-performance, we find that hedge fund managers whose photographs are rated as more trustworthy are able to attract greater fund flows, in … the medium performance range, and have a less convex flow-performance relationship compared to the managers rated as less … trustworthy. We also find that "trustworthy" managers are more likely to survive given poor past-performance and generate lower …

and its salience, and nationwide confidence in the military. Military managers' superiority in competition for investor …This paper shows that trust-building characteristics of fund managers affect purchase decisions of mutual fund … investors. We exploit variation in fund managers' prior affiliations with the well-trusted U.S. military institution and relate …