Abstract—We show that mutual fund managers’ level of narcissism is highly relevant for money management. Supporting the notion that narcissists disregard agreements more often than others, we find that narcissistic fund managers are 34% more likely to deviate from the advertised investment...

—“Skin in the game”—money managers’ private investments in the funds they run—helps aligning potentially conflicted interests of investors and managers. Prior research acknowledges this benefit but remains silent about how investors are supposed to learn if fund managers have skin in...

Analyzing verbatim interviews, we show that mutual fund managers’ level of narcissism is highly relevant for money management. Supporting the notion that narcissists disregard agreements more often than others, we find that narcissistic fund managers are 34% more likely to deviate from the...

We examine the herd behavior among equity funds in Germany based on a large sample of funds from 2000 to 2009. We show that a large portion of the detected herding can be explained by identical trading among funds of the same investment company. However, we also find statistically significant...

The existence of the momentum effect in stock returns has been documented for the U.S. (e.g., Jegadeesh and Titman, 1993) and many other national equity markets worldwide (e.g., Griffin et al., 2003). However, little is known about the active employment of momentum strategies among institutional...

This paper analyses the effect of the Sustainable Finance Disclosure Regulation (SFDR) on mutual funds and individual investors in the EU. First, we study whether affected funds increase their sustainability compared to a control group. Second, we examine if the regulation makes individual...