Local Religious Beliefs and Mutual Fund Risk-Taking Behaviors

被引：119

作者：

Shu, Tao ^{[1
]}

Sulaeman, Johan ^{[2
]}

Yeung, P. Eric ^{[3
,4
]}

机构：

[1] Univ Georgia, Terry Coll Business, Dept Banking & Finance, Athens, GA 30602 USA

[2] So Methodist Univ, Edwin L Cox Sch Business, Dept Finance, Dallas, TX 75205 USA

[3] Univ Georgia, Terry Coll Business, JM Tull Sch Accounting, Athens, GA 30602 USA

[4] Cornell Univ, Samuel Curtis Johnson Grad Sch Management, Ithaca, NY 14853 USA

来源：

MANAGEMENT SCIENCE | 2012年 / 58卷 / 10期

关键词：

risk-taking; mutual funds; geographic location; religion; INDUSTRY; PERFORMANCE; TOURNAMENTS; INCENTIVES; PREFERENCE; STABILITY; ATTITUDES; FAMILIES; ECOLOGY; IMPACT;

D O I：

10.1287/mnsc.1120.1525

中图分类号：

C93 [管理学];

学科分类号：

12 ; 1201 ; 1202 ; 120202 ;

摘要：

We study the effects of local religious beliefs on mutual fund risk-taking behaviors. Funds located in low-Protestant or high-Catholic areas exhibit significantly higher fund return volatilities. Similar differences persist when we use the religiosity ratios at fund managers' college locations. Risk-taking associated with local religious beliefs manifests in higher portfolio concentrations, higher,portfolio turnover, more aggressive interim trading, and more "tournament" risk-shifting behaviors, but not over-weighting risky individual stocks. Overall, our results suggest that local religious beliefs have significant influences on mutual fund behaviors.

引用

页码：1779 / 1796

页数：18

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