The consequences of failed teamwork may not be shared equally if more blame is allocated to team members for whom performance expectations are ex ante low --- a phenomenon called attributional rationalization. Using the mutual fund industry as our laboratory, we provide evidence that attributional rationalization has important labor market consequences. Following fund closures, female team managers are more likely to exit the fund family and the industry than male team managers. This result is not driven by a gender gap in skill. Attributional rationalization helps explain why the fraction of female fund managers declined by 3.8% between 1999 and 2015.

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