Whether erotic films made by women are more arousing for women than erotic films made by men was studied. Forty-seven subjects were exposed to both a woman-made, female-initiated, and female centered, erotic film excerpt. Photoplethysmographic vaginal pulse amplitude was recorded continuously. Self-report ratings of sexual arousal and affective reactions were collected after each stimulus presentation. Contrary to expectation, genital arousal did not differ between films, although genital response to both films was substantial. Subjective experience of sexual arousal was significantly higher during the woman-made film. The man-made film evoked more feelings of shame, guilt, and aversion. Correlations between subjective experience of sexual arousal and photoplethysmographic measures of sexual arousal were nonsignificant. The largest contribution to female sexual excitement might result from the processing of stimulus-content and stimulus-meaning and not from peripheral vasocongestive feedback.