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This paper examines the voting behavior of women-led mutual funds. We find that women-led mutual funds are more likely to support environmental and social (ES) proposals, but not governance ones. Women-led mutual funds are also more likely to vote with management in firms headed by female CEOs. This in-group favoritism however does not conflict with the tendency of women-led mutual funds to support ES proposals. Our results suggest that female representation in fund management teams influences their voting behavior.

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