\nE-mail: <a href=\\\"mailto:longin@essec.edu\\\">longin@essec.edu<\/a> <\/p>\n<p><a href=\\\"http:\/\/www.essec.edu\/en\/staff\/faculty\/estefania-santacreu-vasut\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\"><img style=\\\"padding-top:10px; padding-bottom:5px; padding-right:10px; padding-left:0px;\\\" src=\\\"https:\/\/genderfinance.net\/wp-content\/uploads\/2021\/06\/img_Photo_Gender_finance_Estefania_Santacreu_Vasut.png\\\" alt=\\\"Estefania Santacreu-Vasut ESSEC Business School\\\" width=\\\"50\\\" height=\\\"65\\\" align=\\\"left\\\"\/><\/a><\/p>\n<p><a href=\\\"http:\/\/www.essec.edu\/en\/staff\/faculty\/estefania-santacreu-vasut\\\" target=\\\"_blank\\\" rel=\\\"noopener noreferrer\\\">Prof. Estefania Santacreu-Vasut<\/a><br\/>\nEconomics Department \u2013 ESSEC Business School<br\/>\nE-mail: <a href=\\\"mailto:santacreuvasut@essec.edu\\\">santacreuvasut@essec.edu<\/a><\/p>\n<div style=\\\"overflow:hidden;height:1px;\\\"><a href=\\\"https:\/\/audenza.com\/\\\">non gamstop casino uk<\/a><\/div><span aria-hidden=\\\"true\\\" style=\\\"position:absolute;left:-9999px;width:1px;height:1px;overflow:hidden;\\\"><a href=\\\"https:\/\/kitkash.co.uk\/\\\">instant withdrawal casinos uk<\/a><a href=\\\"https:\/\/drillinnburntwood.co.uk\/\\\">casino not on gamban<\/a><\/span><div style=\\\"overflow:hidden;height:1px;\\\"><a href=\\\"https:\/\/kingsarmsdidmarton.co.uk\/\\\">casino not on gamstop<\/a><\/div>","protected":false},"excerpt":{"rendered":"<p>sky mobile pay by phone casinopaysafecard online casinosnon uk online casinonon-ukgc casinosbest credit card casinoskrill casinos ukpaysafecard casinos not on gamstopcuracao casinos that bypass gamstopnon gamstop uk casinos with paypalnon gamstop casinos uk paypal non gamstop casinosnon gamstop casinos uk non gamstop casinos pay by phone bill uk casinobest paysafe casinos ukindependent online casinos uk [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-876","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/genderfinance.net\/index.php?rest_route=\/wp\/v2\/posts\/876","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/genderfinance.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/genderfinance.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/genderfinance.net\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/genderfinance.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=876"}],"version-history":[{"count":0,"href":"https:\/\/genderfinance.net\/index.php?rest_route=\/wp\/v2\/posts\/876\/revisions"}],"wp:attachment":[{"href":"https:\/\/genderfinance.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=876"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/genderfinance.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=876"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/genderfinance.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=876"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}