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We show that early-life family disruption (death or divorce of a parent) causes fund managers to be more risk averse …-treated managers. This effect is most pronounced for managers who experienced family disruption during their formative years or who had …
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This paper investigates the role of birth order on managerial behavior using rich data on familial background of US mutual fund managers. We find that managers who are born later in the sibling hierarchy take on more investment risks relative to first-born managers, but perform worse. Motivated...
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This paper investigates the role of the family organization of the mutual fund industry in shaping managerial portfolio … same fund family significantly outperform managers who passively mimic their family's portfolio. The superior performance … the family portfolio because withholding their investment ideas from family peers enables such managers to achieve top …
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The paper explores whether the co-movement of market returns and equity fund flows can be explained by a common response to macroeconomic news. I find that variables that predict the real economy as well as the equity premium are related to mutual fund flows. Changes in dividend-price ratio...
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