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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 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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