Teams of women managing mutual funds do just as well as men, in terms of performance, but when the managers are both men and women, performance often suffers, The New York Times reports.

The conclusion is based on a report called “The Impact of Work Group Diversity on Performance: Large Sample Evidence from the Mutual Fund Industry,” conducted by Stefan Ruenzi, an assistant finance professor at the University of Cologne in Germany, and Ph.D. students at the Center for Financial Research in Cologne, Michaela Baer and Alexandra Niessen.

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