We examine the sources and evolution of the gender pay gap in finance, using administrative micro data from the U.K. for 1997-2019. We show a persistently larger gender pay gap in finance, compared to other sectors. Exploiting employees who switch firms, we find the gender pay gap in finance is...

We examine how childcare inequalities in the home affect the work productivity of women, using unique data on the family structures of hedge fund managers, and the shock from school closures during the COVID-19 lockdowns. We show that funds with female managers miss out on a 7% excess return on...