A study in Sweden showed that testosterone doesn’t make women take risky financial decisions.

Earlier research revealed a correlation between the sex hormone levels in male market traders and their readiness to risk, reports Nature magazine.

But a study by Stockholm School of Economics economist Magnus Johannesson and his team showed there was none in females. They gave testosterone, estrogen, or a placebo for four weeks to a group of 200 post-menopausal women. When they were asked to play economic games to measure how prone they were to take risks, testosterone takers didn’t differ from other test subjects.

John Coates, a neuroeconomist at the University of Cambridge, who did the research in men, says people’s sensitivity to the hormone probably depends on the exposure they experienced in prenatal and adolescent development.

"Increasing testosterone in women might have much less effect than increasing it in men," he said.

He added the results may have been different if it was done ‘in field’ rather than ‘in lab’ with marginal rewards.

Johannesson agreed that the impact of testosterone on taking risks is "still an open question." He added earlier studies not showing correlation between risky behaviour and testosterone may have not found its way to the press.

"Negative correlation results don't get published," he says.