The European legal framework requires that financial consultants assess their clients’ risk tolerance before advising them on investments. The study aims at further testing an alternative measure to quantify the risk attitudes of investors: The Implicit Association Test (IAT). This study examines differences in implicit, unconscious, and explicit cognitive attitudes of men and women. The results of the IAT are compared with their answers from a risk tolerance questionnaire used by practitioners and self-selected asset allocation (portfolio). The data show that implicit attitude, and, thus, unconscious and uncontrolled thinking, can differ from conscious processes. Furthermore, in this study, there is no gender gap in risk attitude and risk tolerance. The findings suggest that experience and financial knowledge are likely the most important determinants of risk attitudes with no significant difference between men and women.

中文翻译：

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女人是可怕的猫，男人是征服者？

欧洲法律框架要求财务顾问在为客户提供投资建议之前评估其风险承受能力。该研究旨在进一步测试一种量化投资者风险态度的替代方法：隐式关联测试（IAT）。这项研究探讨了男人在内隐，无意识和外显的认知态度上的差异。将IAT的结果与从业人员使用的风险承受力调查表和自行选择的资产分配（投资组合）的答案进行比较。数据表明，内隐的态度以及因此的无意识和不受控制的思维可能与有意识的过程有所不同。此外，在这项研究中，在风险态度和风险承受能力方面没有性别差异。