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We exploit variation in the ancestries of U.S. equity mutual fund managers to show that ancestry affects portfolio decisions. Controlling for fund firm location, we find that funds overweight stocks from their managers' ancestral home countries in their non-U.S. portfolio by 132 bps or 20.34%...
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We exploit variation in the ancestries of U.S. equity mutual fund managers to show that ancestry affects portfolio decisions. Controlling for fund firm location, we find that funds overweight stocks from their managers’ ancestral home countries in their non-U.S. portfolio by 132 bps or 20.34%...
Persistent link: https://www.econbiz.de/10012873672
performance of corporate acquisitions. CEOs are more prone to overconfidence if the culture in their ancestral country of origin … is characterized by strong individualism, independence, long-term orientation, and inequality. We find that the culture …
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cultural stereotypes at the bank level, we show that corporate culture at bank headquarters is influenced by foreign …. We therefore leverage the geography of multinational bank branch networks to construct a bank-specific measure of culture …
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