The long-asked question of whether men or women make better traders has been complicated by new evidence that suggests it is the amount of testosterone in an individual, rather than their gender, which determines their appetite for risk.

According to new research by the University of Chicago Booth School of Business, the University of Chicago's Department of Comparative Human Development and the Kellogg School of Management at Northwestern University, women with higher levels of testosterone had a greater appetite for risk than those with lower levels.